Financial Assistance Resources

Financial Planning is a broad discipline and includes the following major areas:  life insurance, budgeting, investments, taxes, pension plans and estate planning.  Most people can benefit from professional financial advice, whether they are just starting out or are getting ready to draw on their retirement savings and want information on how to minimize tax impacts. If you have been thinking about using the services of a financial advisor, the first step is to find and vet an adviser who is appropriate for your needs.  When I went through this process the first thing I looked for was an adviser who adheres to a fiduciary standard, which means they are legally bound to act in your best interests and must put your interests before their own. This type of adviser is normally fee-only - you pay them either via a set fee or a fee that’s calculated as a percentage of your assets they manage.

For many situations, a computer “google search” may provide the answer or a link that gives the information you need.  For example, you can do an internet search on “term vs whole life insurance” to easily find out the differences and select which might be appropriate for your needs.  In other cases, you may need to contact a life insurance agent.

The VA offers home loans (www.benefits.va.gov/homeloans) which typically have competitive interest rates and zero down payment features.  This makes them popular with young or first-time homebuyers.

Many major investment firms, such as Fidelity (www.fidelity.com) or Vanguard (www.vanguard.com), offer a broad spectrum of financial information on their websites.  In addition, numerous publications, such as Kiplingers or AARP Magazine, provide consumer financial information.  For the Do-It-Yourself investor, The American Association of Individual Investors (www.AAII.com) is yet another organization that can provide information.

If you don’t have the time or inclination to delve into financial assistance issues you can consider working with a professional financial planner or advisor.  Again, many websites and publications can provide for tips on choosing a financial advisor.  Just one example is www.life123.com/article/5-tips-for-finding-a-good-financial-advisor  Certified financial planners (CFP) are generally considered the “gold standard” in personal financial planning.  Just one site you can use to find a CFP near you is www.cfp.net - click on the “Find a CFP Professional” in the upper right.  You can also try https://www.napfa.org/find-an-advisor#  for locating a personal financial advisor.  Fees for financial professionals vary based on whether they are providing limited services (fee-only), managing your funds (fee+commission), etc.  If managing your funds, the fees are typically based on the amount of the portfolio managed.

While some companies may offer a “free” adviser, they are often more interested in sales than anything else, because they likely receive a commission. They may be following a suitability standard rather than a fiduciary standard, meaning that they are only obligated to make sure investments are appropriate for you, not that those investments are your best options.

There are many sites you can use to search for a financial advisor, below are just a few examples:

• National Association of Personal Financial Advisors

• Garrett Planning Network

• Military Financial Advisors Association

• XY Planning Network

Of course, you can also ask friends, family, and colleagues for their recommendations, but you should still do your own vetting to ensure anyone recommended meets your needs and standards.  

Examples of some questions you might want to ask when looking for an advisor include:

• What is your fee structure? 

• Are you a fiduciary?

• What are your credentials? 

• How will our relationship work? You will want to know how often you’ll meet, and whether your potential adviser will be available via email or phone if you have questions.

• What is your investment philosophy? Your potential financial planner should be able to explain their style of investing, and it should mesh with your goals and your risk comfort level.

  Related to financial planning, some people decide to set up a trust for their assets.  Trusts are established to provide legal protection for your assets, make sure those assets are distributed according to your wishes, reduce paperwork (probate for example) and, in some cases, avoid or reduce inheritance or estate taxes.

Some important age milestones with financial implications:

Age 59-1/2: The age at which you no longer have to pay a 10% penalty for taking distributions from a tax-deferred retirement plan. ( https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-tax-on-early-distributions)

Age 62: The earliest age at which you can begin to take social security (SS) benefit payments. Your Full Retirement Age (FRA) for SS payments depends on the year you were born.  For example, if you were born between 1943 and 1954 your FRA is 66.  If you are in this age group, then your benefit amount generally increases by about 8% for each year you delay filing between your FRA and 70.  After age 70 there are no further increases your social security payment.  To see examples of how much your SS payment decrease when you apply before your FRA check the following link: Benefits Planner: Retirement | Retirement Age and Benefit Reduction | SSA    You can also get additional SS info at (https://www.ssa.gov/benefits/retirement/learn.html#h3)

Age 65: The age you qualify for Medicare (You should sign up for parts A & B a few months before you reach this age). At this time Medicare becomes your primary health insurance and Tricare-For-Life (TFL) becomes your secondary health insurance. (https://www.medicare.gov/sign-up-change-plans). You must sign up for Medicare to get Tricare for Life.

Age 70: The age at which your social security benefit reaches its maximum (assuming you haven’t started collecting earlier).

Age 71-1/2: The age at which you must start taking Required Minimum Distributions (RMDs) from your tax-deferred retirement accounts or face a 50% penalty for the amount not withdrawn. (https://www.irs.gov/retirement-plans/plan-participant-employee/retirement-topics-required-minimum-distributions-rmds)

Age 72: The age at which you must start taking RMDs from tax-deferred retirement accounts. (Applies if you reach 70-1/2 in 2020 or later)

There are numerous organizations that vets/retirees can turn to when they need financial help for things like home repairs, car repairs, etc.  Below are a few options to consider.

Air Force Aid Society:  720-847-6681 (This is the Buckley SFB Airmen & Family Readiness Ctr number - they can help fill out the paperwork.)  Air Force Aid Society | The Official Charity of the Air Force (afas.org)

Colorado Red Cross:  303-722-7474

Colorado Region | American Red Cross

Arapahoe County Veterans Service Officer (VSO):  303-738-8045, Josh Medina, jmedina@arapahoegov.com  Find a list of all the VSOs in Colorado at: County Veterans Service Offices | Colorado Division of Veterans Affairs

United Way:  #211 United Ways in Colorado | United Way Worldwide

Salvation Army Corps Community Center Aurora (emergency financial assistance):  303-364-1965

Aurora Corps (salvationarmy.org)

Beyond Home:  303-420-6634

BeyondHome (beyondhomeonline.org)

Catholic Charities:  303-742-0828  Catholic Charities of Denver | 7 ministries, one purpose to serve all people (ccdenver.org)

American Legion Post #1 303-757-1919 (Closed Monday, open Tue through Sun)  Welcome (lcwpost1.org)

City and County of Denver Veterans Services:  720-944-3500  Denver County Colorado - Veterans Services (nrd.gov)

Bill Daniels Veterans Service Center:  720-501-3367   Veterans' Services | Volunteers of America (voacolorado.org)

The Lemay Foundation:  951-653-3820, 800-554-5510, info@lemay-foundation.org  HOME (lemay-foundation.org)   (This is only for widows and widowers of Air Force retirees)    

Veterans Families United: Financial Assistance | Veterans Families United    

     Crisis Hotline: 1-800-273-8255, Option 1 for veterans and loved ones

Veterans of Foreign Wars: http://www.vfw.org

Veterans Affairs:  Links - Office of Survivors Assistance (va.gov)  800-698-2411

Army Emergency Relief:  Army Emergency Relief - Soldiers Helping Soldiers  866-878-6378

  In Colorado: Army Emergency Relief (AER) :: Ft. Carson :: US Army MWR   719-526-4783