Operation Retirement Readiness

Operation Retirement Readiness

By Mike Hunsberger & Amy KingBusinessInvesting
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Operation Retirement Readiness episodes

  • Episode 016 - Blended Retirement System (BRS) Overview

    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, the multiplier was reduced from 2.5% to 2% per year. The BRS also introduced a TSP matching component, where service members can receive a match for their contributions. Additionally, continuation pay was added as a retention tool, allowing service members to receive a lump sum in exchange for four more years of service.

    Takeaways

    • The blended retirement system (BRS) was implemented in 2018 to modernize military compensation and retirement.

    • The BRS pension requires 20 years of service and is based on the highest three years of pay, but the multiplier was reduced from 2.5% to 2% per year.

    • The BRS introduced a TSP matching component, allowing service members to receive a match for their contributions.

    • Continuation pay was added as a retention tool, offering service members a lump sum in exchange for four more years of service.

    • Senior leaders should educate themselves about the BRS to mentor younger service members and help them make informed decisions about their retirement.

      • Chapters

      00:00 Introduction to the Blended Retirement System (BRS)

      07:51 The Pension Component of BRS

      12:11 The Valuable Benefit of TSP Match in BRS

      15:39 Retention Tool: Continuation Pay in BRS


      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.

      23 min
    • Episode 15: Mistakes to Avoid When Using the GI Bill

      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.

        20 min
      • Episode 14: GI BIll Overview

        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.

        22 min
      • Episode 013: Traditional Vs Roth Retirement Accounts Part 2: Scenarios

        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.

        33 min
      • Episode 012: Traditional Vs Roth Retirement Accounts

        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.

        27 min
      • Episode 11: 529 Accounts For College Savings


        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.


          29 min
        • Episode 10: Survivor Benefit Program

          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.

            29 min
          • Episode 9: Servicemembers Group Life Insurance (SGLI) and Life Insurance


            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.



                  19 min
                • Episode 8: Spending in Retirement

                  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)

                    4. 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.


                    19 min
                  4. Episode 7: Budgeting for Ultimate Retirement

                    In 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 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.

                    24 min

                  About Operation Retirement Readiness

                  From the publisher's feed

                  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.

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