When It is a Bad Idea to Give Full Survivor Benefits to Your Spouse
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- čas přidán 16. 06. 2021
- Survivor benefits can often be the difference between a spouse having a comfortable retirement or a stressful one. So getting this one right is crucial.
But does it always make sense to leave your spouse full survivor benefits?
No. I believe that there are specific times where you and your spouse would be better off with partial survivor benefits or no survivor benefits at all.
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One of the best youtube channel for federal retirees.
Thank you for making these videos, it is very much appreciated!
You are very welcome! My pleasure!
Dallen, I just want to say your retirement videos are super helpful, Thanks so much
Great to hear! Have a great day!
Well put. For most FERS retirees, it will be necessary to choose at last the partial survivor benefits in order to keep health insurance for a surviving spouse.
Excellent video! You seem so dedicated to helping out Federal Employees. Thank you! I believe this video answered my question in a round about way, I just need confirmation that if I chose to not give Survivor Benefits to my spouse, ( with her permission of course) could she still be on my Federal Health Insurance up until I pass?
Yes, she can be on your health insurance while your alive but not after you pass.
Excellent guide on dual feds and FEHB benefits. Since both are on the annuitant rolls, the retiree doesn't have to be the one carrying the FEHB family into retirement? and when the last dependent can no longer be insured and the working spouse retires, the two fed spouses can each be self only because two self only is less than self+one?
what happens if the couple divorces?
Great question. Here's a great video for that:
czcams.com/video/tCwWiy4ORgs/video.html&pp=ygUdaGF3cyBmZWRlcmFsIGFkdmlzb3JzIGRpdm9yY2U%3D
what about the Fers pension( not SS) will i be entitled to received my husband plus my Fers pension as well??
Great question. If it possible to receive part of your spouses FERS pension as well upon your spouses passing. Here is a great video on it: czcams.com/video/FrxTEtbkZ1U/video.html&pp=ygUmaGF3cyBmZWRlcmFsIHBlbnNpb24gc3Vydml2b3IgYmVuZWZpdHM%3D
You said this applies to FERS......then what happens if it's CSRS?
What happens if the spouse passes when either benefit is elected ? Does the retiree get the full pension or it remains the same? Thank you
Thanks for this video. Can I change or drop the survivor benefit after retirement at a later date?
Here is some info on that: www.opm.gov/faqs/QA.aspx?fid=735eda40-61a8-45df-b6ad-47185f4c91a5&pid=1c4d8576-f714-4b61-b75c-3d390655ef81
So my former spouse is entitled by QDRO to the standard formula of 50% of my pension, which ends up being 25% because of the ratio equation. The QDRO states no survivor benefit and that her portion is calculated on non survivor amount. I want to retire WITH a survivor annuity with my current wife. Is that doable?
Great question. This would involve a lot of factors. If you would like to schedule an appointment with us to talk about all the details that come into play, feel free to schedule a one-on-one appointment with us through this link:
hawsfederaladvisors.com/work-with-us/
As a FERS retiree, if I die before my husband and he is eligible to receive the continued health benefit (survivor benefit selected), will the health benefit continue at the same rate, increase or decrease in payment? Thank you.
If you decide to give your spouse the survivor benefits, he will only get 50% of your pension if you selected the 10% survivor benefit and 25% if you selected the 5% survivor benefit.
You can’t leave survivor benefits to your kids. Life insurance money can be passed down. My question is how much is a 25% survivor benefit worth ? How much life insurance would replace 25% income for 20 years. Is there a formula?
Great question and it is not a clean formula because the cost of living adjustments that come with your pension survivor benefits. The vast majority of the time I have seen that is difficult to replace the survivor benefit with insurance because of the cost of living adjustments but there could always be exceptions.
@@PlanYourFederalBenefits the thing is I already have a life insurance policy current worth 220k , trying to figure out if that would be comparable to 25% of a survivor benefit . By my calculations it’s very close but I understand I assume a lot . 2% COLA and 2% raises every year. Do I add inflation?
My wife and I both work for post office . Fehb has always been in my name. I will retire in December of this year. Should I take insurance with me or have her elect the coverage in her name. She will work 6 more years? If I keep it in my name and pass away after she retires will she then be eligible to get fehb coverage or will it stay in effect for her. The post office would not let us both have insurance at same time. It's considered double dipping.
This should be helpful: hawsfederaladvisors.com/do-this-if-your-spouse-is-under-fers-too/
Do both the partial and full options provide the same amount of health benefits?
See that is my case my wife is a retired fed and I am a current fed expected to retire in 6 months but we agreed that we would not leave either of us a survivor benefit because we have life insurance and investments. We feel we would be financially secure if either of us were to depart this world
Thanks for sharing!
Wife and I have a question. Say we elect partial survivor benefit option and we are BOTH federal retired employees. Will the surviving spouse get their pension PLUS the deceased spouses’ 25%pension?
Yes!
Can you reduce survivor benefits to 25% after retirement..?
This should help: www.opm.gov/support/retirement/faq/survivor-benefits/#:~:text=A%20post%2Dretirement%20marriage%20will,elect%20for%20the%20survivor%20annuity.
0:02 My spouse has a Colorado Pera retirement. Would she receive my Usps pension survivor benefit? Or would she be subject WEP or the GPO? No point leaving a survivor benefit and me paying for it if she would be subject to either one correct? Please advise
This is a great question! To help you in the best way, you are able to schedule an appointment with this link:
hawsfederaladvisors.com/work-with-us/
It doesn't make sense as much if you assume the government retiree is expected to outlive their spouse. So I guess that would depend too. But obviously no one knows the future how things will go.
What if your spouse passed away first. Do you still have 10 to pay for the survival Benifits?
The surviver benefit can be removed once the spouse passes. Its not automatic. You have to contact opm
What amount will they receive on a lump sum with no benefits?
There isn't a good lump sump option
The only lump sum benefit there is, is if the FERS employee passes away while still working.
Great job with these videos. You seem to be very dedicated and disciplined - your videos seems to always start at 10:10 (from your clock). :)
10:10 is always a good time to film a video :)
Is the 10% tax deductible?
You won't pay tax on the 10% because you never received it as income.
Let’s say you are married yet separated? If you retire and click 25% survivor benefit, well you need wifey to notarize that she agrees to that. Easy solution give her full survivor benefit and you don’t need to talk to her. ⭐️🏆
My wife passed away she work at department of defense
She retired 2012 almost 20 years she passed away 2021 September we married 15 years .do I have survivor benefits I'm only 48 years old
I Send all documents to OPM
Office personnel management
Death certificate and married certificate ..no response yet from Office personnel management OPM
Do I have a survivor benefits from my wife
Did u get your answer ?
@@kathysheeran6589 yes got survivor benefits approved 👌