Author: LEFP

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Education Kevin Retirement

One Reason To Invest in Roth NOW

Tax Changes Ahead: Why Invest in a Roth IRA Now

Kevin Gormley, CFP®, CPA discusses upcoming changes in tax policy that may affect your retirement investment strategy. With the expiration of the Tax Cuts and Jobs Act on January 1, 2026, the tax landscape is set to shift significantly, potentially resulting in higher taxes for many individuals.  Kevin outlines key strategies for investing in Roth IRAs, Roth 401(k)s, and utilizing “Backdoor” Roth conversions. He emphasizes the importance of considering these options, especially if you're in your 60s and have substantial funds in traditional IRAs or 401(k)s. This discussion offers valuable insights into how these strategies may help you minimize your tax burden and maximize your retirement savings.  Please note, Roth investments and conversions can potentially affect your taxes in the current year. Consulting a tax professional is essential before implementing this strategy.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions

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Kevin Retirement

Not Your Parents Long Term Care Insurance

Not Your Parents Long Term Care Insurance

Understanding Long-Term Care Costs:

New Insurance Options

Kevin Gormely, CFP®, CPA and Todd Russell CFA, President of Private Client Strategies, LLC dive into the evolving landscape of long-term care insurance and its critical role in financial planning. With rising healthcare costs and the increasing desire to age in place, understanding the new generation of long-term care products is essential.They explore the financial risks associated with long-term care, discuss how these costs can impact your savings, and explain how modern insurance policies can help mitigate some of these risks. Whether you're planning for yourself or loved ones, this discussion offers valuable insights into making informed decisions about long-term care.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.

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Education Kevin Pilot Money Guys Pilots Retirement Uncategorized Video

United Pilots: RHA & Healthy Fear of Healthcare Costs

Kevin Gormely, CFP®, CPA and Andy Christopher, CFA and Lead Financial Planner, discuss the intricacies of Health Reimbursement Accounts (HRA) and Retiree Health Accounts (RHA), exploring how to determine the optimal amount to save for future healthcare costs in retirement. They break down the advantages and limitations of these accounts, provide mental models for effective saving, and offer practical tips for United pilots.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.

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Charlie Education Kevin Pilot Money Guys Pilots Retirement

Southwest Airlines Market Based Cash Balance Plan

SWA Market-Based Cash Balance Pension Plan (MBCBP) Tips and Techniques

Below is an overview of the topics we cover in the video:

• Market-Based Cash Balance Plan basics

• Why do we love it? 

• How to max out the MBCBP 

• How to minimize your 401k spillover if you do not want more MBCBP. 

• How to use the potential MBCBP tax savings to contribute more Roth to your retirement savings.

Leading Edge is not affiliated with Southwest Airlines.  This is informational only.  Please refer to the Southwest Airlines Pilot contract for further information.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.

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Education High Income Kevin Pilot Money Guys Pilots

Live like a Multi-Millionaire Pilot: 7 Action Steps for Success

Live Like A Multi-Millionaire Pilot: 7 Action Steps For Success

Dreaming of a multimillion dollar nest egg? Kevin Gormely, CFP®, CPA shares 7 practical actions pilots can take to significantly increase their chances of achieving financial freedom. Learn valuable tips like maximizing retirement contributions, understanding healthcare costs, and creating a strategic savings plan. The video is inspired by the wisdom of Charlie Munger, who emphasizes consistent smart financial decisions over chasing high returns. Forget the "when I get rich" fantasies and start building your wealth today!

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.

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Charlie Education Kevin Pilots

United Airlines Pilot Long Term Disability Explained

United Airlines Long Term Disability

Kevin Gormley, CFP® Andy Christopher, CFA® , lead financial planners from Leading Edge Financial Planning, discuss the details of the long-term disability plan offered by United Airlines.

The key takeaways from the video are:

  • The long-term disability benefit pays out 50% of your pay until you reach age 65, which is the mandatory retirement age for pilots.
  • The benefit is tax-free.
  • The company pays for 75% of the premium, with the remaining 25% being paid by the pilot after tax. There is a cap on the monthly benefit amount.
  • The plan offers some additional benefits such as continued health insurance coverage at the active pilot rate and non-elective contributions to your 401k plan.
  • There are different waiting periods depending on whether the disability is occupational or non-occupational.
  • Pilots who are considering additional coverage on top of the United Airlines long-term disability plan can look into options offered by ALPA.

Kevin and Andy recommend that pilots carefully consider their options and do some budgeting to see if the 50% benefit will be enough to cover their expenses in the event of a disability. They also recommend having an emergency cash fund on hand to supplement the disability income.  

 

Note: Leading Edge Financial Planning is not affiliated with United Airlines.  This video is informational only.  Please consult an expert before making a decision.

Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning and are subject to change at any time due to the changes in market or economic conditions.

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High Income Pilot Money Guys Pilots Uncategorized Video

Financial Thoughts on Moving to the Left Seat "Captain"

FINANCIAL IMPACT OF MOVING TO THE LEFT SEAT

Mark Covell (financial planner and American Airlines pilot) and Kevin Gormley (CFP®, CPA, PFS) discuss the financial implications of the salary increase that comes when pilots get promoted from First Officer to Captain ("left seat").

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Please remember that past performance may not be indicative of future results. Different types of investments involve varying degrees of risk and there can be no assurance that the future performance of any specific investment, investment strategy, or product made reference to directly or indirectly in this video will be profitable, equal any corresponding indicated historical performance level(s), or be suitable for your portfolio. Moreover, you should not assume that any information or any corresponding discussions serves as the receipt of, or as a substitute for, personalized investment advice from Leading Edge Financial Planning personnel. The opinions expressed are those of Leading Edge Financial Planning as of 12/06/2022 and are subject to change at any time due to the changes in market or economic conditions.