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Old 05-05-2015, 07:30 AM
 
Location: Tennessee
23,572 posts, read 17,544,804 times
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We usually hear positive stories about retirement on these boards or just general discussions surrounding it. However, have you experienced a retirement horror story or know anyone who has? Something like a sudden health change upon retirement, a financial decline, a spouse's death, or they just didn't like it.

Can you think of someone who has had a negative retirement? Why?
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Old 05-05-2015, 07:45 AM
 
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I do not know why you want to hear the negatives. Negative outcomes are always possible. Retirement is a very stressful time for many. Some people feel that they have lost their goals and friends and have nothing to do or look forward to. With that sort of stress it is not surprising to learn that the death rate jumps at the time of retirement.
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Old 05-05-2015, 08:10 AM
 
Location: Columbia SC
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We have a "disaster" waiting to happen in our family. BIL/SIL (early 70's) have only SS income. They are able to meet their debts (including a mortgage and maybe a car payment) and living expenses. The disaster will be if one dies then the other cannot afford the debt. No money to be made selling the house. She is in better health and there is a small life insurance policy on him. Probably enough to buy her 6 months of time. If she dies before him, he is screwed from day one.

I think this situation is more common than many know.
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Old 05-05-2015, 08:15 AM
 
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Does a single person in their 70's need to live in a house that is big enough for two or more people? If they are living on the edge, then moving in advance might make sense. Also either of them could consider working.
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Old 05-05-2015, 08:17 AM
 
Location: Loudon, TN
5,769 posts, read 4,827,803 times
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Personally, I don't know anyone who wasn't happier and much less stressed out after retiring.

I do know one guy who moved back to his home state of SC and became bored there, but that was about the place and not the actual state of being retired. I also know a guy who died six months after he retired, despite being an exercise nut. But like Jim Fixx, he had an undiagnosed heart condition. Retiring had nothing to do with his death. It was just sad that he had put off retiring for so long. People were always asking him when he was going to retire. If he had retired earlier he would have had more time to enjoy his retirement.
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Old 05-05-2015, 08:17 AM
 
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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!
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Old 05-05-2015, 08:25 AM
 
Location: Loudon, TN
5,769 posts, read 4,827,803 times
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Quote:
Originally Posted by johngolf View Post
We have a "disaster" waiting to happen in our family. BIL/SIL (early 70's) have only SS income. They are able to meet their debts (including a mortgage and maybe a car payment) and living expenses. The disaster will be if one dies then the other cannot afford the debt. No money to be made selling the house. She is in better health and there is a small life insurance policy on him. Probably enough to buy her 6 months of time. If she dies before him, he is screwed from day one.

I think this situation is more common than many know.
Solutions to this situation are easy to see, but people must be willing to make the necessary changes. Sell the house, move to a rental apt or buy a small condo. Sell the car with payments and use the money to buy a good used car for cash. Ta Da! Now they have more money every month and they can save some money for when one of them is gone. When that time comes, the other will have an easier time living on the SS and savings/insurance (no car pmts, smaller mortgage/rent). If their SS income is very small, they could qualify for SSI and/or subsidized housing. I know some cities have long waiting lists for section 8 senior housing, but others do not. I got my mom into subsidized housing in a matter of months based upon her disabilities.
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Old 05-05-2015, 08:27 AM
 
Location: Tennessee
23,572 posts, read 17,544,804 times
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Quote:
Originally Posted by johngolf View Post
We have a "disaster" waiting to happen in our family. BIL/SIL (early 70's) have only SS income. They are able to meet their debts (including a mortgage and maybe a car payment) and living expenses. The disaster will be if one dies then the other cannot afford the debt. No money to be made selling the house. She is in better health and there is a small life insurance policy on him. Probably enough to buy her 6 months of time. If she dies before him, he is screwed from day one.

I think this situation is more common than many know.
At that point, could the remaining one survive by just ditching the car? It would be better to go bust on other debt than lose your home, especially at this stage of life.
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Old 05-05-2015, 08:32 AM
 
Location: San Antonio
7,629 posts, read 14,375,850 times
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My poor brother in law was 57 yrs old, got an early retirement offer from his place of employment and had a personal side business he could ramp up, so took the offer. He was out buying a new motorcycle when he fell over dead of a massive MI (widow maker, was dead before he hit the ground) just 2 months after retiring. If not for the early retirement buyout, he would have been at work that day when it happened....the difference for my poor sister was about $250K less life insurance... Since she was only 54 at the time, that extra money would have really helped her out.

Sad, sad part is now, almost 3 yrs to the day later, she is dying of cancer....neither one of them will have lived long enough to draw a penny in Social Security that they paid into all their lives.

Last edited by Paka; 05-05-2015 at 09:31 AM..
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Old 05-05-2015, 08:33 AM
 
4,479 posts, read 4,739,984 times
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Quote:
Originally Posted by jrkliny View Post
Does a single person in their 70's need to live in a house that is big enough for two or more people? If they are living on the edge, then moving in advance might make sense. Also either of them could consider working.
^This^
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