010: "There's only a benefit when there's a survivor." Season Finale of The Spouse Benefit Plan with Jen Amos and Scott R. Tucker

Jen Amos returns for the overdue season finale of The Spouse Benefit Plan by US VetWealth podcast!

This show started around two years ago as a spin-off of Holding Down the Fort by US VetWealth podcast to help military spouses make informed decisions about the Survivor Benefit Plan.

Jen discusses how the show came to be and her own journey of learning about the SBP. Now, she invites her husband and Founder of US VetWealth, Scott R. Tucker, to announce their newest resource, Military Retirement Blueprint, and Scott's new book Don't Forget Your War Chest. Scott provides an overview of the free resources available in the Military Retirement Blueprint to help military retirees. Together, they emphasize that their goal is to educate military families about alternative options beyond just the Survivor Benefit Plan.

Thanks for listening!

The Military Retirement Blueprint is the perfect knowledge library for career retiring military officers who want to make the most of their retirement. This specialized program provides training, guides, consulting, investment-grade insurance strategies, financial & retirement planning, and more. Join for FREE today by visiting: https://usvetwealth.com/war-chest-learning-center-access-the-military-retirement-blueprint/

You served at least 20 years... Have you ever thought about how you can get the most out of your military pension? If you're a military retiree, "Don't Forget Your War Chest" is your guide to a wealthier, more secure retirement. It reveals the War Chest Strategy—a powerful way to optimize your military pension, privatize your income, and safeguard your future earnings. Purchase the book today by visiting: https://usvetwealth.com/dont-forget-your-war-chest-book-page/

Looking for another podcast show to listen to? Subscribe to our sister podcast, Holding Down the Fort by US VetWealth! Season 7 returns in Fall 2023 and will feature The Rosie Network's Service2CEO Program Cohort Members. These military-connected entrepreneurs will share their journey of how they practice a self-sufficient and financially autonomous lifestyle through entrepreneurship. Subscribe today by visiting https://holdingdownthefortpodcast.com/

--

ANNOUNCEMENT: As of summer 2023, The Spouse Benefit Plan by US VetWealth podcast will be on hiatus. For a continuation of the Survivor Benefit Plan discussion, we invite you to join US VetWealth's FREE resource hub, Military Retirement Blueprint, which also includes a FREE digital copy of Scott R. Tucker's latest book, Don't Forget Your War Chest. Join today by visiting https://usvetwealth.com/war-chest-learning-center-access-the-military-retirement-blueprint/

--

Check out our growing list of resources at our website thespousebenefitplan.com or contact Jen at jen@usvetwealth.com

Connect with us on social media:

• https://www.linkedin.com/company/the-spouse-benefit-plan/

009: How many years does a surviving spouse have to live before they receive the lifetime value of the Survivor Benefit Plan?

Jen Amos immediately continues her talk about the probability that a surviving spouse is going to outlive the retiree to receive the Survivor Benefit Plan from "Ep. 008: What is the actual probability of receiving the SBP? (Case Study: O5 retiring at 20 years with the Survivor Benefit Plan)." She reveals the responsibility of a surviving spouse before they can receive the SBP, what happens if the spouse predeceases the retiree, what the annual benefit of the SBP should really be compared to (hint: it's not the cumulative cost of the SBP), what is the Lifetime Value of the SBP and the probability a surviving spouse will receive it, and a sneak peak into upcoming episodes.

Announcements

• Get a sneak peak into the US VetWealth Insiders Portal: The Military Retirees’ No. 1 choice for alternative education on career progression & financial strategies https://militaryretirementblueprint.mn.co/
• We're excited to announce that Holding Down the Fort by US VetWealth is a Finalist for the 13th Annual Plutus Awards presented by Capital Group for "Best Military Personal Finance Content!" The winners will be revealed at the Plutus Awards on September 9 at FinCon22 in Orlando! Learn more at https://www.plutusawards.com/finalists
• From August 19 to 20, 2022, Jen Amos will be moderating at Disney Institute's Veterans Institute Summit, which focuses on supporting and enabling veterans and military spouses in meaningful employment. View the speaker line up and learn how you can register for the live stream at https://www.disneyinstitute.com/disney-institute-summits/veterans-institute-summit/speakers/

Resources (in the order mentioned)

