Operation Retirement Readiness podcast

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المحتوى المقدم من Mike Hunsberger & Amy King, Mike Hunsberger, and Amp; Amy King. يتم تحميل جميع محتويات البودكاست بما في ذلك الحلقات والرسومات وأوصاف البودكاست وتقديمها مباشرة بواسطة Mike Hunsberger & Amy King, Mike Hunsberger, and Amp; Amy King أو شريك منصة البودكاست الخاص بهم. إذا كنت تعتقد أن شخصًا ما يستخدم عملك المحمي بحقوق الطبع والنشر دون إذنك، فيمكنك اتباع العملية الموضحة هنا https://ar.player.fm/legal.

<div class="span index">1</div> <span><a class="" data-remote="true" data-type="html" href="/series/this-is-womans-work-with-nicole-kalil">This Is Woman's Work with Nicole Kalil</a></span>

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This Is Woman's Work with Nicole Kalil

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منذ 4 أياممنذ 4d ago

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Together, we're redefining what it means, looks and feels like, to be doing "woman's work" in the world today. With confidence and the occasional rant. From boardrooms to studios, kitchens to coding dens, we explore the multifaceted experiences of today's woman, confirming that the new definition of "woman's work" is whatever feels authentic, true, and right for you. We're shedding expectations, setting aside the "shoulds", giving our finger to the "supposed tos". We're torching the old playbook and writing our own rules. Who runs the world? You decide. Learn more at nicolekalil.com

Operation Retirement Readiness

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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 legal advice. All information is regarded to be from reliable sources. It is not individual advice.

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Operation Retirement Readiness

updated منذ 3 أيام

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34 حلقات

#Trading #Business #Mike Hunsberger

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Episode 33 - TRICARE Options 28:54

منذ 3 أيام28:54

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28:54

Summary This conversation delves into the complexities of military healthcare, focusing on TRICARE options available to active duty and reserve members, as well as their families. The discussion covers TRICARE Prime, TRICARE Select, TRICARE Reserve Select, and TRICARE Young Adult, highlighting the benefits, costs, and considerations for each plan. The hosts emphasize the importance of understanding these options for both health and financial well-being, especially during transitions such as retirement. Takeaways Understanding TRICARE options is crucial for military families. TRICARE Prime is the default option for active duty members. TRICARE Select provides more flexibility but comes with costs. TRICARE Reserve Select is a cost-effective option for reservists. Planning for healthcare in retirement is essential. TRICARE Young Adult covers dependents who have aged out. Costs vary significantly between TRICARE plans and groups. Consider your family's specific health needs when choosing a plan. It's important to lay out medical needs to make informed decisions. All TRICARE plans have low catastrophic caps for out-of-pocket expenses. Chapters 00:00 Understanding Military Healthcare Options 03:29 TRICARE Prime: The Default Choice 06:23 Exploring TRICARE Select: Flexibility vs. Cost 10:33 TRICARE for Reservists: A Competitive Option 11:52 Navigating the Gray Zone: Healthcare for Retired Reservists 15:15 TRICARE Young Adult: Coverage for Aging Dependents 17:15 Cost Breakdown: Understanding TRICARE Expenses 21:04 Making Informed Healthcare Decisions 27:52 ORR-Outro-MikeFirst.mp4 Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 32 - Getting To Know Mike 29:51

منذ 17 يومًا29:51

29:51

Summary In this conversation, Amy interviews Mike, exploring his background, military career, transition to civilian life, and journey into financial planning. Mike shares insights on his experiences in the Air Force, the challenges of transitioning to a new career, and the importance of financial education, particularly for military families. He emphasizes the significance of planning over investing and offers advice for those looking to enter the financial planning field. Mike also discusses his firm, which focuses on serving military personnel and their families, particularly in college planning. Chapters 00:00 Getting to Know Mike 06:26 Transitioning from Military to Civilian Life 12:14 Advice for Aspiring Financial Planners Takeaways Mike grew up in Pennsylvania and attended RIT for computer engineering. He had a successful military career in communications and cyber. Mike led the notification process for a major data breach affecting millions. Transitioning from military to civilian life can be challenging but manageable. It's important to take the pressure off when choosing a new home after retirement. Starting a financial planning career requires thorough research and preparation. Mike emphasizes the importance of financial planning over just investing. He focuses on helping military families with college planning. Education and awareness are key in financial decision-making. Mike enjoys writing and sharing financial knowledge through newsletters. Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 31 - Healthcare FSA 23:03

