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At Fleming Financial Services, Inc., our role is to assist our clients in defining and realizing their financial objectives and goals. We work with our clients to implement personalized plans designed for their unique situations. Our areas of concentration are: Retirement planning, Estate and Wealth Transfer strategies, and Business Continuation planning. We emphasize the importance of conducting our business with integrity and professionalism. As a member of PartnersFinancial, an independent national financial services company, we are able to provide access to sophisticated resources for the benefit of our clients. Some of the professionals with our firm are currently registered to conduct business through NFP Securities, Inc. With those additional resources in place, we help facilitate the complex corporate and personal financial decisions our clients must make.
After the Military: Tips for Your Financial Transition to Civilian Life - Part 2
Military FamilySave for transition expenses Some of your costs will be covered through transition assistance (for example, storage and shipment of household goods), but it's likely that you'll have expenses for which you won't be eimbursed, such as housing deposits. Having some savings set aside in a transition fund that you can easily access may help you avoid having to dip into your long-term savings and investments to cover unexpected expenses. It will also decrease the odds that you'll rack up credit-card debt that you'll have to pay off down the road. Before leaving the military... Here's a tip: Don't wait until the last minute. Make saving for your transition a priority, and start as far ahead of time as possible to ensure that you have several months of savings set aside to cover transition expenses. Review and revisit After your transition is complete and your income and expenses have stabilized, update your budget to reflect your new circumstances. It's also a good time to review your financial goals. Now that your focus has shifted from your short-term priorities, you can refocus on pursuing your long-term goals to prepare for your next stage in life. Housing

Determine how much you can afford to pay for housing, and contact a local real estate agent who can show you properties available to rent or buy. Visit and evaluate the area where you'd like to move.

Health care

Schedule medical and dental appointments, and review and copy your records. Learn about your postseparation or retirement health insurance options and determine whether you'll need transitional insurance.

Life insurance

Review your life insurance needs. Decide whether it's cost-effective to convert your SGLI policy to VGLI, or whether you should purchase an individual policy. If you have FSGLI coverage for your spouse, remember that it's not convertible to VGLI, so look at options for replacing your spouse's coverage.

Estate planning

Update your estate plan, including your will, powers of attorney, and other documents to reflect your new situation.

Retirement planning

Decide what to do with your Thrift Savings Plan (TSP) account, if you've contributed. If you're seeking employment in the civilian sector, learn about any new options for retirement savings, such as contributing to a tax-deferred employer sponsored retirement plan. If you're retiring, consider how your military retirement pay fits into your overall retirement income plan.

Education planning

Make sure you understand your education benefits that can help you pay for college or vocational training. Consider transferring Post-9/11 GI Bill benefits to dependents. While you're still on active duty, take tests that can help you earn college credit or a license or certification, and find out whether any of your military training may be substituted for college credit.

Career planning

Attend relevant employment workshops and counseling. Attend job fairs and network with potential employers and recruiters. Military spouses can connect with the Spouse Education and Career Opportunities (SECO) program for career planning help at www.militaryonesource.mil/seco.

To learn more about transitioning back to civilian life, visit the DoD Transition Assistance Program (TAP) website at www.dodtap.mil. Securities and Investment Advisory Services may be offered through NFP Advisor Services, LLC, (NFPAS), member FINRA/SIPC. NFPAS may or may not be affiliated with the firm branded on this material. Prepared by Broadridge Investor Communication Solutions, Inc. Copyright 2015
Thomas Joseph
Other articles by: Thomas Joseph
Categories: Financial Planning, Fleming Financial Services, Fleming Financial, General Information, Tom Joseph
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