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View Poll Results: If either my spouse or I should die what impact will it have on the surviving spouses retirement inc
If my spouse dies my income will go down 16 38.10%
If my spouse dies my income will go up(substantial insurance). 6 14.29%
If my spouse dies it will have little impact on my income 12 28.57%
If I die my spouse's income will go down 6 14.29%
If I die my spouse's income will go up 6 14.29%
If I die my spouse will have little impact on their income 8 19.05%
Not something I have planned on or care to share 4 9.52%
Multiple Choice Poll. Voters: 42. You may not vote on this poll

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Old 04-14-2012, 10:00 AM
 
29,833 posts, read 34,918,975 times
Reputation: 11752

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Ok another poll and discussion that relates to a topic not often directly mentioned but is key to many of our discussions. How will our retirement plans be impacted by the death of either spouse. What impact would your death have and what impact would your spouses have on you. You can vote more than once. Things like pension distribution decisions, social security distribution timing, insurance and accumulated wealth benificiary assignments and perhaps most importantly for some insurance etc.

Last edited by Keeper; 04-16-2012 at 08:41 AM.. Reason: fixed it.. next time you can report and ask it to be fixed
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Old 04-14-2012, 10:25 AM
 
Location: Chicagoland
1,802 posts, read 1,659,840 times
Reputation: 1640
Yes...
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Old 04-14-2012, 04:36 PM
 
Location: Lexington, SC
4,281 posts, read 10,755,029 times
Reputation: 3717
I did vote if spouse dies my income will go down.

That is only short term (less then 30 days) as I will then start drawing down some IRA's, mutual funds, stocks, etc. to compensate for the loss when (not if) needed. Now one might say well how long will that last but at my age (70) I do not see it as a major concern. Yes it depends on how much one has to draw down from...and that is more personal then I will discuss on an open forum.....LOL.
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Old 04-14-2012, 07:43 PM
 
Location: Near a river
16,042 posts, read 19,007,999 times
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Money would not be the primary thing on my mind if I were to lose a beloved. I would probably endure destitution if necessary and not care.
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Old 04-15-2012, 12:56 AM
 
Location: Alaska
5,356 posts, read 16,365,394 times
Reputation: 4024
Income will go down because of loss of SS and a reduced survivor benefit on the pension. By the same token, some expenses will go down too.
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Old 04-15-2012, 07:14 AM
 
Location: Baltimore, MD
3,746 posts, read 4,226,506 times
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Quote:
Originally Posted by newenglandgirl View Post
Money would not be the primary thing on my mind if I were to lose a beloved. I would probably endure destitution if necessary and not care.
That may be true, but highly unlikely. A destitute widow not only loses a part of herself (if married for a significant amount of time) but no longer has someone to provide the essentials for the remainder of her life. Talk about a double whammy!
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Old 04-15-2012, 07:30 AM
 
29,833 posts, read 34,918,975 times
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If a married couple enters retirement unless death occurs by accident at the same time isn't it sorta inevitable that one will die before the other and needs to be planned for?
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Old 04-15-2012, 07:47 AM
 
29,833 posts, read 34,918,975 times
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Our current retirement is a floor that neither of us would fall below. We have survivor rights to each others pensions and she is collecting SS which is lower than what mine would be now and consequently below what mine will be when I start collecting. This is all absent investments. We started out being retired on just our pensions so that would be a floor to be able to build on successfully. Nursing home costs for either of us widowed is a cinch and should be for both of us at the same time.
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Old 04-15-2012, 08:30 AM
mlb
 
Location: North Monterey County
3,196 posts, read 2,867,487 times
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I am the primary breadwinner. I have the pension and the 401K. We each have Roths and a shared money market.

I have not yet selected which pension allotment to choose (getting less money in pension if husband gets benefit after I die).... and the difference in plans is substantial. Hopefully at retirement we will have a better handle on how much we actually will have.... in 9 years alot can change.

For better or for worse.
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Old 04-15-2012, 08:38 AM
 
Location: Florida
2,291 posts, read 4,954,452 times
Reputation: 5236
I take my own SS, and have my own investments and IRA's, when my husband died my lifestyle did not change...I inherited his investments but have not had need to use them...so far so good.
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