منذ 4 weeks23:03

23:03

Summary This conversation provides an in-depth overview of the new Flexible Spending Account (FSA) program being introduced by the Department of Defense (DOD) for military service members. The hosts discuss the benefits, eligible expenses, and key differences between FSAs and Health Savings Accounts (HSAs). They also explore who might benefit most from the FSA, how to estimate out-of-pocket expenses, and the importance of understanding the program's details for effective financial planning. Resources for further information are also highlighted. Chapters 00:00 Introduction to the Flexible Spending Account 01:42 Understanding Flexible Spending Accounts 05:01 FSA vs HSA: Key Differences 07:49 Details of the New DOD FSA Program 10:28 Who Should Consider the FSA? 15:22 Estimating Out-of-Pocket Expenses 18:30 FSA in the Context of Financial Planning 21:08 Resources and Final Thoughts Takeaways The FSA allows service members to set aside pre-tax money for medical expenses. Eligible expenses include co-pays, dental, vision, and wellness therapy. The FSA must be used within the year it is contributed, with a small rollover allowed. FSAs are particularly beneficial for families with higher medical expenses. Higher tax bracket individuals will see greater tax savings with an FSA. It's important to track your typical out-of-pocket expenses to make informed contributions. The FSA is a tool for tax reduction but requires careful management to avoid losing funds. Administrative costs include the time spent filing for reimbursements. The FSA Fed site provides a list of qualified medical expenses. Understanding the FSA's role in overall financial planning is crucial for service members. Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 30 - Getting To Know Amy 28:44

منذ 6 weeks28:44

28:44

Summary In this episode, Mike interviews Amy, exploring her journey from a military career to becoming a financial advisor. They discuss her background, the transition from military to civilian life, and the establishment of her firm, Instar Financial Planning. Amy shares insights on the importance of planning for transitions, her philosophy on financial advising, and advice for those considering a similar path. Chapters 00:00 Introduction to Personal Backgrounds 04:57 Military Career and Unique Experiences 12:45 Discovering a Passion for Financial Planning 19:16 Instar Financial Planning: Focus and Philosophy 25:43 Closing Thoughts on Financial Advisory Takeaways Amy's background in environmental science led her to a military career. She transitioned to finance after realizing the impact of financial planning. The importance of planning for transitions in life and career. Amy emphasizes the need for military members in the financial advising space. Her firm, Instar, focuses on serving military members and veterans. She believes in comprehensive financial planning over piecemeal advice. Networking and asking for help are crucial during career transitions. Amy's experience in a large corporation shaped her approach to client service. She values the servant hearts found in military and federal civilian roles. Trust and rapport with clients are essential for effective advising. Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 29 - Taxes For Military Families Ft. Paul Allen 40:03

منذ 8 weeks40:03

40:03

Summary In this podcast episode, Paul Allen from PIM Tax Services shares his journey into the tax preparation business, focusing on the unique tax needs of military families. He discusses the differences between tax planning and tax preparation, common mistakes made by military members, and key considerations for those approaching retirement. Paul also provides advice on responding to IRS notices and offers insights for those interested in pursuing a career in tax preparation. Chapters 00:00 Introduction to Tax Services for Military Families 03:42 Paul Allen's Journey into Tax Preparation 06:19 Understanding PIM Tax Services 09:25 Tax Planning vs. Tax Preparation 12:22 The Importance of Tax Planning for Clients 15:25 Common Tax Mistakes Among Military Families 18:05 State Tax Residency Rules for Military Families 20:51 Key Tax Considerations for Military Retirement 23:46 Responding to IRS Notices 26:40 Advice for Aspiring Tax Preparers Takeaways Paul Allen transitioned from a Navy career to tax preparation after dissatisfaction with a CPA's service. PIM Tax Services primarily serves military families but also accepts local clients. Tax preparation focuses on past income, while tax planning looks to minimize future tax burdens. Advised clients are more likely to engage in beneficial tax planning strategies than those without advisors. Common mistakes by military families include failing to claim depreciation on rental properties. Military families often pay state taxes unnecessarily due to lack of knowledge about residency rules. Retirement can significantly change tax situations, often leading to higher tax rates. Military members can still deduct unreimbursed moving expenses under certain conditions. Responding promptly to IRS notices is crucial to avoid penalties. Tax preparation can be a flexible career option for military spouses. Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 28 - What To Look For In A Financial Planner 33:21

