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Old 11-27-2020, 05:30 PM   #121
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Join Date: May 2005
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If someone's primary source of retirement income will be a pension and the spouse does not have any other significant source of income should the pensioner die, not taking a j&s option of 75% or greater is fiscal malfeasance unless they have a substantial insurance policy in place to replace the pension income.
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Old 11-27-2020, 05:59 PM   #122
Recycles dryer sheets
 
Join Date: Mar 2013
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Quote:
Originally Posted by brett View Post
This is easily explainable for those who need to take the spousal option but fail to do so.

You cannot fix stupid.

Both on the part of the retiree who asks his or her spouse to agree and on the part of the spouse who signs it away without understanding the potential consequence of doing so.

I like to think that I'm relatively educated on financial things, but I'll admit that I had no idea about the spouse having to sign off on survivor benefits until I asked a question here last year about relying on a pension. I never had a pension while working and don't know many people who have them either. The monthly pension amount is pretty small, but I'm glad I was prepared. We got the pension paperwork last month, and I think the default option was 50% for the survivor. We chose 100% though and I signed the paperwork in front of a notary.
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