Life only Pension?

We decided to take the full amount each month with no survivor benefit.

We are both 56 yrs old and in good health. I know that could change at any time. We’ve been married for 34 yrs and our two daughters are done with college and have good jobs.

My wife has always worked at jobs that match her 401k contributions, so we have almost 800k in her accounts.

We have other investments and a farm trust that we collect from also. We have never paid for life insurance and have only had the insurance provided through our employment. We have no debt.

We decided together that she would be okay if something happened to me without the survivor benefit. I joke that it makes her take better care of me!
What percentage of your pension would they have taken out for spousal survivorship?
 

Re-Raise

Well-Known Member
It looks like $3415 with no survivor

$3205 with 50%

$3110 with 75%

$3020 with 100%

She has made similar money to me throughout our marriage..so she’ll get a decent amount in social security. My father is 92 and was out tilling the garden yesterday. Hopefully I’ll be around a while.
 

Shiftless

Well-Known Member
My father is 92 and was out tilling the garden yesterday. Hopefully I’ll be around a while.
Just to add a little.

I worked side by side with this guy for decades who couldn't wait to retire. As we all know, we hope to do some day. But he was different! I think at least once a year when we were younger, then as he approached retirement age it was 2 to 3 times a year that he would tell the story of his mom living to 103 and Dad to 102 to anyone who would listen. Although amazing in itself, he claimed that his Dad was spry right up to 100 plus!! He says I am built just like my Dad! I can't wait to retire!!

He retires, gets to take his new trailer camping a couple times. Within 13 months of retiring at 62 he died.

I guess we all throw the predeceased genetic pool into our factoring when we retire!
Question is? How accurate will it be for our retirement plan?
 

Re-Raise

Well-Known Member
Just to add a little.

I worked side by side with this guy for decades who couldn't wait to retire. As we all know, we hope to do some day. But he was different! I think at least once a year when we were younger, then as he approached retirement age it was 2 to 3 times a year that he would tell the story of his mom living to 103 and Dad to 102 to anyone who would listen. Although amazing in itself, he claimed that his Dad was spry right up to 100 plus!! He says I am built just like my Dad! I can't wait to retire!!

He retires, gets to take his new trailer camping a couple times. Within 13 months of retiring at 62 he died.

I guess we all throw the predeceased genetic pool into our factoring when we retire!
Question is? How accurate will it be for our retirement plan?
A lot of lifestyle variables can override any genetics for sure. And we all know an accident can occur any time as well. I just look at my parent’s health as a goal.
 

Re-Raise

Well-Known Member
One final story about my dad on Memorial Day.

He is a Korean War vet that worked in a chemical unit that placed smoker pots on the front lines so that the smoke would provide cover for advancing tanks. He took some shrapnel but got out of the service pretty much unscathed.

A few years ago he went on an Honor Flight to Washington DC with a plane load of other Veterans. I went as one of the “helpers”.

If you have never been to the Arlington National Cemetery.. I can tell you it is very hilly. The bus parked at the bottom of a hill and we went up to watch the guard at the Tomb of the Unkown Soldiers.

I was taking turns pushing wheelchairs up the hill and dad asked me “Do you want me to push a couple up?” I sad “No dad! They have people for that. Just go sit down and wait for me.”

Im blessed to have him still around for this many years!
 

Shiftless

Well-Known Member
One final story about my dad on Memorial Day.

He is a Korean War vet that worked in a chemical unit that placed smoker pots on the front lines so that the smoke would provide cover for advancing tanks. He took some shrapnel but got out of the service pretty much unscathed.

A few years ago he went on an Honor Flight to Washington DC with a plane load of other Veterans. I went as one of the “helpers”.

If you have never been to the Arlington National Cemetery.. I can tell you it is very hilly. The bus parked at the bottom of a hill and we went up to watch the guard at the Tomb of the Unkown Soldiers.

I was taking turns pushing wheelchairs up the hill and dad asked me “Do you want me to push a couple up?” I sad “No dad! They have people for that. Just go sit down and wait for me.”

Im blessed to have him still around for this many years!
Great post!
 

rod

Retired 22 years
We decided to take the full amount each month with no survivor benefit.

We are both 56 yrs old and in good health. I know that could change at any time. We’ve been married for 34 yrs and our two daughters are done with college and have good jobs.

My wife has always worked at jobs that match her 401k contributions, so we have almost 800k in her accounts.

We have other investments and a farm trust that we collect from also. We have never paid for life insurance and have only had the insurance provided through our employment. We have no debt.

We decided together that she would be okay if something happened to me without the survivor benefit. I joke that it makes her take better care of me!
That is pretty much how we did it. Ma is totally capable of taking care of herself if I kick the bucket. Her next husband is going to be one rich SOB.
 

Wally

BrownCafe Innovator & King of Puns
We decided to take the full amount each month with no survivor benefit.

We are both 56 yrs old and in good health. I know that could change at any time. We’ve been married for 34 yrs and our two daughters are done with college and have good jobs.

My wife has always worked at jobs that match her 401k contributions, so we have almost 800k in her accounts.

We have other investments and a farm trust that we collect from also. We have never paid for life insurance and have only had the insurance provided through our employment. We have no debt.

We decided together that she would be okay if something happened to me without the survivor benefit. I joke that it makes her take better care of me!
Might need some insurance to cover death taxes?
 
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