20 Replies Latest reply on Apr 1, 2012 3:44 PM by JerryD

    Retirement Concerns

    Gregorio46
      A reaction to the latest poll:  my primary concern in my retirement is that my spouse will be well provided for and will not have any serious financial worries, because she will in all likelihood outlive me.
       
        • Re: Retirement Concerns
          ldecola
          living too long!
            • Re: Retirement Concerns
              sneedel
              You can fix that by giving up health insurance...
              • Re: Retirement Concerns
                pthompso
                I think it was 1984 when former Gov. Richard Lamm of Colorado gave a speech in which he said something along these lines about "the eledly having a duty to die." Crudely put, but he was the first person I heard speak out about the financial issues of people living longer.
                  • Re: Retirement Concerns
                    Sharon
                    That is why it is so important to have a living will and power of attorney and right to die!!!! 
                    I think we need to choose when our time is up instead of prolonging life when we have lost our marbles or are totally bedridden in pain.

                    As much as I appreciate Medicare, I really don't want major surgery at age 100...I'd rather just let nature take over...live healthy as long as I can, then DIE without being a burden on others.

                    If medical techniques keep you fit and able to lead a full life, then great. But my dad had open heart surgery double bypass at age 89. Sure he lived another 5 years, but it was awful watching him go down hill. Without surgery, he may have lived only another year, but it would have been a great year! 
                • Re: Retirement Concerns
                  jkom51
                  Gregorio46 said...
                  A reaction to the latest poll:  my primary concern in my retirement is that my spouse will be well provided for and will not have any serious financial worries, because she will in all likelihood outlive me.
                   
                  So what have you done to mitigate this risk?
                  • Re: Retirement Concerns
                    Sharon
                    And has she made it so you are well taken care of in case she dies first? It works both ways.
                    You should each have life insurance on each other if you are worried. 
                      • Re: Retirement Concerns
                        Gregorio46
                        We went to a financial advisor and I would be OK financially (not spiritually) if she were to pass first.   It doesn't work so well the other way for various reasons, which is why I will be working to at least 68.
                          • Re: Retirement Concerns
                            jkom51
                            Good for you for having someone check on the scenarios for either surviving spouse! Too many people forget to do that, and it's very important.
                            • Re: Retirement Concerns
                              debrah19
                              I would like any ones help in any suggestions you could give me on saving more for my retirement. Do to my fathers illness I had to retire at 61 after 24 years working at a liberal arts college. In total I have approxmately 85000 in retirement and also 780.00 a month from my X spouse from his retirement plan. I am currently taking 800 a month for my living expenses from my retirement until I reach 62 in September 2012. At that time I will get  my social security which will be about 1100.00 and hopefully I can live off of my X's pension and my SS and stop taking anything out of my pension.. I am so afraid I am going to run out of my retirement monies. How much in retirement should I have to last my lifetime. I think I could manage on 2500.00 a month.
                                • Re: Retirement Concerns
                                  Gregorio46
                                  It's easy and a little irresponsible to offer financial advice without full understanding of your situation.  I recommend that you talk with a professional about this.   There are qualified people who will have this discussion with you at little or no cost.  They will help you look at the entire big picture in terms of your future needs, expectations, health situation, assets, etc.
                                   
                                  There are interesting possible providers of this service.     For example, do you have life insurance?    My life insurance agent sat down with my wife and me and developed an entire profile on his computer that really helped us determine a reasonably good plan into retirement.   He did this with the hope that we might purchase additional insurance from him (which we did not) and he did this at no cost.
                                   
                                  I think that the sponsor of this web page, TIAA-CREF, may also offer services of this nature.  Is your pension fund with someone other than TIAA-CREF such as a mutual fund IRA?  Many reputable mutual fund companies will provide you with guidance.  Check around.
                                   
                                  It will benefit you greatly to talk with a pro.   I hope this works for you.
                                    • Re: Retirement Concerns
                                      debrah19
                                      Gregorio46 said...

                                      It\'s easy and a little irresponsible to offer financial advice without full understanding of your situation.  I recommend that you talk with a professional about this.   There are qualified people who will have this discussion with you at little or no cost.  They will help you look at the entire big picture in terms of your future needs, expectations, health situation, assets, etc.


                                      There are interesting possible providers of this service.     For example, do you have life insurance?    My life insurance agent sat down with my wife and me and developed an entire profile on his computer that really helped us determine a reasonably good plan into retirement.   He did this with the hope that we might purchase additional insurance from him (which we did not) and he did this at no cost.


                                      I think that the sponsor of this web page, TIAA-CREF, may also offer services of this nature.  Is your pension fund with someone other than TIAA-CREF such as a mutual fund IRA?  Many reputable mutual fund companies will provide you with guidance.  Check around.


                                      It will benefit you greatly to talk with a pro.   I hope this works for you.


