PREP RETIREMENT...need the cold hard facts!

[Loretta Van Riet]

Hello everyone. I prefixed this request as my greatest "prep" concern.

I have read most everyone's opinions regarding what age I should retire at.

My first question is about "medicare". I understand you must "register" at 65 even if you have current insurance.

How much does medicare cost? I understand there is a part "A" and a part "B".
What are they, and what is the cost of each?

I am thinking of "breaking service" with my current employer at age 65 and 1/3 years of age so that I may begin drawing my tiny pension, and social security.

I realize I will have to drastically reduce expenses (or keep my roommate).
I am willing to continue working part time to make up the difference.

I can't believe how many people I know who think Medicare will be free to them!
Also...pro's and cons about "supplemental" policies?

Ok...share with all of your OMG moments about the things you did not/or forgot
to consider in retirement!

Loretta V.

 

[mzkitty]

I get SS. Out of my allotment, $104.90 is deducted each month for Medicare and United Health Care (supplemental stuff). I do not have the drug part because in my county we have some program where your drugs are really cheap, for the most part. I only have high blood pressure med so far, so that's like $9.00 out of pocket for me is all for a 3-month supply.

You really need to contact someone at SS and discuss with them. 1-800-772-1213. I'm sure they can give you United Health Care's phone # if you need it. You would need to talk to them about that part.

 

[Hansa44]

Medicare can be a little complicated. I get Part A at no extra charge. Part B costs 104.90 a month which is taken out of your ss money before you get it. I have it and am thankful I do. You can get lots of reliable info on the net.

If you were legally married to anyone for 10+ years and then divorced and your ex dies you can collect on their ss if they got more than you. These are survivor benefits. I lucked out on this too. It will pay you big time to do some investigating by spending some time on the net at ss and medicare. If you can, go to a ss office with your written down questions, paper and pencil. Get a name and phone number.

I've seen some very long detailed answers written on TB which can be excellent although I found a lot of very important info pertaining to me left out and that's what you want. Info pertaining to you and your situation and it may be very different than what you're told here.

No offense is intended to anyone trying to offer advice for ss and medicare, but there are just so many rules much ends up getting left out that may have helped.

 

[Lei]

Some of my friends live on their SS only . They rarely leave the house , gas costs too much.
They sign up for any free food deals for which they can qualify . No vacations, life is whittled down to
the bare bones and then some.
Find some way to generate some extra cash flow ! Part time job or even craft fairs all help.

 

[kittyknits]

I never registered with "Medicare". When I turned 65, $105 started disappearing out of my check every month. No choice in the matter.

 

[Hansa44]

I never registered with "Medicare". When I turned 65, $105 started disappearing out of my check every month. No choice in the matter-there's a cold hard fact.

I keep thinking they gave me the opportunity to say no to part B. I was 65. If I didn't respond they automatically sighned me up.

Don't remember. It may be different now. Part B did save me a fortune tho'. I sure never dreamed I'd need it like this.
When it was discovered I had COPD my daughter insisted I have oxygen equip to help me with breathing issues. It would have cost me over $500 a mo. for these things and ended up costing me $38 a mo....

For now I'm happier with inhalers that I get from ADC. Once or twice a mo. I get inhalers from Riteaid which part B pays for.

I'll be glad when I've completed my mission here and can go home....

 

[Garryowen]

Part B is voluntary. Part A is hospitalization, which you have been paying for since it was passed into law. I would say that Part B is something you would want, since it covers care not received in a hospital.

If you can wait another year or so, your monthly benefit will be a bit higher.

 

[Kris Gandillon]

Amazing to me that there are still people considering retirement...

 

[Doat]

Amazing to me that there are still people considering retirement...

For many, they are no longer the golden years. If you have the resources its great, if not well not so great. There are many struggling and many that soon will.
If your able work a couple a days a week do it.

 

[kittyknits]

I was told Tricare for Life basically takes the place of Medicare Part B.

For military only, however.

