Can I Cancel the Survivor Benefit Plan After Military Retirement?
As a military retiree, it’s crucial to understand the benefits you’ve earned after serving your country. One of the benefits that many retirees may not realize they’re paying for is the Survivor Benefit Plan (SBP). In this article, we’ll discuss what happens when you find out you’ve been paying for SBP and what options are available to you.
What Happens if You Realize You’ve Been Paying for the Survivor Benefit Plan
If you’ve retired from the military and find out you’ve been paying for SBP, you may feel overwhelmed. You may have thought it was included in the benefits package you selected or you may have been at a duty station where you couldn’t go through a traditional out-processing. However, if you’re still within the 36-month window after military retirement, you have the option to cancel it. After that, you’ll be locked into it unless you divorce or your spouse predeceases you.
The Role of US VetWealth in Helping You Navigate Your Benefits
At US VetWealth, our goal is to see if we can help you find an alternative to SBP. We want to catch you before your military retirement date, ideally 12 months prior to it or 12 months prior to the 36-month mark post-military. Even if we can’t help you cancel SBP, we can work with you to find a solution that works best for your unique situation.
For example, if you’re like many retirees who contact us in year 10 or 20 and have already paid a lot of money into SBP, but their spouse has passed away, they may wonder how to get their money back. Unfortunately, it’s not possible to get a refund. Or, if they’re already passed the 36-month mark and paying for SBP, they may realize it’s not enough of a benefit for their spouse.
In such cases, we can help you supplement SBP benefits with a more advantageous private pension approach. Regardless of your age or health, we can help you design a strategy that increases the odds of positive outcomes in your post-military life and maximizes the income you receive from your pension.
Maximize Your Benefits and Leave a Legacy
At US VetWealth, we want to offer you a better-than-benefits option, regardless of what happens down the road. Our aim is to help you feel confident in your retirement, use your income to the fullest, and leave a legacy beyond just the benefits.
When you’re ready to get started, we look forward to talking with you. Click the link below to schedule a call with us and see how we can help you navigate your military benefits.
In conclusion, understanding your military benefits is crucial to ensuring a smooth and secure retirement. If you find out you’ve been paying for SBP and aren’t sure what to do, US VetWealth is here to help. With our expertise and personalized approach, we’ll work with you to find the best solution for your unique situation. Schedule a call with us today.
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