Something rare is going on in the military community. Right now, until the end of 2023, there is an Open Season for the Survivor Benefit Plan. It’s part of the 2023 National Defense Authorization Act (NDAA) enacted by Congress. The SBP is one of the biggest decisions you make retiring from the military, one that can have a lasting impact on your retirement money. If you weren’t happy with the decision you made at retirement, now’s your chance for a redo.
In this episode, Heather Walrath breaks down what the Survivor Benefit Plan is, what the open season is, what factors you should consider, and how to make a decision that works for you and your family.
Heather is an Accredited Financial Educator who has enjoyed working with military members and families for the last 14 years while empowering them with financial education. She’s a 2009 FINRA Military Spouse Fellow and holds a BA in economics from the University of Georgia and a paralegal certificate from the Denver Paralegal Institute. She is also an accredited Veteran’s Service representative. Heather has worked as a Personal Financial Counselor (PFC) with all branches of the military, including the Guard and Reserve components, as part of both the non-profit education sector and the Department of Defense PFC network. She is considered to be a subject matter expert on military survivor benefits and has been a featured contributor to magazines such as Military Spouse, Military Family, Guard, and Reserve Magazine. Heather currently works at Navy Mutual Education and Veterans Services as an Accredited Financial Counselor® and an Accredited VSO.
Support for the Military Money Show is provided by Navy Federal Credit Union where their members are their mission. If you have the goal to pay down credit card debt or make home improvements, Navy Federal has ways to help that work with your budget. They offer a low intro APR on balance transfers with their Platinum Credit Card which can help with paying down high-interest credit card debt. They also offer a home equity line of credit that can give you convenient access to funds when you need them for home improvement projects. You can learn more at navyfederal.org.
Related Benefits: How to Get the Most Out of Your TRICARE Benefits
More Podcast: Survivor Benefit Plan FAQs
MilMoneyCon is the annual event for financial professionals united by military service. Its mission is to bring service members, veterans, and military spouses together to build and progress their careers, continue their education, and grow their earning power as practicing or rising financial professionals.
MilMoneyCon23 is happening April 27-29, 2023, in Nashville, TN. Attending the annual conference gets you connected with the biggest community of military financial planners, coaches, counselors, candidates, and educators. It’s a place to find employment and money-making opportunities, increase earning power, and continue your education. Reserve your pass at https://milmoneycon.com.
Get them answered on the show. Submit your questions here.
I appreciate your review of The Military Money Show on iTunes, Google Podcast, iHeart Radio, and Stitcher. It helps me make the podcast better and better. Plus, it helps other people find me.
These notes may contain links to our affiliate products or services, which means I might get compensation when you click or buy. That said, I will only put affiliate links that align with our podcast discussion.
If you want to “kickstart” your finances in the military, you can get access to my free Financial Kickstart Kit here.