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Federal Employees Benefits Q &A

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RodOrRob  
#1 Posted : Sunday, December 16, 2018 8:11:37 PM(UTC)
RodOrRob

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Mr. Ed Zurndorfer,

Older Husband (by 2.5 years) can retire at MRA from USPS with 32+ years in 2023.
Younger Wife can retire at MRA from USPS with 34+ years in 2026.
Wife plans on taking over FEHB in 2022 open season (for 2023), Husband has carried FEHB entire career.

Husbands current estimate shows both the unreduced annuity amount and a 10% deduction costing $177/month ($2124 yearly) for the 50% survivor benefit.

Does it make any sense to elect a survivor benefit for either employees annuity? Reading it can be waived if spouse signs off.

Thanks for your time.
Ed Zurndorfer  
#2 Posted : Monday, December 17, 2018 3:22:48 AM(UTC)

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If the two of you as a married couple are depending on both your incomes in order to sustain a particular lifestyle (pay a mortgage, put food on the table, support children, etc.), then giving each other FERS survivor annuities makes financial sense. Of course, you can name each other as beneficiary of your TSP accounts, life insurance policies and there is the Social Security widow/widower all of which will help the surviving spouse survive financially in addition to, or as a substitute, for a survivor spousal FERS annuity.
roger.d  
#3 Posted : Monday, December 17, 2018 11:29:12 AM(UTC)
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Would the FEHB need to be in place for 5 years for the wife in order to carry the coverage into retirement?

2023 to 2026 would only give 3 years of continuous coverage.
Learn to discipline yourself, so someone else doesn't have to
Ed Zurndorfer  
#4 Posted : Monday, December 17, 2018 11:37:43 AM(UTC)

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No. The wife would have fulfilled the "5 year" FEHB requirement by being covered for two years (2021-2022) under the husband's FEHB coverage (self plus one or self and family coverage) and then three years under her own (self only) or if covering the retired husband (self plus one) coverage.
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