منذ 10 weeks33:21

33:21

Summary In this conversation, Mike and Amy discuss essential questions to consider when hiring a financial professional. They delve into fiduciary duty, fee models, investment philosophies, the importance of specialization, and the qualifications of financial advisors. The discussion emphasizes the need for clients to understand the advisor's approach, costs, and whether they feel a personal connection with the advisor. Chapters 00:00 Understanding Fiduciary Duty 10:24 Exploring Fee Models in Financial Advisory 22:38 The Importance of Specialization in Financial Planning 30:31 Building Trust and Connection with Your Advisor Takeaways Fiduciary duty means putting the client's interests first. Understanding fee models is crucial when hiring an advisor. There are three main fee structures: commission-based, fee-only, and hybrid. Active investment management involves frequent changes, while passive management tracks indices. Investment philosophy should align with the client's expectations. Specialization in financial planning can lead to better outcomes for clients. Experience with specific client types enhances an advisor's effectiveness. Qualifications and certifications vary among financial advisors. Trust and personal connection with an advisor are essential for a successful relationship. Clients should always check an advisor's disciplinary history. Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 27 - What is Financial Planning 38:24

منذ 12 weeks38:24

38:24

In this conversation, Mike and Amy delve into the intricacies of financial planning, emphasizing that it is a continuous process rather than a one-time event. They discuss the importance of understanding financial goals and values, the key elements that make up a financial plan, and the significance of cash flow analysis and budgeting. The conversation also covers risk management, investment strategies, estate planning, and the necessity of comprehensive planning. They highlight the importance of implementation and active participation from clients in the financial planning process. Chapters 00:00 Introduction to Financial Planning 03:16 The Financial Planning Process 06:23 Key Elements of a Financial Plan 12:12 Risk Management and Insurance 18:36 Investment Strategies in Financial Planning 23:49 Estate Planning Essentials 29:54 The Importance of Comprehensive Planning 35:49 Implementation and Ongoing Support Takeaways Financial planning is an ongoing process that requires regular updates. Understanding your values is crucial in shaping your financial goals. Cash flow analysis is foundational to any financial plan. Risk management is essential to protect your financial future. Investment strategies should align with your overall financial plan. Estate planning is a critical component of financial planning. Comprehensive planning considers all aspects of a client's financial life. Implementation of the financial plan is key to achieving goals. Clients must actively participate in the financial planning process. Regular reviews and adjustments are necessary to stay on track. Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 026 - Podcast Year in Review 20:49

منذ 15 weeks20:49

20:49

In this episode, Amy and Mike discuss the key themes and topics covered throughout the year, focusing on resolutions, financial planning complexities, education funding, retirement systems, and what to expect in 2025. They emphasize the importance of understanding various financial topics, the challenges of sticking to resolutions, and the value of proactive planning for a secure financial future. Chapters 00:00 Reflecting on the Year: Resolutions and Accomplishments 03:37 Financial Planning Insights: Common and Uncommon Resolutions 06:27 Understanding Complex Financial Topics 09:31 Education Funding: GI Bill and 529 Accounts 12:14 Navigating Retirement Benefits: Blended Retirement System 15:13 Looking Ahead: Upcoming Topics for 2025 Takeaways - Reflecting on the year's resolutions can provide insights into personal growth. - Financial planning involves both common and uncommon resolutions that require attention. - Some financial topics may seem simple but can be complex in practice. - Understanding insurance and estate planning is crucial for financial security. - Education funding options like the GI Bill and 529 accounts are valuable but complex. - The blended retirement system has components that many find confusing. - Long-term care planning is essential for those nearing retirement. - Social security decisions can vary significantly between singles and couples. - Proactive planning is key to navigating financial decisions effectively. - 2025 will bring new topics and expert guests to enhance financial understanding. Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 25 - End of Year Planning 20:49

