the younger you are when you start, the lower the premiums are. I am pretty sure we would not have been able to afford it at all if we waited until we hit 60. Plus, my uncle needed to go into a nursing home at 55 for a neurological disorder and spent most of the rest of his life there. Those things I need to take care of in case and if not, we do get the premiums returned to us(or our beneficiaries) if we die without using the policy. Or we might have to plan what my bil plans for my sister…an accident by the pool :)!
I’ve been socking away money for retirement for years but still have a ways to go. My husband on the other hand hasn’t been consistently doing the same. He spends most of his paycheck. He hasn’t been consistent in taking advantage of work-related 401K contributions. Very spotty and I know he’s withdrawn funds to pay for “stuff.” We’ll be lucky if we have $500K by the time we retire – and that’s relative since we work in high-tech (a known “young persons industry”).
Honestly, I’m ready to rent out our house and live in our finished basement, also I’m ready for payday loans online. He won’t have any of that. I’m totally stressed out that we won’t be ready and yet walk on eggshells thanks to his uncooperative and sometimes volatile personality. I am ready to do what it takes within my “handicap”. Any advice will be appreciated!
P.S.: I have Dave’s book
but that doesn’t mean you become irresponsible and take a vacation to Europe and spend $40,000 you don’t have and put it on a credit card. yes, DR can be extreme at times, but in general going out to eat even if you are in debt won’t make or break your getting out of debt. But spending $500 on dinner or $50 on dinner before paying your water bill is another issue.
My DH was born in a third world country (Burma) and his parents worked very hard to get his family to the US.
They finally arrived here when he was 19 and he was just barely 20 years old when his Dad died on the job (airline pilot, couldn’t find work in the US so took a temporary job in Sudan and was shot down by insurgents due to his passengers).
My DH has since taken the perspective that life is too short to worry about a lot of what we worry about and I am slowly starting to see his perspective.
We were in Costco last night and I was looking at a snack food that I wanted but didn’t need and he told me the same, life is too short, please, buy it and enjoy. So we did.
FWIW we are debt free for the house and he is staying home with out baby girl so I am the primary breadwinner.
my dh is 59 and he pays 333 quarterly and has the in home care option also. I am 50 and pay 252 quarterly but do not have the in home care part(can’t remember why I didn’t pick that option!). Every year we also get a 5% inflation increase. Pam
– in my 30’s. I can’t imagine it will be 300 a month when I’m close to 60, more
I have since reconsidered this. 2010 was a devastating year as far as health concerns. I exhausted all of my savings, sick time, etc. I had to take a medical leave from January through August. I returned to work in September and have been sick several times due to immune system problems. This illness is a huge wake up call. I have always taken care of my health. I exercise, don’t drink, don’t smoke etc. That might not be enough. I may need a liver transplant in the future.
Count your blessings. We all have them no matter what the circumstances are. I am now rebuilding more than 6 months of expenses. I am planning on 18 months of expenses in case I have to have a liver transplant. My doctors told me 18 months due to the physical nature of my job. I am single so it is all up to me.
Now I hope to retire at 65! My hope is that I am healthy enough to work that long.
We must do it to have the means to live comfortably and not burden family and friends. However, it’s funny to me how when we’re still years (or decades) away from retirement that we think we want this or that, only when we get to retirement, we want or need something totally different. Or our situation has changed so much due to health or the market going down that our future wishes are only a pipe dream. I have seen this time and again from very close (my parents and inlaws) to aquaintainces (sp?). Even in my parents case, my dad was very well prepared financially for retirement.
Part of the plan for my parents was to enjoy their hobbies and travel. A few months before my dad’s official retirement, my mom was diagnosed with Alzheimers. The progression of the disease has put a halt to her hobby, a canvas and folk art artist, and to travel for both of them.
My point is that we need to take into account that we may not have the physical or mental abilities we think we will, even if our family history for both is good. That is why I am an advocate of having a little fun now, after bs3 is done, and not putting it on hold till retirement.
Frankly I don’t think it will be there to do by the time most of us reach retirement age. Then again, I want to be in control, I don’t want someone telling me I have to take this pill instead of that pill because the pill which will help me the most isn’t on the government approved formulary… I don’t operate like that NOW, can’t see that changing in 40 or 50 years LOL.
Yes ma’am I left on the first thing smoking when I was 19. Just to get stuck in Atlanta where we were iced in for an entire week. I’m so very serious about running some more, can’t stand snow.
Everybody raves about how reasonable it is, and I’ve gotten quotes from a wide variety of carriers and they all hover in the high 5’s. Now maybe I’m asking for the world, but I won’t be jailed in my old age. I intend for people to care for me the same way I care for myself. If I get into a condition where I can only blink my eyes, I want someone to be paid enough to understand that I want a drink of water.
I don’t ever want to be a burden to my daughter and I’ve taught her from an early age that the only way she is going to get my car keys is from my cold dead hands. Hopefully she’s also learned that when the time comes, give me a set of keys to a car I had a long time ago and I’ll be content, but I want to hire a driver (not her or any family members inconvenience) who will take me riding just ’cause… So I try to keep abreast of any and all options for elder care which become available. I hope never to need them, but I believe in being prepared for the very worse case.