You also need to consider his TSP balance. By retaining that $550.00 per month in his pension, he could be reducing the amount that he needs to withdraw from his TSP account by $550.00 per month. Whatever TSP balance he can save by receiving a higher pension will continue to compound and may also be left to his survivor(s) when he passes. Additionally, the Survivor Benefit can only be left to a surviving spouse, while the TSP balance can be left to whomever he designates as his beneficiaries.
We elected to do the SBP when my husband retired from the military. He is now getting ready to retire from the government and must elect for SBP. Can you recieve both if you pay into both?
You also need to consider his TSP balance. By retaining that $550.00 per month in his pension, he could be reducing the amount that he needs to withdraw from his TSP account by $550.00 per month. Whatever TSP balance he can save by receiving a higher pension will continue to compound and may also be left to his survivor(s) when he passes. Additionally, the Survivor Benefit can only be left to a surviving spouse, while the TSP balance can be left to whomever he designates as his beneficiaries.
The real question is: what does his wife think? She has to agree to give up her survivor benefit to save him the money.
Yes sir!
We elected to do the SBP when my husband retired from the military. He is now getting ready to retire from the government and must elect for SBP. Can you recieve both if you pay into both?
The FERS survivor annuity and the military SBP are two separate things, so yes you can
How much life insurance could he buy for $450 a month?
Depends on a lot of factors like age and health