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Video instructions and help with filling out and completing fers basic employee death benefit 2021
You have an election to make at retirement and you have three choices are you going to leave your spouse 50% of your annuity in so doing you will take a 10% reduction while you're living the cost will be 10 percent or you leave them 25 percent at a 5 percent cost or leave them nothing you have to choose one of these three options for your FERS retirement system you will elect the 10 percent the 5 percent or the no reduction in your pension for the rest of your life in exchange for a benefit when you die for your spouse what do we call that class you die somebody else gets a benefit that's life insurance you did it that's right so you now have your biggest life insurance decision you've ever made still in front of you that was not what you thought coming in today was it we're talking 10% of your annuity the rest of your days so I want to let's walk through an example of retiring you have a $22,000 annuity 10% of that is 2200 a year right that means you're drawing 20,000 a year if you pass away your spouse gets 11,000 which is 50% of the larger 22,000 number okay there it is there's your cost of insurance and the benefit that they get now let's just assume by accident both of you live 25 years from that date with colas being built into your pensions now you're gross pension would have been $36,000 but 10% of that is $3,600 a year leaving you with 32,000 a new tee if you die your spouse gets 18,000 and so you have paid 72 thousand dollars over that 25 year period just in case you would have died your spouse would have picked up a monthly check your spouse dies after 25 years what happens to the 72 thousand dollars it's gone as a sunk cost okay it is out of there you good do get to step up from your 32,000 pension to your $36,000 pension you get to pick that back up but no more nothing else for that 72,000 or that cost built-in so that's consideration now you've got it you've got two things going on you've got a unique situation that most people don't have in that you have this large pension check on your head on your life and it probably for most people in the room it probably does need to be insured either via survivor benefit or life insurance or outside assets there probably needs to be some insurance because your big check is probably on average we can we see hundreds of these cases every year I bet your pension check will represent about half of the retirement income in the household when you retire and for half of that to vanish will be pretty significant loss for your spouse you.