Episode 9: Roll It or Leave It?

Episode 9: Roll It or Leave It?

In this episode of 'Service to Savings,' hosts Joseph Brown and Greg Young discuss financial strategies for managing old 457 plans and the benefits of rolling them into Thrift Savings Plans (TSP) or IRAs. They explore the pros and cons of different investment options, including the importance of diversification and the potential for Roth IRA conversions. The conversation also touches on the significance of low-cost index funds and the value of long-term financial planning. Takeaways * Consider rolling old 457 plans into a Thrift Savings Plan for simplicity and low costs. * Avoid leaving old 457 plans unattended due to potential high fees and forgetfulness. * Long-term financial planning is crucial for building wealth. * Behavioral finance plays a role in investment decisions and outcomes.

Episode 8: Navigating Retirement, Military Discounts, and Estate Planning

In this episode of Service to Savings, hosts Joe Brown and Greg Young answer three listener questions covering different areas of military and veteran financial planning. Joe and Greg discuss how to approach retirement planning when you are six months from retirement, how to evaluate whether military discounts are actually saving you money, and where military families should begin with estate planning. Each question is addressed independently and reflects a different set of circumstances, allowing listeners to apply the frameworks and guidance to their own situations. Drawing on their experience working with military families, the hosts focus on practical decision-making, common pitfalls, and steps service members and retirees can take to build clarity and confidence in their financial lives. Topics covered include: * Retirement planning with six months remaining * Income, healthcare, and housing priorities * TRICARE and healthcare considerations * Evaluating military discounts and spending behavior * Estate planning basics for military families * Beneficiaries, wills, trusts, and base legal resources 🔗 Resources mentioned in this episode: * DoD Transition Checklist: https://www.dodtap.mil/dodtap/rest/docs?filename=Managing_Your_Transition_Timeline.pdf [https://www.dodtap.mil/dodtap/rest/docs?filename=Managing_Your_Transition_Timeline.pdf] * LinkedIn Retirement Checklist (Kirk Windmueller): https://www.linkedin.com/feed/update/urn:li:activity:7311311801760006145/ [https://www.linkedin.com/feed/update/urn:li:activity:7311311801760006145/] 🎧 About Service to Savings Service to Savings is brought to you by the Military Financial Advisors Association (MFAA), providing education and guidance to help military families navigate financial complexity throughout their careers and into retirement.

Episode 7: Don't Miss Out on BAH Protection: Earn Thousands More!

In this episode, Joseph Brown and Greg Young discuss the intricacies of home buying, savings plans, and financial strategies for military members. They delve into the pros and cons of VA loans, the impact of commuting on financial decisions, and the importance of planning for the future, including investment strategies and estate planning. The conversation emphasizes the need for careful consideration of personal circumstances and long-term goals in financial planning. Takeaways * The decision to use a VA loan depends on how long you plan to stay in the area. * Buying a home should be considered a long-term investment. * Commuting costs can significantly impact your financial situation. * It's essential to have an emergency fund before investing in retirement accounts. * Maxing out TSP and Roth IRA early in your career can lead to greater financial security. * Balancing unique life experiences with financial planning is crucial. * Mid-career is a pivotal time to reassess financial goals and strategies. * Estate planning is vital for those with dependents. * Regularly review and adjust retirement contributions as income increases. * Understanding the tax advantages of military pay is important for financial planning. #home buying, #savings plan, #VA loans, #financial advice, #military finance, #investment strategies, #commuting costs, #estate planning, #military career, #financial planning Chapters 00:00 Navigating Home Buying with VA Loans 10:07 The Dilemma of Moving During a PCS 15:51 Maxing Out Retirement Accounts Early 20:47 Mid-Career Financial Strategies 30:36 Disclaimer

Episode 6: Should I Take Long Term Capital Gains This Year?

In this episode of Service to Savings, Joseph Brown and Greg Young discuss financial strategies for military personnel, focusing on tax planning, capital gains, and credit card management. They provide insights into leveraging non-retirement accounts, understanding tax brackets, and optimizing credit card rewards. A trusted resource to help with handling credit cards is military money manual.  Head over to their site and register for their free credit card course to maximize your rewards and learn how to properly handle credit cards.  Financial readiness and record-keeping, especially during government shutdowns, can be key to minimizing stress and maximizing your success. Want to find a trusted Fee-Only financial advisor to work with? Head over to https://militaryfinancialadvisor.org [https://militaryfinancialadvisor.org] to find one! Takeaways * Understand the benefits of long-term capital gains tax brackets. * Consider tax gain harvesting in low-income years. * Non-retirement accounts can be valuable for retirement planning. * Always pay off credit cards to avoid interest. * Military members often have access to credit cards with no annual fees. * Keep good financial records to avoid issues during shutdowns. * Evaluate your financial resilience after a government shutdown. * Use credit card rewards strategically for travel or cash back. * Be sure to hit introductory credit card offers and spending requirements – with spending you already were going to have. * Head over to militarymoneymanual.com [http://militarymoneymanual.com] for a free credit card course. * Consult a financial advisor for personalized advice. Chapters * 00:00:00 Introduction and Current Events * 00:03:00 Understanding Capital Gains * 00:09:00 Tax Strategies for Low-Income Years * 00:15:00 Credit Card Management for Military * 00:21:00 Financial Readiness and Record-Keeping #financial strategies, #military personnel, #tax planning, #capital gains, #credit card management, #non-retirement accounts, #tax brackets, #credit card rewards, #financial readiness, #government shutdowns

Episode 5: Is Your Spouse Overpaying State Taxes?

In this episode of Service to Savings, Joseph Brown and Greg Young discuss various tax-related topics relevant to military personnel, including state tax considerations for military families, the Military Spouses Residency Relief Act, and the implications of rental property depreciation and capital gains exclusions. They also explore the benefits of working with a financial advisor to navigate complex financial decisions. Want to find a trusted financial advisor to work with - head over to https://militaryfinancialadvisor.org [https://militaryfinancialadvisor.org] to find one! TAKEAWAYS * Understanding state tax laws can save military families money. * The Military Spouses Residency Relief Act offers tax benefits for military families. * Depreciation on rental properties can impact capital gains taxes. * Working with a financial advisor can help manage complex financial situations. * Military personnel can benefit from extended capital gains exclusions. * Proper record-keeping is essential for financial planning. * Choosing the right state of residency can have significant tax implications. * Financial planning should include both short-term and long-term strategies. * Tax planning is crucial for minimizing lifetime taxes. * Navigating tax laws requires understanding both federal and state regulations. CHAPTERS * 00:00:04 Introduction and Overview * 00:00:30 State Tax Considerations for Military Families * 00:01:01 Military Spouses Residency Relief Act * 00:01:30 Rental Property Depreciation and Capital Gains * 00:01:58 The Role of Financial Advisors * 00:02:27 Conclusion and Call to Action #tax planning, #military finance, #state taxes, #Military Spouses Residency Relief Act, #rental property, #capital gains, #financial advisor, #tax strategies, #military families, #financial planning