Food Life Insurance Pension Benefit 
Money Talk
JANUARY 4, 2024
Life Insurance - This is money transferred to a beneficiary via a deceased person’s life insurance policy. Like inheritances, life insurance is generally not subject to income tax. Public Benefits- This is cash or services provided by government or non-profit agencies.
Money Talk
SEPTEMBER 12, 2024
If the husband dies first, the wife is left with $1,250 (50% of husband’s pension), $800-wife’s pension, and $2,000 (highest Social Security) for income of $4,050 ($48,600 annually). This is a 40% “haircut,” which some couples cover with spousal gifts, annuities, and/or life insurance.
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