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Old 02-26-2018, 08:19 PM
 
Location: Northern California
107 posts, read 57,166 times
Reputation: 222

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When my husband is 70, I am 62.
Our combined SS will be 2k per mo.
I hope to be working until age 70 at very the least, but the goal is 75.
But my husband has health issues so at 70, I may be nurse-maid. Probably not that soon but who knows.

Employees are forced out... by our employer... around mid 70's
Employees are offered a limited indemnity policy often used as a medi-gap policy + 1k yr dental, $5-$10 drugs & 25k. life insurance, 50K AD&D all for $20 per mo. Very worth it.

77.5 is the average lifespan for males.
Hubby has some health issues which should shorten life-span. But he cycles so who knows.
If he lives until an estimated age of 82.5, we'd surely be living off of 2k per mo. from then on out.
Because I'd be 75 about when we are expected to quit our jobs.
In California, 2k month allows one person out of a married couple, to be on medicaid. So that's wonderful.

if I haven't cashed out my 401k yet... RMD's could kick in which would put us over the medicaid limit. Hoping to avoid that.

75K saved up with inflation for skilled nursing costs for ONE of us



To work p/t until age 75, husband would be 82.5.
House and cars paid off.
Beyond that, or from age 77- on, we'd live on 2k


Calif passed a law limiting prop tax to 1%+ insurance which is currently around $250 mo. So I can estimate housing costs somewhat.


just curious but for those living on 2k or under per mo- what is the cost for medical?
food? housing?
is home paid off? any auto costs? thank you



.

Last edited by BushyEyeBrows; 02-26-2018 at 09:33 PM..
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Old 02-26-2018, 09:43 PM
 
Location: Sierra Nevada Land, CA
8,401 posts, read 9,148,021 times
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I hate repeating my history, but new folks appear here and I need to repeat my credentials. As a retired APS Social Worker, I’ve see a lot of couples do ok, and just ok on $2000 a month. Investigate social programs thru social agencies. Inquire at the local senior center or Area on Ageing. Food banks, subsidize housing. Medicare plus Medicaid. Food Stamps. Ask around and do your homework. I’ve seen single people here do Ok on $900 a month. Mind you I live in Eastern CA
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Old 02-26-2018, 10:14 PM
 
Location: Northern California
107 posts, read 57,166 times
Reputation: 222
Thank you for the advice

We'd not qualify for any of the other social programs except maybe some thing offered by the power company every 10 yrs which insulates your home. Our home is fine.

Medicaid... for one of us... far surpasses our expectations. One social program is plenty.
He'd likely qualify for medicaid at age 77 or older if he lives that long. Not before that age because it should be, I'd still be working. If I worked until age 75, he'd be 82.5....almost dead.

Typically his heart will likely just give out and no nursing care is needed.
Cycling hard extends life, generally, but when you go, you generally go fast. A huge incentive to keep us cycling I don't mind dying a bit earlier than the average age, but I want to die fast. No pain. No nursing homes. I've always felt I had a weak heart so hopefully, this is my fate also.

.
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Old 02-27-2018, 02:20 AM
 
71,643 posts, read 71,777,271 times
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Quote:
Originally Posted by BushyEyeBrows View Post

77.5 is the average lifespan for males.

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at 65 life expectancy is far greater than at birth . at 80 there is still a 62% chance a male will be alive

a 65 year old couple has an 89% chance of one of them seeking 80 and a 73% chance of one seeing 85. we can't use statistics from birth anymore once we are in our 60's so life expectancy is much greater once you make it that far .


Last edited by mathjak107; 02-27-2018 at 02:35 AM..
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Old 02-27-2018, 04:16 AM
 
Location: Ypsilanti, MI
2,443 posts, read 3,666,532 times
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The 47% chance that one person in a married couple makes it to age 90 clearly illustrates why 90 or 95 have become the benchmarks for retirement planning.

Last edited by MI-Roger; 02-27-2018 at 05:34 AM..
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Old 02-27-2018, 04:19 AM
 
71,643 posts, read 71,777,271 times
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for sure , that is almost a coin toss odds are so high .

people don't understand two things when it comes to life expectancy .

