My Father, bless his heart, only had a grade school education -- Depression times -- but he was very financially savy -- all self taught. He worked in a plant, as well as owning a hobby farm, and he checked out the paper work for his pension. He noticed that for a small amount more on the premium he could make sure that my Mother got the full pension for the rest of her life in the event of his death. He went right up to the office and made the change in the paper work. As a result, my Mother got a good pension -- the full pension after his death. Dad also fortunately was smart enough to take early retirement and enjoyed 20 yrs. of retirement on his farm. I remember him saying he told several other men who worked at the plant with him, and they went up to the office and made the changes too. No doubt many widows were comfortable just because my Dad paid attention to anything he signed, and he was kind enough to warn others. We have often said how his thoughtfulness made it easier for us after his death at 83. I made sure all my paperwork is in order so it will benefit my family as much as possible after I "depart". One thing I warn everyone about is not to buy an annuity if you have any heirs you care about, because there will be no capital left for them after your death. You can set up an accout with them as the beneficiary, and/or name them in your will just as easily. When insurance companies sell annuities they do not explain this very well for good reasons. Upon your death they get everything.
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