Ask Experts Questions for FREE Help !
Ask
    SHOTSI's Avatar
    SHOTSI Posts: 3, Reputation: 1
    New Member
     
    #1

    Mar 22, 2010, 03:06 PM
    My husband is 46 and working if he were to passaway do I receive a pention
    If my husband were to pas away do I get any ss or pention from his job considering he's only 46 year old
    cdad's Avatar
    cdad Posts: 12,700, Reputation: 1438
    Internet Research Expert
     
    #2

    Mar 22, 2010, 05:00 PM

    Social Security yes. When your retire you can draw from his. As far as a pension goes you can't have anything unless he is putting into one already.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #3

    Mar 22, 2010, 05:37 PM

    This depends on the terms of the company pension. You need to review the plan documents.
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
    Expert
     
    #4

    Mar 22, 2010, 05:41 PM

    Most companies don't have a "pension" plan anymore, they do have IRA or 401K plans that the employee puts money into, does he have one for these
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #5

    Mar 22, 2010, 06:06 PM

    If he has a defined contribution plan (like a 401k) then it goes to the named beneficiary of the plan. If it's a defined contribution plan, then it depends on the terms of the plan whether you get anything out of it.
    Kitkat22's Avatar
    Kitkat22 Posts: 6,302, Reputation: 1191
    Uber Member
     
    #6

    Mar 22, 2010, 06:11 PM

    Is your husband sick? He's only forty-six, why do you think something is going to happen to him?
    ebaines's Avatar
    ebaines Posts: 12,131, Reputation: 1307
    Expert
     
    #7

    Mar 23, 2010, 05:56 AM
    Quote Originally Posted by Kitkat22 View Post
    Is your husband sick? He's only forty-six, why do you think something is going to happen to him?
    Kitkat - It is a really good idea to know what insurance, pension, retirement benefits, etc are in place for you in case your spouse were to die. It's part of good financial planning, and with proper planning at least the financial trauma of a loved one passing away can be lessened somewhat.
    J_9's Avatar
    J_9 Posts: 40,298, Reputation: 5646
    Expert
     
    #8

    Mar 23, 2010, 06:07 AM
    Quote Originally Posted by califdadof3 View Post
    Social Security yes. When your retire you can draw from his.
    Kind of. The surviving spouse gets the higher of the two social security checks, you can't draw from both.
    twinkiedooter's Avatar
    twinkiedooter Posts: 12,172, Reputation: 1054
    Uber Member
     
    #9

    Mar 23, 2010, 05:08 PM

    Also, you need to be married at least 10 years at the time of the person's death for you to try and collect off his SSR account.
    SHOTSI's Avatar
    SHOTSI Posts: 3, Reputation: 1
    New Member
     
    #10

    Mar 24, 2010, 06:29 PM
    Quote Originally Posted by Kitkat22 View Post
    Is your husband sick? He's only forty-six, why do you think something is going to happen to him?
    Yes he has a heart condition since birth.
    SHOTSI's Avatar
    SHOTSI Posts: 3, Reputation: 1
    New Member
     
    #11

    Mar 24, 2010, 06:33 PM
    Quote Originally Posted by ScottGem View Post
    If he has a defined contribution plan (like a 401k) then it goes to the named beneficiary of the plan. If its a defined contribution plan, then it depends on the terms of the plan whether you get anything out of it.
    Thank you ,the information was very helpful.
    Kitkat22's Avatar
    Kitkat22 Posts: 6,302, Reputation: 1191
    Uber Member
     
    #12

    Mar 24, 2010, 06:54 PM
    Quote Originally Posted by SHOTSI View Post
    yes he has a heart condition since birth.

    I'm very sorry for your husbands heart condition! Hope the people here have helped you! Blessings:)
    KISS's Avatar
    KISS Posts: 12,510, Reputation: 839
    Uber Member
     
    #13

    Mar 24, 2010, 08:36 PM

    If there is a pension plan, by law you have to be vested after 5 years in the plan. Check terms of the plan.