• SBP Probability Calculator https://actuary.defense.gov/Portals/15/SBP%20Probability%202022.xlsx
• Retired & Annuitant Pay Processing: How Long Does It Take? https://www.dfas.mil/RetiredMilitary/about/How-Long-Does-It-Take/
• Report a Retiree's Death https://www.dfas.mil/RetiredMilitary/survivors/Retiree-Death/
• Start a Survivor Benefit Plan Annuity https://www.dfas.mil/RetiredMilitary/survivors/ApplySBP/
• Survivor Benefit Program - Spouse Coverage https://militarypay.defense.gov/Benefits/Survivor-Benefit-Program/Costs-and-Benefits/Spouse-Coverage/
• Transition Assistance Program - Managing Your Transition Timeline (MYTT): https://www.dodtap.mil/dodtap/rest/docs?filename=Managing_Your_Transition_Timeline.pdf
• SBP Subsidy Calculator https://actuary.defense.gov/Portals/15/SBP%20Subsidy%202022.xlsx
• Get a refresher on what is the "Present Value"...

008: What is the actual probability of receiving the SBP? (Case Study: O5 retiring at 20 years with the Survivor Benefit Plan)

Jen Amos returns with a two part series to answer the big question: What is the actual probability of receiving the SBP? She shares general reflections of producing the Spouse Benefit Plan thus far, addresses the client skepticism her US VetWealth colleagues receive when proposing private financial solutions, and explains where she first heard the "morbid talk." Then, she walks the listener through the SBP Probability Calculator to determine what is the actual probability that a retirees' spouse will receive the SBP.

Resources (in the order mentioned):

• Military Retirement Survivor Benefit Plan (SBP) Calculator MISTAKES 2022: SBP Costs vs Probability https://youtu.be/j9BUy1sg6HY
• Get a sneak peak into the US VetWealth Insiders Portal: The Military Retirees’ No. 1 choice for alternative education on career progression & financial strategies https://militaryretirementblueprint.mn.co/
• Learn about the MilSpouseFest Make Dreams Reality Hampton Roads from Thursday, September 16th, 2021 https://www.holdingdownthefortpodcast.com/episode/107
• 140: "When military spouses come together as a group, they become powerful." The League of Wives with Heath Lee https://www.holdingdownthefortpodcast.com/episode/140
• Survivor Benefit Plan Overview https://militarypay.defense.gov/Benefits/Survivor-Benefit-Program/Overview/
• SBP Financial Analysis Tools https://actuary.defense.gov/Survivor-Benefit-Plans/
• SBP Subsidy Calculator https://actuary.defense.gov/Portals/15/SBP%20Subsidy%202022.xlsx
• Navigate your military retirement pay and survivor benefit plan alternatives by getting FREE access to our white papers. We have a case study library for the following ranks: E7, E8, E9, O5 and O6. Visit https://usvetwealth.com/ or for the quick link, visit https://usvetwealth.com/retirementpay/
• SBP Probability Calculator https://actuary.defense.gov/Portals/15/SBP%20Probability%202022.xlsx
• Understanding Return On Investment (ROI) https://www.forbes.com/advisor/investing/roi-return-on-investment/
• Retired & Annuitant Pay Processing: How Long Does It Take? https://www.dfas.mil/RetiredMilitary/about/How-Long-Does-It-Take/

Announcements

• We're excited to announce that Holding Down the Fort by US VetWealth is a Finalist for the 13th Annual Plutus Awards presented by Capital Group for "Best

007: Is the cost worth the benefit? (Case Study: O5 retiring at 20 years with the Survivor Benefit Plan)

Now that we've calculated Lt. Col. Rick Howard's Estimated Retired Pay, Jen Amos walks us through the Survivor Benefit Plan (SBP) Subsidy Program to calculate what could happen to him and his spouse should they keep the SBP. She also elaborates more on new terms: Today's Dollars, Future Dollars, and opportunity cost. To get the most out of this episode, be sure to follow along by viewing the High-3 Calculator and the SBP Subsidy Program.