 

[WFK]

There is Medicare A and B (basic) for Hospital and Docs. premiums are deducted from your SS check.
There is Medicare D (Rx). You are encouraged to take it and pay the premium. Medicare D is run by Insurance companies.
There is Medicare Advantage; it contains additional benefits to A and B, and can contain RX benefits.
Then it is called Medicare C (!), but you don't hear that term too often.
Then there is Medicare SUPPLEMENTAL (various Plan letters, like J), which is completely different from Medicare Advantage.
With Supplemental Medicare, RX is never included and has to be taken out separately.
Supplemental Medicare is also run by Insurance companies. You must have A and B to begin with, and add D to it.
Advantage Plans and Supplemental plans are priced new every year... (and that re-pricing will just hit before the midterm elections.)

This is not complete. Learn about the different plans and their definitions so that you stay ahead of the sales people!
Docs, SS and Pharmacies all talk their own language and do not necessarily use the same vocabulary!

 

[WFK]

I was told Tricare for Life basically takes the place of Medicare Part B.

For military only, however.

If you have additional providers to Medicare (Tricare, ChampVA and such), you run into a process called "coordination of benefits."

 

[Bolt]

If you haven't done so already, figure out what your budget needs to be. Then add about 20% to that to get a more accurate figure - s*&t happens. If you can hang in there until age 67, then your benefit and pension should be a little higher. You said you could work part time, but at some point you may not be able to do that. You'll need a plan for if/when that happens. The rest above Medicare is spot on. You'll get Part A at not cost and Part B will run about $105/mo. Be sure you figure that in your budget as well as any supplement or Rx policy. I think the days of actually "retiring" on SS alone are long gone.
As I have said before, I am very thankful to the many members here who have posted tips on living frugally, canning, and other means of saving money.

 

[Meemur]

If you can hang in there until age 67, then your benefit and pension should be a little higher.

Until recently, one of my jobs was working with seniors, and I strongly agree with anyone who has encouraged you not to quit, yet. I truly understand if you must leave for health reasons! But if not, push for just a bit longer.

There is a very good chance that the economy will continue this serious downward trend, and 2015 looks like an awful year. There's even a chance that you may have your hours slashed. It will be brutal for older folks on a fixed income. Don't count on getting any part-time, unless you have it in hand now.

I'm not trying to scare you! And I'm in my mid-50s, not one of the youngsters. Please consider staying with your job a little longer. Do whatever it takes to pamper yourself to keep going, more lunches out, more massages . . . whatever.

 

[tech020]

I signed up for Part A at 65. I then worked till my "full" SS age of 66. I then signed up for Part B at the $104.90 per month. In addition, I pay about $200 per month for a "Medicare Cost" plan (supposedly sponsored by my former employer) that covers what Part A and B don't cover plus a very good Rx plan (which I don't really need now" but my wife has the same deal for her meds that cost $7000 per month for only a $24 copay! I don't regret leaving the work force but I understand why some would suggest keeping employment as long as it makes sense for you. I miss the camaraderie of the workplace, the actual work, but not the management! Good luck with your decision. I still have a part time, occasional tech job that brings in $4k per year that is my "discretionary" cash. Working part time, you are still part of the labor force and don't let anybody suggest that SS is a government dole. We paid in and now we collect at least something!

 

[MidnightTide]

Retirement?

HA. I won't be able to retire. I will be working till I drop dead. At least some of you will be able to get something, the ponzi scheme will be out of cash when I am even close to retirement age.

 

[Kathy in FL]

I was told Tricare for Life basically takes the place of Medicare Part B.

For military only, however.

They are changing a lot of things because of Ocare. My parents are retired military. The rules changed I think in March and it greatly affected my parents.

As far as retirement ... when are people going to understand that it is a false concept built by the government to move older workers out of the workforce to make room for cheaper, younger workers? You can't live on "retirement". You can live on savings but for how long?

Instead of looking at retiring, rework your thinking and consider changing careers. And whatever you choose to do don't do it until after you already have your ducks lined up. My parents, despite a military "pension" and "free health care" that wound up not being free despite promises, have learned the hard way that the only promises you can believe are in the Bible.

Health care issues have proven to be their biggest issue and no medicare and tricare don't make that any easier, all it does is make you have to deal with a different set of rules.

 

[Mixin]

Regarding supplemental policies: because of my cancer diagnosis, I chose to enroll in a supplemental through Forethought Ins. The monthly cost started out at ~ $83 and it's now $96.77.

