Readers' Comments
Total Comments: 29
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Should You Get a Survivor Annuity or Purchase Life Insurance?
Total Comments: 29
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March 20, 2010
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Annuities
formerly with DHS/TSA
Tue Aug 21, 2007 8:00 AM
Post Reply
I am interested in knowing your opinion of transferring my TSP to an annuity to protect my TSP . I have been told the annuity will protect that money and guarantee a conservative income. Allowing me in this case to have access to it completely in 10years. What are your thots about this kind of annuity that is backed by a large insurance company.
Tina
Re: Annuities
DON HRO
Tue Aug 21, 2007 8:42 AM
This page has everything you want to know about TSP annuities. If you are interested in other options, like withdrawing/rolling over a portion of your TSP balance, and purchasing a life insurance annuity.
Life Insurance or Survivor Annuity
DON HRO
Tue Aug 21, 2007 8:27 AM
Post Reply
Your article did not take into consideration that a prospective retiree can elect to have a reduced survivor annuity and then purchase a life insurance policy with the money saved by reducing the survivor annuity. This way the both the health insurance issue and trying to figure out who dies first is satisfied.
Similarly (younger) prospective FERS retirees should think about purchasing a life insurance annuity with their TSP money.
Percent of Annuity
USPS
Tue Aug 21, 2007 8:38 AM
Post Reply
What is the smallest survivor annuity that can be taken to provide a spouse with health insurance?
Re: Percent of Annuity
VA
Tue Aug 21, 2007 12:17 PM
Re: Percent of Annuity
USPS
Tue Sep 18, 2007 8:45 AM
Life insurance versus annuity
GSA
Tue Aug 21, 2007 9:18 AM
Post Reply
Life insurance is almost NEVER a better deal than a Federal survivor annuity. Here's why. Life insurance is a fixed amount for a specific term, e.g., $1 million for 20 years. In contrast, a survivor annuity increases annually with the cost of living for the life of the survivor. No Federal employee should get life insurance in place of a survivor annuity without going to a fee-only financial planner to do the math. If the financial plannner gets any money from the sale of a life insurance policy, he has a self-interest to sell you life insurance, so RUN. If the survivor dies before the retiree, the survivor annuity and its cost can be cancelled.
Percentage of Annuity
DoD
Tue Aug 21, 2007 2:25 PM
Post Reply
According to the FERS Retirement Seminar I just attended, and according to the printed material handed out, you are afforded one of two survivor annuities at retirement, 25% or 50%. Is this information incorrect?
Re: Percentage of Annuity
corps of engrs
Thu Oct 11, 2007 9:22 AM
survivor annuity and health plan benefits
DOS
Wed Aug 22, 2007 7:19 AM
Post Reply
My wife and I are both federal employees. I want to retire in about two years. She can't retire for 8 years and then it would be under the minimum retirement age. MRA doesn't allow her to carry her health insurance after retirement. I wonder if I election no survivor benefits upon my retirement can I make a change when my wife retires in 8 years and take a survivor benefit so she can fall under my health insurance after her retirement. Does anyone know the answer to this?Can I make this change or is it locked in once I make the decision when I retire.
Re: survivor annuity and health plan benefits
DAC
Sun Aug 26, 2007 3:12 PM
As long as she has FHB for 5 years she is entitled to carry into retirement. You indicated that she could not retire with MRA for 8 years which would allow her the time to carry the insurance so that she could take it into retirement.
Re: survivor annuity and health plan benefits
USDA
Mon Aug 27, 2007 9:15 AM
Survivor annuity
IRS
Fri Aug 24, 2007 9:49 AM
Post Reply
If the only reason a retiree is signing up for the survivor annuity is to guarantee the surviving spouse has health insurance, consider this. During a retirement seminar held by the IRS, the speaker said that the retiree may elect a survivor annuity of $1.00 and that guarantees the insurance. You do not have to elect a large amount for the survivor annuity, thereby maximizing the amount of the retirement annuity itself.