Resources (in the order mentioned):

• Navigate your military retirement pay and survivor benefit plan alternatives by getting FREE access to our white papers. We have a case study library for the following ranks: E7, E8, E9, O5 and O6. Visit https://usvetwealth.com/
• High-3 Calculator https://militarypay.defense.gov/Calculators/High-3-Calculator/
• SBP Financial Planning Tools https://actuary.defense.gov/Survivor-Benefit-Plans/
• SBP Subsidy Program https://actuary.defense.gov/Portals/15/SBP%20Subsidy%202022.xlsx

--

ANNOUNCEMENT: As of summer 2023, The Spouse Benefit Plan by US VetWealth podcast will be on hiatus. For a continuation of the Survivor Benefit Plan discussion, we invite you to join US VetWealth's FREE resource hub, Military Retirement Blueprint, which also includes a FREE digital copy of Scott R. Tucker's latest book, Don't Forget Your War Chest. Join today by visiting https://usvetwealth.com/war-chest-learning-center-access-the-military-retirement-blueprint/

--

Check out our growing list of resources at our website thespousebenefitplan.com or contact Jen at jen@usvetwealth.com

Connect with us on social media:

• https://www.linkedin.com/company/the-spouse-benefit-plan/
• https://instagram.com/thespousebenefitplan
• https://www.facebook.com/thespousebenefitplan/
• https://twitter.com/TheMilSpouseBP
• https://www.youtube.com/playlist?list=PLMUaLQy_PjUy8KjsoAcl0VOH61D_cJJZa

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,

006: What's your Monthly Barrel of Wine worth? (Case Study: O5 retiring at 20 years)

Jen Amos turns our winery analogy into real dollars by doing an in-depth walkthrough of calculating the Estimated Retired Pay for Lt. Colonel Rick Howard - an O5 retiring at 20 years with the High-3 Calculator. If you haven't written down your numbers yet, this is the perfect opportunity to calculate the following:

• Annual Retired Pay
• Monthly Retired Pay (i.e. your Monthly Barrel of Wine)
• Total Retirement Benefit (i.e. what your winery 'could' look like)
• Present Value (i.e. what your winery looks like 'today' and the lump sum amount civilians require in order to receive your Monthly Barrel of Wine)

In the next episode, we will play out what happens to an O5 retiring at 20 years should they keep or opt out of the Survivor Benefit Plan.

Additional Notes

• Lt. Colonel Rick Howard is a fictional name to protect the client's privacy
• "Today's Dollars" display what the projected benefits would be worth in today's dollars.
• "Cost of Living Adjustments (COLA)" - The High-3 Calculator uses future Military Retirement System COLA rates as projected by the Office of Management and Budget (OMB) for the immediate five calendar years. COLAs beyond the most immediate five years will use the DoD Board of Actuaries annual inflation assumption of 2.75 % per year.
• "Future Dollars" reflect the estimated amounts you can expect to receive or spend when you retire. These amounts include projected pay increases.

Resources

• Paid-up Survivor Benefits Program https://militarypay.defense.gov/Benefits/Survivor-Benefit-Program/Paid-Up-SBP/
• The Leadership Void Interview ft. Jen Amos https://youtu.be/n6f278MgwPI
• 049: Mentorship, leadership and family with Enrique Acosta Gonzalez https://www.holdingdownthefortpodcast.com/episode/49
• What do I really need to understand in navigating my military retirement pay and making a decision about the Survivor Benefit Plan? Download US VetWealth's free white papers (no email opt-in necessary) to find out: https://usvetwealth.com/retirementpay/
• High-3 Calculator https://militarypay.defense.gov/Calculators/High-3-Calculator/

Video Explanations

• Coming soon!

--

ANNOUNCEMENT: As of summer 2023, The Spouse Benefit Plan by US VetWealth podcast will be on hiatus. For a continuation of the Survivor Benefit Plan discussion, we invite you to join US VetWealth's FREE resource hub, Military Retirement Blueprint, which also includes a FREE digital copy of Scott R. Tucker's latest book, Don't Forget Your War Chest. Join today by visiting https://usvetwealth.com/war-chest-learning-center-access-the-military-retirement-blueprint/

--

Check out our growing list of resources at our website thespousebenefitplan.com or contact Jen at jen@usvetwealth.com

Connect with us on social media:

005: It's not a good thing when a surviving family member knows more about this than a seasoned spouse

By now, you may have learned a very important fact about your monthly retired pay that you can no longer unlearn. Jen Amos takes a moment from educating to have a heart-to-heart talk about what understanding the Survivor Benefit Plan and your military pension is all about: unlocking your inner confidence to choose how you'll manage your finances from here on out for post-military life. Jen recaps what we've learned thus far, shares her candid thoughts about the Survivor Benefit Plan, and gets honest with what it'll take should you be interested in protecting 100% of your military pension.

