Question:
I just discovered your podcast in January and I’m so glad I did. I hope you don’t mind me addressing you by your first name, it’s just that you are so personable in your podcasts that it’s like we’ve become friends. 🙂 Your enthusiasm and passion for helping others is very apparent and comes through each presentation. And, you explain things in a way that makes the information very understandable. Thanks to you, I’ve learned so much! I’ve also shared your podcast with many of my coworkers.
I am an unmarried widow of a retired service member and receive military survivor benefits and VA benefits for my husbands service connected death. I’m also a current Federal employee as well. I’m hoping to retire in December 2022 at the age of 62 with 23 years of service. I’m one of those take social security early while I can kind of thinkers and I plan on taking social security at that time. Based on some reading I’ve done, I think I’m able to take my husband’s social security instead of my own. His benefit would more than likely be higher than mine since I was a stay at home mom for 16 years before returning to the workplace and he was an Army officer for 24 years.
I’ve heard you mention several times the Social Security System is very complex, so my question to you is who does one turn to for answers to social security questions? Is this a service you provide?
Another question I have is in regards to my TSP. My two adult daughters are my beneficiaries. If I were to pass is the money paid out to them, or do they have the option of having the money rollover into their own IRA accounts? My contributions have all been traditional, tax deferred. I did this because I assumed I would be in a lower tax bracket in retirement. I can only imagine a significant chunk of the TSP money will go to taxes if my beneficiaries don’t have the option to roll it over. Are there any other options that I should be considering?
Thank you in advance for your time. I look forward to listening to your future podcasts.
Answer:
Social Security Survivor Benefit Question
If your spouse has already passed then you may be eligible for Social Security survivor benefits as early as age 60.
One of the cool things about survivor benefits is that you can start survivor benefits while also delaying your own benefit. Once your own benefit has grown to your desired amount then you can switch over to your own benefit.
TSP Beneficiary Question
When your TSP goes to a beneficiary that is a spouse then they will be able to keep the money in the TSP but non-spousal beneficiaries won’t be able to. They will have to roll the TSP into an inherited IRA which they’ll need to empty within 10 years (in most cases).
