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Video instructions and help with filling out and completing Dd form 2656 2022
Instructions and Help about Dd form 2656 2022
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 now there could be lowered percentages but we're not going into the weeds here the great majority of people are enrolling in this plan and doing so at the 55 percent level so what's the cost the cost is six and a half percent of your gross retired pay now how much you get paid after taxes but the before tax retired pay so let's take a quick moment to ensure we're on the same page with a hypothetical example using easy math let's say your pension is one thousand dollars per month if you don't enroll the survivor benefit plan you will be paid one thousand dollars per month and if you die no more monthly however if you do enroll in the SPP it will cost you six and a half percent of the one thousand dollars so sixty five dollars each month therefore your monthly before tax pension drops from 1,000 to nine hundred thirty five dollars and if you die your spouse will get fifty five percent of your pension amount so a thousand times fifty five percent equals five hundred and fifty dollars at this point you should clearly understand the top level part.