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Old 05-06-2015, 02:50 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,547 posts, read 39,934,465 times
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A friend's dad, died AFTER his retirement luncheon and while cleaning desk out. He was on retirement #2 (first from National Bureau of Stds, 2nd was a city engineer. )

Had built a very nice home on the lake... it got sold.

Stuff happens... Health is very fragile and can change quickly.

Retire Early, Retire Often

(Ages 15, 35, 49 and 59 for me).
I spent 32 yrs as a caregiver for a disabled parent who didn't know when to quit. (Had 7 businesses going when health issues came). Lost everything / home / farm / ranch / cars... (most importantly was health, and final 32 yrs of QUALITY of life) Institutionalized rather than 'living-the-dream'. Happens more often that we care to believe.

Take care of the important things (that is not W-O-R-K. or finances)
Uncle went in for simple elective surgery during his last month of company healthcare, he was Oxygen Deprived and lived his 12 yrs in retirement as a vegetable (very angry one! very violent (from 'Mr Nice Guy' / mellow)
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Old 05-06-2015, 03:00 AM
 
71,511 posts, read 71,694,121 times
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but we have to keep in mind that average life expectancy is climbing by 1 year every 4 years now and while we all have stories to tell about those who died right at retirement the reality is most of us will not.

odds are better than 72% that if you make it to 65 ,a female will be here at 80 and a male 62%. if a couple 89% chance one of you will be here so these odds are very very high.

at 85 they are not much less. 42% for a male , 54% for a female and 73% for a couple.

still very very high odds for a couple .

since we don't know who is who you really have no choice but assume you will be the ones that live as dying takes no resources.
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Old 05-06-2015, 03:17 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,547 posts, read 39,934,465 times
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Quote:
Originally Posted by mathjak107 View Post
but we have to keep in mind that average life expectancy is climbing by 1 year every 4 years now a...
... assume you will be the ones that live as dying takes no resources.
the 'process of dying' can take a lot (all) of your resources, especially in USA (lawsuit happy). BTDT

Funerals take a huge chunk of a 'pensioners' resources. Or go the 'self burial plan' Rent a backhoe and hire someone to backfill.
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Old 05-06-2015, 03:19 AM
 
71,511 posts, read 71,694,121 times
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if you have none left there is nothing to get , dead is dead ,.

out living your money can be a different story. the question that has to be asked when retirement income planning is what if i or my spouse live , not what if we die. dying is what estate planning is for.

income planning for retirement has to be based on what if you live . estate planning is based on what if you die .

in fact we just had to do a bit of temporary estate planning here in ny with the view we will both die this year,

each year ny is raising the estate tax exclusion higher and higher but there is a pitfall. if you exceed it by 5% you get no exclusion at all and the entire estate is taxable , not just the amount you are over..

so we had to assume that this year some common disaster will kill us both and we put a disclaimer trust in place that will be activated if we both die but turned off if one of us lives .

after next year is raised again we won't need it since we will fall below the tax cliff at next years level but we had to plan around both of us dying this year. on the other hand we are planning our income stream like we will beat Methuselah's record.

Last edited by mathjak107; 05-06-2015 at 03:41 AM..
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Old 05-06-2015, 03:39 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,547 posts, read 39,934,465 times
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My experiences have proven that the best laid plans can still result in Spousal impoverishment (After your 'process-of-death' bills are paid.. a few million $$ in medical treatments down the tube... foreclosed houses...)
Maybe I live in a small demographic... EX $100k workers who were 'outsourced' post age fifty (much too young for SS / Medicare).
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Old 05-06-2015, 03:44 AM
 
71,511 posts, read 71,694,121 times
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anything can happen . that is why we did our best to mitigate the damages both with the best medical insurance coverage we could get and a partnership plan for long term care with our state.

we use a small percentage of the returns we get on those assets to protect the assets themselves as best we can . even then nothing is ever perfect.

but i put the most comprehensive plan i could come up with that we could afford in place for both what if we live , as well as what if we die .
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Old 05-06-2015, 03:51 AM
 
