009: How many years does a surviving spouse have to live before they receive the lifetime value of the Survivor Benefit Plan?

Jen Amos immediately continues her talk about the probability that a surviving spouse is going to outlive the retiree to receive the Survivor Benefit Plan from "Ep. 008: What is the actual probability of receiving the SBP? (Case Study: O5 retiring at 20 years with the Survivor Benefit Plan)." She reveals the responsibility of a surviving spouse before they can receive the SBP, what happens if the spouse predeceases the retiree, what the annual benefit of the SBP should really be compared to (hint: it's not the cumulative cost of the SBP), what is the Lifetime Value of the SBP and the probability a surviving spouse will receive it, and a sneak peak into upcoming episodes.

Announcements

• Get a sneak peak into the US VetWealth Insiders Portal: The Military Retirees’ No. 1 choice for alternative education on career progression & financial strategies https://militaryretirementblueprint.mn.co/
• We're excited to announce that Holding Down the Fort by US VetWealth is a Finalist for the 13th Annual Plutus Awards presented by Capital Group for "Best Military Personal Finance Content!" The winners will be revealed at the Plutus Awards on September 9 at FinCon22 in Orlando! Learn more at https://www.plutusawards.com/finalists
• From August 19 to 20, 2022, Jen Amos will be moderating at Disney Institute's Veterans Institute Summit, which focuses on supporting and enabling veterans and military spouses in meaningful employment. View the speaker line up and learn how you can register for the live stream at https://www.disneyinstitute.com/disney-institute-summits/veterans-institute-summit/speakers/

Resources (in the order mentioned)

• SBP Probability Calculator https://actuary.defense.gov/Portals/15/SBP%20Probability%202022.xlsx
• Retired & Annuitant Pay Processing: How Long Does It Take? https://www.dfas.mil/RetiredMilitary/about/How-Long-Does-It-Take/
• Report a Retiree's Death https://www.dfas.mil/RetiredMilitary/survivors/Retiree-Death/
• Start a Survivor Benefit Plan Annuity https://www.dfas.mil/RetiredMilitary/survivors/ApplySBP/
• Survivor Benefit Program - Spouse Coverage https://militarypay.defense.gov/Benefits/Survivor-Benefit-Program/Costs-and-Benefits/Spouse-Coverage/
• Transition Assistance Program - Managing Your Transition Timeline (MYTT): https://www.dodtap.mil/dodtap/rest/docs?filename=Managing_Your_Transition_Timeline.pdf
• SBP Subsidy Calculator https://actuary.defense.gov/Portals/15/SBP%20Subsidy%202022.xlsx
• Get a refresher on what is the "Present Value" from Ep. 003: Here's what to say the next time someone says, "Thank you for your service." https://thespousebenefitplan.captivate.fm/episode/003
• Get a refresher on Jen's winery analogy from Ep. 003 and Ep. 004: If you had to choose between 100 cups of wine vs. 55 cups of wine, which one would you pick? https://thespousebenefitplan.captivate.fm/episode/004

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ANNOUNCEMENT: As of summer 2023, The Spouse Benefit Plan by US VetWealth podcast will be on hiatus. For a continuation of the Survivor Benefit Plan discussion, we invite you to join US VetWealth's FREE resource hub, Military Retirement Blueprint, which also includes a FREE digital copy of Scott R. Tucker's latest book, Don't Forget Your War Chest. Join today by visiting https://usvetwealth.com/war-chest-learning-center-access-the-military-retirement-blueprint/

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Check out our growing list of resources at our website thespousebenefitplan.com or contact Jen at jen@usvetwealth.com

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The Spouse Benefit Plan has been appeared or featured in M.E. Magazine, The Leadership Void Show, USVW TV, Military Money Mistakes, Lessons Learned for Vets Podcast, Get2Vet Podcast, ShoutoutSoCal and The Rosie Network's 5th National Veteran & Military Spouse Entrepreneur Awards.

This show is intended to be educational and not to be taken as financial advice. To discuss your unique financial situation, reach out to our show sponsor, US VetWealth at USVetWealth.com or email Jen Amos jen@usvetwealth.com

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Want to hear more from Jen? Check out our sister show and award-winning podcast, Holding Down the Fort https://holdingdownthefortpodcast.com/