منذ 17 weeks20:49

20:49

Summary In this conversation, Mike and Amy discuss essential financial planning strategies to consider as the year comes to a close. They cover topics such as maximizing retirement contributions, reviewing investment portfolios, preparing for tax season, and the importance of insurance and estate planning. The discussion emphasizes the need for proactive financial management to ensure a strong financial position heading into the new year. Chapters 00:00 End of Year Financial Planning Essentials 03:17 Maximizing Retirement Contributions 06:22 Investment Portfolio Review and Rebalancing 09:26 Preparing for Tax Season 12:20 Insurance and Estate Planning Review 15:26 Cash Flow and Budgeting Strategies 18:24 Planning for College Expenses Takeaways Maximize your retirement contributions before the year ends. Review your investment portfolio for necessary adjustments. Create or update your financial inventory for better clarity. Prepare for tax season by organizing financial documents early. Review insurance coverage to ensure adequate protection. Update your estate plan to reflect any life changes. Track your cash flow and budget to align with your financial goals. Understand FAFSA requirements for college planning. Don't procrastinate on financial deadlines; act early. Finish the year strong with comprehensive financial planning. Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 24 - Social Security Case Studies 21:06

منذ 19 weeks21:06

21:06

Summary In this conversation, Amy and Mike discuss the complexities of Social Security claiming strategies for couples, using three case studies to illustrate different scenarios. They emphasize the importance of personal circumstances, longevity protection, and the integration of Social Security decisions into a broader financial plan. The discussion also touches on the significance of survivor benefits and the need for individuals to consider their unique situations when making these decisions. Chapters 00:00 Understanding Social Security Decisions for Couples 08:54 Case Study 1: Jack and Jill's Retirement Planning 12:52 Case Study 2: Jack and Jill's Age Gap Considerations 15:40 Case Study 3: The Younger Higher Earner 18:30 Broader Considerations in Social Security Planning Takeaways Social Security decisions are highly personal and vary by individual circumstances. Understanding spousal benefits is crucial for married couples. Delaying Social Security can provide longevity protection. Calculators can help maximize Social Security benefits, but personal goals matter more. Survivor benefits play a significant role in claiming strategies. Health status and life expectancy should influence claiming decisions. Integrating Social Security into a total financial plan is essential. Different claiming strategies can impact overall retirement income. It's important to consider all available benefits, including disability and survivor benefits. Planning for Social Security should account for potential changes in financial needs. Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 23 - Social Security for Couples 18:54

منذ 21 weeks18:54

18:54

Summary In this conversation, Mike and Amy delve into the complexities of Social Security benefits as they pertain to couples. They discuss the two primary benefits that couples need to be aware of: spousal benefits and survivor benefits. Takeaways Understanding Social Security benefits is crucial for married couples. Couples should be aware of spousal and survivor benefits. Claiming strategies can significantly impact benefits received. The higher earner should ideally wait until age 70 to claim. Survivor benefits can be claimed as early as age 60. Previous marriages can affect eligibility for benefits. It's essential to consider the timing of claims for optimal benefits. Financial planning is vital for navigating Social Security complexities. Consulting with a financial planner is recommended for couples. Decisions regarding benefits are more complex for couples than individuals. Chapters 00:00 Understanding Social Security Benefits for Couples 03:16 Exploring Spousal Benefits 08:53 Navigating Survivor Benefits 14:33 Considering Previous Marriages and Benefits Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 22 - Social Security Overview 26:51

