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Retirement Planning


Whether you are close to federal employee retirement or just starting out in your career, this is the place to share ideas with your federal colleagues on creating a secure financial foundation.


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DI  
#1 Posted : Monday, July 15, 2019 11:56:40 PM(UTC)

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I'm retiring at the end of the year. I have VA and TRICARE for health care for myself and spouse. I'm trying to decide whether to pay for the SBP. My SS will kick in for my wife should I die and she has substantial assets also.

Has anyone else decided not to elect the SBP? What was your deciding factors?


Thanks.
TheRealOrange  
#2 Posted : Tuesday, July 16, 2019 3:05:07 AM(UTC)
TheRealOrange

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Originally Posted by: DI Go to Quoted Post
I'm retiring at the end of the year. I have VA and TRICARE for health care for myself and spouse. I'm trying to decide whether to pay for the SBP. My SS will kick in for my wife should I die and she has substantial assets also.

Has anyone else decided not to elect the SBP? What was your deciding factors?


Thanks.

It seems to me that you have considered the two "usual" major factors: (1) your spouse will have health insurance and does need the FEHB; and, (2) your spouse has substantial assets and does not need the spousal survivor annuity. If the "substantial assets" may not be enough to last your spouse's lifetime, then that should be considered. The final consideration is your spouse's wishes. To avoid the reduction to provide a survivor annuity, your spouse must consent: "If a retiree who is married at the time of retirement does not wish to provide the maximum current spouse survivor annuity, he or she must obtain the spouse's consent. Spousal consent must be given on SF 2801-2, Spouse's Consent to Survivor Election. OPM regulations require that spousal consent be given by completing the OPM consent form before a notary public or other official authorized to take oaths."
DI  
#3 Posted : Tuesday, July 16, 2019 5:38:03 AM(UTC)

Rank: Newbie

Groups: Registered
Joined: 6/27/2010(UTC)
Posts: 3

Originally Posted by: TheRealOrange Go to Quoted Post
Originally Posted by: DI Go to Quoted Post
I'm retiring at the end of the year. I have VA and TRICARE for health care for myself and spouse. I'm trying to decide whether to pay for the SBP. My SS will kick in for my wife should I die and she has substantial assets also.

Has anyone else decided not to elect the SBP? What was your deciding factors?


Thanks.

It seems to me that you have considered the two "usual" major factors: (1) your spouse will have health insurance and does need the FEHB; and, (2) your spouse has substantial assets and does not need the spousal survivor annuity. If the "substantial assets" may not be enough to last your spouse's lifetime, then that should be considered. The final consideration is your spouse's wishes. To avoid the reduction to provide a survivor annuity, your spouse must consent: "If a retiree who is married at the time of retirement does not wish to provide the maximum current spouse survivor annuity, he or she must obtain the spouse's consent. Spousal consent must be given on SF 2801-2, Spouse's Consent to Survivor Election. OPM regulations require that spousal consent be given by completing the OPM consent form before a notary public or other official authorized to take oaths."



Thanks for the quick reply. Yep, we trying to decide this together based on all the factors that may weigh into it.
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