Resources (in the order they were mentioned)

• Your Life and Military Retirement: Strategies on how to get the full value of your pension before its too late by Scott R. Tucker | https://www.amazon.com/dp/B08HM9XKT6/ref=cm_sw_r_tw_dp_8F64FVZQN0MCFZ5BNSBC
• Read the Spring 2022 Military Entrepreneur Magazine by The Rosie Network's NVMSEA Spotlight on Jen Amos | https://issuu.com/therosienetwork/docs/april_2022_me_mag-7/16
• Survivor Benefit Plan Overview https://militarypay.defense.gov/Benefits/Survivor-Benefit-Program/Overview/
• What do I really need to understand in navigating my military retirement pay and making a decision about the Survivor Benefit Plan? Download US VetWealth's free white papers (no email opt-in necessary) to find out: https://usvetwealth.com/retirementpay/

--

--

ANNOUNCEMENT: As of summer 2023, The Spouse Benefit Plan by US VetWealth podcast will be on hiatus. For a continuation of the Survivor Benefit Plan discussion, we invite you to join US VetWealth's FREE resource hub, Military Retirement Blueprint, which also includes a FREE digital copy of Scott R. Tucker's latest book, Don't Forget Your War Chest. Join today by visiting https://usvetwealth.com/war-chest-learning-center-access-the-military-retirement-blueprint/

--

Check out our growing list of resources at our website thespousebenefitplan.com or contact Jen at jen@usvetwealth.com

Connect with us on social media:

• https://www.linkedin.com/company/the-spouse-benefit-plan/
• https://instagram.com/thespousebenefitplan
• https://www.facebook.com/thespousebenefitplan/
• https://twitter.com/TheMilSpouseBP
• https://www.youtube.com/playlist?list=PLMUaLQy_PjUy8KjsoAcl0VOH61D_cJJZa

The Spouse Benefit Plan has been appeared or featured in

004: If you had to choose between 100 cups of wine vs. 55 cups of wine, which one would you pick?

How important is it for you and your family to protect the military pension? Jen Amos recaps how the military pension is more than a retired monthly pay by reiterating the wine analogy. Remember to refer to the last episode to learn how to calculate your Estimated Retired Pay, Total Retirement Benefit, and Present Value. Jen continues to explain what these numbers mean and how they relate to understanding the Survivor Benefit Plan.

Additional Notes:

• "Eligible Dependents" and "Beneficiaries" are synonymous, in the context of this recording. To learn more about who is eligible to receive the SBP, visit https://militarypay.defense.gov/Benefits/Survivor-Benefit-Program/Costs-and-Benefits/
• The "Premium" (i.e. the 6.5 cups of wine taken from your 100 cups of monthly wine from your Monthly Barrel or Wine -- a.k.a. Monthly Retired Pay) is the automatic fee a retiree invests into the Survivor Benefit Plan. Right now, SBP "premiums" for spouse coverage are 6.5% of your chosen base amount. To read more, visit https://militarypay.defense.gov/Benefits/Survivor-Benefit-Program/Costs-and-Benefits/Spouse-Coverage/

Resources (in the order they were mentioned)

• FREE MONTHLY LIVE ZOOM DISCUSSION How to "Pre-Fund" Your Military Retirement Pay Protection with a Private Spouse & Family Plan Without Paying for the SBP hosted by US VetWealth https://usvetwealth.com/sbp-online-workshop-lp/
• What do I really need to understand in navigating my military retirement pay and making a decision about the Survivor Benefit Plan? Download US VetWealth's free white papers to find out: (If the link isn't provided here yet, please contact Jen at jen@usvetwealth.com for access.)
• What is an annuity? https://www.nationwide.com/lc/resources/investing-and-retirement/articles/what-is-an-annuity
• Survivor Benefit Plan Overview https://militarypay.defense.gov/Benefits/Survivor-Benefit-Program/Overview/

--

ANNOUNCEMENT: As of summer 2023, The Spouse Benefit Plan by US VetWealth podcast will be on hiatus. For a continuation of the Survivor Benefit Plan discussion, we invite you to join US VetWealth's FREE resource hub, Military Retirement Blueprint, which also includes a FREE digital copy of Scott R. Tucker's latest book, Don't Forget Your War Chest. Join today by visiting https://usvetwealth.com/war-chest-learning-center-access-the-military-retirement-blueprint/

--

Check out our growing list of resources at our website thespousebenefitplan.com or contact Jen at jen@usvetwealth.com

Connect with us on social media:

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