What your credit union should know about military transitions

first_imgMilitary relief society4% Military chain of command5% Family and friends38% 13SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Anthony Hernandez Anthony Hernandez is the President and Chief Executive Officer of the Defense Credit Union Council (DCUC).  He joined DCUC as its Chief Operating Officer in August 2016 and was selected … Web: www.dcuc.org Details The good news is that retiring military members tend to “push the button” several months ahead of actual retirement, usually 6-9 months in advance. This gives your credit union time to help your members develop a plan in terms of:Saving for the 45-days In Between Paychecks (in addition to everything else)Budgeting for Retired Pay (especially if cash flows are less in retirement)Restructuring or Prioritizing Debt Payments (pay off debts before retirement)Understanding and Improving Credit Scores (as income levels change)Fixing Credit Reporting Issues (e.g., Medical Debt due to Tri-Care errors)Getting Better Loan Rates (where your credit union should excel)Many other financial pressures affect our nation’s military members. Credit needs for first-termers, deployment pressures, military relocations, and wounded warrior/casualty affairs are some that come to mind. If you have questions, please do not hesitate to reach out to DCUC. In the meantime, we are thankful you are there to meet your member needs and further our credit union ideals. Military peers17%center_img Happy New Year CUInsight Readers!Before we talk about military transitions, we would like to extend a hearty thanks to all credit unions and credit union partners for serving our military and veteran communities! We are extremely grateful for all you do.Whether you work in a Defense Credit Union or not, America’s credit union system diligently serves our military members, veterans, and their families. By offering superior products, each of you is consistently the top choice in financial institutions for our military. We see evidence of this in countless posts on LinkedIn and Twitter, along with credit union press releases.As such, we would like to share some important insight in the new year and what happens throughout the military lifecycle. During my time in the military, each January seemed to be the ideal month for many of my colleagues to apply for military retirement. I “pushed the button” exactly four years ago, officially beginning my transition process after two years of planning. Outside of saving for the retirement ceremony, this simple act initiates several other financial impacts over the next several months. There are two main points to bear in mind for all credit unions.First, we all know that more people need financial education than ever before. A depressing statistic is a recent Federal Reserve report that found almost 40 percent of Americans would have to use additional sources of credit to cover a $400 emergency. Military members are no different. And while basic savings is always a challenge, there is a separate danger lurking as military members retire. That is the inescapable fact that all military members will go without a paycheck for approximately 45 days before their retired pay starts.This 45-day gap occurs because the Department of Defense withholds the last active duty paycheck to settle any outstanding travel or overpayment debts. Plus, for some reason, it takes longer than it should to transfer a servicemember’s personal information to the retired pay system. The result is approximately 45 days (or more) due to various levels of bureaucracy. Even though the member will eventually be paid, it still amounts to each member being several thousand dollars short in the interim.Yet, mortgage/rent, car loans, insurance, and other necessities must still be paid on time. The need to plan for this eventuality can be much higher than struggling to save $400 for a rainy day. Worse, if your military member is already struggling with financial hardships, it can strain or damage your relationship if/when they miss a loan payment or end up borrowing from a competitor at higher interest rates.It is also important for military members to realize when the first retirement check arrives, any selected benefits such as the Survivor Benefit Plan and Veterans Group Life Insurance along with any state income taxes are deducted automatically. It is surprising how many military members fail to factor in the cost of these benefits. Failing to plan for these expenses can put the member at serious financial risk seemingly without notice.In terms of what a military pension will pay for—if a military retiree is lucky, their monthly pension might cover rent and nothing else. Adding to this sudden financial adjustment is the fact that housing costs become real (e.g., no more non-taxable basic allowance for housing), and finding a job after twenty plus years in the military can take longer than expected. Credit union financial counselors need to be aware of these unique pressures to be proactive.Second, we all agree that credit unions offer great financial counseling and education. Here is where you can excel: understanding your military member’s transition and financial pressures (everything I described above) can help you better serve your brand-new “veterans;” build stronger member-trust; potentially offer additional products and services. Plus, credit unions already have the lion’s share of trust in the military.In a recent Military Saves Survey, we continue to see credit unions outpacing every other trusted source of financial information on the installation, including the chain of command.  This is not by accident—you earned it!Military Saves Survey Personal Financial Manager or family readiness program31% Banks or credit unions49% Non-profit / education organizations19%last_img read more

