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Posts tagged "Division of Pensions"

How many workers get defined pension plans?

It used to be quite common for private sector workers to get defined pension plans that allowed them to retire and know that they were financially secure. After putting in enough years for the company, they knew that the company would take care of them after retirement.

Late divorces may not leave time to correct for mistakes

If you are thinking of getting divorced after you turn 50, you really have to think about your financial future. You cannot afford to make any mistakes. It's important to get it right the first time around, and you must explore all of your options.

Does getting remarried impact a divided pension?

Your spouse worked for 30 years to build up a pension, and you were married for 15 years of that employment. When you got divorced, you got a qualified domestic relations order (QDRO) saying that you got 50 percent of your spouse's pension for that 15 years. In total, it's about 25 percent of the entire pension.

Protecting a pension using a prenuptial or postnuptial agreement

If you are planning to get married in New York, you need to think about how you will protect every asset you bring into the marriage. Even if you believe the marriage could never end in divorce, it's still a good idea to have a plan in place to protect yourself should the unthinkable happen. This is best done using a prenuptial agreement. One important item to protect in that agreement is your pension.

Consent required when changing retirement account beneficiary

Retirement accounts are some of the biggest benefits of employment. Many companies will do all they can to match the contributions of their employees into retirement accounts. Some will go above matching the contributions as a way of enticing candidates to accept job offers. Let's take a look at how you can change the beneficiary of a retirement account in today's post.

Explaining alternate payee of a qualified domestic relation order

Alternate payee is a term that has been used for quite a while now and it isn't going anywhere anytime soon. This term is used when discussing pensions and who can qualify to receive the benefits of your pension when it comes to a Qualified Domestic Relation Order (QDRO). Let's take a look at the alternate payee so you can understand what it's all about.

Moving a pension when you change jobs

Working in a job that provides you with a pension is one of the major benefits of your chosen profession. A pension will ensure that you get to retire at or before the retirement age of most other professionals and not have to worry about having enough money in retirement. Most people earn their full pension after working 25 years in their profession. Here is some information on how to move a pension when you change jobs in New York.

Taking your pension: Lifetime payments versus lump sum

You've worked at least 25 years in a profession that offers a pension as a retirement plan. You have decided that it's time to retire. So, what do you do with that pension you've been paying into for most of your adult life? Do you take it all in one lump sum or do you opt for the lifetime payments? This can be a very difficult decision to make in Oneida. Let's take a look at both options so you can make an informed decision.

Explaining the survivors pension in New York

Pensions are important accounts that public employees and members of the military earn during their time employed and while serving the country. These accounts are handed down by the holder to the beneficiary, typically a spouse. There are ways that the pension can be left to a dependent child. It all depends on the situation. If you've never heard of the survivors pension, we will explain it in today's post.

Tips for choosing beneficiaries of your pension

For those of you who work in professions that offer pensions for your retirement, you need to know the best ways to choose beneficiaries. Each person will make different choices. Some of those choices could be detrimental to your estate. Here are some important tips for choosing the beneficiaries to your pension in Oneida, New York.

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