Survivor annuity benefits are only available to a spouse, not children. Once both the retiree and spouse have passed away, those benefits end, and if the spouse passes away first, the annuity deductions paid toward that coverage are lost. A separate estate plan is needed to provide for children long-term.
Video Transcript
Read the full transcript107 words
Federal employees with kids often want to know whether their retirement benefits extend beyond their spouse. The answer, unfortunately, is no.
Survivor annuity benefits are only available to your spouse. When you and your spouse pass away, those benefits are complete, and no one else can receive them. Should your spouse pass before you, these annuity deductions are lost and can't be recovered.
Factoring your children and estate plan into your overall financial plan is critical to achieving your goals. Make sure you talk to a financial advisor to see what options allow you to leave the most for those you want to provide for long term.
Ready to review your plan?
These videos cover the general rules. Your numbers are specific to you and need guidance tailored to your situation and goals. Schedule a call with an advisor and walk through your plan.
Schedule Your CallThe content in this library is provided for educational and informational purposes only and does not constitute investment, tax or legal advice, or a recommendation to buy, sell or hold any security or to pursue any particular strategy. It does not take into account your individual objectives, financial situation or needs. Investing involves risk, including the possible loss of principal. Rules governing federal benefits, the Thrift Savings Plan, Social Security and taxation are subject to change, and information presented may not reflect the most current guidance. Consult a qualified professional regarding your own circumstances before acting on any information presented here.