Designating a Beneficiary When you were hired, you designated your beneficiaries to receive your life insurance benefits and survivor benefits. However, life goes on and as life changes, and people may come and go, new additions, a review of all designated beneficiaries are a must in terms of smart planning, when life changes occur. When […]
Surviving Spouse Benefit
Retirement planning involves making some very important decisions regarding your federal pension benefit, Thrift Savings Plan investments and Social Security. This week, I’d like to focus on the last of these, because it includes a variety of benefits, each with a specific time frame for claiming and unique rules regarding payouts. and each comes with its
It is not uncommon for someone to have no immediate person to be the beneficiary of your TSP. You may be divorced, widowed, or perhaps never married. Almost everyone has someone, a brother, a sister, parents, uncle, aunt? Let’s suppose no known living relative, then a friend. I have seen federal employee, sometimes, as family-less.
For Better or Worse This week, an interesting case wherein the federal employee, about to retire, wishes to set up income from her TSP Funds. Simple enough, except, for the following reasons: Lesson learned, DO NOT DO YOUR OWN WILL, POWER OF ATTORNEY, TRUSTS etc. I was told recently; the big fees attorneys are earning
The designated Beneficiary, may be the most overlooked, misunderstood and even neglected important retirement detail and we often see this given the least consideration in retirement planning. If you don’t plan right, it could cost thousands of dollars, it may hold up needed funds for a period, perhaps a long time, or may not reach
When planning your federal retirement, we want to take care of those dependent on us, in the event we die. A spouse is eligible for a FERS benefit of 25% or 50% of the Unreduced FERS retirement annuity. But what is the deal when the survivor is not a spouse, but a child, be it
When we marry, we make promises and dream of a future together. But, with the promise comes certain obligations that will live on, even if the marriage doesn’t. The intention of this article is not to counsel whether you can save your marriage or take all with you when the split happens, but to bring