Medicare Pt. B pays 80% for most things and Forethought covers my 20% after my $147 yearly Pt. B deductible. I'm still cancer-free but still get the blood tests, checkups, X-rays, Zometa infusions, bone density scans. Even with all those procedures, I would at least $800 ahead yearly if I canceled my policy and saved that money.

Since the Medicare allowable expenses are so small, my 20% is far less than my policy payment. Here's an example:
Oncology visit: $220
Medicare allowable: $102.51
Since that is the first procedure of the year, I'll have to pay that amount to meet my deductible. Otherwise, Forethought would cover my 20% ($20.50).

OTOH, if I had been on Medicare when the cancer was diagnosed, I would have been really, really glad I had a supplemental policy. My 20% of that total treatment would have been about $10,000. Trying to second guess future health issues is complicated, that's for sure.

Retiring on a fixed income is tough. When you have good money coming in, a $10 per month increase won't break the bank. But on a fixed income, these little $5, $10, etc increases _in everything_ can really add up.

 

[Giblin]

DH had a high stress job - they did away with his assistant and secretary -so he was putting in 12+ hour days doing the work of 3 people and then the company was not able to give raises for 5 years. After some medical problems we decided to retire at 62 before he dropped dead. We explored many options and decided to relocate from CT to SC. Lots of planning and budgeting but SC cost of living made this possible and we are quite happy.

 

[TerryK]

I was told Tricare for Life basically takes the place of Medicare Part B.

For military only, however.

Not so. My wife is on Tricare for Life.
Tricare for life becomes the second payer after Medicare. It becomes primary payer in those rare cases where it covers something that Medicare doesn't.
When my wife goes to the doctor she shows them her Medicare card. On her first visit she shows them her military dependents ID and tells them she is in Tricare for Life. After that all her bills are sent to Medicare and then whatever is unpaid is automatically forwarded to Tricare. Works great.
Also Tricare for life and Tricare general will provide coverage for you when you are out of country where Medicare will not.

 

[cooter]

good thread,

and things are going to get harder and harder, sigh,

For many, they are no longer the golden years

remember this one too,(( that the only thing golden , in my golden yrs, is my p^$$,)) got told that one yrs back ,

anyway, still a rather informative thread , and a reminder of things too,

 

[TerryK]

They are changing a lot of things because of Ocare. My parents are retired military. The rules changed I think in March and it greatly affected my parents.

As far as retirement ... when are people going to understand that it is a false concept built by the government to move older workers out of the workforce to make room for cheaper, younger workers? You can't live on "retirement". You can live on savings but for how long?

Instead of looking at retiring, rework your thinking and consider changing careers. And whatever you choose to do don't do it until after you already have your ducks lined up. My parents, despite a military "pension" and "free health care" that wound up not being free despite promises, have learned the hard way that the only promises you can believe are in the Bible.

Health care issues have proven to be their biggest issue and no medicare and tricare don't make that any easier, all it does is make you have to deal with a different set of rules.

Sorry the Tricare changes affected your parents. If they were on Tricare Prime like myself, yes Tricare sent notices to a great many people based on zip code that said they had to go to regular Tricare which costs a heck of a lot more with your large cost share. No more 10 or 12 dollar copays
The other solution is to seek medical treatment at a military treatment facility such as MacDill AFB if they live in the right geographical area.
Yep those healthcare promises the government made to the military are changing rapidly. Hopefully your parents will quickly reach 65 where they can transition to Tricare for Life.

 

[TerryK]

Amazing to me that there are still people considering retirement...

If I had to wait another 10 or 15 years, I might not be so optimistic.
I fully retired a couple of years ago. I didn't stop working, but I work for myself now.
My retirement is based on three separate sources plus investment income.
I don't wear a watch. I keep my simple cell phone in my car for emergencies.
I get up and go to bed when I feel like it. Somedays I will work on projects 12 to 16 hours. Other days I get up and ask the wife if she wants to go visit someplace. It all depends on how we both feel.

I know that there is a better than even chance the whole system will fail before the wife and I make our final exit, but I am as prepared for that as I can be without letting worry ruin my life.
My retirement income is well above the national average earnings and I do count my blessing about that. I also fully expect to eventually lose one, two or all of my retirement incomes and a lot of my military benefits as the system swirls down the tubes. I have done my best to prepare for that.
I stopped working right now because you are penalized if you earn more than minimum amount. I may consider going back to work once I reach full retirement age of 66. In the mean time I am enjoying myself as much as possible and catching up on quality time with my wife that I missed so much during those long deployments in the Navy and working a lot of extra hours in IT before I retired.

