Life only Pension?

[oldngray]

Might need some insurance to cover death taxes?

thanks Joe!

 

[quad decade guy]

Family comes first, you better check with the Wife before signing anything..word to the wise.

Years ago we had a feeder driver retire and passed away less than 3 years after.. he left his wife without any pension or life insurance.. she had to sell their house, boat and his toys in order to survive. Forget about the kids or his grandchildren.

We got a life insurance annuity over 25 years ago when it was cheap also long term health coverage for me and the misses also 17 years into that one, got it before age 50. You really have to plan ahead, you can get great savings if you buy these coverages in your thirties or forties.

Most married couples opt for the 1/2 payment to your spouse, mine would be only 150 less a month. Depends on your pension benefit and whether you want to risk or afford that kind of cut in pay before your SS kicks in.

Health coverages is another big issue, you never know your future.. things happen...

I am 58 (Wife same). I want to work until I can get SSI and Medicaire. I have never paid for health insurance. It's been through UPS since I was 18.

The wife will get a small teachers retirement plan as a paraprofessional. And some SSI.

Now the wildcards....until last year we were both healthy(relatively) with me nibbling at type 2. The Wife was diagnosed with breast cancer and is so far being treated successfully....

Until this year we debated who would live longer....now a very loaded question. Without being unkind....if I out live her, I want the full pension.

My Mom lived until 80, my Dad died at 57 of cirrhosis of the liver....yes an alcoholic but riddled with heart disease...My Mom a heavy smoker. My Wife's parents still alive mid 80's...both with heart disease. Cancer and heart disease both sides.

We have life insurance($250,000 for me) on both of us, mine being twice as much as the Wife's do to me being the bigger bread winner. This number was chosen to pay off the house and perhaps some college or training to get her on her feet. This was all done at age 40.

I have consulted with financial advisers.....it still comes down to who will live longer.

We have always hoped to die together.....

Now, I might retire, draw SSI and buy the Union healthcare. Depending on what happens with the Wife. Then Medicare. Every year I don't work will cost me about $50k. Till I die. The $50k per year question: How long will that be?

I do not take my only child into consideration in any of this. I paid for her college(Masters) and she is a certified Teacher and is employed. I also helped her buy a house.

 

[Re-Raise]

Might need some insurance to cover death taxes?

Enlighten me

That is why the farmland is in a trust

 

[IVE GOTTA PACKAGE 4U]

It looks like $3415 with no survivor

$3205 with 50%

$3110 with 75%

$3020 with 100%

She has made similar money to me throughout our marriage..so she’ll get a decent amount in social security. My father is 92 and was out tilling the garden yesterday. Hopefully I’ll be around a while.

I showed my wife your post and she said I should smack you
LoL

 

[Shiftless]

I am 58 (Wife same). I want to work until I can get SSI and Medicaire. I have never paid for health insurance. It's been through UPS since I was 18.

The wife will get a small teachers retirement plan as a paraprofessional. And some SSI.

Now the wildcards....until last year we were both healthy(relatively) with me nibbling at type 2. The Wife was diagnosed with breast cancer and is so far being treated successfully....

Until this year we debated who would live longer....now a very loaded question. Without being unkind....if I out live her, I want the full pension.

My Mom lived until 80, my Dad died at 57 of cirrhosis of the liver....yes an alcoholic but riddled with heart disease...My Mom a heavy smoker. My Wife's parents still alive mid 80's...both with heart disease. Cancer and heart disease both sides.

We have life insurance($250,000 for me) on both of us, mine being twice as much as the Wife's do to me being the bigger bread winner. This number was chosen to pay off the house and perhaps some college or training to get her on her feet. This was all done at age 40.

I have consulted with financial advisers.....it still comes down to who will live longer.

We have always hoped to die together.....

Now, I might retire, draw SSI and buy the Union healthcare. Depending on what happens with the Wife. Then Medicare. Every year I don't work will cost me about $50k. Till I die. The $50k per year question: How long will that be?

I do not take my only child into consideration in any of this. I paid for her college(Masters) and she is a certified Teacher and is employed. I also helped her buy a house.

I think we all can agree Life is about Living, Genetics, and the Choices we make.

The variables of accidents, unexpected health challenges, and death as much as we try to factor these into the retirement plan there are always going to be the variables.

The 2 BIG Question's? When do I retire and when will I likely die. For me I have the desire to have a balance of Living Life "NOW" along with anticipating my future and the issues that come with elderly life.

Its all about choices!