    I never thought of it, but you may have to be collecting in order for a portion of the benefits to be transferred to the spouse. You may have to make an irrevocable selection once the pension or disability pension is about to start. An example of an election is an eligible survivor (e.g. spouse) is entiled to 50% of the pension or say for a 3% pension penalty 75% of the pension goes to the eligible survivor. Age or years has to be met. e.g. Can collect pension after 25 yrs service and any age, a reduced pension between 25 and 30 yrs or a full or reduced pension when you reach retirement age.

    I believe that SS has to be set up the same way, with a right of survivorship with some sort of penalty.

    In any event, if he passed away, you may not be able to collect until the year he would have reached retirement age unless disabled.

    IRA's have special rules too. I know you can inherit them as your own or, I believe, you can start withdrawing the RMD (Required Min Dist) at the time of death without waiting for age to kick in.
    jaberob's Avatar
    jaberob Posts: 3, Reputation: 1
    New Member
     
    #14

    Mar 26, 2010, 04:14 PM
    Quote Originally Posted by SHOTSI View Post
    If my husband were to pas away do i get any ss or pention from his job concidering he's only 46 year old
    I suppose you are referring to a private pension. There are 2 options. Your husband needs to ask the pension provider for an beneficiary form. In that form he has to specify the name of the person who he wants to get the benefit of his policy if he dies. The problem is that this is NOT legally binding. The pension provider just takes that into consideration.

    The second option is putting the pension in trust where the beneficiary of the trust would receive the benefits of the policy in case he dies BUT you must go to an Independent Financial Advisor or a firm of solicitors. They will explain to you the legal consequences of doing this. This option is legally binding. You must also consider whether there is a will in place or not, the type of policy and if there are any children.

    You must do something, if he dies it does not go to you automatically. It depends of the circumstances
    Kitkat22's Avatar
    Kitkat22 Posts: 6,302, Reputation: 1191
    Uber Member
     
    #15

    Mar 26, 2010, 06:19 PM
    Quote Originally Posted by jaberob View Post
    I suppose you are refering to a private pension. There are 2 options. Your husband needs to ask the pension provider for an beneficiary form. In that form he has to specify the name of the person who he wants to get the benefit of his policy if he dies. The problem is that this is NOT legally binding. The pension provider just takes that into consideration.

    The second option is putting the pension in trust where the beneficiary of the trust would receive the benefits of the policy in case he dies BUT you must go to an Independent Financial Advisor or a firm of solicitors. They will explain to you the legal consequences of doing this. This option is legally binding. You must also consider whether there is a will in place or not, the type of policy and if there are any children.

    You must do something, if he dies it does not go to you automatically. it depends of the circumstances
    Hope evryone answered your question.:)

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Will I receive back child support if my ex husband receives a retro active disability [ 2 Answers ]

My ex husband owes a large amount of back child support to me. He may be receiving a large payment of retroactive disability payments. Will my child's back support payments be taken from this amount

Working for husband to be [ 2 Answers ]

My fiancée and I have been together for over seven years. We have a child together who is almost 3. I have a great job. Good money. Great benefits and perks. He has a great job, great benefits and travels a lot. Q: over the past few years, he's been asking me to quit my job and work for...

Coping with a husband who is no longer working [ 4 Answers ]

Hello 3 years ago my husband stopped working and aside from voluntary work, he has not worked since. As time goes by, I am finding it hard to cope with a husband who is not working as well as a full-time job. Aside from leaving him, and I do not really want to do this, what else can I do?

Getting my husband working papers [ 2 Answers ]

Me and my husband where just married about a month ago. He is from England and here on a J-1 student visa. We really need for both of us to be working, right now we are living with my parents and going crazy. I have downloaded the packet of forms that we need to file and have mostly filled them...


View more questions Search