CPA Mobilization Kit: Military & Reserves

1. CPA Mobilization Kit:Military & Reserves

2. Achieving Your Financial Goals

3. Achieving Your Financial Goals • • Set clear goals • • Resolve to spend less • • Create an emergency fund • • Make saving a priority

4. Achieving Your Financial Goals • Reduce credit card debt • • Evaluate your insurance coverage • • Think taxes

5. Creating a Budget • Your financial plan • Track income and expenses • Unique to you

6. Budgeting • • Gross monthly income • • Net income • • Fixed expenses • • Flexible expenses

7. Budgeting • • Discretionary expenses • • Total it up • • Increase your savings • • Programs like Quicken can help

8. Danger of Credit Cards – What You Don’t Know Can Hurt You • Be aware of teaser rates • Stick with one credit card • Pay in full every month

9. Danger of Credit Cards – What You Don’t Know Can Hurt You • Pay on time • Avoid cash advances • Protect your credit history

10. Danger of Credit Cards – What You Don’t Know Can Hurt You • • Stay within the limit • • Review your statements • • Report a lost or stolen card immediately • • Protect personal information

11. Savings and Investing –10 Simple Strategies • • Start small • • Contribute to your retirement plan • • Save through payroll deduction plans • • Set up an automatic investment plan • • Round up your mortgage

12. Savings and Investing –10 Simple Strategies • • Bank your raises • • Keep paying off a loan • • Pay off your credit cards • • Reinvest dividends • • Keep track of where the money goes

13. Investing in Your Future • • Asset Allocation • Stocks • Bonds • Cash Equivalents

14. Investing in Your Future • • Asset allocation • • Diversification • • Life circumstances • • Investment goals, timeframe and tolerance

15. Investment Options • Short-Term Investments • CD • Money Market Funds • Savings Account

16. Investing in Your Future • • Long-Term Investments • Mutual Funds • Stock • Bonds

17. Investing in Your Future • • Retirement Specific Investments • 401(k) • IRA • Social Security

18. Protecting Yourself & Your Family Through Insurance • • Life insurance • Choosing coverage • How much can you afford? • How much is needed? • For how long? • Protection or investment?

19. Term vs. Permanent • • Term • Largest death benefit for the dollar • Annual renewable and level premium • Return-of-premium

20. Term vs. Permanent • Permanent • Combines a death benefit with an investment • Part of the premium is invested, building cash value • Higher premiums • Whole life, universal or variable life

21. Term vs. Permanent • • Whole life • • Universal life • • Variable life

22. Health Insurance • • Don’t go bare • •HMOs • • PPOs • • POS

23. Health Insurance • • Flexible Spending Accounts • COBRA • Medicare • Medicaid

24. Long-Term Disability Insurance • • Benefit Amount • Term of Benefits • Elimination Period • Non-cancelable • Guaranteed Renewables • Own Occupation or Any Occupation

25. Government-sponsored Disability Benefits • • Workers’ Compensation • Social Security Disability • Veterans Benefits • Federal Employees Retirement System

26. Insurance for Reservists • 2004 Temporary Reserve Health Benefit Program • www.tricare.osd.mil • Who is affected? • Reservists • National Guard • Delayed-effective date or immediate • 30 consecutive days • Support contingency operation

27. Insurance for Reservists • What are my benefits? • Is my family covered? • Keep your other coverage • TRICARE Prime vs. TRICARE Standard

28. Fighting for Your Country:A Guide to Living Overseas • Housing options • Station allowance overseas • Overseas housing allowance • Move-in housing allowance • Rates • Rent • Security

29. A Guide to Living Overseas • Cost of Living Allowance • Temporary Lodging Allowance • Interim Housing Allowance • Evacuation Allowance

30. Combat pay Moving expenses Per diem Car allowances Legal assistance Medical and dental care Life insurance Living allowances Educational expenses Death expenses Defense counseling Disability Survivor and retirement protection Roundtrip travel for dependents once a year Overseas Deductions

31. Guide to Living Overseas • How do I file my tax return? • VITA • (800) 829-1040

32. Managing Your MoneyWhile Serving Your Country

33. Before Being Called to Duty • Build up savings • Create a financial plan • Identify a trusted family member • Contact creditors • Know military-provided help • Contact life insurance carrier

34. During Active Duty • Financial protection • Bars evictions • Prevents default judgments • Stays civil proceedings • Caps interest rates • Stick to your budget

35. After Active Duty • Problems won’t go away • Achieving your financial goals • Creating a budget • Danger of credit cards

36. Get Tax Smart • Get credit for care • Make retirement plan contributions • Improve your recordkeeping • Plan your investment gains

37. Get Tax Smart • Give away some assets • Use your vacation home wisely • Get advice early

38. Maximizing Your Military Tax Benefits • Military Family Tax Relief Act of 2003 • Capital gain exclusion for home sales • Overnight travel • Dependent care assistance • Combat zone extension • Death benefits • Additional exclusions

39. A Guide to Your Retirement Benefits • Start with VA • Education benefits • Troops to Teachers • VetFran • Priority hiring • Job training and placement • Educational assistance

40. Retirement Benefits • Disability compensation • Veterans pensions • Free or low-cost medical care • Computing retirement pay • Pre-1980 • Post-1980

41. Retirement and Insurance • Schedule a physical • Get a certified copy of medical records • Specific health programs • Agent Orange and other herbicides • Alcohol/drug dependency treatment • Blind veterans services • Gulf War Syndrome • Radiation exposure • Life insurance

42. Veterans Act of 2003 • Increases specially adapted housing grants • Increases specially adapted automobile grants • Increases educational benefits • Encourages entrepreneurship

43. Do What You Can!

44. Thank You!