Any experience with decreasing Survivior's Annuity % ? I am in interim status

[anniedreamer]

Hi,
I retired April 1, 2012. I am considering reduction my spousal Survivor Annuity election from 55% to maybe 35-40%. Although a Fidelity Financial Planner told us it is "no brainer" to elect the full spousal annuity from a pure financial perspective, my husband and I now think we would prefer to have the money now to enjoy. We are in very good shape financially and if I predecease my husband, he may not need the full 55% as he has a well-funded 401K with his private employer with plenty to leave to heirs. We are both in our late 50s.

Any thoughts and experience with reducing/changing your spousal survival annuity election while in interim status or within in the 30 day deadline of getting your first full OPM retirement check?

Thank you for sharing your experiences. This is my first post!! I've been lurking and reading for several years.

Annie

Note: pg 7-8 of the SF2801 instruction pages say it is possible to make a change after the retirement application is submitted to the HR Office

 

[nasa1974]

Hi,
I retired April 1, 2012. I am considering reduction my spousal Survivor Annuity election from 55% to maybe 35-40%. Although a Fidelity Financial Planner told us it is "no brainer" to elect the full spousal annuity from a pure financial perspective, my husband and I now think we would prefer to have the money now to enjoy. We are in very good shape financially and if I predecease my husband, he may not need the full 55% as he has a well-funded 401K with his private employer with plenty to leave to heirs. We are both in our late 50s.

Any thoughts and experience with reducing/changing your spousal survival annuity election while in interim status or within in the 30 day deadline of getting your first full OPM retirement check?

Thank you for sharing your experiences. This is my first post!! I've been lurking and reading for several years.

Annie

Note: pg 7-8 of the SF2801 instruction pages say it is possible to make a change after the retirement application is submitted to the HR Office

Congratulations on your first post. Welcome. Tough question and I would guess your best answer would come from someone that has a strong finacial background. My question is would you need the money 10, 15 or 20 years from now maybe for assisted living or something like that. Financially set for the long term enjoy the now.

 

[Stoplight]

Welcome, Annie !

I don't know what Agency you retired from, but if I were you, the first call I'd make would be to the real live person in HR at your agency that you worked with on your pre-retirement paperwork. Not snail mail or email ; a phone call They should be able to steer you in the right direction...."It's not WHAT you know, but WHO you know !"

Just as an example : when my Brother retired, he didn't get his first 2 interim payments from OPM...no joy getting it resolved through OPM, but when he called his Agency retirement counselor, she got mad, and within a few hours had it straightened out ! She knew what buttons to push to get things resolved.

Post again, and let us all know how things work out !

Stoplight...