Retirees who choose the Military Retirement Survivor Benefit Plan may find that their families are not able to receive all of the benefits they expected if something happens to the retiree.
While this plan does offer some benefits, it also has several risks that retirees should be aware of before making a decision. Retirees who accept the conventional retired military survivor benefits may find that their families are not able to receive all of the income they expected if something happens to the retiree.
Retirees should carefully consider all of the risks and benefits associated with the Military SBP before making a decision what is best for their families. In order to help make an informed decision, here are 8 reasons why you may want to avoid choosing the Military SBP:
Retirees may have less money each month if they choose the Military SBP. The cost of choosing the Military SBP can be high. Retirees' families may not be able to get all of the benefits they expect if something happens to them.
There are often better options available than choosing the SBP
Retirees may find that they are unable to change their beneficiary after enrolling in the plan.
Retirees may not be able to keep up with the payments if they experience a financial hardship.
Military Retiree surviving spouses may be required to pay income taxes on the benefit.
Accepting the military retiree SBP means less investable cashflow.
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