When you finally reach the point of being eligible for retirement from the military you will be faced with a very important decision sign up for the survivor benefit plan or not most servicemembers don't know exactly what this plan is or whether to enroll or not my name is Mitchell Hockenberry and I'm going to explain to you what the survivor benefit plan is all about Music okay admit it you have been playing on getting 50% of your base pay at retirement for a long time and now all of a sudden the benefit folks at your tax class are telling you that you and your spouse need to make a decision of whether to enroll a survivor benefit plan or not there are lots of jargon words thrown around annuity beneficiary Cola Premium multiplier percent and threshold well you've come to the right place I'm going to make this clear I'm going to begin with an explanation of your pension when you retire you will get a pension this pension has been paid into since the first day you entered military service it will pay you for the rest of your life your life not your spouse's life your life if you outlive your spouse good to go you received a pension for both of your lives but if you die your spouse is still alive the pension ends again the pension is paid during your life the survivor benefit plan is there for this exact scenario if you are willing to take a smaller monthly pension then when you die your spouse you know the survivor part of survivor benefit plan will benefit by getting a monthly amount of money this amount is not the same as your pension it is 55 percent of your pension...
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Dd 2656 2022 Form: What You Should Know
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