CPA Mobilization Kit: Military - PowerPoint PPT Presentation

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CPA Mobilization Kit: Military

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Created by the American Institute of Certified Public Accountants and the ... – PowerPoint PPT presentation

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Title: CPA Mobilization Kit: Military


1
CPA Mobilization KitMilitary 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 Dont 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 Dont Know Can
Hurt You
  • Pay on time
  • Avoid cash advances
  • Protect your credit history

10
Danger of Credit Cards What You Dont 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
  •  Dont 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 CountryA 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
Overseas Deductions
  • 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

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 wont 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!
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