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Video instructions and help with filling out and completing fers survivor annuity vs life insurance

Instructions and Help about fers survivor annuity vs life insurance

Welcome to another episode of fed retirement weekly where you ask questions and I answer them and today I'm going to talk about a question I get quite a bit some from you know readers and you guys that watch my youtube channel and mostly from my clients so this is an issue that a lot of them face and I'm sure many of you face as well and that is should they choose the survivor annuity plan or should they go with a life insurance policy instead let's talk about it as with just about all of my articles if you'd like more information on this topic make sure you go to the link in the bio below where you'll be taking my website where I've written an in-depth article on this topic comparing life insurance versus a survivor annuity plan it's gonna be a great supplement to this video and much more in-depth than it can be in a video like this okay so the survivor annuity plan for those that don't know is an option that you have whenever you retire so if you haven't received your exit paperwork this may be something that you know you don't even know about or it could be something that you've heard of but don't have a lot of information on the survivor annuity plan basically means that you are allowed to pass a portion of your pension to your surviving spouse if you are to pass away okay so what that means is let's say you know Jane Doe and John Doe Jane's a federal employee and John is not Jane Doe goes in retirement she chooses a survivor annuity plan leaving 50% of her pension to her spouse when she passes away okay so she pays 10% of her pension because that's how much it costs for 50% so she pays 10% of her pension each month for this benefit and then when she passes away John is able to collect 50% of her pension okay it's pretty simple so you have two options as a first federal employee okay and you can choose the 50% option that would leave 50% to your surviving spouse if your pass away that would cost you 10% of your pension and then the other option is one that's lower and that's 25% so you'd leave 25% to your spouse if you are to pass away and that will cost you 5% of your pension this all sounds fine and dandy until you start to really dive into the survivor annuity plan and what it offers and you kind of realize that you know it may not be as good of a benefit as you think and the reason is because that money can only pass to a surviving spouse so what that means is let's say that Jane and John Doe Jane is the federal employee she chooses the 50% option but it just so happens that John Doe passes.

