Many people work with one company throughout their entire professional life, and one of the many benefits of this career path is the inclusion in their employer’s retirement plan and pension. Retirement insurance, the coverage additional to Social Security, is mainly associated with employment of one’s own or a spouse. Retirement insurance is one part of total insurance coverage that must be thoroughly understood and considered prior to the actual day of retirement. The insurance professionals at NY Twin Bridges Insurance Agency are here to help our clients in the greater Albany, NY area understands it all.
In addition to retirement, divorce and death of a spouse are the two most impactful events on retirement plans and insurance. It is unwise to assume that all claims to Retirement Insurance as null and void in the event of divorce. It is different in every case, and the main deciding factor is the length of the marriage. If the marriage spans decades and is ended close to retirement age, it is possible that the spouse may have a claim for the benefits of the Retirement Insurance. If the marriage has lasted one or two years, it is a lot less likely that the former spouse will be able to claim any of the benefits.
Retirement Insurance can make a very large difference in the way that retirement is spent and how stable and secure it will be. As each case is different, it is important to meet with an insurance professional to understand what your benefits are and how to use them.
If you are located in the Albany, NY area and have questions, contact us at NY Twin Bridges Insurance Agency to learn more about how we can help you to better understand how Retirement Insurance will affect you.