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It's Your Money: Who's to blame?
Posted 5/25/2012 Updated 5/25/2012
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by Ralph Lunt
Air Force Reserve Command
5/25/2012 - Citizen Airman/June 2012 -- In my early Air Force days, paperwork was not my thing! I didn't get it. And, quite frankly, it seemed like someone was always around to fix the mistakes my lack of understanding created.
I'm talking about the "I'm not really sure how to do this travel voucher, so I'll just throw something in this block, and they'll let me know if it's wrong" attitude. Well, I didn't appreciate the impact this had on the good folks who were trying to get me paid! They have performance standards to meet, and if I sent them an incomplete travel voucher, it not only hurt them, it delayed my payment as well. The delay was my fault, not theirs!
With all due respect, many of the problems we have with military and retired pay are due to the attitude I demonstrated as a second lieutenant. Here are a few tips that I've learned over the years:
* Keep your information current in the Defense Enrollment Eligibility Reporting System, myPay, your reserve or guard component and any other institution that affects your financial life. If you move, get married or divorced, change bank accounts, or have children, the only way these agencies know is if you tell them. Tell them and give them time to update your records.
* Don't assume your changes will be made when you push a button. Sending an email, selecting "apply" or agreeing to an update doesn't mean it is in effect. Many electronic processes require manual labor on the receiving end. Know what "done" looks like by doing some research and asking questions regarding the actions you want performed.
* Plan in advance for life-changing events. Guaranteed, if you don't get paid when you are supposed to, you are not too busy to get on the phone for hours to find out why. The better route would be to understand the ramifications of moving, changing bank accounts, getting married or retiring well in advance of the event.
* Study up on survivor benefits, the Thrift Savings Plan, and managing reserve and retired pay, and keep your orders and your tax records. Financial power equals financial freedom.
I strongly recommend you get on the computer and get the scoop on your pay and benefits. Be your own finance officer. In most cases, if things aren't right you have no one to blame but yourself.
(Editor's note: This feature is designed to provide financial advice and information of a general nature. Individuals should conduct their own research and consult a financial adviser before making any financial decisions. Based in Cleveland, Ohio, Mr. Lunt is a certified financial planner and vice president of a financial planning and consulting firm. He is also a colonel in the Air Force Reserve, serving as the reserve forces director of the Great Lakes Region of the Civil Air Patrol adviser's program.) |
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