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Her husband worked hard and built a stable retirement for them, and then he died. Most women are unsure what happens to their husband’s pension should he pre-decease her. Will it continue? Will it be reduced? Will it stop?
Untold millions of women face the problem of insufficient income because their spouse made the wrong choices when selecting pension retirement options. The same mistake can also be made when choosing the wrong income option with an annuity.
Annuities, which are insurance products, are a reliable means to retirement security, but if the annuity does not have survivor benefits, the retirement time for a surviving spouse can be a brutal one.
If the retirement account is for both husband and wife's safe and secure retirement income, consider options that will continue when one spouse dies.
One very popular choice is a life income refund option. The annuity pays the annuitant (retiree or retirees) an income for as long as they live, but if they die early, the unused funds are inherited by their named beneficiary. The option is also known as a refund annuity.
The time period option. Based on the needs of the person or couple, a fixed-term annuity can be used. The period can be almost any time period desired; ten years, twenty years, even more, extended periods are available. In the event of death before the time period selected, the remaining funds continue the payout to the named beneficiary until the original time period is fulfilled.
Here is a link for more information about income options: http://gulfnews.com/business/your-money/how-to-make-sure-women-have-a-pension-1.1197897
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