Only now after retirement, have we finally realized that all our fun and enjoyment, plans and dreams, and even basic survival, can all come crashing down in an instant.
One popped artery, one bad news visit to the doctor, one stupid drunk driver, or even an accident around the home can cause it all to come crashing down, so enjoy yourself when ever you can now, and be ready to cash in your chips when you least expect it. You will find that you will appreciate life and people more that way. I guess that's what's involved in getting old.

 

[TerryK]

and things are going to get harder and harder, sigh,



remember this one too,(( that the only thing golden , in my golden yrs, is my p^$$,)) got told that one yrs back ,

anyway, still a rather informative thread , and a reminder of things too,

Actually if your piss is too golden it means you have problems
It's not for nothing that a favorite topic of conversation among old people is bowel habits.

 

[Bolt]

Only now after retirement, have we finally realized that all our fun and enjoyment, plans and dreams, and even basic survival, can all come crashing down in an instant.
One popped artery, one bad news visit to the doctor, one stupid drunk driver, or even an accident around the home can cause it all to come crashing down, so enjoy yourself when ever you can now, and be ready to cash in your chips when you least expect it. You will find that you will appreciate life and people more that way. I guess that's what's involved in getting old.

We don't always see eye to eye, but on this I am in 100% agreement. Your words ring more true than most will ever realize, until it's too late.

 

[kittyknits]

Not so. My wife is on Tricare for Life.
Tricare for life becomes the second payer after Medicare. It becomes primary payer in those rare cases where it covers something that Medicare doesn't.
When my wife goes to the doctor she shows them her Medicare card. On her first visit she shows them her military dependents ID and tells them she is in Tricare for Life. After that all her bills are sent to Medicare and then whatever is unpaid is automatically forwarded to Tricare. Works great.
Also Tricare for life and Tricare general will provide coverage for you when you are out of country where Medicare will not.

Sorry, I did mean the spouse also, since I am one. I should have been more clear.

 

[Reader]

What is an average retirement income today?

 

[TerryK]

We don't always see eye to eye, but on this I am in 100% agreement. Your words ring more true than most will ever realize, until it's too late.

Yeah, I guess I can be pretty cantankerous a lot, but I honestly enjoy and respect every poster here at TB2K.
I learn a lot from many diverse opinions and enjoy debating them.
After a good strong debate I frequently go back and reconsider and modify or change my original opinion based on the posts of those I was most in disagreement with.

And yes, all it takes is a single catastrophic event that might at first seem so small; and if you survive, you never look at life the same way again.
Humans are all such incredibly fragile creatures, it's hard to imagine just how little a thing can change it all.
I'm only here because God must have a soft spot in his heart for crusty old retired Chief Petty Officers.
Plan for tomorrow, but live for today. Tomorrow is promised to no one.
It's the only way to live, whether you're retired or not.

 

[Giblin]

Reader, From what I've seen among friends in their 60's, income is around 25k for just SS and 35-40 including pensions.
No one says what they have hidden away.

 

[Kathy in FL]

Sorry the Tricare changes affected your parents. If they were on Tricare Prime like myself, yes Tricare sent notices to a great many people based on zip code that said they had to go to regular Tricare which costs a heck of a lot more with your large cost share. No more 10 or 12 dollar copays
The other solution is to seek medical treatment at a military treatment facility such as MacDill AFB if they live in the right geographical area.
Yep those healthcare promises the government made to the military are changing rapidly. Hopefully your parents will quickly reach 65 where they can transition to Tricare for Life.

They have Tricare for Life ... although "for life" is a misnomer for my mom for whom all benefits will cease when my father dies. That's the way it was set up when he joined the military in the late 60s.

Actually what changed is their Rx access. My dad is 71 and mom is 66. You can't go to a doc and get a prescription right there anymore, you have to get it in the mail which if you need antibiotics waiting on a mail delivery can be life threatening. My parents live well away from any VA/military hospital ... middle of nowhere Florida ... and it is a real challenge for their meds now. In many circumstances they wouldn't even be able to get the meds from say MacDill even if they were onsight since they weren't being seen my military doctors. The rules are really changing and rapidly.

