Should You Stay for the Military Pension? The Math Might Surprise You

Should You Stay for the Military Pension? The Math Might Surprise You

Military service offers more financial advantages than most Americans realize, but is staying for a 20-year pension always the smartest move? In this episode of the BiggerPockets Money Podcast, Mindy Jensen and Scott Trench sit down with Carol and Doug to discuss how military benefits can accelerate financial independence. They cover military pensions, VA disability compensation, TRICARE, reserve retirement, and the opportunity cost of leaving active duty for a civilian career. Carol shares how she left active duty after five years, joined the reserves, and built wealth through disciplined investing. Doug explains why military compensation is worth more than base pay alone, how to think about pensions as a probabilistic asset, and why quality of life should be part of every financial decision. Whether you're active duty, a reservist, a veteran, or pursuing Financial Independence (FIRE), this episode is packed with practical strategies for building long term wealth. To go beyond the podcast: * Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ [https://biggerpocketsmoney.com/] * Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  * Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney [https://www.facebook.com/groups/BPMoney] Connect with Carol and Doug: * Carol: https://www.facebook.com/NextGenFinance [https://www.facebook.com/NextGenFinance] * Doug: militaryfinancialindependence.com [http://militaryfinancialindependence.com/]AND Nordsnords@gmail.com [Nordsnords@gmail.com] Resources from Todays Episode: * https://themilitarywallet.com/leave-active-duty-for-reserves/ * https://militarypay.defense.gov/Calculators.aspx [https://militarypay.defense.gov/Calculators.aspx] * https://militarypay.defense.gov/calculators/rmc-calculator/ [https://militarypay.defense.gov/calculators/rmc-calculator/] * https://tricare.mil/Plans/HealthPlans [https://tricare.mil/Plans/HealthPlans] * https://militaryfinancialindependence.com/2024/06/27/why-you-file-your-veterans-disability-claim-not-just-how/ [https://militaryfinancialindependence.com/2024/06/27/why-you-file-your-veterans-disability-claim-not-just-how/] We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

The Best Early Retirement Withdrawal Strategy (6 Proven Frameworks)

Reaching financial independence is only half the battle, knowing how to withdraw your money in early retirement is just as important. The right withdrawal strategy can help you minimize taxes, avoid unnecessary penalties, and make your portfolio last longer. In this episode of the BiggerPockets Money podcast, Mindy Jensen and Scott Trench break down six early retirement withdrawal frameworks. Whether you're planning to retire before age 59.5 or you're already financially independent, you'll learn how to access your retirement savings, reduce your tax bill, and create a withdrawal plan that fits your goals. If you're pursuing FIRE (financial independence retire early), this episode will help you make smarter decisions with the money you've worked so hard to build. Resources from this episode: * To access the slides from this episode: www.biggerpocketsmoney.com/withdraw * To use the Healthcare Costs Projection App: https://biggerpocketsmoney.com/healthcarecosts/ To go beyond the podcast: * Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ [https://biggerpocketsmoney.com/] * Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  * Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney [https://www.facebook.com/groups/BPMoney] We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Has the FIRE Number Gone from $1M to $2.5M?

In this episode of the BiggerPockets Money podcast, Mindy Jensen and Scott Trench tackle one of the biggest questions in the FIRE movement: Why has the traditional $1 million FIRE goal grown to $2.5 million or more? They discuss how inflation, rising living costs, lifestyle changes, and retirement planning have reshaped what financial independence looks like today. You'll learn how the 4% rule, healthcare, geography, and spending habits influence your financial independence number. Whether you're pursuing FI or early retirement, this episode will help you determine how much you really need to retire and build a plan that fits your goals and lifestyle. To go beyond the podcast: * Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ [https://biggerpocketsmoney.com/] * Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  * Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney [https://www.facebook.com/groups/BPMoney] We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

Is Investing Ethical? How to Invest Without Compromising Your Values

Is investing ethical? Can you build wealth, pursue financial independence, and still invest according to your values? Scott and Mindy tackle one of the biggest questions in personal finance, exploring ethical investing, ESG investing, capitalism, index funds, and the moral trade-offs that come with building long-term wealth. They discuss whether investing in companies like Tesla, Costco, or tobacco companies can ever be ethical and how to think critically about aligning your portfolio with your beliefs. The conversation also examines whether pursuing financial independence is itself an ethical goal. This episode offers a thoughtful framework for making investment decisions that reflect your principles. To go beyond the podcast: * Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ [https://biggerpocketsmoney.com/] * Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  * Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney [https://www.facebook.com/groups/BPMoney] We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]

The Ultimate Guide to Healthcare Costs for FIRE

Healthcare is one of the biggest unknowns in any FIRE plan. If you're considering early retirement, self-employment, or leaving a traditional job, understanding health insurance costs could save you thousands of dollars per year and prevent costly planning mistakes. In this episode, we break down the Affordable Care Act (ACA) health insurance, premium tax credits, MAGI planning, and how healthcare costs vary by state. We also walk through a healthcare cost estimator tool that can help you project future expenses and build a more resilient financial independence plan. Resources Featured in the Episode: * Healthcare Cost Projection: https://biggerpocketsmoney.com/healthcarecosts/ [https://biggerpocketsmoney.com/healthcarecosts/] * 2026 Tax Projection: https://biggerpocketsmoney.com/income-tax-projection/ [https://biggerpocketsmoney.com/income-tax-projection/] * How Health Insurance Works in Early Retirement Blog Post: https://biggerpocketsmoney.com/how-health-insurance-works-in-early-retirement-and-self-employment-2026/ [https://biggerpocketsmoney.com/how-health-insurance-works-in-early-retirement-and-self-employment-2026/] * How to Plan for Healthcare Over Early Retirement Blog Post: https://biggerpocketsmoney.com/planning-for-healthcare-costs-over-a-decades-long-early-retirement/ [https://biggerpocketsmoney.com/planning-for-healthcare-costs-over-a-decades-long-early-retirement/] To go beyond the podcast: * Kick start your financial independence journey with our FREE financial resources - https://biggerpocketsmoney.com/ [https://biggerpocketsmoney.com/] * Subscribe on YouTube for even more content- www.youtube.com/biggerpocketsmoney  * Connect with us on social media to join the other BiggerPockets Money listeners - https://www.facebook.com/groups/BPMoney [https://www.facebook.com/groups/BPMoney] We believe financial independence is attainable for anyone no matter when or where you’re starting. Let’s get your financial house in order! Learn more about your ad choices. Visit megaphone.fm/adchoices [https://megaphone.fm/adchoices]