I can reflect now on 16 years of retirement. I still do active things that can kill me. A risk I accept when doing the things I do that have inherent risk. I haven't carried life insurance on myself since I retired. Momma will do just fine!

BUT!

These day's I carry emergency ambulance insurance, GO FIGURE!

Momma and I can travel about this earth and know in the event of tragedy that part is covered!

 

[Wally]

Enlighten me

That is why the farmland is in a trust

Big plans in the Democrat party to get more of your wealth. Apparently, you aren't entitled to pass on what you worked hard for. That belongs to government so they can waste it.

 

[oldngray]

Big plans in the Democrat party to get more of your wealth. Apparently, you aren't entitled to pass on what you worked hard for. That belongs to government so they can waste it.

all the money is supposed to belong to the government anyway

 

[quad decade guy]

I think we all can agree Life is about Living, Genetics, and the Choices we make.

The variables of accidents, unexpected health challenges, and death as much as we try to factor these into the retirement plan there are always going to be the variables.

The 2 BIG Question's? When do I retire and when will I likely die. For me I have the desire to have a balance of Living Life "NOW" along with anticipating my future and the issues that come with elderly life.

Its all about choices!

I can reflect now on 16 years of retirement. I still do active things that can kill me. A risk I accept when doing the things I do that have inherent risk. I haven't carried life insurance on myself since I retired. Momma will do just fine!

BUT!

These day's I carry emergency ambulance insurance, GO FIGURE!

Momma and I can travel about this earth and know in the event of tragedy that part is covered!

Well, I could retire now. Could. But would have to give up a great many things I enjoy. Some of these things are expensive.

Enjoying those things now is more important to me....right now. I've made my choice. I enjoy having plentiful money.

No man has lived past 72 on my Dad's side. Being "just active" isn't enough for me. If I died in my plane tomorrow....that would be ok by me. Or Harley or whatever. I don't ever want to retire to a home and eat oatmeal through a straw or crap in a bag.

My Mom had a torn aorta....last thing she did was get a helicopter ride.....to her death. Whose to say?

Living for the weekend and the work in-between is pretty easy and lucrative....I can't complain much.

 

[quad decade guy]

Enlighten me

That is why the farmland is in a trust

That trust could be negated through Communist/Socialist strokes of a pen....or point of a gun(most likely).

 

[Re-Raise]

I showed my wife your post and she said I should smack you
LoL

Woah!

 

[IVE GOTTA PACKAGE 4U]

Woah!

And she rarely ever says anything about retirement money

 

[Over70irregs]

Yes he was a mod. Close to your age. It was riding this bicycle wiped out on some gravel hit his head and passed away.

Thread 'Fatal Bicycle Accident' Fatal Bicycle Accident | Life After Brown

Yes I remember that name years back before I knew this resource.

 

[Over70irregs]

all the money is supposed to belong to the government anyway

What $ its all paper no gold. Purchase power of $1 is = to 1. See the chart. Eye opener.

 

[Over70irregs]

I showed my wife your post and she said I should smack you
LoL

Will get numbers from driver tomorrow. This pension option stuff is very interesting. Drivers need early planning.

 

[Wally]

You need to look the actuary tables my friend. If you crunch the numbers unless you're in pristine health and get the top a rating the cost of insurance will not offset the amount those inducted from the pension for the survival benefits.

Everyone looks at the 10-year term rates which is cheap what what happens if you die in 10 years and 1 day.
Your wife gets nothing and she gets no pension

And if wifey goes you end up with much less to spend on dating much younger models.

 

[IVE GOTTA PACKAGE 4U]

And if wifey goes you end up with much less to spend on dating much younger models.

That's why you have homeowners, and car insurance just in case

 

[Jones]

And if wifey goes you end up with much less to spend on dating much younger models.

With our pension if you take a survivor benefit and your wife dies first the pension reverts back to the full payout amount.

 

[Re-Raise]

With our pension if you take a survivor benefit and your wife dies first the pension reverts back to the full payout amount.

Can anyone verify this?

 

[Darmark7]

Can anyone verify this?

Yes this is what I read when I was doing research before I retired. I was surprised when I read it so I read it a couple times very slowly and carefully . It was another bit of information that made it easier to go for the spouse option.

 

[oldngray]

Yes this is what I read when I was doing research before I retired. I was surprised when I read it so I read it a couple times very slowly and carefully . It was another bit of information that made it easier to go for the spouse option.

Depends on the plan. Doesn't work that way in mine.