Shows
Operation Retirement ReadinessEpisode 35 - VA Home LoansSummary - This conversation delves into the VA Home Loan Guarantee, a significant benefit for veterans and active military members. Mike and Amy discuss the eligibility criteria, application process, advantages, and costs associated with VA loans, including the funding fee. They also explore the challenges faced by service members transitioning to civilian life and the importance of demonstrating stable income. Additionally, they cover refinancing options and the unique feature of VA loans being assumable, which can enhance the attractiveness of a property in a competitive market.Takeaways - The VA Ho...2025-05-0122 minOperation Retirement ReadinessEpisode 34 - Medicare/ TRICARE for LifeSummaryIn this conversation, Amy and Mike discuss the complexities of healthcare options available to military retirees. They explore various TRICARE plans, including TRICARE for Life and TRICARE Reserve Retiree, and how these options change as service members transition into retirement. The discussion also covers the importance of understanding VA healthcare and the implications of Medicare on healthcare costs. The hosts emphasize the need for careful planning and consideration of personal circumstances when choosing healthcare options in retirement.TakeawaysHealthcare options for retirees can be confusing.TRICARE offers...2025-04-1720 minOperation Retirement ReadinessEpisode 33 - TRICARE OptionsSummaryThis 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.TakeawaysUnderstanding TRICARE options is crucial for military families.TRICARE Prime is the default option for active duty...2025-04-0328 minOperation Retirement ReadinessEpisode 32 - Getting To Know MikeSummary
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...2025-03-2029 minOperation Retirement ReadinessEpisode 31 - Healthcare FSASummary
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...2025-03-0623 minOperation Retirement ReadinessEpisode 30 - Getting To Know AmySummary
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 Philosophy2025-02-2028 minOperation Retirement ReadinessEpisode 29 - Taxes For Military Families Ft. Paul AllenSummary
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
2025-02-0640 minOperation Retirement ReadinessEpisode 28 - What To Look For In A Financial PlannerSummary
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
2025-01-2333 minOperation Retirement ReadinessEpisode 27 - What is Financial PlanningIn 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...2025-01-0938 minOperation Retirement ReadinessEpisode 026 - Podcast Year in ReviewIn 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...2024-12-1920 minOperation Retirement ReadinessEpisode 25 - End of Year PlanningSummary
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
2024-12-0520 minOperation Retirement ReadinessEpisode 24 - Social Security Case StudiesSummary
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...2024-11-2121 minOperation Retirement ReadinessEpisode 23 - Social Security for CouplesSummary
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...2024-11-0718 minOperation Retirement ReadinessEpisode 22 - Social Security OverviewSummary
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...2024-10-2426 minOperation Retirement ReadinessEpisode 021: Listener Questions: Balancing Retirement and Education; Getting StartedSummary
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...2024-10-1024 minOperation Retirement ReadinessEpisode 020 - Financial Value of the BRS PensionSummary
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 Annu...2024-09-2624 minOperation Retirement ReadinessEpisode 019 - Listener QuestionSummary
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...2024-09-1225 minOperation Retirement ReadinessEpisode 018 - BRS Lump SumEpisode 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 calculated based on the present value of the pension from retirement until the age of 67.
Taking the lump sum payment reduces the monthly pension payout until the age of 67.
...2024-08-2922 minOperation Retirement ReadinessEpisode 017 - Blended Retirement System Continuation Pay
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 impact the pension.
- Each service sets the multiplier for continuation pay, which can range from 2.5 times to 13 times the monthly base pay.
- The service obligation for continuation pay is four years from when the paperwork is executed.
