Are you one of us Boomers who willingly spent the last 40 years working a 40-hour work week in exchange for the dream of a carefree retirement?
So, let's say that your dream came true and now you and your spouse are enjoying the fun-filled days of retirement, traveling, visiting friends, grand kids and overall, very satisfied with your golden years.
BUT, you are depending on your spouse's pension to make your dreams come true, so what happens when one of you die? ARE YOU PROTECTED?
I felt compelled to write about this as I recently met 2 ladies who I feel are representative of the surviving spouses (mostly women) who up until the day their spouse died thought they had covered all bases in retirement planning. Little did they know that when he died, they might be forced to visit free food kitchen like the poor little, old lady shown above.
One lady had knowingly agreed to and accepted that her husband's pension would run out when he died and had hoped that she would still be young enough to find work. Unfortunately, she's been looking 2 years for a job.
The other assumed that she was covered by her husband's pension and would receive 55% of his base pension upon his death only to find out that he had never changed his beneficiary from WIFE #1. I can only imagine her shock when she found out.
LADIES - it's in your best interests to ensure that your husband has totally protected your financial security.
PAY ATTENTION: Many companies now require your signature on his retirement papers if he is waiving your right to a partial pension upon his death. Thoroughly read those retirement papers and know what you're signing before you accidentally forfeit your rights to any or all of his pension. I say "LADIES" because most of you will outlive your husband.
2 comments:
Do You Know???To become a QROPS, a pension scheme must apply to and be approved by HMRC. A list of QROPS that have consented to have their names published is available on the HMRC website and is regularly updated.To know more Please visit us : pension service
During our youthful and stronger days, we work to prepare for our future. We put our hopes in a financial company to cover our backs when we retire. It’s disheartening to know that there are some companies out there that would find ways to cut people’s pension and skip their part of the bargain. People need to be aware. They need to know the ins and outs of the business, and I say your post is one step to understanding the confusing world of finance.
Melody Rosenbaum
Post a Comment