Location: Scott County, Tennessee/by way of Detroit
3,330 posts, read 2,124,093 times
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Quote:
Originally Posted by whocares811 View Post
The worst is dying just before or after retirement. This happened to both my father and my father-in-law. Worked, worked, worked their whole lives -- and then -- WHAM!
My mom too.....died suddenly in her sleep one month after retiring. .got one SS check ....another had been sent out to her bank and the woman at SS told me we'd have to return that one. ..told her to stick it....
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Old 05-06-2015, 04:50 AM
 
6,306 posts, read 5,049,308 times
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Quote:
Originally Posted by Heidi60 View Post
My 45 y/o brother played golf in the morning and when he sat down for dinner he was gone before he knew what happened.
His wife happily collected his life insurance and quickly moved on. Not sure what happened to the girlfriends.

Sadly, my DH doesn't like to travel so I'm pretty much stuck in retirement.
Travel with friends. Don't let that stop you.
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Old 05-06-2015, 04:57 AM
 
Location: Location: Location
6,347 posts, read 7,825,595 times
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For the people who died within a short time after retiring, do we blame it on the retirement? Some people are going to die regardless of their age or employment status. Many people who have reached the age of retirement are already at an age where systems break down and illness strikes.

I worked for a good company at a responsible job and I liked my work. I was 63 when the company was sold and two years later, the new bunch filed Chapter 11 and closed our facility. Couldn't find work because I was "over-qualified", which we all know translates to "too old".

That was 14 1/2 years ago. My income is from SS and a modest IRA. I have had two major surgeries for two major illnesses. I still live in my home and I paid off the mortgage with a bit of my IRA.

Is it a good idea to plan for retirement? Sure, as long as you understand that by the time you reach retirement age (if you do), for most people it won't be the same as it was when you were young and vibrant. Expect that you may have financial limitations. Expect that you may have physical limitations. If you get hit with a disastrous illness, it isn't because you retired; rather because you have reached the stage in life where some of the most serious ailments kick in.

I'm not going hungry and can (so far) afford to keep my heat at 72 in the winter. I wish I didn't have to pay property taxes and insurances, I could be saving up a nice little inheritance for my kids. If wishes were horses...

But no, no horror stories here. Maybe it's because I scaled back my expectations. And I have some good doctors.
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Old 05-06-2015, 05:08 AM
 
761 posts, read 637,648 times
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Quote:
Originally Posted by theatergypsy View Post
For the people who died within a short time after retiring, do we blame it on the retirement? Some people are going to die regardless of their age or employment status. Many people who have reached the age of retirement are already at an age where systems break down and illness strikes.

I worked for a good company at a responsible job and I liked my work. I was 63 when the company was sold and two years later, the new bunch filed Chapter 11 and closed our facility. Couldn't find work because I was "over-qualified", which we all know translates to "too old".

That was 14 1/2 years ago. My income is from SS and a modest IRA. I have had two major surgeries for two major illnesses. I still live in my home and I paid off the mortgage with a bit of my IRA.

Is it a good idea to plan for retirement? Sure, as long as you understand that by the time you reach retirement age (if you do), for most people it won't be the same as it was when you were young and vibrant. Expect that you may have financial limitations. Expect that you may have physical limitations. If you get hit with a disastrous illness, it isn't because you retired; rather because you have reached the stage in life where some of the most serious ailments kick in.

I'm not going hungry and can (so far) afford to keep my heat at 72 in the winter. I wish I didn't have to pay property taxes and insurances, I could be saving up a nice little inheritance for my kids. If wishes were horses...

But no, no horror stories here. Maybe it's because I scaled back my expectations. And I have some good doctors.
In my BIL's case, it was not fate, but years of cigarette smoking that caused his bladder cancer.
It was just unfortunate timing that this happened prior to his retirement.

Many people don't realize that cigarette smoking is one of the leading causes of bladder cancer.
My former boss at work smokes like a chimney despite his diagnosis of bladder cancer.
He has, so far, outlived my BIL but must have some sort of death wish.
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