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Ok another poll and discussion that relates to a topic not often directly mentioned but is key to many of our discussions. How will our retirement plans be impacted by the death of either spouse. What impact would your death have and what impact would your spouses have on you. You can vote more than once. Things like pension distribution decisions, social security distribution timing, insurance and accumulated wealth benificiary assignments and perhaps most importantly for some insurance etc.
Last edited by Keeper; 04-16-2012 at 08:41 AM..
Reason: fixed it.. next time you can report and ask it to be fixed
That is only short term (less then 30 days) as I will then start drawing down some IRA's, mutual funds, stocks, etc. to compensate for the loss when (not if) needed. Now one might say well how long will that last but at my age (70) I do not see it as a major concern. Yes it depends on how much one has to draw down from...and that is more personal then I will discuss on an open forum.....LOL.
Money would not be the primary thing on my mind if I were to lose a beloved. I would probably endure destitution if necessary and not care.
That may be true, but highly unlikely. A destitute widow not only loses a part of herself (if married for a significant amount of time) but no longer has someone to provide the essentials for the remainder of her life. Talk about a double whammy!
If a married couple enters retirement unless death occurs by accident at the same time isn't it sorta inevitable that one will die before the other and needs to be planned for?
Our current retirement is a floor that neither of us would fall below. We have survivor rights to each others pensions and she is collecting SS which is lower than what mine would be now and consequently below what mine will be when I start collecting. This is all absent investments. We started out being retired on just our pensions so that would be a floor to be able to build on successfully. Nursing home costs for either of us widowed is a cinch and should be for both of us at the same time.
I am the primary breadwinner. I have the pension and the 401K. We each have Roths and a shared money market.
I have not yet selected which pension allotment to choose (getting less money in pension if husband gets benefit after I die).... and the difference in plans is substantial. Hopefully at retirement we will have a better handle on how much we actually will have.... in 9 years alot can change.
I take my own SS, and have my own investments and IRA's, when my husband died my lifestyle did not change...I inherited his investments but have not had need to use them...so far so good.
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