In this conversation, Amy and Mike welcome back Paul Allen from PymTax to discuss the One Big Beautiful Bill Act (OBBA) and its implications for military families and retirees. They explore various tax changes, including the auto loan interest deduction, expanded child tax credit, and the SALT cap increase. Paul provides insights on charitable contributions, end-of-year tax planning, and the importance of preparing for the upcoming tax season. The discussion emphasizes the need for proactive tax strategies and awareness of new deductions and changes in tax law.

Chapters

00:00 Introduction to the One Big Beautiful Bill Act

02:40 Impact on Military Families

04:25 Considerations for Military Retirees

06:21 Understanding the SALT Cap

08:28 Charitable Contributions Changes

11:34 Surprises and Overlooked Opportunities in OBBA

16:57 End of Year Tax Planning

19:13 Roth Conversions and Phase Out Limits

22:12 Preparing for 2026 Tax Year

23:47 Final Thoughts and Action Items

Takeaways

• The One Big Beautiful Bill Act has specific provisions for military families.

• Auto loan interest deduction will be available for new vehicles in 2025.

• Expanded child tax credit will benefit many military families with children.

• The SALT cap increase will primarily benefit higher income earners.

• Charitable contributions will have a new 0.5% floor starting in 2026.

• Planning ahead for taxes is crucial to avoid last-minute stress.

• Be aware of the IRS's staffing issues and potential delays this tax season.

• Roth conversions can be beneficial but should be approached carefully.

• Understanding state tax implications is important for military retirees.

• Organizing financial documents early can streamline tax preparation.

Paul Allen - Pim Tax – https://pimtax.com/

Military Tax Experts Alliance - https://militarytaxexperts.org/

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.

Happy Thanksgiving from Amy and Mike!

In this episode, Mike and Amy discuss the options available for managing your Thrift Savings Plan (TSP) after military service. They explore the pros and cons of keeping the TSP versus rolling it into an IRA, including considerations like cost, investment options, legal protections, and beneficiary rules. The conversation emphasizes the importance of understanding personal circumstances and seeking unbiased financial advice.

Chapters

00:00 Thanksgiving Greetings and Listener Inspiration

01:24 Understanding TSP Options After Military Service

08:13 Reasons to Keep Your TSP

11:14 Reasons to Roll Over Your TSP

22:01 Final Thoughts on TSP Decisions

Takeaways

• You don't need to make an immediate decision about your TSP.

• TSP has historically been a low-cost investment option.

• The G fund offers unique benefits not found in other accounts.

• Consolidation of accounts can simplify financial management.

• Limited investment options in TSP may lead to a desire to roll over funds.

• Non-spousal beneficiaries face strict withdrawal timelines from TSP.

• Roth conversions can now be done within TSP, simplifying the process.

• Legal protections for TSP funds can be beneficial in certain situations.

• Consider the implications of beneficiary designations when managing TSP funds.

• If unsure, keeping funds in TSP may be the safest option.

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 episode, Mike Hunsberger and Amy discuss military transition support with Alan Nelson, a retired Navy commander and financial planner. Alan shares his personal transition journey, the challenges faced, and the importance of financial planning for transitioning military members. He highlights key organizations that provide resources and support, the significance of networking, and common financial blind spots that veterans encounter. The conversation emphasizes the need for action, the importance of involving family in the transition process, and the value of seeking help from others.

Chapters

00:00 Navigating Military Transition: Alan's Journey

06:41 Resources for Transitioning Veterans

16:34 Blind Spots in Financial Planning

23:11 Common Mistakes During Transition

32:52 Key Takeaways for a Successful Transition

39:24 ORR-Outro-MikeFirst.mp4

Takeaways

• Transition is tough for everybody, whether separating or retiring.

• Networking is crucial for finding opportunities during transition.

• Budgeting is essential to understand financial needs post-transition.

• Establishing an emergency fund is vital for financial security.

• Life insurance considerations are often overlooked during transition.

• Evaluating total compensation from potential employers is important.

• Military spouses face unique challenges in the transition process.

• Mock interviews can significantly improve job prospects.

• Asking for help is a common mistake veterans make during transition.

• Taking consistent action is key to a successful transition.

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.

Alan’s information:

https://www.linkedin.com/in/alan-nelson/

https://measuredmoneymaneuvers.com/ (Free career transition and Financial Fitness Friday slide decks and link to recordings are on the Resources -> Education page)

Alan’s 3-page list of transition / retirement resources

https://operationretirementreadiness.com/wp-content/uploads/2025/11/Transitioning-Military-Resources-Operation-Retirement-Readiness.pdf