Service branches offer campaigns and educational programs to service members and their families. The Air Force, Navy, and Army each require that respective members receive financial education, training, and counseling. Also, the Department of Defense established MilitarySaves.org to help service members and their families plan for their financial futures. Special Savings Program If you’re deployed in a designated combat zone or in support of a contingency operation, you have a unique chance to earn a high interest rate by participating in the Defense Department’s Savings Deposit Program (SDP). The SDP pays 10% annual interest on account balances up to $10,000. Contact your local military office for more details. Other survivor benefits Death Gratuity pays a one-time lump sum to eligible beneficiaries of a service member who dies within 120 days of retirement, or as a result of non-hostile action, or as a result of hostile action in a designated combat zone...
Continue readingFinancial Planning: Helping You See the Big Picture
Financial Planning: Helping You See the Big Picture Do you picture yourself owning a new home, starting a business, or retiring comfortably? These are a few of the financial goals that may be important to you, and each comes with a price tag attached. That’s where financial planning comes in. Financial planning is a process that can help you target your goals by evaluating your whole financial picture, then outlining strategies that are tailored to your individual needs and available resources. Why is financial planning important? A comprehensive financial plan serves as a framework for organizing the pieces of your financial picture. With a financial plan in place, you’ll be better able to focus on your goals and understand what it will take to reach them. One of the main benefits of having a financial plan is that it can help you balance competing financial priorities. A financial plan will...
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