Department of Defense - Office of Financial Readiness

Attention! Hurricane Milton is expected to impact millions, and it's crucial to be prepared. ? If you or someone you know will be affected by this storm, here are essential steps to ensure your safety: ? Make an Emergency Plan: Assess medical needs, secure important documents and assemble an emergency supply kit. ? Know Your Evacuation Zone: Familiarize yourself with local evacuation routes and keep your emergency supply kit easily accessible. Find a local, safe place to take refuge if you can’t evacuate: a designated storm shelter, interior room or upper floor. ? Turn Around. Don’t Drown: Do not walk, swim or drive through flood waters. ? Recognize Warnings and Alerts and Act: Sign up for community alerts and download the FEMA app for real-time updates. ? For more detailed information on hurricane preparedness, visit ready.gov/hurricanes. ?

Military retirement is a major transition that involves dedicated preparation. Start early: The sooner planning begins, the better. Start planning for retirement up to three years in advance of your military transition. Seek advice: Consult with a trusted personal financial manager or counselor to ensure you’re on the right track. They can offer trusted resources. Build a flexible plan: Create a plan that can adapt to life changes or unexpected events. Take these steps to pave the way for a smoother transition and a more secure future. Ready to dive in? Learn more about how to plan effectively for military retirement. https://lnkd.in/gfYf2hBj

Military retirement is a major transition that involves dedicated preparation. Start early: The sooner planning begins, the better. Start planning for retirement up to three years in advance of your military transition. Seek advice: Consult with a trusted personal financial manager or counselor to ensure you’re on the right track. They can offer trusted resources. Build a flexible plan: Create a plan that can adapt to life changes or unexpected events. Take these steps to pave the way for a smoother transition and a more secure future. Ready to dive in? Learn more about how to plan effectively for military retirement. https://lnkd.in/gfYf2hBj

The Department of Defense introduced a Dependent Care Flexible Spending Account (DCFSA) to assist families with various care-related expenses, including child care, preschool, elder care, summer camp and more. Contributions go straight from a participant’s pay into a DCFSA before taxes are deducted, reducing the amount of income subject to taxes. Service members can contribute a minimum of $100 and a maximum of $5,000 per household. Visit FINRED for more insights and a comprehensive FAQ: https://lnkd.in/eYqF3kX5

Service members who have served several years in the military may be eligible for pensions under the Blended Retirement System (BRS), which combines a defined benefit with a defined contribution plan. Here’s a quick breakdown: The BRS uses a 2% formula to calculate pensions, which are based on the average earnings and length of service. This formula determines the monthly pension a service member will receive in retirement. Understanding how this formula works can better prepare service members to make informed decisions about their financial strategies. Dive into the specifics of the BRS and explore how it fits into long-term financial planning and goal achievement. For more insights and trusted resources, reach out to financial or retirement counselors. https://lnkd.in/eJVwECKz

Apply for assistance, learn about storm-related scams or volunteer to help. Find more information from FEMA at the link below. #Helene

Claiming Dependent Care Flexible Spending Account (DCFSA) reimbursement is simple; it can be filed in three steps: ? First, choose a submission method. Claims can be submitted via the website, app, mail or fax. ? Next, provide the necessary documentation. Gather and submit receipts or other required documents. ? Finally, submit the claim. For detailed instructions about how to navigate the claims process, check out our Claims 101 guide here: https://lnkd.in/e2U5ATgt

Many military members transitioning to civilian life are surprised by how much they need to earn to match their military take-home pay. Taxes are a large part of the equation. Active-duty base pay is taxed, but allowances like the Basic Allowance for Housing (BAH) and Basic Allowance for Subsistence (BAS) are tax-exempt, which boosts total compensation. The Regular Military Compensation (RMC) calculator can help determine how civilian pay compares to military compensation. For example: An E-8 has the spending power of a civilian with a $105,166 annual income, and saves $6,846 annually in taxes, or $570 more per month in take-home pay. Learn more: https://lnkd.in/dgC7Fsd3

Starting in March 2025, members of the uniformed services will be able to enroll in a Health Care Flexible Spending Account (HCFSA). An HCFSA can save participants money by allowing them to set aside pre-tax dollars for out-of-pocket costs. Funds can be used for medical, dental and vision expenses like deductibles, copays, medication, braces, glasses, physical therapy and more. Click here for more information: https://lnkd.in/eD6YibvY

We are #hiring! Check out the position at the link below and share with your network. Supervisory Program Analyst Accepting applications through October 2, 2024. https://lnkd.in/eCjkhp5d