FAQ

Why don't schools teach children about taxes and bills and things that they will definitely need to know as adults to get by in life?
Departments of education and school districts always have to make decisions about what to include in their curriculum.  There are a lot of life skills that people need that aren't taught in school.  The question is should those skills be taught in schools?I teach high school, so I'll talk about that.  The typical high school curriculum is supposed to give students a broad-based education that prepares them to be citizens in a democracy and to be able to think critically.  For a democracy to work, we need educated, discerning citizens with the ability to make good decisions based on evidence and objective thought.  In theory, people who are well informed about history, culture, science, mathematics, etc., and are capable of critical, unbiased thinking, will have the tools to participate in a democracy and make good decisions for themselves and for society at large.  In addition to that, they should be learning how to be learners, how to do effective, basic research, and collaborate with other people.  If that happens, figuring out how to do procedural tasks in real life should not prmuch of a challenge.  We can't possibly teach every necessary life skill people need, but we can help students become better at knowing how to acquire the skills they need.  Should we teach them how to change a tire when they can easily consult a book or search the internet to find step by step instructions for that?  Should we teach them how to balance a check book or teach them how to think mathematically and make sense of problems so that the simple task of balancing a check book (which requires simple arithmetic and the ability to enter numbers and words in columns and rows in obvious ways) is easy for them to figure out.  If we teach them to be good at critical thinking and have some problem solving skills they will be able to apply those overarching skills to all sorts of every day tasks that shouldn't be difficult for someone with decent cognitive ability  to figure out.  It's analogous to asking why a culinary school didn't teach its students the steps and ingredients to a specific recipe.  The school taught them about more general food preparation and food science skills so that they can figure out how to make a lot of specific recipes without much trouble.  They're also able to create their own recipes.So, do we want citizens with very specific skill sets that they need to get through day to day life or do we want citizens with critical thinking, problem solving, and other overarching cognitive skills that will allow them to easily acquire ANY simple, procedural skill they may come to need at any point in their lives?
What rules of thumb are there for figuring out how much life insurance to buy?
If you are not married, and have no dependents, then you don't need life insurance.If you are married and your spouse also works, one year's salary is enough insurance for them to cover funeral expenses, mourn, and move to a smaller home and sell the current house if needed.If you have dependents, and/or your spouse doesn't work, the situation becomes very dependent on your personal finances overall. Assuming you are a one-income household, with two pre-school aged children, you may want to consider a total life insurance value equal to enough money to cover:-Cost of paying off your mortgage immediately-Cost of fixed annuity to pay for annual expenses for your spouse, less housing cost-Children's educational expensesThat's the most common rule of thumb, but you should consider whether it is an outdated notion that your spouse will never be able to work or prfor themselves if you die.Also, whether you believe that parents should pay for a child's college education, or even whether a child needs to go to college (or a state school vs. private school) can impact that part of the equation.As you age, you will likely set aside 529 plans for your kids, pay down your mortgage, etc. In that case, you should adjust the total value of your insurance downward to save yourself on monthly premium costs. The very wealthy self-insure for the most part - you want to move in that direction as your personal wealth increases.Finally, don't mix investments with insurance. Insurance is for protection only. Therefore, "buy term and invest the rest" is the best advice. Whole insurance makes it difficult to remember how much you are spending on the insurance part, and how much you're investing.
How much does an annuity pay out each year to someone with a life expectancy of 10 years based on each $1000 paid to buy the annuity contract?
To calculate this, you need to knowwhat interest rate is being used, andThe length of the annuity.You said the person has a life expectancy of 10 years. That isn’t the same as knowing the length of the annuity. It’s possible to buy an annuity that lasts for exactly 10 years, regardless of whether the person lives. It’s possible to buy one which lasts for the rest of the person’s life (which may have expected value 10 years, but may be more or less depending on chance). It’s also possible to buy one that is “10 years or life,” meaning the insurer pays for 10 years or until you die, whichever is later. All of these will have different prices.To do the calculation, the insurer would use a life table which shows the probability an individual of the person’s age and sex would be likely to die each year. There are choices of life tables that may be used, and the insurer will tell you which one they use. A life expectancy isn’t quite enough information.They would use the interest rate to discount future payments back to the present. For instance, if a payment will occur 8 years from now, they don’t have to save the full payment today because they can invest a smaller amount of money.If you’re buying an annuity, your best bet is to call a few companies and ask for a quote. If you’re curious about the math, find a book on actuarial mathematics, or do a search on the term “annuity factor.”
How would you fill out the quote "Life is too short to …"?
I’m 57 year old, so I’m more than half-way through with my life. Here are some realistic ways I would fill out the quote “Life is too short to …”Life is too short NOT to eat my healthy homemade brownie for energy. It’s made with lots eggs, of cocoa powder, brewer’s yeast, flax meal, coconut meal, organic oatmeal, and buckwheat. It’s high fiber, high omega-3, and high protein & magnesium.Life is too short to be negative about anything. Being negative and pessimistic DID NOT PAY off for my prior 1/2 life spent.Life is too short NOT to be honest. Honesty saves time.Life is too short to worry. Worrying means I don’t trust in the almighty Creator who made me & will take care of me.
How is an average person expected to get through life in the US without a bureaucracy consultant to advise on how to properly fill out all the paperwork?
The lawmakers expect a reasonable average person to be able to guide self through the maze of laws and regulations.Still, some people value their time or are truthful about their abilities to comprehend things, and instead of getting a self-taught degree in taxation or legal intricacies of a company formation (and accounting/financial issues associated with that), those people choose to hire a professional specializing in those areas.I am personally an accountant (corporate accounting) which is as far away from personal taxes as you can imagine, my tax returns are tied to my spouse's and due to presence of several items which are not a common occurrence in an average person's life, I am not even trying to complete our taxes.I do my due diligence with all the information gathering, schedules, support documentation, record retention and such but I can't spend days pouring over it all to come up with a final number.So, I pay a professional to be on time, on spec, and on budget.With respect to legal advice, laws in US vary by state, so me being able to spend 3 years in law school, and then more years trying to be admitted to each of the Bar associations, and then have the ability to research cases for precedents - that's just not reasonable.Still, there are others who actually love this process, are knowledgeable, and can tell me a solution to my problem within 20 mins. Isn't this worth my money?
How much time and money does it take for a new startup (50 employees) to fill out the paperwork to become a group for the purpose of negotiating for health insurance for their founders and employees?
I'm not sure if this is a purely exploratory question or if you're inferring that you're planning on navigating the group health insurance market without the assistance of a broker. If the latter, I'd caution against it for several reasons (which I'll omit for now for the sake of brevity).To get a group quote, generally all that's needed is an employee census. Some states apply a modifier to the rate depending on the overall health of the group members (for a very accurate quote, employees may need to fill out general health statements).Obtaining rates themselves can take a few minutes (for states like CA which don't have a significant health modifier) to several days.I suspect your cor question is the time/effort required once you've determined the most appropriate plan design for your company. This is variable depending on how cohesive your employee base is.Best case scenario - if all employees are in one location and available at the same time, I could bring an enrollment team and get all the paperwork done in the course of 1-3 hours depending on the size of your group. In the vast majority of cases, the employer's paperwork is typically around 6 pages of information, and the employee applications about 4-8 pages. Individually none of them take more than several minutes to complete.Feel free to contact me directly if you have specific questions or concerns.