Deployment is a pivotal time requiring proactive financial preparation for you and your family. Before shipping out for duty, you can take actions to build financial support and stability, providing you with some peace of mind while honoring the sacrifices your loved ones make while you serve. Here are some ways to secure your family’s financial future.
Strengthen Your Retirement Strategy
Make retirement planning a priority and take it seriously. Your Blended Retirement System (BRS) or legacy pension needs regular attention to ensure long-term security. Use your tax-free deployment pay to boost your Thrift Savings Plan (TSP) contributions, accelerating your savings.
Protect Your Family’s Future
Your spouse or partner plays a vital role at home, and their financial security is as important as yours. Servicemembers' Group Life Insurance (SGLI) is a great foundation, but additional coverage may be necessary. Life insurance for both of you provides long-term stability.
Estate Planning — More Than a Will
A well-structured estate plan ensures that your loved ones can manage financial matters, real estate, and health care decisions in your absence. Establishing a power of attorney (POA), updating your will, and creating clear medical directives prevent unnecessary stress and confusion. These documents ensure your affairs are handled smoothly, whether temporarily deployed or facing long-term changes.
Maximize Your Tax Benefits
Deployment in a designated combat zone means tax-free pay — a unique financial advantage. Use this period to maximize contributions to your TSP, IRA or other investment accounts, giving your savings a significant boost.
Diversify Investments & Plan for TransitioN
Planning for post-military life is just as important. The Transition Assistance Program (TAP) provides basic guidance but also considers consulting a CFP® professional who can offer personalized strategies to help navigate career shifts, optimize your retirement plan and ensure a smooth financial transition.
Ensure Your Family’s Financial Stability
Before you deploy, review your housing situation and set a budget to keep household expenses on track. Military housing assistance programs can help, but a solid financial plan will help keep your family’s finances in check while you’re away.
Leverage Education & Career Growth Opportunities
Deployment is a great time to document leadership roles, missions and specialized skills that can translate to civilian employment. Tracking these achievements makes it easier to position yourself for a rewarding career after service.
Government programs such as the GI Bill can help you earn a degree or obtain certifications that increase your career prospects after your service. Investing in education now can set the foundation for future success.
The Time to Act Is Now — Your Family Is Counting on You
Your commitment to service comes with sacrifices, but financial security shouldn’t be one of them. Planning ahead ensures stability for you and your family. Work with a CFP® professional to create a solid financial game plan, because your dedication to your country deserves to be matched with a commitment to your future.
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