In this Q&A episode of the Pilot Money Podcast, host Timothy P. Pope, CFP® tackles retirement planning questions from pilot listeners. This episode is a Q&A session where Tim addresses questions about optimizing retirement contributions across multiple employer plans and how to best handle bonuses. Join Tim as he explores the intricacies of managing 401(k) contributions and TSP accounts simultaneously, illustrating how pilots can effectively strategize their retirement savings to maximize benefits. The discussions provide clarity on contribution limits, the impact of dual employment on retirement strategies, and the advantages of understanding the IRS guidelines on combined contribution limits.

What You'll learn from this episode:

• How one pilot may maximize bonuses to help with financial flexibility.
• Understanding Dual Employer Contribution Limits: Tim explains the annual additions limit and how it applies across multiple employment scenarios, including airline and military flying.
• Strategic Contribution Planning: Insights into balancing contributions between airline 401(k)s and TSP to fully leverage matching benefits.
• Navigating Complex IRS Rules: A breakdown of how contribution limits work when dealing with multiple retirement accounts to avoid costly penalties and maximize growth.
• Making the Most of Employer Contributions: Learn how to ensure you're getting the most out of employer matches and non-elective contributions.
• Planning for Future Flexibility: Discussion on using brokerage accounts and other financial vehicles to provide flexibility in an unpredictable aviation career.

The episode concludes with actionable tips and detailed examples to help pilots think about their retirement contributions effectively.

Resources:
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Timothy P. Pope is a Certified Financial Planner™and principal owner of 360 Aviation Advisors, LLC (“360 Aviation Advisors”), a registered investment advisory firm. Investment advisory services are provided through 360 Aviation Advisors, in its separate and individual capacity as a registered investment adviser. Podcast episodes are provided through Pilot’s Portfolio, in its separate and individual capacity.

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