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Amy & Mike, 2 CERTIFIED FINANCIAL PLANNER™ Professionals, talk about how military members can prepare for transition and how Veterans can prepare for ultimate retirement. Topics include: military benefits like SGLI, Survivor Benefit Program, Thrift Savings Plan, and GI Bill as well as budgeting, investing, taxes, and college planning. Disclaimer: This podcast represents the views of the hosts and guests. It's for informational purposes only and should not be considered tax, financial, or leg ...
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Summary Amy and Mike talk about the complexities of Social Security Retirement Benefits, focusing on its significance for retirees, the intricacies of claiming benefits, and the impact of taxation. They discuss eligibility requirements, the importance of timing in claiming benefits, and the potential shortfall of the Social Security Trust Fund, emp…
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Episode 021: Listener Questions: Balancing Retirement and Education; Getting Started
24:08
24:08
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SummaryIn this episode, Mike and Amy address listener questions regarding financial planning for military families, focusing on the balance between retirement savings and education funding. In their answer to the second question, they discuss foundational financial steps, the importance of emergency funds, debt management, and life insurance. The c…
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Episode 020 - Financial Value of the BRS Pension
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24:50
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Summary In this episode Amy and Mike discus the financial value of the Blended Retirement System (BRS) pension and how to determine how much more one would need to earn in a civilian job to equate to the value of the pension. Takeaways Military members often consider separating at various points during their career Many don’t really know how much m…
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Summary In this conversation, Amy and Mike discuss long-term care insurance and how to plan for long-term care. They explain the different types of insurance available, including traditional long-term care insurance and hybrid long-term care insurance. They also discuss the option of self-insurance and the importance of having a plan in place. They…
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Episode 018 - BRS Lump Sum Summary In this conversation, Mike and Amy continue their 3-part series Blended Retirement System focusing on the lump sum payment option at retirement. Takeaways The lump sum payment option in the blended retirement system allows service members to receive a portion of their pension at retirement. The lump sum payment is…
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Episode 017 - Blended Retirement System Continuation Pay
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22:26
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In this episode Mike and Amy continue their series on the military’s Blended Retirement System focusing on the mid-career Continuation Pay.Takeaways- Continuation pay is a mid-career retention tool in the Blended Retirement System (BRS) that incentivizes service members between their seventh and 12th years of service.- Continuation pay does not imp…
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Episode 016 - Blended Retirement System (BRS) Overview
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22:24
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Summary The conversation discusses the blended retirement system (BRS) and its components, including the pension, TSP match, and continuation pay. The BRS was implemented in 2018 to modernize military compensation and retirement. The pension part of BRS is similar to the legacy system, requiring 20 years of service and basing the pension on the hig…
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Episode 15: Mistakes to Avoid When Using the GI Bill
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19:28
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Episode 15 - Using the Post 9/11 GI Bill Benefit In this show Mike and Amy cover: Mistakes to Avoid when splitting Post 9/11 benefits among multiple beneficiaries (1:31) Advantages of transferring benefits to a spouse rather than children (5:15) Student Aid Index Considerations (6:48) Understanding the schools funding model (8:32) Leveraging the ho…
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GI Bill OverviewIn this show Mike and Amy cover: History of the GI Bill (1:26)Components of Post 9/11 GI Bill (3:21)Post 9/11 GI Bill Tuition Benefit (4:07)Yellow Ribbon Program (5:25)Housing Allowance Benefit (7:31)Length of benefit (10:01)Limitations of the benefit (12:05)Transferring Post 9/11 Benefit (12:37)When beneficiaries must use the benef…
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Episode 013: Traditional Vs Roth Retirement Accounts Part 2: Scenarios
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32:57
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In this show, Mike and Amy continue discussing Traditional and Roth Retirement Accounts looking at some scenarios when they might be best used: Mike and Amy cover: Roth Vs Traditional Retirement Accounts (01:44)Scenario #1 – Roth vs Traditional – Early military career (03:55)Scenario #2 – Roth vs Traditional – Post Retirement Second Career (04:55)R…
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Episode 012: Traditional Vs Roth Retirement Accounts
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26:39
