Retirees and Spouses
Already retired, or planning together?
Retirement does not end the decisions. It changes them. This page is for recent retirees, and for couples who want to plan as a team.
Turning your TSP and old 401(k)s into a paycheck
Once the paychecks stop, the question changes from how much you saved to how it pays you, month after month, for as long as you need it.
Many families hold savings in several places: the TSP, 401(k)s from past jobs, IRAs, and the bank. The order you draw from them can change how much you pay in taxes and how long the money lasts.
Questions worth answering
- Which account should you draw from first, and why?
- Do old 401(k)s from past jobs still make sense where they are?
- How much of your monthly income would still arrive if the market dropped?
Strategies to discuss include setting aside part of your savings for guaranteed lifetime income with a fixed or fixed indexed annuity.*
Ask Mary about this in your free reviewProtecting your spouse: survivor questions every couple should answer
Most couples plan for retirement together. Fewer plan for the years one of them may spend alone. These answers are worth knowing before you need them.
Questions worth answering
- If one of you dies first, how much income does the other keep?
- What survivor benefit was chosen at retirement, and what does it provide?
- Will the surviving spouse keep health coverage?
- Are the beneficiaries on every account and policy up to date?
Not becoming a burden: planning for long term care
It is one of the fears Mary hears from families: becoming a burden on the people they love.
Planning ahead keeps the choices about your care in your own hands, instead of leaving them to your children.
Questions worth answering
- If you needed care at home or in a facility, how would it be paid for?
- Would paying for care reduce what your spouse has to live on?
- Who would make decisions for you if you could not?
Options to discuss include long term care insurance, and life insurance that can help pay for care.
Talk this through in a free reviewKeeping it in the family: beneficiaries and revocable trusts to discuss
A will, a beneficiary form, and a revocable trust each do a different job, and they do not always say the same thing. Beneficiary forms are easy to forget after a marriage, a divorce, or a loss.
Trusts are legal documents prepared by an attorney. In your review, Mary helps you understand the questions worth asking, so you can decide whether a trust is worth discussing further.
Questions worth answering
- Do the beneficiaries on your TSP, life insurance, and other accounts match your wishes today?
- Would your family face probate, and would that matter to you?
- Is a revocable trust worth discussing for your family?
Guarantees are backed by the financial strength and claims paying ability of the issuing insurance company.
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