Summary -

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 Home Loan Benefit helps veterans and active duty service members become homeowners.

• Eligibility for VA loans is based on service history and duty status.

• VA loans offer no down payment, better interest rates, and no PMI.

• The funding fee is a one-time payment that helps lower program costs.

• Certain individuals may qualify for a waiver of the VA funding fee.

• Demonstrating stable income is crucial when transitioning to home ownership.

• There are two types of refinancing options available for VA loans.

• VA loans are assumable, making them attractive to potential buyers.

• Understanding the ins and outs of VA loans can ease the home buying process.

• It's important to consider the timing of refinancing to avoid unnecessary fees.

Chapters -

00:00 Understanding the VA Home Loan Guarantee

06:27 Eligibility and Application Process

12:21 Advantages and Costs of VA Loans

18:17 Refinancing VA Loans and Assumability

21:28 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.

Summary

In 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.

Takeaways

• Healthcare options for retirees can be confusing.

• TRICARE offers multiple plans for retirees.

• TRICARE Reserve Retiree is available before age 60.

• TRICARE for Life requires enrollment in Medicare.

• Medicare Part B premiums vary based on income.

• VA healthcare is available for veterans with service.

• Access to care is a key consideration for retirees.

• Tax planning can impact healthcare costs in retirement.

• Consulting peers can provide valuable insights.

• Understanding healthcare options is crucial before retirement.

  
  

Chapters

00:00 Navigating Healthcare Options for Retirees

15:19 Understanding TRICARE for Life and VA Healthcare

18:44 Key Considerations for Healthcare Choices in Retirement

19:30 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.

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.

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.

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.

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.

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.

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.