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- Jul 1, 2017
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I'll keep this in mind. I've learned a lot today. Thanks everyone!
Typically, a spouse must sign off on a waiver of survivor rights.
I'll keep this in mind. I've learned a lot today. Thanks everyone!
Ours couldn’t be made until retirement.
We chose the option of leaving the whole pension to each other. I took a 300/month hit because he is 5 years younger and he took a 150/month hit. When one of us dies the one alive gets his or hers restored to the full amount.
pensions rock - they make retirement planning easy
nothing like a steady stream of income month after month after month after...
pensions rock - they make retirement planning easy
nothing like a steady stream of income month after month after month after...
Are these decisions made at the time you draw the pension or before? I don't think my husband ever specified one way or the other.
I made mine decisions at retirement.
But, they can usually be changed if my life circumstances change. For example, if a bewitching woman hooks me into marriage I can turn on a survivor benefit for her. OTOH, if she divorces me three years later to run off with the pool boy, I can go back to getting 100% with no survivor benefit.
I made mine decisions at retirement.
But, they can usually be changed if my life circumstances change. For example, if a bewitching woman hooks me into marriage I can turn on a survivor benefit for her. OTOH, if she divorces me three years later to run off with the pool boy, I can go back to getting 100% with no survivor benefit.
actually, the election of a form of payment on your annuity starting date is generally irrevocable - however, there are some public sector plans that only look at who you are married to when you die
Becoming single:If you marry or remarry after retirement, you might be able to change your benefit option from the single-life payment level to provide a survivor benefit to your new spouse.
To qualify, you must request the change between your first and second years of marriage. ....
If you change to a survivor option, your monthly benefit will be reduced. Contact us for a new benefit
In a case of a divorce (new or previous) court ordered property benefits take precedent over the plans rules. So, I may or may not be able to make the change.If you chose Option 2, 3 or 4 and your survivor dies before you do, your benefit can be adjusted to Option 1, the single-life payment level.
^ public sector pension?
This would be highly unusual (that they would allow you to change J&S options after you are drawing a pension). In fact, I've never seen one so am very curious as to what you plan is that allows this.
Typically, a spouse must sign off on a waiver of survivor rights.
Yes. Teacher's retirement system.
When I was young I worked in employee benefits for a large steel company. My least favorite part of the job was telling widows that there husband had chosen no survivors benefits. These were usually women 55 and up whose husbands had lied to them. Many had never worked. So the pension died with the husband. People would go into shock, start crying, asking me what they were going to do. At 22 I had no clue. Also some of these ass hats had left their life insurance to someone else.
That's really sad. It sounds like there are protections in place now?
Yes thankfully there are protections now. This was in the 70’s.
I couldn't find a thread on this, so here goes. I am 12 years younger than DH. All of our retirement planning is based on my age (I'm 47). He is eligible for a modest pension in 6 years from a prior job that will give us about 20K a year. I have never counted this pension in our retirement planning because it does not have a death benefit.
That's the truth!Sort of...except there was quite a bit of work and a LOT of gnashing of teeth for 22 years to "win" that lottery. Ed McMahon sure as hell didn't show up and say, "YOU WON!!!"
When I was young I worked in employee benefits for a large steel company. My least favorite part of the job was telling widows that there husband had chosen no survivors benefits. These were usually women 55 and up whose husbands had lied to them. Many had never worked. So the pension died with the husband. People would go into shock, start crying, asking me what they were going to do. At 22 I had no clue. Also some of these ass hats had left their life insurance to someone else.