938b wwgd: medically retired at 33 with a lifetime defence pension & what to do next?
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What is the guest’s background and why are they medically retired at 33?
What Would Glenn Do? It is that time of the week where we talk to you, the listeners, about your financial life, your circumstances, everything in between. And you ask me what I would do. And I tell you what I would do if I was in your situation. If you are new to the show, this is a What Would Glenn Do? I'm the guy whose face is on the cover. If you get outraged with what I say because it's wrong or it's something you wouldn't do, that's fine because it is What Would Glenn Do? And we're going to have a great chat today. We've got a live one in the boat, live one in the studio. The desk kind of looks like a bit of a boat shape that you never see on YouTube. But we're going to have a lot of fun. If you do want to run your situation up the flagpole and see if I think it's a bit of a discussion, there is a link in the description in the show notes if you want to come on to a What Would Glenn Do?
Also, if you want to share around your story, not about what I would do, we do episodes called My Money Story where I just interview you about your money story. Today, Dylan is in the studio. He's come in from the north, we will say, north near the wall for the Game of Thrones fans. And Sarah, his partner, is also in the room. She's not on camera, she's not on a mic, but she's going to let us know when we do wrong things and say the wrong things. So she is in the room. So we're going to get into what would Glenn do right now. Before we get into it, this show is general advice only. I've got a license to provide that advice. Full details can be found in the show description. My name's Glen James, former financial advisor.
I host this show and a show called Retire Right. I've got some books, the award-winning Quick Start Guide to Investing and the Quick Start Guide to Your First Property available where good books are sold or in the description. If you're new here, welcome. If you're an old hand, welcome to M3. Let's get into it right now. Dylan, welcome to New Vegas. Thanks for having me. Hey, so you're living northern New South Wales-ish. Ish. You're here with Sarah, flown down, stayed in Newcastle for the night, living the life. And what would you like to ask me what I would do in your situation?
So basically, I've come into a bit of money through medical compensation. And we just wanted to ask... What would you do in our situation? Plus, I'm trying to rejoin the workforce and maybe get a bit of guidance around that as well.
Yeah,
awesome.
Well, I'm going to go through a heap of data and just collect as much as I can. Then I will clarify. Then I will issue my decree and ruling of what I would do. So Dylan, how old are you? 33. Awesome. And what are you currently doing for
work?
I'm
currently unemployed. Okay. But I volunteer three days a week. Okay. What doing? So one organization is called Good Shepherd and we sort of help people in need with financial assistance and stuff, so financial education. And stuff like that. And then I volunteer at AWL or Animal Welfare League. Yep. And I walk dogs in the morning on. So, yeah.
Yeah. And so you're unemployed but volunteering. Have you got any income that's coming in? Yeah, so I'm on a pension post-defense. Yes, okay. And how much is that
pension? It's about $2,950 a fortnight. Right, so what's
that? About $76,000 a year. Yep. And how long is that going to continue for? For the rest of my life. Awesome. As far as I'm aware. Yeah. Yep, yep, yep.
Do you have kids? No. Do you want kids? We're not saying no, but we're sort of like... We're just focusing on us at the moment. Yeah, perfect. Do you have pets? Yes, we have three cats. Okay, what are their names? Sammy, York, and Axel. Yeah. They're all – we used to foster a lot with RSPCA and AWL. Yeah. So we've accumulated a few of them over the years. Collecting cats, if you will. Yeah. We've probably fostered over 100 cats in total, and we've just collected a few on the way, so –
So are you the
crazy cat lady or is Sarah? Oh, Sarah's put her hand up. It was funny because when we first started, I'd only had dogs. But since fostering more and more with cats, I've definitely become more of like, you know, I definitely still love dogs, obviously, if I volunteer and help them, but definitely love our cats.
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Chapters
5 chapters
1
What is the guest’s background and why are they medically retired at 33?
0:06–8:44
2
How much does the defence pension provide and how is it taxed?
8:44–23:25
3
What are the couple’s current assets, debts and cash reserves?
23:25–29:31
4
How does the couple manage their joint finances and budgeting?
29:31–57:50
5
What are their short‑term financial goals, including the $85k renovation?
57:50–1:01:26
Speakers
1 identifiedMore from money money money
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