                                      I will do that. thank you for your suggestion..
                                      • Re: Retirement Concerns
                                        JerryD
                                        Gregorio46 said...
                                        ...
                                         
                                        I think that the sponsor of this web page, TIAA-CREF, may also offer services of this nature.  Is your pension fund with someone other than TIAA-CREF such as a mutual fund IRA?  Many reputable mutual fund companies will provide you with guidance.  Check around.
                                         
                                        It will benefit you greatly to talk with a pro.   I hope this works for you.
                                         
                                        I very much second this advice. I will also add my favorite advice which is to put all of the numbers for a few future years into a spreadsheet:  budget, income/Social Security/pension, taxes, big expenses (need a car or different house or ???), etc. It's amazing how concrete numbers and what-ifs can clarify what you need to do to make it work.
                                • Re: Retirement Concerns
                                  Carlos

                                  This is a major concern of mine as well. My wife is 14  years younger than me so the likelyhood of me outliving her are pretty slim. I have  been trying to make sure that she will be fine by having her save the maximum in her 401K, buying additional life insurance now while I am younger, buying long term care insurance and when I am eligible to pick a survivorship option she will get the 50% option.  I have a long term care policy for her too but hers will be paid for if I die first. I have also arranged for my insurance policy to be paid off when I retire so I won't have to pay for it after retirement.

                                  Now with all of this being done, my goal is for her to not have to worry too much about finances should I pass along. However, I did not wish to make her so wealthy that she might get any ideas to  speed that process along. :-) Thus, she will have to work until the age of 55 to meet the goals set with her 401K. Then she would be in great shape.

                                    • Re: Retirement Concerns
                                      Ricxk
                                      totally get it!  The difference in my case is 17 years; even more unlikely to outlive the boss.  Because of this, and her very reasonable income, likelyhood of inheriting my savings/401k, i have not gone the route of sharing income form these sources. There will be enough from her income and 401k and "inheritance" that bying extra insurance is a waste of $. The survivorship option is also probably a waste, in my opinion: the more you use what you have from other sources, the less the drain on your joint savings. Single life is better and probably allows you to put some $ away.
                                        • Re: Retirement Concerns
                                          Carlos
                                          I understand as well. I am just trying to make sure my wife will be secure. I worry about inflation. The money I invest in insurance will be a good investment overall and it will be paid off before I retire. She makes a nice salary too, but does not have a pension. Taxes and inflation will not be kind to her when I am gone so I am just trying to cover the bases. I have a 403B, but don't know how much I may need to use it.
                                            • Re: Retirement Concerns
                                              Art
                                              Carlos said...
                                              I understand as well. I am just trying to make sure my wife will be secure. I worry about inflation. The money I invest in insurance will be a good investment overall and it will be paid off before I retire. She makes a nice salary too, but does not have a pension. Taxes and inflation will not be kind to her when I am gone so I am just trying to cover the bases. I have a 403B, but don\'t know how much I may need to use it.

                                              So why doesn't your wife have her own retirement account??
                                                • Re: Retirement Concerns
                                                  Carlos

                                                  She does Art, but I figure if I kick the bucket before I am 70. She will still need to finish off the mortgage and depending on how or economy and the stock market works, her finances could be who knows what. If she is doing moderately well Uncle Sam will love her. I am just trying to  plan so we both are ok. I plan to have as much fun as possible with lots of travel even when she is still working. :-)

                                                  Don't get me wrong. She's saving the max in her 401K and paying for the insurance policy. I am not doing all of the work.

                                          • Re: Retirement Concerns
                                            prive40
                                            Medical Insurance and expenses are a major concern. While we plan to pay the mortgage off and relocate, the place we bought (prior to the real estate bust), does have a POA fee. That fee will only rise over the years. It could equate to a $150,000 or higher mortgage fairly easily. 
                                            • Re: Retirement Concerns
                                              winsomej
                                              I am worried about a lot of things.  My husband does not have a high-paying job and no retirement plan, so it's all on me.  I'm putting as much as I can possibly afford into "our" retirement, but watching the total still go backwards every quarter really makes me think I'm doing something wrong in a big way.  The TIAA rep I met with said I'm doing fine.  It makes me sick to look at.  I'm 55 and once had grandiose plans of retiring at 60, but I kissed that goodbye a while ago.
                                              I paid off the mortage last year which is great, but all the property taxes are now the same as the mortage payment was.
                                              Don't even get me started on health care costs.  If I tried to retire from my job at 55, I'd have to pay over $1200/month to retain health insurance for myself and my husband. 
                                              I guess the biggest fear is the unknown.  Should I be doing something I'm not and won't know until it's too late?  Will I ever be able to retire?  Will I retire too soon and outlive my money? 
                                                • Re: Retirement Concerns
                                                  JerryD
                                                  winsomej said...
                                                  ...
                                                  Don\'t even get me started on health care costs.  If I tried to retire from my job at 55, I\'d have to pay over $1200/month to retain health insurance for myself and my husband. 
                                                  ...
                                                  Don't know where you live or what your medical circumstances are but that is a very high number. The spouse and I funded medical in IL and AR for a number of years. We got Blue Cross in each with a $2,500 deductible for closer to $700/mo for both. Have you really gotten firm prices from various companies?

                                                  Also remember that you CAN negotiate with insurance companies on pre-existing conditions. Due to an eye operation the 2nd state wanted to exclude both of the spouse's eyes forever. I got them to exclude only the one eye and even that one for only 3 years. Your ultimate threat (IMO) is that you can always raise the issue to the state insurance regulators).