Things you should have known or counted on re: retirement finances but didn't (pensions, moving)
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Do people have to go bankrupt to settle medical bills? Can't a person make payments, however sized?
Yes, or negotiate a lower amount by agreeing to pay it off sooner. I had a friend with a severely handicapped son. She would end up with huge hospital bills. Her wealthier brother would give her some money, and she'd call the hospital or doctor or whomever and offer, for example, $15,000 that she could pay right now if they would forgive the rest, and they usually did.
There was a case in my area (northern NJ) a few years ago that was covered by the area newspaper. A man had a stroke, was hospitalized, then suffered two more strokes in the hospital and required more care. He was wheelchair bound and unable to communicate, his head always down on a tray attached to his wheelchair.
His hospital bill portion not covered by insurance was $160K, and he was being taken to court for non-payment. So, his wife called the newspaper and wheeled her husband into court and said, "We will have to lose our house if we give you this much money." The lawyers for the hospital quickly lowered the amount due to $25,000, saying of course they didn't want anyone to actually lose their house, etc.
For some people, maybe it made sense to declare bankruptcy, I don't know. It seems as if no one should be put in that position for being sick, but that's something for the P&OC forum, where some of us are already arguing about it.
I know this for sure. I found out I had cancer exactly a week after I retired. I was super healthy and active and 2 months later, I was clinging to life in intensive care. Now I am undergoing treatments hoping to have surgery. You never know when these things can hit like a bolt of lightning out of the blue.
You are in my prayers, Dazzleman. Went through cancer in 2019 but then retired in 2020, after treatment was over. Knock on wood, follow up this week was clear.
Surprised to read the comments about pets. I will always have a dog, as long as I am able. With more time the companionship is great. $350 a month to feed a dog and a cat? What on Earth are you feeding those pets? I noted the health care costs of the German Shepherd, I have a GSD puppy. Like my last dog I got pet insurance. It was not that much, $39 a month for 80-% coverage and a $1,000 deductible. In other words it turns a $10,000 vet bill into $3,000 and will eliminate a very hard decision.
One thing I wish I would have done, and I could kick myself in the *** for NOT doing, was put my $$$ in a Roth rather than regular 401K. I really should have known this.....
Surprised to read the comments about pets. I will always have a dog, as long as I am able. With more time the companionship is great. $350 a month to feed a dog and a cat? What on Earth are you feeding those pets? I noted the health care costs of the German Shepherd, I have a GSD puppy. Like my last dog I got pet insurance. It was not that much, $39 a month for 80-% coverage and a $1,000 deductible. In other words it turns a $10,000 vet bill into $3,000 and will eliminate a very hard decision.
Kidney supplement food with regular wet and dry food for our cat, and homemade renal diet for our dog. The meds -- kidney for cat, joint (arthritic) meds for both bets, liver med for dog -- are what makes up most of the $350 monthly pet budget. We are also now averaging a vet visit about every other month, mostly to check blood work.
Also, not counting the above, we have had three major surgeries requiring general anesthesia for our dog (the last about three or four years years ago) and one for our cat in 2009. (He was diagnosed with sarcoma and given six months to live AFTER the surgery which necessitated part of the removal of his jaw, but here he is 12 years later and still jumping on high cabinets.
(And, yes, this has apparently turned into a senior pet thread -- SORRY -- maybe it should be a separate Sticky either under Pets or Retirement??)
One thing I wish I would have done, and I could kick myself in the *** for NOT doing, was put my $$$ in a Roth rather than regular 401K. I really should have known this.....
I also wish I had understood the advantages of the Roth better when it first came out. I was stuck with the idea that I needed the tax deduction for contributions I was making to my traditional 401k at the time.
Now it will be my son who ends up paying taxes on all that money when he has to withdraw it all within 10 years of my death... and he will be in his highest earning years at that time so the tax bracket will be high for him.
Medical debt has for years been the number one cause of bankruptcy in the United States.
I have heard this although is it possible if you have insurance.
Medicare and a supplement as well as most regular plans have put of pocket maximums.
How do bills exceed that?
Two things: I wish I had gotten 25% of my first husbands pension in my divorce. We were married for 1/4 of his work career and I could use that money now. At 29, retirement was the last thing I was thinking about.
Secondly, I wish we had bought cash value life insurance, instead of term. We each paid for term for 20 years but stayed alive! Now life insurance for final expenses and things is way too expensive.
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you seem like a fair and reasonable person, just wondering if you wished you had given your first husband a 1/4 of your pension / retirement accounts? He probably could use the extra money now.
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(And, yes, this has apparently turned into a senior pet thread -- SORRY -- maybe it should be a separate Sticky either under Pets or Retirement??)
I never miss a chance to suggest that people consider older pets (and make plans for their homing if something happens to the owner). Did not mean to derail the thread though!
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