RecruitMilitary’s Post

Just in case someone needs another perspective while trying to make this decision.

This Memorial Day, help your enlisted clients achieve their financial goals. One way to start is by sharing this article by Air Force reservist and former CFP Board Ambassador Steven Podnos, CFP® on the many money-saving resources available to help these families meet their financial goals: https://lnkd.in/diGpMDnZ #MemorialDay

The #1 topic you asked me to I talk about in my poll a couple weeks ago was . . . Combat Related Special Compensation In a nutshell, CRSC is a special compensation -- not retired pay -- received for injuries incurred as a direct result of:  ✔ Armed Conflict (e.g. Purple Heart) ✔ Simulated Combat (e.g. training for war, like in a field training exercise) ✔ Hazardous Duty (e.g. parachute duty, flight duty, demolition duty, etc.), or ✔ An Instrumentality of War (e.g. a tank, Agent Orange, etc.) To be eligible, you must: ✔ Be entitled to and/or receiving military retired pay ✔ Be rated at least 10% disabled by the VA ✔ Waive some/all of your retired pay to receive an equal amount of VA disability compensation (commonly called the "VA Waiver" or "dollar-for-dollar offset") ✔ File a CRSC application with your Branch of Service (For Army, that is the CRSC Branch at HRC: https://lnkd.in/exTT6KGq)) CRSC ✔ Is tax-free ✔ Not divisible in divorce ✔ May not be received at the same time as Concurrent Retired and Disability Pay. If eligible for both, you must choose between them and can switch during the annual Open Season every January. If you do not choose, DFAS will calculate both and give you which ever results in more gross pay for you. If you like details, here is the DOD Financial Management Regulation for a little "light reading," https://lnkd.in/eCgmgRmn Tomorrow, I'll talk about a similar benefit and the #2 requested topic, Concurrent Retired and Disability Pay. #soldierforlife #CRSC #retirementplanning #retiredpay #VA #DFAS

🚀 From Air Force to Financial Independence: One service member's #journey to a major financial milestone! At just 31, Darren Thedieck, who began his investment journey at age 18 when he joined the Air Force, now boasts over $500,000 in investments. His secret? Consistent saving and intelligent investing from a young age, inspired by financial gurus like Benjamin Graham and Warren Buffett 📈. Darren's #1 piece of advice? "Pay yourself first." Envision your future self and the lifestyle you aim for, then align your financial habits to support that dream. It's about making sacrifices now to enjoy benefits later. For Darren, this means a future retirement in Europe with a robust pension and substantial investment income 💰. 🔹 What are your financial goals? 🔹 How are you preparing today for the future you desire? Darren's story isn't just inspiring, it's a blueprint for anyone looking to secure their financial future, military or not. Share your thoughts below or share this post to inspire others! #financialfreedom #investment #militarylife #retirementplanning #savings

What's the difference between protecting 55% of your pension with the Survivor Benefit Plan vs. 100% of it with Life Insurance? 🤷♂️ I wanted to illustrate a few key points here for a 52-yr old O-6 with a 52-yr old spouse with a life expectancy of 85, we'll assume that the kids are fully grown. Assuming the retiree passes away the day after retirement, and all macroeconomic factors being the same the Survivor Benefit Plan would provide the following: 🔷 Tax-Free Lump Sum: $0 🔷 Total Income Over 33 Years: $3.25M ($2.36M - $2.66M after taxes) 🔷 Living Benefit If Retiree Doesn't Die at Age 75: $0 🔷 Additional Tax-Free Retirement Income if Retiree Lives to 85: $0 🔷 Benefit to Contingent Beneficiaries if Spouse Predeceases Retiree: $0 🔷 Long-Term Care Coverage for Retiree: $0 🔷 Legacy for Children & Grandchildren after Spouse Passes Away: $0 Now, for the same individual who was able to qualify for Life Insurance prior to retirement with a total death benefit of $2,500,000 split between a 20-yr $2M Term and a $500,000 Indexed-Universal Life (IUL) policy that he's funding with the premiums they would've paid into SBP. We're also assuming that the spouse would invest those funds into something that would provide a minimum 4% annual rate of return after the death of the retiree. 🔷 Tax-Free Lump Sum: $2,500,000 🔷 Total Income Over 33 Years: over $6M ($5M - $5.2M after taxes) 🔷 Living Benefit If Retiree Doesn't Die at Age 75: $750,000 🔷 Additional Tax-Free Retirement Income if Retiree Lives to 85: $870,000 🔷 Benefit to Contingent Beneficiaries if Spouse Predeceases Retiree: Between $2.5M - $2.7M within first 20 years, between $700k - $1.4M between retiree ages 72-85. 🔷 Long-Term Care Coverage for Retiree: $240,000 🔷 Legacy for Children & Grandchildren after Spouse Passes Away: $1,000,000 Pretty substantial difference if you ask me, BUT... This is but a single component of an overall #personalfinance strategy, and in order to use it EFFECTIVELY, it requires that you educate yourself. 🤔 Which you can do here: https://lnkd.in/g-wAsqB3 👉 Follow me for more insights into SBP, VGLI, TSP, Military Transition, and VA Disability. Got questions? Need help? Click on the link below to set up a call, leave a comment, or shoot me a DM. 👇 https://lnkd.in/gif7Av2i #military #veterans #militarytransition

Many might think it’s hard being in the middle of it, but actually after the call, fire, incident or a million other places we go, can be just the beginning of hard. This is a reminder to take care of yourself. You’re actually being a better, medic, cop, fire fighter, first responder when you put yourself first. Practicing resiliency on and off duty make bouncing back faster. And when that it’s working, reaching out for help is being even stronger, even when feeling the weakest. You matter, you’re not alone. #Financialwellness#moneymanagement #budgetingtips #financialfreedom #debtfreejourney #financialgoals #Moneymindset #Moneytips #Debtmanagement #Lawenforcement #Policeofficer #Paramedic #FlightParamedic #EMSstrong #FireFighterstrong #Firstresponders #HEMSlife #frontlineworker #Offdutylife #Firstresponderlife #offduty #afterthecall #firefighter #Financialresiliency #Financialwellness #Moneycoach #Financialcoach #BeyondtheNumber$ #retirement #firstrespondersmentalhealth #firstrespondersfirst

Let’s explore the common financial mistakes veterans, federal employees, and military personnel should avoid so you can implement smart financial strategies and build a solid financial foundation to reach your long-term goals.

Are you a military member? The financial planning landscape for federal employees and military members varies a bit more than for private citizens. Here’s how financial planning can help you navigate the wilderness!

Let’s explore the common financial mistakes veterans, federal employees, and military personnel should avoid so you can implement smart financial strategies and build a solid financial foundation to reach your long-term goals.

Some very important facts about financial readiness not just in the military, but also across the general population. We are here to help.