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Chelsea star Eden Hazard makes Arsenal confession ahead of Europa League final

first_img Comment Advertisement Eden Hazard scored the decisive penalty as Chelsea beat Eintracht Frankfurt in their Europa League semi final (Picture: Getty)Eden Hazard admits Arsenal are far from the ideal opponents for Chelsea to face in the upcoming Europa League final.The Belgium international scored the decisive penalty in a nerve-shredding shootout following a 1-1 draw against Eintracht Frankfurt at Stamford Bridge on Thursday night.London rivals Arsenal, meanwhile, booked their place in Baku with a convincing 7-3 aggregate victory over Valencia to keep alive their hopes of Champions League qualification, having blown the opportunity to finish in the top four last weekend.Only victory at the Baku Olympic Stadium will see the Gunners return to European club football’s elite competition and Hazard knows Chelsea must improve on their recent performances against Arsenal if Chelsea are to kill that dream.AdvertisementAdvertisementADVERTISEMENTMore: Arsenal FCArsenal flop Denis Suarez delivers verdict on Thomas Partey and Lucas Torreira movesThomas Partey debut? Ian Wright picks his Arsenal starting XI vs Manchester CityArsene Wenger explains why Mikel Arteta is ‘lucky’ to be managing Arsenal Sarri on Chelsea’s penalty shootout win over Eintracht FrankfurtTo view this video please enable JavaScript, and consider upgrading to a web browser that supports HTML5 video Play VideoLoaded: 0%0:00Progress: 0%PlayMuteCurrent Time 0:00/Duration Time 7:06FullscreenSarri on Chelsea’s penalty shootout win over Eintracht Frankfurthttps://metro.co.uk/video/sarri-chelseas-penalty-shootout-win-eintracht-frankfurt-1922552/This is a modal window.Beginning of dialog window. Escape will cancel and close the window.TextColorWhiteBlackRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentBackgroundColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyOpaqueSemi-TransparentTransparentWindowColorBlackWhiteRedGreenBlueYellowMagentaCyanTransparencyTransparentSemi-TransparentOpaqueFont Size50%75%100%125%150%175%200%300%400%Text Edge StyleNoneRaisedDepressedUniformDropshadowFont FamilyProportional Sans-SerifMonospace Sans-SerifProportional SerifMonospace SerifCasualScriptSmall CapsReset restore all settings to the default valuesDoneClose Modal DialogEnd of dialog window.‘We have another game to play against Arsenal. Against them we have struggled in the last two or three years,’ admitted Hazard, whose Chelsea side have managed one win in the last eight games against the Gunners.‘We need to go there in Bakcu and play a game with high quality and win the game.’Should the 28-year-old complete his much anticipated move to Real Madrid in the summer, Hazard’s coolly taken penalty could represent his last kick of a ball at Stamford Bridge after seven trophy-laden years.‘I am not thinking that,’ he added when asked if he would return next season. ‘I am only thinking about winning something for this club this squad.‘If it’s my last game I will try to do everything if it’s not we will see. In my mind I don’t know yet I’m just thinking to win games that’s it.’More: FootballRio Ferdinand urges Ole Gunnar Solskjaer to drop Manchester United starChelsea defender Fikayo Tomori reveals why he made U-turn over transfer deadline day moveMikel Arteta rates Thomas Partey’s chances of making his Arsenal debut vs Man City Chelsea star Eden Hazard makes Arsenal confession ahead of Europa League finalcenter_img Metro Sport ReporterFriday 10 May 2019 7:31 amShare this article via facebookShare this article via twitterShare this article via messengerShare this with Share this article via emailShare this article via flipboardCopy link2.4kShares Advertisementlast_img read more

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