1- it is based not on things from birt but on the group you are part of . once you eliminate infant death , the sickly , the accident prone and those with issues that cause early deaths the group that is left tends to go on a whole lot longer .

2- with a couple either one can outlive the other so you have two horses in the race with one bet . so odds for one in a couple going on much longer is very very high .

life insurers can tell us how many people will die a year but the problem is they can't tell us who . so we only have two outcomes , we are dead or we are alive .

that is a very important consideration when looking at statistics . it is either us or it isn't , stats mean nothing since it has to happen to someone and we don't know who that someone is . .
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Old 02-27-2018, 04:58 AM
 
Location: Northern California
107 posts, read 57,166 times
Reputation: 222
very interesting mathjack. No doubt that chart is pretty accurate. I firmly believe most people can predict, with some accuracy, how long they will live. They know their own body and mind more than anyone. With my luck, I'd be around until 80 yrs old. My husband surely, will not.

I think we'll be the lucky ones to not stick around long. Since my husband was 26, we've never slept in the same bed- fell asleep together because of his "snoring". He worked alot with stains, staining cabinets and for years so it made it worse. At age 55, two yrs ago, he finally agreed to a CPAP after a sleep study which results indicated severe breathing issues.
No more napping right when he arrived home from work & periodically on weekends.

MY heart has been weak since childhood. I hardly ate food due to a constant upset stomach. Bone thin.
Rough up-bringing. I can stop and start my heart at will. Haven't done it since high school but am confident it's still easy. Always wanted that ability in case it got so bad I could depart at will.

Until becoming a Christian, that was my plan though my advanced care directive indicates no life support measures to be used if my heart ever stops. One reason medical costs so much is because people want to live no matter what. As a kid, I constantly fantasized about dying. Later on it became somewhat hard wired into me to want to live, like most people.

We live near this one lady,,,husband and her get along really well... so they can marry if I pass on.

We'll likely go fast like most cyclists. Hopefully. It's a major incentive to keep up the exercise not that it is any effort anyhow. We enjoy it. Natural endorphins keeps the mind and body happier than it would've been otherwise. Same with continue to work for as long as possible, doing something, anything at least p/t. At least for me.
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Old 02-27-2018, 05:26 AM
 
Location: Mount Airy, Maryland
10,463 posts, read 5,933,005 times
Reputation: 16165
So according to MJ's tables a man at 65 should expect on average to live until about 82. That's all of 17 years of retirement and as we all know the older you live the faster time goes. So tell me again why people work until 70 unless they have to or want to? Work all your life to enjoy a retirement of only 12 years and as we know the last few can be iffy as far as life quality is concerned.

Not me. I'd much rather retire earlier on a budget and enjoy my free time while I'm able to get around.
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Old 02-27-2018, 06:04 AM
 
7,982 posts, read 11,665,473 times
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Quote:
Originally Posted by mathjak107 View Post
at 65 life expectancy is far greater than at birth . at 80 there is still a 62% chance a male will be alive

a 65 year old couple has an 89% chance of one of them seeking 80 and a 73% chance of one seeing 85. we can't use statistics from birth anymore once we are in our 60's so life expectancy is much greater once you make it that far .
Sure but you take this chart and add in your own situation. The OP said her husband had medical issues.
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Old 02-27-2018, 06:09 AM
 
71,643 posts, read 71,777,271 times
Reputation: 49235
Quote:
Originally Posted by DaveinMtAiry View Post
So according to MJ's tables a man at 65 should expect on average to live until about 82. That's all of 17 years of retirement and as we all know the older you live the faster time goes. So tell me again why people work until 70 unless they have to or want to? Work all your life to enjoy a retirement of only 12 years and as we know the last few can be iffy as far as life quality is concerned.

Not me. I'd much rather retire earlier on a budget and enjoy my free time while I'm able to get around.
no that is not correct at all . life expectancy is only a statistical chance of dying not that you will be dead . it is like average life expectancy is the 50% point where 1/2 the group looked at die and 1/2 go on longer . it is not the point you are expected to die. you can say it is the point you are expected to live longer too .
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