Published: Wednesday, April 02, 2008 
Serving Military Families
By Jim Robinson
Serving Military Families
In 2007, more than 2.6 million people served in the Armed Forces. More than 1.4 million were on active duty—about 505,000 in the Army, 339,000 in the Navy, 340,000 in the Air Force, and 179,000 in the Marine Corps.
In addition, more than 1.2 million people served in their Reserve components and the Air and Army National Guard, and 40,000 individuals served in the Coast Guard, which is now part of the Department of Homeland About 168,000 personnel must be recruited each year to replace those who complete their commitment or retire.
We Protect Them While They Protect Us
Financial Services Professionals must understand that Financial Readiness Is Military Readiness. It is our job to protect and serve the men and women who protect the United States of America, its territories and commonwealths.
Military Financial Readiness
This section enables the military and their families to level set expectations with the Financial Services Professionals they entrust to grow, protect and manage their wealth.
Financial Services Professionals must be able to execute the following core competencies of the Financial Readiness Program.
This enables our soldiers and their family members to understand:
- How poor financial readiness affect overall military readiness
- Why military families fail financially
- How their military benefits package work
- Rights and obligations as financial consumers
- How to plan for unexpected money events
- How to organize finances
- How to set financial goals
- How to budget and reallocate income
- Bank and credit card services
- How Social Security works
- How to use credit wisely
- How to reduce insurance costs
- How Federal and State taxes impact your spendable income
- How Servicemembers' Group Life Insurance (SGLI) works
- How Veterans' Group Life Insurance (VGLI) works
- How risk management works
- Why disability income i insurance may be needed
- Why long-term care insurance may be needed
- When to buy variable life insurance policies
- How to buy auto insurance efficiently
- How to buy home owners insurance efficiently
- Why your family need a umbrella policy
- How to save for children's college education.
- How to use dollar-cost averaging to build college funds
- How inflation impact your money and real estate
- Investments i.e. existing and new investments
- When fixed annuities are suitable
- When variable annuities are suitable
- How the tax-deferral in annuities works
- The power of compounding
- The importance of diversification
- The difference in Asset allocation and diversification
- How to buy mutual funds
- How to read stock tables and other financial information
- How to compare asset class performance in statements
- How military retirement plans works
- How to plan for early retirement
- How to identify all sources of retirement income
- Chose suitable retirement rollover and distribution options
- When To Consider Traditional IRA
- When To Consider Roth IRA
- What to do with your 457 and TSA plans
- How to create an estate plan
- The Importance of joint ownership of assets
- How gifts and estate taxes
- Estate exemptions and credits
- How the annual gift exclusion
- How The lifetime gift exemption works
- How Trusts Works…which one will work for you
- What is probate and how it will impact your assets upon death
Note: This list is not inclusive
It Is Our Obligation
We Protect Them While They Protect Us. Financial Services Professionals stand ready to service military families in the areas mentioned above. No one Financial Services Professional is an expert in all areas. If the military family need is outside the Financial Services Professional skill set or specialty focus, the military family will be referred to a Financial Services Professional that can take care of the need.
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Categories: Consumer, Military
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