PERSONAL FINANCIAL MANAGEMENT
Personal Financial Management

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Financial Resources for Service Members & Families
4/14/2020

My Money
Making the most of your money starts with five building blocks for managing and growing your money -- The MyMoney Five (Earn, Save & Invest, Protect, Spend, Borrow). Keep these five principles in mind as you make day-to-day decisions and plan your financial goals. This website is organized around the MyMoney Five principles so you can quickly identify resources and tools to help you in these areas.

READY
Ready is a National public service campaign designed to educate and empower the American people to prepare for, respond to and mitigate emergencies, including natural and man-made disasters.


Financial Resources for Service Members & Families
DATE & TIME 4/14/2020
LOCATION

My Money
Making the most of your money starts with five building blocks for managing and growing your money -- The MyMoney Five (Earn, Save & Invest, Protect, Spend, Borrow). Keep these five principles in mind as you make day-to-day decisions and plan your financial goals. This website is organized around the MyMoney Five principles so you can quickly identify resources and tools to help you in these areas.

READY
Ready is a National public service campaign designed to educate and empower the American people to prepare for, respond to and mitigate emergencies, including natural and man-made disasters.


Payroll Taxes Deferral Memorandum
1/26/2021

Payroll Tax Deferral for Federal Workers and Servicemembers

Stay up-to-date with the latest guidance on the Collection of the 2020 Social Security Tax Deferral. Check out MARADMIN 035/21 for details. 

For those opting into the White House’s employee-side payroll tax deferral, the repayment deadline has been extended from April 2021 to December 31, 2021, lengthening the repayment period for those taxpayers. This means less money comes out of each paycheck until all deferred taxes are paid back. 

 

Source: https://taxfoundation.org/coronavirus-relief-bill-stimulus-check/

 

Federal employees and military members will have an easier time paying back the Social Security taxes that have been deferred from their paychecks over the last three months, thanks to a provision tucked inside the massive omnibus spending package Congress unveiled Monday afternoon. The provision will allow those subject to the president’s payroll tax deferral to pay back the deferred taxes — worth 6.2% of their income — throughout the entire year of 2021.

 

The general plan, according to federal payroll providers, was for employees to begin paying the deferred taxes back between January and April 2021. Now, federal employees and servicemembers will have 12 months instead of the original four to repay previously deferred taxes.

 

Collection of 2020 Social Security Tax Deferral

At the end of December, the 2020 Social Security tax deferral will end. Beginning January 2021, the normal 6.2% Social Security tax withholdings will again be deducted and you will also see an additional deduction for the deferred 2020 Social Security tax collection taken from your pay. To learn more about the collection process, download your copy of the PDF below.

 

Collection Process:

 

 

Tax Deferral Collection Fact Sheets:

 

 

Need Help?

Please contact your installation’s Personal Financial Management Program (PFMP) or your unit Command Financial Specialist for assistance. They are there to help.
 

Contact numbers for MCCS P&PD-Resources facilities are:

Camp Kinser: 637-2815

Camp Courtney:  622-7332

Camp Foster: 645-2104/2106

Camp Hansen and Camp Schwab: 623-4522

 

Tax Note:

Please note that the PFMP does not prepare taxes. They provide product free and commercial free education to help Service Members and their families make informed financial decisions.

 

 

Reference:

Memorandum on Payroll Tax Deferrals: 

https://www.defense.gov/Newsroom/Releases/Release/Article/2343104/dod-educates-military-service-members-and-civilian-employees-on-the-social-secu/source/GovDelivery/

 

Additional updates are now available on the DFAS webpage at: https://www.dfas.mil/taxes/Social-Security-Deferral/. 

 


Payroll Taxes Deferral Memorandum
DATE & TIME 1/26/2021
LOCATION

Payroll Tax Deferral for Federal Workers and Servicemembers

Stay up-to-date with the latest guidance on the Collection of the 2020 Social Security Tax Deferral. Check out MARADMIN 035/21 for details. 

For those opting into the White House’s employee-side payroll tax deferral, the repayment deadline has been extended from April 2021 to December 31, 2021, lengthening the repayment period for those taxpayers. This means less money comes out of each paycheck until all deferred taxes are paid back. 

 

Source: https://taxfoundation.org/coronavirus-relief-bill-stimulus-check/

 

Federal employees and military members will have an easier time paying back the Social Security taxes that have been deferred from their paychecks over the last three months, thanks to a provision tucked inside the massive omnibus spending package Congress unveiled Monday afternoon. The provision will allow those subject to the president’s payroll tax deferral to pay back the deferred taxes — worth 6.2% of their income — throughout the entire year of 2021.

 

The general plan, according to federal payroll providers, was for employees to begin paying the deferred taxes back between January and April 2021. Now, federal employees and servicemembers will have 12 months instead of the original four to repay previously deferred taxes.

 

Collection of 2020 Social Security Tax Deferral

At the end of December, the 2020 Social Security tax deferral will end. Beginning January 2021, the normal 6.2% Social Security tax withholdings will again be deducted and you will also see an additional deduction for the deferred 2020 Social Security tax collection taken from your pay. To learn more about the collection process, download your copy of the PDF below.

 

Collection Process:

 

 

Tax Deferral Collection Fact Sheets:

 

 

Need Help?

Please contact your installation’s Personal Financial Management Program (PFMP) or your unit Command Financial Specialist for assistance. They are there to help.
 

