Recently…

I have had the pleasure of working with people employed by both state and Raleigh county board of education who are nearing retirement. As many of you know, there are options that you must elect when you decide to retire. Those options include a single life income, a joint and 100% survivor benefit, a joint, 50% survivor benefit, a 10 year certain and life benefit. The single life benefit provides the highest monthly income, but when you die, your spouse and family are effectively disinherited. The other options have a benefit continuation. Sounds good, right? Well, here’s the caveat. There is a cost for the survivor benefit. The first cost is a reduction of your benefit in order for your spouse to have a continuing monthly income. I have seen reductions of between $400 to $600 per month to the retiree’s income. Now here’s the “killer”! If you choose the joint and survivor option and your spouse dies before you, you have given up potentially thousands of dollars and no one will ever see a benefit from it! Fortunately, there a way to give your spouse a survivor income without all the downside problems! Give me a call! 304-250-0250 office 304-237-1573 cell