If you are planning on joining the military and planning on getting married, there are certain advantages and disadvantages to tying that knot before you leave for basic training. As with any marriage, there are challenges. However, there are many challenges unique to the military. Being gone half the time is a real possibility depending on what job in the military and person selects.
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My husband is still a few years from retirement , and I already have our post-retirement budget estimated and a good chunk of our financial plans underway. The military provides a generous retirement package for service members and their families. When most people talk about military retirement , they focus on the retirement pay. Those with less than 12 years of service on that date will have the option to switch to the new plan. Military retirement pay starts at 50 percent of the highest three years pay and increases with every year of service. Even if the retiree pursues a second career after the military, that monthly retirement paycheck makes a sizable difference in their overall income.
John Kenneth Galbraith
Survivor Benefit Plan Overview Military retired pay stops upon death of the retiree! The Survivor Benefit Plan SBP allows a retiree to ensure, after death, a continuous lifetime annuity for their dependents. The annuity which is based on a percentage of retired pay is called SBP and is paid to an eligible beneficiary.
USFSPA is a law enacted by Congress in to offer some financial protection to certain former spouses of servicemembers. It allows states to divide military disposable retired pay as marital property upon divorce. It allows some former spouses through a court order to be awarded a share of military retired pay, either from the member or by direct payment from DFAS Defense Finance and Accounting Service and to obtain medical care and certain other benefits. Retired pay is the total monthly pay to which a retired servicemember is entitled, less most VA disability pay, federal debt repayments, fines, forfeitures and Survivor Benefit Plan premiums. In order to receive direct payment from a finance center for alimony and child support under the Act, you will first need to get a court order requiring the payment of child support or alimony.