003: Here's what to say the next time someone says, "Thank you for your service."
Jen Amos takes a detour from the Survivor Benefit Plan to talk about the most important thing it protects: your military pension. She explains the basics of the military pension, how to calculate your Estimated Retired Pay, and introduces financial terms: the "present value" and an "annuity." Lastly, she shares a clever way to respond the next time someone says, "Thank you for your service."
Resources (in the order they were mentioned)
- Show Sponsor, US VetWealth https://usvetwealth.com/
- FREE MONTHLY LIVE ZOOM DISCUSSION How to "Pre-Fund" Your Military Retirement Pay Protection with a Private Spouse & Family Plan Without Paying for the Survivor Benefit Plan https://usvetwealth.com/sbp-online-workshop-lp/
- SBP Financial Analysis Tools by the DoD Office of the Actuary https://actuary.defense.gov/Survivor-Benefit-Plans/
- Download Program - Survivor Benefit Plan Probability https://actuary.defense.gov/Portals/15/SBP%20Probability%202022.xlsx
- Active Duty Retirement https://militarypay.defense.gov/Pay/Retirement/ActiveDuty.aspx
- Military Retirement: Background and Recent Developments by the Congressional Research Service https://sgp.fas.org/crs/misc/RL34751.pdf
- Military Retired Pay Overview https://www.military.com/benefits/military-pay/military-retired-pay-overview.html
- High-3 Calculator https://militarypay.defense.gov/Calculators/High-3-Calculator/
- Estimate Your Retirement Pay https://www.dfas.mil/RetiredMilitary/plan/estimate/
- Military Compensation Calculators https://militarypay.defense.gov/Calculators.aspx
- How to Calculate the Present Value of Military Pension Benefits https://usvetwealth.com/calculate-present-value-of-military-pension/
- Discover the value of annuities - an introduction https://www.nationwide.com/lc/resources/investing-and-retirement/articles/what-is-an-annuity
- Two ways to leave something behind for your loved ones https://www.dfas.mil/RetiredMilitary/provide/two-ways/
- Defense Primer: Military Retirement by the Congressional Research Service https://sgp.fas.org/crs/natsec/IF10483.pdf
- Military Retirement Fund Audited Financial Report Fiscal Year 2020 https://comptroller.defense.gov/Portals/45/Documents/afr/fy2020/DoD_Components/2020_AFR_MRF.pdf
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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 firstname.lastname@example.org
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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/