In this video, we explain how pension survivor options work and what couples should consider before making their election.
You’ll learn:
- What a Joint and Survivor pension benefit means
- The difference between 100% and 50% survivor benefits
- Why choosing a survivor benefit can be viewed as a form of life insurance
- How your spouse’s other retirement resources can affect the decision
- When a life-only pension might be considered
- Pension options that may help provide benefits to children or other dependents
- Common mistakes couples make when choosing pension benefits
- Why your pension decision should be coordinated with Social Security, IRAs, other assets, and your overall retirement-income plan
- Why you should carefully review your pension election before submitting the paperwork
Your pension is more than just a monthly check; it can be a critical piece of your overall retirement-income strategy. Because pension elections can be difficult or impossible to change after you make them, it’s important to understand how the choice could affect both spouses and your long-term quality of life.
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