Defence force retirement planning: defined benefits & the mistakes that cost thousands (ep427)

In this episode Glen James sits down with independent financial adviser, Andrew Saikal-Skea to answer your questions about money & retirement and the military. They talk about: 00:00 - intro 05:30 - defined benefit schemes & how they differ from super 06:53 - the MSBS (Military Superannuation and Benefits Scheme) 10:53 - the DFRDB (Defence Force Retirement and Death Benefits Scheme) 12:22 - ADF cover & super 15:42 - common MSBS money mistakes 28:05 - the $1000 financial advice allowance 31:33 - how does it work if you receive 2 defined benefit pensions 35:13 - tax on MSBS 39:18 - reversionary pensions 41:56 - how does a defined benefit scheme affect your transfer balance cap 43:45 - structuring your defined benefit pension with a civilian super pension 44:49 - a question about meeting the super condition of release Andrew's website: https://www.saikal-skea.com.au/ #RetireRight #DefenceForce #DefinedBenefit #MilitarySuperannuation #AustralianDefenceForce #RetirementPlanning #SuperannuationAustralia #AustralianRetirement #DefenceSuper #PublicServiceSuper If you’d like to chat with someone about your personal situation, reach out to our team so we can connect you with a professional: https://www.retireright.com.au/get-help Sign up to the Retire Right newsletter here: https://email.retireright.com.au/ 🏡 Join the retire right facebook group:   / retireright   This content is for education and entertainment purposes only and is intended for Australian residents. It is not a substitute for professional financial, tax or legal advice. Any advice provided is general financial advice only, which does not take into account your objectives, financial situation or needs.You should consider whether the advice is appropriate for your circumstances before acting on it. If you choose to buy a financial product, read the relevant product disclosure statement (PDS) and target market determination (TMD), and seek personal advice from a licensed adviser. We may discuss products, services or listener questions within our content for illustration and entertainment purposes. It is impossible to provide personal advice in this format, as we don’t know your individual financial situation. We may also change the names of questioners for privacy. While we do our best to provide accurate information, we accept no responsibility for any inaccuracies. Guest opinions are theirs and their respective licence holders. SYMO Interactive Pty Ltd and Glen James are authorised representatives of MoneySherpa Pty Ltd, which holds Australian Financial Services Licence 451289. Please read our Financial Services Guide at moneypodcast.com.au. #personalfinance #money #investing #property #retire Intro Music: "80's Movie Marathon" by Luciano Music Co. Licensed via Shutterstock Music (royalty-free, commercial use permitted). Segment/Outro Music: "Photograph" by nomaBeats Licensed via Pixabay Music – royalty-free for commercial use. No copyright infringement intended. All music used under appropriate commercial licences.