Hello, I'm a long time visitor (about 3 years) and have loved reading everyone's stories and advice over the years. I'm 40 and married (spouse is 45) and unfortunately we aren't prepared in any way for retiring soon but hoping to make some big changes soon to get there. Lot's of mistakes in the past with money, bad choices, too much spending. If only I knew then what I know now!
I do have a question. My husband is in the military and retiring in a few months. We have to make a decision on the Survivor Benefit Plan soon. It's almost automatic that everyone takes it but I'm wondering if it's a good deal or would it be a better deal to just have life insurance.
SBP would cost us around $125 a month and leave me with $1072 before taxes every month should my husband die.
Life insurance policy for $500,000 would be around $75 a month.
Thoughts?
I do have a question. My husband is in the military and retiring in a few months. We have to make a decision on the Survivor Benefit Plan soon. It's almost automatic that everyone takes it but I'm wondering if it's a good deal or would it be a better deal to just have life insurance.
SBP would cost us around $125 a month and leave me with $1072 before taxes every month should my husband die.
Life insurance policy for $500,000 would be around $75 a month.
Thoughts?