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Question: “Hi Cooper, I’m getting ready to retire, and I can’t decide if I should choose the Survivor Annuity Plan or purchase life insurance. What’s your opinion?”
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Cooper Mitchell helps federal employees better understand their benefits and helps them retire on their terms. Using financial planning and investment management, Cooper is able to tackle the issues that are unique to federal employees.
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Cooper – thanks for your videos. I watch them all. And, I learn a lot.
My husband passed was a vet ..our financial advisor is telling me iam not intitled to the 400.000 of the 1 million. I should had been left 1 5. And I ask him why and I get different excuses. Iam iam intitled to it we been together for 28 yrs . It's in anniutyy.
Sometimes the SAP will be better than the Life insurance. If you come down with let's say cancer or had cancer before you retired , trying to get life insurance will be very hard. Was told this by a retired enployee who went thur it. Have to weight all the options out there. Enjoy the info you but out.
I am retired did not select the SAP, but my wife is still on my health insurance for The past 20 years. you might want to look into this. check the facts..
My husband air force vet we been married 27 years .And I found out he was having affair he clean out bank account..He made over 140 to 180 200.000 a year for we 7 an DC his financial advisor says iam not entitled to the 600.00 that missing ..no cking ..no saving. No house no car where my money a.c annuity for 27 should be 1.8 million . H ed been married 7 times .They had me sign a paper that they would nt tell me what it was cuz I could nt find my glasses .What they had me sign I don th know cuz the financial guy saying what paper . I need help with getting rid of this ken Jordan that screwing me..iam 57 he was 68 and he was narrsist and I was abused where I could n th even leave.
Please answer Darnells question? Does a person get health care for spouse if they elect no spousal benefit while alive??
Educational video awesome thanks. How many types of Life Insurance out there? Any chance of getting back what contributed into a Life Insurance?
I am a federal employee and so is my spouse…I plan to retire 1st…but not sure if I need the annuity
I know this video is a couple of years old, but please provide a link to support your claim that "if you are going to have your spouse remain on your health insurance in retirement, you must choose a survivor annuity plan." I have seen this mistake made by multiple federal retirement specialists, and I am baffled by it. This information from OPM makes no mention of the annuity plan: https://www.opm.gov/retirement-services/fers-information/eligibility/. Unless you can show otherwise with source documents, I think you should clarify to your audience that a spouse can actually continue to receive health insurance in retirement even if the retired employee elects no survivor annuity. However, if the retired employee dies before the spouse, then the spouse will no longer be eligible for health insurance if no survivor annuity was chosen. It's a SURVIVOR annuity…the rules only kick in if the federal employee dies…unless you can show otherwise, the survivor annuity has no effect on health insurance while the retired employee is still alive.
If I'm divorced can my ex spouse get part of my aunnity. I'm now remarried
Hi, Cooper! Outstanding and informative video, as always! I'm debating whether to keep my wife on FEHB when I retire in 4 years or to opt for private health insurance. Since the FEHB option for spouse is contingent on taking a survivor annuity (5% or 10%), I was wondering whether the extra cost would indeed be worth it. A couple of facts: my spouse and I are close to a seven-figure nest egg and I will likely outlive her, though we are both in good health. Any thoughts?
I get what you are saying and it will be worthwhile to "do the numbers." One plus, as I understand it though, is that if a retired federal employee selects the retirement annuity, the surviving spouse is still eligible to receive their healthcare through the Feds.
Hi Cooper , I was wondering if you ever finish writing the C-Fund guide you were working on?
I am a federal employee, but I am divorced now but according to the divorce agreement my ex spouse can purchase a survivor annuity. So how does that work,
Another fantastic video, Cooper! This is the reason I recommend ONLY your channel to federal employees! Definitely something for people to think about. The health insurance benefit is so huge, though, so electing zero is a very tough option. Maybe the 25% option and buy life insurance with the difference might be worth it. Up to the spouse I guess since they have to sign off on anything less than the 50%.
The best is if your spouse is a federal employee, too. Elect zero survivor benefit and still get the health insurance!
(Unfortunately, I see the health benefit going away eventually–it's just too good of a benefit that no one else really gets any more–there has been some rumblings of that in Congress already.)
One minor point that might help a very tiny sliver of FERS people out there– a child can receive the survivor benefit if under 18, under 22 if still in college, or disabled at any age, if disabled before age 18. However, it is reduced by the SSA benefit, and in a lot of cases is reduced to zero. But for someone with a disabled child, it might be worth looking into. Also, a former spouse can get it if certain conditions are met.
Great info Cooper as usual. Keep them coming because the horizon is always changing – or so it seems. 🙂