منذ 23 weeks26:51

26:51

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, emphasizing the need for personalized financial planning. Takeaways Social Security is a crucial income source for most retirees. Understanding eligibility is key to maximizing benefits. Claiming decisions can significantly affect lifetime income. Delaying benefits can lead to higher monthly payments. Social Security benefits are indexed to inflation. Taxation of benefits can impact overall retirement income. Consulting resources like ssa.gov is essential for clarity. The Social Security Trust Fund faces potential shortfalls. Personalized financial planning is vital for retirement decisions. Claiming strategies should consider individual circumstances. Chapters 00:00 Understanding Social Security Basics 06:29 Exploring Retirement and Survivor Benefits 11:10 Claiming Strategies: Timing is Everything 17:47 Calculating Benefits: The 35-Year Rule 20:23 Taxation of Social Security Benefits 22:06 Addressing the Social Security Shortfall 25:22 Conclusion and Next Steps Submit a question: info@operationretirementreadiness.com YouTube Channel - @OperationRetirementReadiness Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 021: Listener Questions: Balancing Retirement and Education; Getting Started 24:08

منذ 25 weeks24:08

24:08

Summary In 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 conversation emphasizes the need for strategic planning and trade-offs in achieving financial goals while preparing for retirement. takeaways Balancing retirement and education savings is a common struggle for families. It's important to consider your family's philosophy on supporting kids. You can't get loans for retirement, but you can for education. Make sure you're contributing enough to get the full match from the government. Having an emergency fund is essential for financial stability. Pay down high-interest debt to avoid unnecessary costs. Life insurance is crucial for families with young children. Diversifying across accounts can provide more flexibility. You need to start thinking about your post-military life early. Living on less than you earn is key to financial success. Chapters 00:00 Introduction 02:28 Balancing Retirement and College Savings 12:48 Considerations for Military Families 13:19 Foundational Steps for Financial Stability 18:53 Planning for Long-Term Care and Big Purchases 21:06 Living Below Your Means for Financial Success Submit a question: info@operationretirementreadiness.com Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 020 - Financial Value of the BRS Pension 24:50

منذ 27 weeks24:50

24:50

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 more they’d need to earn or how much their pension is worth The financial value of the BRS pension can be approximated using a Single Premium Immediate Annuity (SPIA) Individuals considering separating from the military should consider numerous factors such as taxes, healthcare benefits, and quality of life Calculations should be done based on individual circumstances and assumptions Chapters 00:00 Valuing the BRS Pension 02:06 Considering Factors in the Retirement Decision 03:50 Using a SPIA to Approximate the Pension Value 08:19 Quotes for the SPIA 11:27 Calculating the Amount Needed to Replace the Pension 19:30 Considering VA Disability and Other Benefits 25:16 The Need for a Retirement Calculator Submit a question: info@operationretirementreadiness.com Operation Retirement Readiness: www.operationretirementreadiness.com Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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Episode 019 - Listener Question 25:48

منذ 29 weeks25:48

25:48

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 highlight the uncertainty and cost associated with long-term care and emphasize the need for independent advice when making decisions about long-term care insurance. Chapters 00:00 Planning for Long-Term Care in Retirement 06:05 Options for Dealing with Long-Term Care 10:30 The Challenges of Long-Term Care Insurance 12:52 The Importance of Having a Plan for Long-Term Care 12:55 Understanding the Types of Long-Term Care Insurance 16:19 Exploring the Federal Long-Term Care Insurance Policy 20:09 The Benefits of Hybrid Long-Term Care Insurance 22:10 Considering Annuities as an Insurance Product for Long-Term Care Takeaways There are different types of long-term care insurance available, including traditional long-term care insurance and hybrid long-term care insurance. Self-insurance is an option, but it is important to consider the high cost and uncertainty associated with long-term care. Having a plan in place for long-term care is crucial, and it is recommended to seek independent advice when making decisions about long-term care insurance. Long-term care insurance can be expensive and complex, so it is important to understand the different policies and options available. Operation Retirement Readiness: www.operationretirementreadiness.comSchedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/ Schedule a consultation with Amy: https://www.instarfp.com/contact Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and should not be considered tax, financial, or legal advice. All information is regarded to be from reliable sources. The hosts are not responsible for any losses, damages, or liabilities that may arise from the use of this podcast. This podcast is not intended to replace professional, individualized advice.…

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