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I don't have all that much in retirement savings which is about $150k.
Since we have been required to take RMD's we've never spent the money we simply keep in in savings for later.
As we don't have all that much in savings we will keep the life insurance I have on me to protect the wife.
I wish I did save more but to make up for it I worked longer.
With your streams of income and $150K in savings, plus your home equity (whatever that is) you should have no issues retiring given your monthly expenses. I would pay off the car---you probably don't owe more than $30,000, and before you retire, I would open up a home equity line of credit. They cost nothing to open, and you can use it as a source of liquidity should an emergency arise. Probably will be easier to be approved while you are employed.
With your streams of income and $150K in savings, plus your home equity (whatever that is) you should have no issues retiring given your monthly expenses. I would pay off the car---you probably don't owe more than $30,000, and before you retire, I would open up a home equity line of credit. They cost nothing to open, and you can use it as a source of liquidity should an emergency arise. Probably will be easier to be approved while you are employed.
he's got enough income for a line of credit off the SS and pensions. the issue is, if something happens to him the SS amount drops because wife will just collect a survivor benefit. his VA disability ends. then, should he make it complicated for his wife? hopefully he's around a very long time. but, we plan for the worst and hope for the best.
he's got enough income for a line of credit off the SS and pensions. the issue is, if something happens to him the SS amount drops because wife will just collect a survivor benefit. his VA disability ends. then, should he make it complicated for his wife? hopefully he's around a very long time. but, we plan for the worst and hope for the best.
He is carrying life insurance to financially protect his wife.
He is carrying life insurance to financially protect his wife.
You don't know how much life insurance that is and how many years it has to cover. Just because it looks expensive he is 75 and that might not be that big of policy.
he's got enough income for a line of credit off the SS and pensions. the issue is, if something happens to him the SS amount drops because wife will just collect a survivor benefit. his VA disability ends. then, should he make it complicated for his wife? hopefully he's around a very long time. but, we plan for the worst and hope for the best.
Quote:
Originally Posted by Wile E. Coyote
You don't know how much life insurance that is and how many years it has to cover. Just because it looks expensive he is 75 and that might not be that big of policy.
Reminding you that he has life insurance as you failed to mention it nor did you ask the OP any of those questions when you posted.
Last edited by Maddie104; 11-28-2023 at 08:25 PM..
he's got enough income for a line of credit off the SS and pensions. the issue is, if something happens to him the SS amount drops because wife will just collect a survivor benefit. his VA disability ends. then, should he make it complicated for his wife? hopefully he's around a very long time. but, we plan for the worst and hope for the best.
this is what I would worry about. What happens to the income when one or the other dies, which could happen tomorrow or plan each year from now.
Is there money in that budget for roof replacement or similar high dollar repairs?
that being said, for me it's not about the money, it's about time.
If I had been given a choice 10 years ago that was "you can keep working for 5 more years and have plenty of money, or retire now and do OK in a trailer", I would take the now and trailer.
I really enjoyed my job, but I never had a day at work that was as good as a day at home with my wife. That will come to an end. You don't know how many days you have left.
Now that I said that, I did manage our money so she will be fine money wise if I go now.
this is what I would worry about. What happens to the income when one or the other dies, which could happen tomorrow or plan each year from now.
Is there money in that budget for roof replacement or similar high dollar repairs?
that being said, for me it's not about the money, it's about time.
If I had been given a choice 10 years ago that was "you can keep working for 5 more years and have plenty of money, or retire now and do OK in a trailer", I would take the now and trailer.
I really enjoyed my job, but I never had a day at work that was as good as a day at home with my wife. That will come to an end. You don't know how many days you have left.
Now that I said that, I did manage our money so she will be fine money wise if I go now.
He has life insurance, but, we don't know how much. He is 75 and I do not think he should continue to work. I think he needs to have a solid plan that his wife also thoroughly understands. He also needs to understand which parts of the income go away when one of them is no longer around for the morning cup of coffee.
OP, I think even if you do not show us you need to do a separate work up if it's just you or just your wife and how all those same categories look. How much is the life insurance policy and is it just for your life and you have no policy for your wife?
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