financialforum Financial Tools
Guardmembers and reservists might find getting financial assistance a challenge, but there are many resources available to them. Phil Dyer, CFP, highlights some options.
A
Need Individual Financial Help?
n Consider contacting MOAA’s sponsored fi- nancial service, the Gar- rett Planning Network, at
www.moaa.org/garrett or (866) MOAA-GPN (662-2476). Be sure to ask for your 20-percent MOAA discount.
ctive duty servicemembers often have resources through their commands to assist with
financial challenges. However, many guardmembers and reservists are not as fortunate. Geographical dispersion, a decentralized command structure, and sometimes-anemic information nets are significant impediments to getting timely financial assistance. With today’s operational tempo, guard- members and reservists are being used in a way that wasn’t anticipated even a de- cade ago. Frequent call-ups are now a way of life, and this can play havoc with civil- ian careers, relationships that aren’t used to the strain of military service, and basic financial planning. Consider the following tips for guardmembers and reservists to become more financially savvy: Know your rights: Guardmembers and
reservists have special rights when called to federal duty under the Servicemembers Civil Relief Act (SCRA) and the Uniformed Services Employment and Reemployment Rights Act (USERRA). The SCRA allows activated servicemembers to break housing leases, postpone adverse legal actions while on active duty, and lower interest rates to 6 percent on debts incurred before call-up. USERRA provides a number of employment protections, including the right to return to a job, seniority and pension protections, reinstatement in an employer’s health care plan, and avoiding employment discrimina- tion based on military service. Understand- ing your rights, protecting your interests,
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and taking prompt action if something seems wrong are key to making the most of these important programs. For more infor- mation, visit
www.esgr.org or see www
.dix.army.mil/sja/files/scra.pdf. Know your resources: Not being at- tached to an installation can make it more difficult to get timely information on fi- nances and benefit changes. There are sev- eral resources to help guardmembers and reservists deal with the fiscal challenges of deployment, including: n
MilitaryOneSource.com, a one-stop shop that encompasses virtually all mili- tary benefits and resources; n National Guard Family Program (www
.jointservicessupport.org/fp), a recently revamped portal with tons of resources designed specifically for guardmembers; n Military Money (
www.militarymoney .com), a website that focuses solely on pro- viding timely financial information for all servicemembers; and n Military Saves Campaign (
www.military
saves.org), a financial education campaign that encourages servicemembers to make the most of their finances. Taking time to become familiar with
these resources can go a long way to help you become more financially savvy.
MO
— Former Army Capt. Phil Dyer, CFP®, is deputy director, Benefits Information and Finan- cial Education. To find a financial planner near you, contact Garrett Planning Network at (866) MOAA-GPN (662-2476) or
www.moaa .org/garrett, or visit
www.moaa.org/financial center for other resources.
PHOTO: SEAN SHANAHAN
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