Keyword Analysis & Research: military retirement pay sbp

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Frequently Asked Questions

What is military retirement pay?

If you first entered the military before Sep. 7, 1980 you are eligible for the Final Pay Retirement system. Under this system your retired pay is computed by multiplying your final monthly base pay when you retire by 2.5% for every year of your service.

Is military SBP taxable?

Military Compensation. SBP benefits are taxed as income to the survivor however the tax rate upon receipt of the annuity will generally be less than the member's current tax rate. Most insurance plans are the reverse; premiums are paid from after-tax income, while survivors are not taxed on the proceeds.

Is SBP taxable income?

SBP payments are taxable income. DIC benefits are non-taxable. When subject to the SBP-DIC offset, the average survivor has several hundred dollars of net, take-home income because DIC is non-taxable.

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