My Coast Guard

Latest Financial News

Reminder: Payroll tax deferral starts soon
Sept. 11, 2020

The Government will defer Social Security taxes for many federal civilians and uniformed members through the end of this year. To calculate the impact on your personal pay, please see the “how-to” section below.

You must pay these taxes back in 2021. 

Federal government deferring payroll taxes for certain members, employees
Sept. 4, 2020

Social Security taxes will be deferred for many federal civilians and uniformed members through the end of this year.

Financial Resources

Coast Guard Personal Financial Management Program
The Coast Guard is expanding its personal financial management program, including adding staff in every district to help with your personal financial plan. The program also offers a financial management resource fact sheet and information on the Blended Retirement System (BRS), including a BRS comparison calculator.

Coast Guard Personal Financial Management Program Fact Sheet
Here’s a high-level overview of financial services available to you as part of the Coast Guard family. There’s information on money counseling, education and training, including information on how to become a certified financial specialist.

CG SUPRT offers one-on-one financial coaching amongst other support. It is available to active duty members, reservists, full-time civil service employees, and their dependents. Call 1-1-855-CGSUPRT (247-8778) or visit their site.

Provided through the Military Family Advisory Network—this self-guided financial wellness resource is a social learning platform created to empower military families with their personal finance.

my Retirement paycheck
Explore your retirement options and information that will assist you in the best use of your resources, so that you can enjoy greater financial well-being in retirement.
Unbiased financial tools and information for military families and all investors from the FINRA Foundation.

Thrift Savings Plan (TSP)
The Thrift Savings Plan (TSP) is a retirement savings and investment plan for Federal employees and members of the uniformed services, including the Ready Reserve. It was established by Congress in the Federal Employees' Retirement System Act of 1986 and offers the same types of savings and tax benefits that many private corporations offer their employees under 401(k) plans.

Military Saves
Military Saves is a social marketing campaign to persuade, motivate, and encourage military families to save money every month, and to convince leaders and organizations to be aggressive in promoting automatic savings.

Coast Guard Mutual Assistance (CGMA)
CGMA is known as the official relief organization of the Coast Guard. More than 500 representatives from through the country are available at shore units and cutters to provide counseling on financial options during times of need to include: short-term interest-free loans, grants and referrals.

Coast Guard Foundation Scholarships
The foundation provides educational funding support for Coast Guard spouses, children of members and of fallen heroes. A special interest scholarship, Captain Ernest Fox Perpetual Scholarship, is available to qualified active duty, civil service and personnel or their dependents at the Aviation and Logistic Center in Elizabeth City, NC.

IRS Withholding Calculator
Follow the Internal Revenue Service advice and use this IRS Withholding Calculator to make ensure you have the right amount of tax withheld from your paycheck.

CG SUPRT offers free tax filing for active duty members, reservists, full-time civil service employees, and their dependents. Call 1-1-855-CGSUPRT (247-8778) or visit their site.

Military Spouses Residency Relief Act
For military spouses, residency can be complicated, however, now there is greater flexibility. This statute contains four amendments to the Service members Civil Relief Act (SCRA), one of which offers spouses of service members the option to elect the same residence as their service member, for purposes of taxation. Here is ADDITIONAL INFORMATION.

Better Business Bureau (BBB) 
The Better Business Bureau helps consumers identify businesses, brands, and charities they can trust. Coast Guard personnel (including reservists), retirees, and their family members are encouraged to use the free consumer services and materials offered by BBB, as well as to partner with their local BBBs.

Consumer Financial Protection Bureau (CFPB)
The consumer bureau is working to give consumers the information they need to understand the terms of their agreements with financial companies. Like a neighborhood cop on the beat, the CFPB supervises banks, credit unions, and other financial companies, and we will enforce Federal consumer financial laws.

The Department of Defense Office of Financial Readiness Website has relevant and reliable information on various financial readiness topics.

FDIC Money Smart
Money Smart is a comprehensive financial education curriculum designed to help low and moderate-income individuals outside the financial mainstream enhance their financial skills and create positive banking relationships.

National Foundation for Credit Counseling (NFCC)
NFCC is the Nation’s largest and longest servicing national nonprofit credit counseling organization. Coast Guard Mutual Assistance partners with NFCC and will pay reasonable fees for counseling services provided by Consumer Credit Counseling Services (CCCS) offices, nation-wide. To find a CCCS office near you, go to, or call 800-388-2227.

Tools and Resources for Homebuyers 
The Consumer Financial Protection Bureau provides resources to protect yourself from home-buying scams and interest rates, closing tools including checklists and an overview guide.

VA Home Loans and Housing-Related Assistance
VA Housing Assistance provides support to Veterans, service members, and their surviving spouses who want to purchase a home or refinance a loan. In addition, the organization can assist if you’re interested in renovating your current home.

The Homeowner’s Assistance Program
The Homeowner’s Assistance Program provides financial aid to wounded, injured, ill, and surviving spouses and BRAC-impacted personnel. This service is provided by the US Army Corps of Engineers.

Military Spouses Residency Relief Act (MSRRA)
This act allows you as a military spouse to file taxes as a “domicile”—or where your legal paperwork resides for your spouse, rather than filing based off of residency, which changes based upon where you are currently living. Here’s overview information and additional resources.

Last reviewed on: 10/05/2020