Retirement decisions

mke · April 2008

mke · April 2008

I've been reading the "stop living like you are dying mom" thread and it isn't only kids who don't want to hear about some hard truths.

My husband has sort of been forced into a somewhat early retirement and there are a lot of decisions to be made. He has the choice of taking more of his pension now or less now so that I will get more later if I survive him. Whatever he decides he has to stick with.

I'm pressing for the more now on perfectly logical grounds. His parents lived longer than mine, I've had BC 3 times, and I'm not that much younger than him. I've made jokes about how irritated he will be with me when I die and I'm still costing him money through a lower pension payment. But he's having a hard time putting that check mark in that box and signing the form.

We also talked about the insurance and decided that we probably should take it as we would likely need some benefits in the future (like those prostheses (sp) I need to get fitted for). And there are still more things to decide on. It's kind of exhausting.

janet11 · April 2008

Those are tough decisions, aren't they? We're going to be making those in a few months too. But we're inclined to make a best guess... and take more up front with the idea that that is that much less we have to take out of savings.

However, if that was our only income, we'd opt for making SURE that we both have income and taking less to do that. What if he gets hit by a bus next year? How will you live? Anything can happen....

Then after you make your best guess, you sign the papers and don't go back and revisit that decision in the upcoming years. You'll only make yourself nuts (*smile*).

Janet

spouse2 · April 2008

retirement is a big decision.And shouldnt be taken likely go meet with a professional in your town.what they may or may not charge could save you thousands in the long run, and i guarentee it will be worth your piece of mind. they will bring up stuff you will never even think of that will be pertinent to your retirement.

junie · April 2008

MKE--big, hard decisions to be made! As janet said, once you decide, don't start second-guessing yourself! Seeing a financial advisor is a good suggestion. We were fortunate to be able to talk to a financial planner with our bank at no charge. He gave us a lot of ideas and things to think about.

We both opted for "the more up front" which gives us a fairly decent retirement income. Whoever dies first, the other one will have to make some dramatic changes in lifestyle, but we neither one will starve to death. We got self-only health insurance policies so that if one died, the other wasn't left out in the cold for health-insurance. My retirement income is a bit larger so we also took out an additional life insurance policy on me.

We did a lot of pencil to paper figuring and worst case scenarios (like the proverbial bus!) and we've been happy so far with our decisions. Like everything else in life, trying to decide the best steps for retirement is such a crap shoot! GOOD LUCK!!!!

miamimama · April 2008

My husband and I had to make that decision twenty years ago, when I was in my forties. We chose to take less in order to ensure me an income for life, since I was 8 years younger. Am I glad we did, since he passed away a few years later. What started as $800 a month has doubled. Coupled with my retirement and social security, I am able to make ends meet.

Twenty years ago, with two teenage boys to support, it was a tough decision to make, but for us, we made the right one.

MKE - Good luck with your decision.

Retirement decisions

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