How to Reframe Your Perspective on the Survivor Benefit Plan and Post-Military High-Income Earning Challenges
As a military veteran, you’ve already faced numerous challenges in your life, and it’s time to prepare for your next big challenge: transitioning to a post-military high-income earner. With this new phase of life comes the responsibility of making a concrete decision on the Survivor Benefit Plan, which is a critical aspect of retirement planning. The traditional financial portfolio approach recommended by most financial advisors may not be the best fit for your unique needs and challenges.
In this blog post, we’re going to introduce you to a new strategy that will help you shift your perspective and reframe your approach to addressing the Survivor Benefit Plan and the challenges of being a post-military high-income earner. We’ll also discuss the common mistakes most people make when it comes to financial planning and how you can avoid them.
The Mistakes of Traditional Financial Planning
The traditional financial planning advice is often based on 30-year goals and is too far away from your present responsibilities. People often get caught up in the fear of emergencies and forget about the real short-term problem: replacing income. This leads them to focus on volatile long-term goals such as retirement accounts, which have little control over market performance. Additionally, the advice to just set and forget it, or to only focus on death and disability insurance, is not a comprehensive solution.
Introducing the Private Pension Approach
The private pension approach offers a new way of looking at financial planning and retirement planning. This approach focuses on the same principles you learned in the military, such as going on the offense, having a good defense, and being ready for contingencies. The private pension account is where you put your money, and the main difference is that it focuses on three components that are more useful in the near term. The private pension account solves the survivor benefit plan problem, provides flexibility in case of a lack of income after leaving the military, and covers all long-term financial goals.
How the Private Pension Works
The private pension is a death benefit insurance policy with fees and costs involved. Unlike traditional retirement planning where you pay for money managers and market performance is unknown, the private pension only covers the death benefit costs for contingencies. This makes the private pension a low-cost solution, as you don’t need to pay for financial advice since everything inside the plan is included.
The offensive portfolio inside the insurance strategy is what sets the private pension apart from traditional retirement planning. The insurance company uses a portion of your funds to invest in the stock market or other investment portfolios, which eliminates the need for managing your investments. This is a cost-effective and low-risk way to grow your money, as the insurance company takes on the responsibility of investing your funds.
In conclusion, the private pension approach is a comprehensive solution that covers all your financial goals, both in the short-term and long-term. It’s a low-cost and low-risk solution that offers flexibility and a new way of looking at financial planning. As a military veteran, you have the discipline and training to succeed in this new phase of life, and the private pension approach will help you make the most of your hard-earned money. Schedule a Call with us today.
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