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In this show, Mike and Amy discuss the basics of Traditional and Roth Retirement Accounts, how they are different, and when you should consider using each. Mike and Amy cover: The Basics – Traditional Retirement Accounts (03:04)The Basics – Roth Retirement Accounts (04:48)Required Minimum Distributions, Withdrawals, and Penalties (06:16)When To Use…
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Episode 11: 529 Accounts For College Savings
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28:50
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In this show, Mike and Amy the characteristics of 529s and how they might fit into your education funding goals. Mike and Amy cover: The two types of 529 Accounts (2:59) The pros and cons of each type of 529 (5:08) Types of qualified education expenses (6:30) 529s and scholarships/ penalty free withdrawals (13:08) State level tax benefits of 529s (…
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In this show, Mike and Amy discuss the Survivor Benefit Program. They’ll cover: Purpose of the Survivor Benefit Program (SBP) (3:17) Overview of SBP (5:13) Decision Timeline (12:43) SBP and DIC (14:55) Reserve Component SBP (16:35) CSB Redux SBP (18:06) Thoughts about how to make the decision (19:36) Links: Operation Retirement Readiness: www.oper…
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Episode 9: Servicemembers Group Life Insurance (SGLI) and Life Insurance
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18:26
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In this show, Mike and Amy discuss life insurance and Servicemembers Group Life Insurance (SGLI). Mike and Amy cover: SGLI Overview (2:12) How to calculate how much life insurance you might need Rules of thumb: 8-10 times income; 8-10 times expenses (3:57) DIME Method (6:05) Types of Life Insurance Term (7:50) Permanent (10:13) Links: Operation Ret…
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In this show, Mike and Amy discuss various spending profiles in retirement. A spending profile is a framework for how to think about retirement spending. Mike and Amy cover: Percentage of pre-retirement spending plus inflation (2:02) The Retirement spending smile (3:17) Go Go; Slow Go; No Go Phases of Retirement (8:56) Links: Operation Retirement R…
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Episode 7: Budgeting for Ultimate Retirement
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23:38
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In this show, Mike and Amy discuss the topic of budgeting for ultimate retirement. Mike and Amy cover: Why budgeting for ultimate retirement is critical (1:22))Spending Buckets: Needs/ Wants (6:09)Retirement income sources and impact on budgeting (10:28)Role of Annuities (12:58)Planning for other than day to day expenses (19:06)Links:Operation Reti…
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Episode 6: Budgeting for Military Retirement
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Episode 006 Budgeting for Military Retirement In this show, Mike and Amy discuss the dreaded top of budgeting. Mike and Amy cover: Importance of a Transition Budget (1:05)) Planning for new/ additional expenses (3:03) Timing of payments during transition from active duty into retirement (6:35) Changes in paycheck timing after transition (8:11) Spec…
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Episode 005 Budgeting Basics In this show, Mike and Amy discuss the dreaded top of budgeting. Mike and Amy cover: Purpose of Budgeting (2:53) Analyze Current Spending (6:22) Prioritize Spending (7:39) Tools to Track Current Spending (8:51) Identify mandatory, discretionary, and infrequent expenses (11:37) Don’t get wrapped up in someone else’s proc…
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Episode 004 Debt In this show, Mike and Amy discuss the number 3 most popular New Years’ Resolution - paying down debt. Mike and Amy cover: The US consumer debt problem (2:09) Types of Debt (6:53) “Good” vs “Bad” Debt (8:37) Debt to income ratio and importance of having a debt management strategy (12:09) Debt heading into retirement (14:31) Approac…
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In this show, Mike and Amy discuss the number 2 most popular New Years’ Resolution - 2nd only to fitness resolutions - Saving more. Mike and Amy cover: The difference between savings and investments (2:59)Considerations for when to save vs when to invest (5:25)Savings for near term goals/ military retirement/ ultimate retirement (7:43)Emergency Fun…
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Episode 002: 5 Uncommon New Year Financial Resolutions
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26:43
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Financial New Years’ Resolutions In this show, Mike and Amy continue to discuss New Years’ Resolutions and five of the most UNCOMMON financial resolutions people may not know can help them in the New Year and beyond. We hit the highpoints of the following uncommon but useful financial resolutions: Visualizing Retirement (2:52) Insurance/ Protecting…
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Episode 001 - 5 Common Financial New Year's Resolutions
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20:16
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Financial New Years’ ResolutionsIn this show, Mike and Amy discuss New Years’ Resolutions and five of the most common financial resolutions people set out to achieve in the New Year. We hit the highpoints of the following common financial resolutions:Save More (3:28)Reduce Debt (5:05)Invest More (7:17)Make a Budget/ Stick to a Budget (9:11)Save for…
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Operation Retirement Readiness Preview. Full episodes launch in 2024.
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