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A few months ago I had posted on here about a cousin's MIL, who was unaware that she had to "set up" her pension plan in order (of course) to receive the monthly benefit/payout.


UPDATE on the situation:


I recently saw my cousin again and I brought up the subject of his MIL's pension plan, which was just sitting there---meaning she was not receiving the monthly benefit. She said to my cousin "Well, I really DID NOT NEED THE MONEY,' which was a ridiculous statement on her part since she had worked all of her life to build up the pension plan.


My point: elders' need the assistance of their adult children to make them understand fully that something like this (THEIR MONEY) is received.

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Hopefully or ideally this could be considered while one is nearing eligibility. My husband is 68 and has been planning the timing of his for several years. We haven't needed to involve our adult children as we are still sound of mind. I am 62 and am aways from taking mine but thank you for this question as I think I will start to familiarize them in the event of a life altering event.
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Riverdale: My point was when elders' brains are not very lucid, they do not know that they must "activate" the pension plan monthly payout in order to be able to receive it. That is good that you are of sound mind. This lady was NOT AT ALL. In fact, in addition to not setting up her payout for her pension plan, she had let her motor vehicle FOR ID PURPOSES ONLY expire. Then when it came time for her SIL to obtain DPOA, that put a wrench in the works since it is needed by the notary public.
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Does she realize there is no retro payout. When she finally signs up, it will be from that point on.
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JoAnn29: She had no clue about any of it. And yes, her SIL did set it up for her so that she'll be able to get the retroactive payout, too.
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I do not need mine yet. I am waiting till age 70 to get the bigger payout. I can visit my benefit website, plus I get calls each year from my benefits agent.
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MACinCT: Many elders do NOT know they must "activate" the payout.
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