487 | Military FI: Optimizing Your Financial Plan before Military Retirement | Daniel Kopp, CFP
ChooseFI
Brad Barrett | Choose FI Media
4.8 • 5K Ratings
🗓️ 15 April 2024
⏱️ 62 minutes
🧾️ Download transcript
Summary
In this episode: survivor benefit plans, VA benefits, VSO's disability benefits, tax planning, healthcare, and blended retirement systems.
This week we are joined by Daniel Kopp, founder of Wise Stewardship Financial Planning, to outline ways you can best prepare for military retirement. Together we cover pensions, navigating the Survivor Benefit Plan and additional benefits, healthcare and disability resources, as well as other financial decisions you can consider as you begin to transition out of the military. When dealing with any kind of retirement planning, taking actionable steps to prepare and get a plan in place for you and your family is essential. While everyone's circumstances may be different as they transition out of the military, there are many resources available and benefit programs you are entitled to before and after you leave duty!
Daniel Kopp, CFP
- Website: wisestewardshipfp.com
- Podcast: Military to Financial Planner
Timestamps:
- 1:26 – Introduction
- 2:32 – Approaching Military Retirement/Blended Retirement System
- 9:38 – Military Benefits/Healthcare
- 15:36 – VA Benefits/Term Life Insurance
- 22:12 – Disability Benefits/VSO’s
- 30:17 – Survivor Benefit Plans
- 43:13 – SBP Contingencies and Child Coverage
- 50:41 – Tax Planning
- 56:26 – Conclusion
Resources Mentioned In Today’s Episode:
- Blended Retirement
- VA education benefits for survivors and dependents
- Everything About The Military’s Survivor Benefit Plan
- SBP Financial Analysis Tools
- Daniel Kopp Estate Planning for Military Families | Military Money Manual Podcast Episode 83
- Accredited VSO Representatives
- Transition Planning from a Military Career on the Path to FI | ChooseFI Ep 296
- “Military in Transition’s Guide to The Survivor Benefit Plan: Navigating the SBP” by Forrest Baumhover
- How VA Disability Compensation Affects Military Retirement Pay
- Income Tax and Rental Properties When You’re in the Military
- MFAA
- ChooseFI US Military
- Subscribe to The FI Weekly!
More Helpful Links and FI Resources:
- Top 10 Recommended Travel Rewards Credit Cards
- Empower: Free Dashboard to Track Your Finances
- CIT Bank Platinum Savings Account
- M1 Finance: Commission-Free Investing, 1-click rebalancing
- CashFreely: Maximize Your Cash Back Rewards
- Travel Freely: Track all your rewards cards and points
- Emergency Binder: For Your Family’s Essential Info (code ‘CHOOSEFI’ for 20% off)
- Student Loan Planner: Custom Consult (with $100 Discount)
- Get a cheaper phone plan with Mint Mobile
Transcript
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| 0:00.0 | Hello and welcome to choose a fight today on the show we have a really interesting |
| 0:03.9 | episode we're calling this military five two or one this is essentially for |
| 0:09.4 | the many members of our community and last time we did a survey of somewhere between 10 |
| 0:14.2 | and 15 percent of the financial independence community is either current |
| 0:18.7 | military or former and I suspect when we take family members into account it swells too significantly more than that. |
| 0:25.2 | So we are trying to make a series of episodes about military FI and I think this one in particular |
| 0:31.6 | is going to be especially meaningful. |
| 0:33.6 | So this is for essentially people approaching military retirement, |
| 0:37.5 | people who have made the decision, |
| 0:39.2 | I'm going to stick this out and they are going to get a military retirement, what are the considerations? |
| 0:45.2 | What's everything they need to consider from A to Z? |
| 0:48.8 | And we have someone on the podcast to help us with this who is just an absolute expert. |
| 0:53.2 | Daniel Kopp is a fee-only fiduciary financial planner, |
| 0:56.5 | CFP and the founder of wise stewardship financial planning, |
| 0:59.8 | where he helps young widows and widowers as well as service members get their financial lives in order |
| 1:05.2 | by aligning their money with their values. And our good friend military dollar |
| 1:10.2 | introduced me to Daniel and said he is the perfect person to help with this and I |
| 1:15.0 | think this is going to be really impactful so with that welcome to choose |
| 1:18.6 | a fine. Daniel, my friend, thank you for joining me. This is going to be fun. |
| 1:29.2 | Oh, I'm so excited, Brad, as a person who's been a part of feeling like this choose I five family for a long time |
| 1:35.2 | it's really full of circle to come and be a guest on the podcast when I was one not that long ago |
| 1:40.4 | Back in the early days of the show someone who was trying to figure out my own |
... |
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