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 leg ...
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Summary In this conversation, Mike and Amy discuss the importance of college savings, particularly through 529 plans. They explore various aspects of education funding, including the impact of student loans, how to determine the right amount to save, the tax advantages of 529 accounts, and what expenses can be covered. They also address concerns ab…
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Summary In this podcast episode, Mike Hunsberger and Amy discuss the unique aspects of retirement planning for military retirees, focusing on the importance of understanding pensions, social security timing, and investment strategies. They emphasize the need for a thoughtful approach to financial planning that allows for a fulfilling lifestyle post…
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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 …
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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 V…
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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. …
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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 e…
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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 …
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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 fin…
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Episode 29 - Taxes For Military Families Ft. Paul Allen
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40:03Summary 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 …
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Episode 28 - What To Look For In A Financial Planner
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33:21
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33:21Summary 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 appro…
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In 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 conversa…
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In 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…
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Summary 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 pro…
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Episode 24 - Social Security Case Studies
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21:06
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21:06Summary 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 discuss…
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Summary 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 spo…
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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, emp…
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Episode 021: Listener Questions: Balancing Retirement and Education; Getting Started
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24:08SummaryIn 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 c…
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Episode 020 - Financial Value of the BRS Pension
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24:50
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24:50Summary 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 m…
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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…
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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…
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Episode 017 - Blended Retirement System Continuation Pay
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22:26In 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 imp…
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Episode 016 - Blended Retirement System (BRS) Overview
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22:24Summary 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 hig…
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Episode 15: Mistakes to Avoid When Using the GI Bill
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19:28
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19:28Episode 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 ho…
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GI Bill OverviewIn 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 benef…
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Episode 013: Traditional Vs Roth Retirement Accounts Part 2: Scenarios
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32:57
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32:57In 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)R…
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Episode 012: Traditional Vs Roth Retirement Accounts
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26:39
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26:39In 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…
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Episode 11: 529 Accounts For College Savings
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28:50
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28:50In 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 (…
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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.oper…
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Episode 9: Servicemembers Group Life Insurance (SGLI) and Life Insurance
18:26
18:26
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18:26In 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 Ret…
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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 R…
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Episode 7: Budgeting for Ultimate Retirement
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23:38
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23:38In 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 Reti…
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Episode 6: Budgeting for Military Retirement
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25:50
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25:50Episode 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) Spec…
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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 proc…
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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) Approac…
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In 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 Fun…
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Episode 002: 5 Uncommon New Year Financial Resolutions
26:43
26:43
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26:43Financial 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…
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Episode 001 - 5 Common Financial New Year's Resolutions
20:16
20:16
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20:16Financial New Years’ ResolutionsIn 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…
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Operation Retirement Readiness Preview. Full episodes launch in 2024.
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