Need advice from military retiree's

[JApol]

I ust found out this morning I am getting a 15 year retirement from the Navy. I am doing the paperwork for it and wondering what the Survivor Benefit Plan is and if it is worth the money.

It looks like a decent deal to me but I am looking for some real world advice.



Thanks in advance

Jeff

 

[GAmes]

It is only a good deal if you are in poor health and plan on dieing within 3 or 4 years. If you invest the same amount of money for 10 to 15 years, the dividends will be higher than the SBP benefits. In addition, YOU will have access and control of those funds. If your wife preceeds you in death, and you don't remarry, all the SBP money is gone-- no refunds. Be prepared for a hard sell. When I retired there was a requirement for the spouse to sign the paper to turn it down. Do some stubby pencil work of your own, my numbers might not reflect your situation.