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)

• 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 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.

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 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.

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 & 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 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.

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 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.

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.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.

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.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.

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/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.

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:

1. Percentage of pre-retirement spending plus inflation (2:02)
2. The Retirement spending smile (3:17)
3. 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 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.