- Service members can choose to re...2024-08-1522 minOperation Retirement ReadinessEpisode 016 - Blended Retirement System (BRS) OverviewSummary
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 highest three years of pay. However, the multiplier was reduced from 2.5% to 2% per year. The BRS also introduced a TSP matching component, where service members can receive a match for their contributions. Additionally, continuation pay was added as a retention tool, allowing service members to...2024-08-0122 minOperation Retirement ReadinessEpisode 15: Mistakes to Avoid When Using the GI BillEpisode 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 housing allowance (12:07)
Yellow Ribbon Program (13:04)
Links:
Link to Mike’s Blog: https://nextmissionfinancialplanning.com/5-mistakes-to-avoid-when-splitting-the-gi-bill/
Operation Retirement Readiness: www.operationretirementreadiness.com
Schedule a consultation with Mike:
https://nextmissionfinancialplanning.com/contact
Schedule a co...2024-07-1819 minOperation Retirement ReadinessEpisode 14: GI BIll Overview
GI Bill Overview
In 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 benefit (16:07)
Links:
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...2024-07-0421 minOperation Retirement ReadinessEpisode 013: Traditional Vs Roth Retirement Accounts Part 2: ScenariosIn 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)
Roth Income Limits & Backdoor Roths (09:09)
Roth Conversions (18:18)
Amy & Mike’s Preferred Accounts (25:49)
Links:
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 inform...2024-06-2032 minOperation Retirement ReadinessEpisode 012: Traditional Vs Roth Retirement Accounts
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 Each Type (13:16)
Planning Complexity (21:20)
Wrap Up (23:58)
Links:
Operation Retirement Readiness: www.operationretirementreadiness.com
Schedule a consultation with Amy: https://www.instarfp.com/contact
Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/
Disclaimer: This podcast represents the views of the hosts and any guests. It is for informational purposes only and...2024-06-0626 minOperation Retirement ReadinessEpisode 11: 529 Accounts For College Savings
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 (15:04)
State sponsored 529 Plans (15:32)
Selecting a 529 beneficiary (18:38)
Generational wealth transfer/ education funding (21:08)
Links:
www.savingforcollege.com
Operation Retirement Readiness: www.operationretirementreadiness.co...2024-05-2328 minOperation Retirement ReadinessEpisode 10: Survivor Benefit ProgramIn 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.operationretirementreadiness.com
Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/
Schedule a consultation with Amy: https://www.instarfp.com/contact
Disclaimer: This podcast repr...2024-05-0928 minOperation Retirement ReadinessEpisode 9: Servicemembers Group Life Insurance (SGLI) and Life Insurance
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 Retirement Readiness: www.operationretirementreadiness.com
Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/
Schedule a consultation with Amy: https://www.instarfp.com/conta...2024-04-2518 minOperation Retirement ReadinessEpisode 8: Spending in Retirement
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 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...2024-04-1118 minOperation Retirement ReadinessEpisode 7: Budgeting for Ultimate Retirement
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 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...2024-03-2823 minOperation Retirement ReadinessEpisode 6: Budgeting for Military Retirement
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)
Specific thoughts in preparing for your ideal next step (11:48)
Start 12-24 months before transition (15:26)
Making savings tradeoffs (16:12)
Rebuilding your cash after transition (20:09)
Key Takeaway: Saving more allows more flexibility, more o...2024-03-1425 minOperation Retirement ReadinessEpisode 5: Budgeting Basics
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 process; do what works for you (17:56)
Links:
Operation Retirement Readiness: www.operationretirementreadiness.com
Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/
Schedule a consultation with Amy: https://www.inst...2024-02-2923 minOperation Retirement ReadinessEpisode 004: Reducing Debt
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)
Approaches to paying down debt (16:40)
Balancing savings and debt pay off goals (21:24)
Then Amy summarizes the key concepts (24:07)
Links:
Operation Retirement Readiness: www.operationreti...2024-02-1527 minOperation Retirement ReadinessEpisode 003: Saving MoreIn 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 Fund Savings (12:09)
Savings in cash/ cash equivalents (14:02)
Types of accounts for savings (18:00)
Then Mike summarizes the key concepts (19:12)
Links:
TreasuryDirect: https://www.treasurydirect.gov/
Operation Retirement Readiness: www.operationretirementreadiness.com
Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contact/
Schedule a consultation with Amy: https://www.instarfp.com/co...2024-02-0122 minOperation Retirement ReadinessEpisode 002: 5 Uncommon New Year Financial ResolutionsFinancial 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 Your Family (7:09)
Estate Planning (9:05)
Health/ Dental/ Vision Insurance after military retirement (13:03)
Tax Planning (18:26)
Links:
Operation Retirement Readiness: www.operationretirementreadiness.com
Schedule a consultation with Mike: https://nextmissionfinancialplanning.com/contac...2024-01-1826 minOperation Retirement ReadinessEpisode 001 - 5 Common Financial New Year's ResolutionsFinancial New Years’ Resolutions
In 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 College (14:02)
Links:
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...2024-01-0420 minOperation Retirement ReadinessPreview EpisodeOperation Retirement Readiness Preview. Full episodes launch in 2024.2023-12-2102 min