Can retirement plan be changed?
I met and am going to marry my fiancee who is retired. he choose a retirement plan before me met. since he was single at the time he choose the plan accordingly. can he change that plan so i can draw from it in the event he dies before i do after we are married.
I'm sure you realize I really can't answer that as all plans have their own retirement plans. Please have him inquire with the plan administrator.
My guess is that most pension plans won't allow a change after retirement... especially with today's economic woes. The pension has previously been calculated (at time of retirement) using actuarial methods and funding over his expected lifetime.
If you were married when he retired, he might have taken a reduced pension, based on both ages and life expectancies, so that the plan was paying out the same amount of money over his lifetime.
Think about it - makes sense as a single person gets the full pension for one lifetime. The married couple is assured that pension payments continue over two lifetimes -- thus the reduction, so the plan doesn't bear the extra burden.
Wendy's other site... because Aging Matters!