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Old 02-27-2018, 10:05 AM
 
Location: Wisconsin
17,078 posts, read 17,411,874 times
Reputation: 41630

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Quote:
Originally Posted by nicet4 View Post
Of an even bigger issue is what happens to the surviving spouse when one passes on?
That happened recently to someone that I know in her 80s. She and her husband were frugal but doing OK on their two small SS checks but when her husband died she realized that there was no way that she could pay the bills on just one small SS check. Sadly, her adult children are barely living hand to mouth with their jobs. Her adult children are checking into low-income housing and other benefits for her.
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Old 02-27-2018, 10:47 AM
 
Location: Northern California
107 posts, read 57,297 times
Reputation: 222
Quote:
Originally Posted by Peregrine View Post
My god, right? OP wants to work... until 75?!? Unless you MUST that's just insane to me.
Working one 24 hr shift per week isn't insane at all. Too funny
Job has generous Paid Time Off.
Can switch shifts if needed.
During the shift, we get some rest-
I'd work beyond 75 but our employer won't allow it. Probably couldn't get another job, that's old.

Working equates to not paying for a medicare supplement, prescription plan, + 1k yr dental
also some life insurance, AD&D
Extra spending $$. And $$ to go to increasing the skilled nursing fund
Won't need to be around my husband 24/7. 24/7 is a bit too much for me.

It is more expensive to live as a couple than it would be for me as a single person
He always likes houses he can remodel utilizing/remodeling the back as guest quarters.
After his passing, if it occurs prior, I can rent out the back of whatever house we're in.
If I go first, he'll almost have no choice except to rent out the guest quarters I think.
Otherwise it would be a dismal poor, miser type existence.

We have 20 acres for sale for 100K. Probably need to lower it to 75K. Or 50K would get our $$ back
appealing piece surely, if priced right
not factored in
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Old 02-27-2018, 10:56 AM
 
Location: Northern California
107 posts, read 57,297 times
Reputation: 222
Quote:
Originally Posted by germaine2626 View Post
That happened recently to someone that I know in her 80s. She and her husband were frugal but doing OK on their two small SS checks but when her husband died she realized that there was no way that she could pay the bills on just one small SS check. Sadly, her adult children are barely living hand to mouth with their jobs. Her adult children are checking into low-income housing and other benefits for her.
does she own her house?
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Old 02-27-2018, 11:12 AM
 
1,636 posts, read 753,184 times
Reputation: 8950
OP, by your own math, you're currently 49 and husband is 57.

It's fine with me if people want to work until they drop, but projecting 25 years into the future to what you're going to be doing/capable of at age 75 is just that projection.

If you think you have 25 years of employment ahead of you, shouldn't that boost an estimate of retirement income above 2k a month? Or is that income level just a discussion point?
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Old 02-27-2018, 11:41 AM
 
Location: Northern California
107 posts, read 57,297 times
Reputation: 222
Quote:
Originally Posted by CatzPaw View Post
OP, by your own math, you're currently 49 and husband is 57.

It's fine with me if people want to work until they drop, but projecting 25 years into the future to what you're going to be doing/capable of at age 75 is just that – projection.

If you think you have 25 years of employment ahead of you, shouldn't that boost an estimate of retirement income above 2k a month? Or is that income level just a discussion point?
Yes it would boost the retirement income over 2k.
2k is the worst circumstance and as you pointed out, difficult to project 25 years into the future.
But necessary imho
Easier if your habits co-incide with this or that average lifespan.
And medical issues can be estimated to some degree.
No one I've ever met has been as young as he, with as severe breathing problems, for as long.
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Old 02-27-2018, 11:54 AM
 
Location: Northern California
107 posts, read 57,297 times
Reputation: 222
Quote:
Originally Posted by mathjak107 View Post
from the looks of some of the plans here based around "what if i die " ? it looks like not many from that school give to much thought about it . or they would be thinking in terms of not what if i die but what if i or my spouse live .
ozzy osbourne for example
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Old 02-27-2018, 12:37 PM
 
Location: Grove City, Ohio
10,142 posts, read 12,407,945 times
Reputation: 13992
Quote:
Originally Posted by mathjak107 View Post
from the looks of some of the plans here based around "what if i die " ? it looks like not many from that school give to much thought about it . or they would be thinking in terms of not what if i die but what if i or my spouse live .
While I am still working I could retire today and my wife and I wouldn't have any decline whatsoever in our standard of living.

If my wife died first I would be just fine because in addition to my social security I would have a small pension check and a VA disability, a leftover from Vietnam, that pays a little over $900/month. But if I die first my wife would get my social security and the small pension check, there is survivorship in the pension for spouses, but the VA disability would disappear. For this reason all my budgeting is based upon the "what if I die first?"
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Old 02-27-2018, 02:38 PM
 
Location: Florida
5,281 posts, read 3,037,333 times
Reputation: 9625
The bad news is that inflation has not and probably will not go away which is a stab in the back for seniors.
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Old 02-27-2018, 02:42 PM
 
Location: Mount Airy, Maryland
10,485 posts, read 5,949,749 times
Reputation: 16194
Quote:
Originally Posted by mathjak107 View Post
from the looks of some of the plans here based around "what if i die " ? it looks like not many from that school give to much thought about it . or they would be thinking in terms of not what if i die but what if i or my spouse live .
Oh my plan was never to run out of money should we live a long life, just planning on living a bit more frugally in retirement so the money lasts and so I won't have to work to 70.
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Old 02-27-2018, 02:49 PM
 
5,432 posts, read 3,462,764 times
Reputation: 13714
Quote:
Originally Posted by nicet4 View Post

Of an even bigger issue is what happens to the surviving spouse when one passes on?
The person carries on just like any other single, divorced, never married person does - living life.

Last edited by matisse12; 02-27-2018 at 03:06 PM..
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