03 May Am I entitled to my husband’s pension while he’s alive?

Q. My husband and I live in New Jersey. My husband retired in 1996 from his job in New Jersey and has been collecting his pension since then to the present time. I was told that I would be entitled to 50% of his pension upon his death. Am I entitled to receive my portion of his pension while he is alive or only upon his death?
— Pensioner, soon maybe

A. Pensions often offer several payout options.

For married couples, it’s common for a worker to take a reduced pension payment to ensure a surviving spouse will continue to get a check after the worker died.

So when your husband retired, he probably had several choices, said Michael Maye, a certified financial planner and certified public accountant with MJM Financial in Gillette.

“Based on what you said, rather than select a larger benefit, he selected a lower monthly amount to receive while alive so that when he passed away you would be entitled to 50% of his benefit when he passes away,” Maye said. “So you, as the survivor, will not be entitled to the 50% survivor benefit until he passes away.”

To make sure you understand how the benefits work and what his payout options were, you should contact his human resources department. It’s unlikely he can make a change if he’s already started receiving the payments.

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This story was originally published on May 3, 2021.

NJMoneyHelp.com presents certain general financial planning principles and advice, but should never be viewed as a substitute for obtaining advice from a personal professional advisor who understands your unique individual circumstances.