Operation Retirement Readiness

Oct 23 2024 23 ep. 23 mins 1
Operation Retirement Readiness Podcast artwork

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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Episode 22 - Social Security Overview

Oct 23 2024 26 mins  
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

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

Oct 10 2024 24 mins  
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 f

Episode 020 - Financial Value of the BRS Pension

Sep 26 2024 24 mins  
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

Episode 019 - Listener Question

Sep 11 2024 25 mins  
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 cos

Episode 018 - BRS Lump Sum

Aug 28 2024 22 mins  
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 calculated based on the prese

Episode 017 - Blended Retirement System Continuation Pay

Aug 14 2024 22 mins  
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 ser

Episode 016 - Blended Retirement System (BRS) Overview

Jul 31 2024 22 mins  
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 highest three years of pay. However,

Episode 15: Mistakes to Avoid When Using the GI Bill

Jul 17 2024 19 mins  
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 housing allowance (12:07)

Episode 14: GI BIll Overview

Jul 03 2024 21 mins  
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: O

Episode 013: Traditional Vs Roth Retirement Accounts Part 2: Scenarios

Jun 19 2024 32 mins  
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) Roth Income Limits &am