Contact numbers for MCCS P&PD-Resources facilities are:

Camp Kinser: 637-2815

Camp Courtney:  622-7332

Camp Foster: 645-2104/2106

Camp Hansen and Camp Schwab: 623-4522

 

Tax Note:

Please note that the PFMP does not prepare taxes. They provide product free and commercial free education to help Service Members and their families make informed financial decisions.

 

 

Reference:

Memorandum on Payroll Tax Deferrals: 

https://www.defense.gov/Newsroom/Releases/Release/Article/2343104/dod-educates-military-service-members-and-civilian-employees-on-the-social-secu/source/GovDelivery/

 

Additional updates are now available on the DFAS webpage at: https://www.dfas.mil/taxes/Social-Security-Deferral/. 

 


Personal Financial Management - Virtual Counseling
4/24/2020

Virtual Counseling is available online via a government-approved application (GVS/DCS) or DSN phone.

 Request an appointment today by emailing mcbb_ppdr_request@usmc.mil.

 


Personal Financial Management - Virtual Counseling
DATE & TIME 4/24/2020
LOCATION

Virtual Counseling is available online via a government-approved application (GVS/DCS) or DSN phone.

 Request an appointment today by emailing mcbb_ppdr_request@usmc.mil.

 


Spillover Method for Catch-Up Contributions to the Thrift Savings Plan - Update
DATE & TIME 10/16/2020
LOCATION

 

Spillover Method for Catch-Up Contributions to the Thrift Savings Plan - UPDATE:

Beginning January 1, 2021, the Federal Retirement Thrift Investment Board (FRTIB) will implement a new method for catch-up contributions called the “spillover” method. (Participants will continue using the TSP’s current catch-up program through the end of 2020.) Spillover will apply to all active civilian and uniformed services members turning age 50 or older. It will help simplify our catch-up program for both participants and agencies or services.

 

How Spillover Works:

Under the prior catch-up program, TSP participants had to make a separate affirmative catch-up election every year by submitting Form TSP-1-C, Catch-Up Contribution Election (Form TSP-U-1-C for uniformed services members) or electing to make catch-up contributions through their electronic payroll systems. Payroll offices then submitted catch-up contributions to the TSP on special payroll records indicating that the contributions were catch-up contributions.

  

Starting January 1, 2021, the TSP will no longer use Form TSP-1-C, TSP-U-1-C, or the special payroll records that designate contributions as catch-up. GET DETAILS HERE: Bulletin 20-1.https://www.tsp.gov/bulletins/20-1/

 


Upcoming Events:


Protect Against COVID-19 and Other Investment Scams Webinar provided by the U.S. Securities and Exchange Commission (SEC):


Topics will include:

  • The RED FLAGS of investment fraud
  • COVID-19 investment charity scams and other frauds
  • Steps you can take to protect yourself 
  • SEC resources that can help you become an informed investor and avoid scams


Session One:

Date: Wednesday, 28 October 2020

Time: Wednesday at 1400 Eastern Time | 1100 in California

Link to the event: https://meeting.marinenet.usmc.mil/protectinvestmentscam/event/event_info.html


Session Two:

Date: Wednesday/Thursday, 28-29 October 2020

Time: Wednesday at 1800 Eastern Time | Thursday at 0700 in Japan

Link to the event: https://meeting.marinenet.usmc.mil/protectinvestmentscam2/event/event_info.html


CFS Training Materials:


CFS Handouts: 


*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*


*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*  

Saving Calculator

Loan Calculator 

401(K) and IRA Minimum Required Distribution Calculator 

Choose to Save

The Financial Industry Regulatory Authority (FINRA) Tools and Calculators webpage has a multitude of Resource Tools, Calculators, Analyzers and Quizzes and Games available (some of which are included above) to assist individuals in effectively managing their finances.

*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*

Credit Card Act

Equal Credit Opportunity Act

Fair Credit Reporting Act

Fair Debt Collection Practices Act

Annual Credit Report

Consumer Credit Counseling

*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*

 

Military One Source 

Consumer Credit Counseling  

Detailed Spending Plan   

Monthly Spending Plan  

Security Clearances

2020 Electronic Financial Planning Worksheet (eFPW)  (Non-Macro Excel Sheet)

Identity Theft

Department of Treasury Literacy and Education


 

 *If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*  

 PREMARITAL 

  Premarital Financial Questions

 Deployment

  Remaining Financially Fit During Deployment

  Deployment Spending Checklist

  Savings Deposit Program

  Financial Toolkit

 Retirement

  Retirement Calculator 

  Survivors Benefit Plan 

  Social Security

*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*  

 

 Housing and Urban Development - HUD

 VA Home Loan

 Making Home Affordable

 Rural Housing  Assistance


 Troubled Asset Relief Program

*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*  

 

Home Loans

  VA Home Loans

 

 Home Loan Modification Programs

  Making Home Affordable 

  Troubled Asset Relief Program

 

 Student Loans

  Loan Forgiveness

  National Student Loan Database

 

 Consumer Loan Awareness

  Military Lending Act

  Service Members Civil Relief Act

*If you have problems opening a link by directly clicking on it, please right click and select open on the pop-up menu.*  

 Military Saves Web Page

  Save and Invest Military Center

  Take the Saver Pledge

  Thrift Savings Plan

  Okinawa Cola Savings Scenario

  COLA Calculator

  Salute To Smart Investing

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