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Old 05-19-2016, 10:35 PM
 
91 posts, read 75,994 times
Reputation: 70

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My husband was never a saver, so at the ripe old age of 73, we only have $50,000 in the bank, BUT his retirement package is good so far. However, if he dies, I will get only half his pension, no medical insurance from the company, I will be getting social security also, giving me about $31,000 a year. I think I can do OK on that, Hoping my car outlasts me but my question is this: what happens if I need medical treatment and my funds are exhausted? I know Medicaid wants to make sure I don't transfer assets for five years before the need arises.

Last edited by Shleptik; 05-19-2016 at 10:37 PM.. Reason: Typo
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Old 05-20-2016, 01:17 AM
 
10,812 posts, read 8,056,502 times
Reputation: 17010
At 73, aren't you eligible for Medicare instead of Medicaid? What am I missing?
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Old 05-20-2016, 02:16 AM
 
Location: Fargo, ND
45 posts, read 139,611 times
Reputation: 121
Default I laughed

I laughed when I saw the title of this thread. I'm 73 too, retired and disabled, and I have zero saved in any bank. I live without a car in Fargo, North Dakota, entirely on Social Security, SNAP (food stamps) and Medicare with Medicare Part D and its Extra Help benefit and the greatly reduced rent available to me with a HUD section 8 housing choice voucher.

You should have signed up for your Social Security benefits and Medicare at age 65, or by now. I would suggest you do that immediately. That $30 thousand in the bank may keep you from getting SNAP (food stamps), but with prices rising the way they are, don't overlook the value of SNAP or any other benefit for which you have eligibility. Your area agency on aging should have social workers available who can explain your rights and benefits as well as services available to you in your community. There is a lot out there for anyone who cares to look for it.

Don't by a new car. By a good, serviceable used car for $2 thousand or less. Several income based entitlements available to you have limits on the maximum worth of the vehicle you drive. Good luck and best wishes for your retirement years. To me you seem in great shape for a happy life.
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Old 05-20-2016, 04:09 AM
 
Location: Mount Airy, Maryland
10,459 posts, read 5,920,270 times
Reputation: 16151
If at all possible I would sit down with your husband, show him the numbers and your concern, and try to get some sort of commitment to save some more money while it's still coming in. If he refuses to change he is being selfish and leaving you vulnerable because one illness and your entire savings is wiped out.
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Old 05-20-2016, 05:50 AM
 
Location: Colorado Springs
4,830 posts, read 4,944,472 times
Reputation: 17299
Are you both 73?

If so, you have already missed out on Social Security because monthly benefits don't increase beyond age 70.

You're not on Medicare? If you didn't sign up at age 65 and were not covered by a qualified group plan you'll be paying higher premiums for Medicare parts B and D.

You ought to seek help from a financial adviser who is knowledgeable about the rules.
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Old 05-20-2016, 08:44 AM
 
Location: Somewhere in deep in Maine
3,658 posts, read 2,808,340 times
Reputation: 4436
While I never recommend moving to a place which is cheap simply because its cheap, you might consider doing exactly that: like rural Maine or rural Mississippi or coastal Mexico.
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Old 05-20-2016, 08:48 AM
 
Location: Loudon, TN
5,767 posts, read 4,825,615 times
Reputation: 19395
Have you considered life insurance for your husband since you will only get half of his pension as a survivor benefit? I have no idea how much life insurance costs at 73, but I would be consider it if I were in your position.
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Old 05-20-2016, 08:51 AM
 
Location: Tennessee
23,557 posts, read 17,535,380 times
Reputation: 27607
With only $50,000 in the bank, your best bet is to stay as liquid as possible and maximize monthly cashflow.
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Old 05-20-2016, 08:52 AM
 
Location: Somewhere in deep in Maine
3,658 posts, read 2,808,340 times
Reputation: 4436
Nobody buy life insurance above the age of 55. The rates are unbelievable.
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Old 05-20-2016, 09:07 AM
 
34 posts, read 22,029 times
Reputation: 100
First, are you not getting social security because you have the income from the other pension? If one is earning above the limit of $15,000 wouldnt SS cut benifits even though one pays taxes on the other pension? Im suggesting maybe she cant get SS or not the full amount...and....wouldnt it all be taxable then?

Second, I suggest moving out of US entirely. WHERE is the question but it can be done.
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