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Ok, I am 63 and I really need to work another 3 years but at my age what if I had a heart attack?
I don't have any health issues but bad things happen to good people at our age and what would happen to my wife and I if I couldn't work all the sudden?
I could go one year but three years would really dip into my retirement money so I am worried about preserving what we have for later. Kind of looking for something that wouldn't start for 90 days but would take me to age 66 with at least 65 to 75% of my current income.
Ok, I am 63 and I really need to work another 3 years but at my age what if I had a heart attack?
I don't have any health issues but bad things happen to good people at our age and what would happen to my wife and I if I couldn't work all the sudden?
I could go one year but three years would really dip into my retirement money so I am worried about preserving what we have for later. Kind of looking for something that wouldn't start for 90 days but would take me to age 66 with at least 65 to 75% of my current income.
I had a private disability plan that I put in a claim with. It took effect after 6 months of total disability and did not pay me a lot of money. ($75 a day 7 days a week) I collected for five years so combined with SS disability I did OK.
I bought the plan when I was in my 40's so the premiums were low.
I can imagine buying a plan at 63 could be quite expensive.
This is the type of insurance AFLAC sells so I would give them a call.
I had a policy from my Life Ins. co.
the question is at this stage if you cant do without the paychecks will you be in that much better shape 2 years and 9 months from now? it seems your one emergency or bad market in retirement away from difficulties .
its been my experience then when folks hang in there for an extra 2 years or so that in reality they may be spread to thin income wise in retirement for the unexpected hit of those expenses not even on the radar..
when folks work the extra number of years because they want to thats one thing, its when they have to that you wonder how that retirement will pan out. the extra 15- 20% in ss you get certainly will be nice but
if that makes or breaks a retirement you have to do a good review of expenses and potential failure points in your retirement .
things like the car, the roof, the heating system,dental expenses ,etc all come from left field usually playing havoc with retirement planning when there is little slack.
Last edited by mathjak107; 04-03-2011 at 10:06 AM..
the question is at this stage if you cant do without the paychecks will you be in that much better shape 2 years and 9 months from now? it seems your one emergency or bad market in retirement away from difficulties .
its been my experience then when folks hang in there for an extra 2 years or so that in reality they may be spread to thin income wise in retirement for the unexpected hit of those expenses not even on the radar..
2 years and 9 months from now my wife and I will be collecting social security and a small pension for about $3,500/month so yeah, we should be just fine.
how much difference from if you had to file now or a year from now god forbid for health reasons, and what if you couldnt work but your wife still could,what would that look like?? what about ss disability as well if you couldnt work,doesnt that go to age 65?
Last edited by mathjak107; 04-03-2011 at 10:15 AM..
Don't forget social security disability. At your age, if you have worked 40 quarters (10 years), you are fully insured for social security disability purposes for up to 5 years after you stop working. If you develop a medical condition that will last for 12 months or more or result in death and prevents you from doing your past relevant work, then you are entitled to the same social security as if you had waited until full retirement age.
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