 

[TerryK]

They have Tricare for Life ... although "for life" is a misnomer for my mom for whom all benefits will cease when my father dies. That's the way it was set up when he joined the military in the late 60s.

Actually what changed is their Rx access. My dad is 71 and mom is 66. You can't go to a doc and get a prescription right there anymore, you have to get it in the mail which if you need antibiotics waiting on a mail delivery can be life threatening. My parents live well away from any VA/military hospital ... middle of nowhere Florida ... and it is a real challenge for their meds now. In many circumstances they wouldn't even be able to get the meds from say MacDill even if they were onsight since they weren't being seen my military doctors. The rules are really changing and rapidly.

Your father and I must be about the same age. I joined the Navy in 69. Oops, just read further and your father is 5 years older than me.
Tricare for Life is for both the retiree and their wife and it is for life.
The one benefit that could stop if your father dies is the military retirement check.
That benefit depends on what he elected when he retired. When you retire you can elect for your spouse to receive around 50% of your retirement pay for the remainder of her life but that means your current retirement check has a pretty huge deduction.
You can also select a much smaller deduction that in turn will give your wife a 4 or 4 hundred dollar retirement check after you die. Finally you can select no deduction, but the spouse has to sign off on it. In which case your spouse gets nothing and your military retirement ends upon your death.
It's called the SBP or Survivors Benefit Program.
SBP is entirely separate from Tricare and Tricare for Life.
My wife is a couple of years older than me so she's already into Tricare for Life. I'll be going into it in about a year and a half.

As far as prescriptions and Express Scripts. It sucks. My wife just got her notice in the mail. If you are getting generics or $5 prescriptions you can continue to get them through your local pharmacy. Most antibiotics fall into that category.
If you are getting brand names, non generic you have 3 refills before you have to sign up with Express Scripts by mail. You have to agree to try Express Scripts prescription refills by mail for a year according to the rules. Then, if you want, you can cancel and go back to getting them filled at your regular pharmacy.
Also the ExpressScript new mail rules don't apply to one off prescriptions such as a single course of antibiotics, or pain meds etc. They only apply to routine maintenance prescriptions like blood pressure etc.
Best wishes for your folks. You might want to help them and go online and get the full info. The little paper note they mailed out to everyone can be confusing and difficult to make sense out of.

 

[ainitfunny]

I was told Tricare for Life basically takes the place of Medicare Part B.

For military only, however.

BEWARE! If you EVER REMARRY after death or divorce, you LOSE TRICARE FOR LIFE from your husband and it cannot be restored for ANY reason.
If you remarry a 20+ year retired military man you CAN be covered under HIS Tricare for Life spouse eligibility.
TRICARE FOR LIFE REQUIRES YOU TO BE ENROLLED IN MEDICARE BOTH PART "a" and "b" and ONLY covers you as a SECONDARY PAYER, after Medicare.
There is no charge at all to get ANY of your medication prescriptions filled at a military pharmacy on base. They even fill prescriptions from your civilian, off base physicians. But to use that you MUST PHYSICALLY GO TO THE MILITARY PHARMACY(and WAIT...sometimes hours) for the prescription to be filled. Since I am treated in a military hospital, I usually "take a number" at the pharmacy just BEFORE I go in to see my doctor for an appointment to cut down on the wait time for any possible prescription filling. After seeing the doctor, If I don't get a prescription, I will go back in the pharmacy and find someone with little kids, or in obvious pain, or who otherwise shouldn't wait hours and give them my number if it is closer to being called than theirs.

 

[colonel holman]

"Only now after retirement, have we finally realized that all our fun and enjoyment, plans and dreams, and even basic survival, can all come crashing down in an instant.
One popped artery, one bad news visit to the doctor, one stupid drunk driver, or even an accident around the home can cause it all to come crashing down, so enjoy yourself when ever you can now, and be ready to cash in your chips when you least expect it. You will find that you will appreciate life and people more that way. I guess that's what's involved in getting old."

This is so very, very true, as I have seen each and every day among patients coming to PT clinic... disappointed that all their retirement dreams are suddenly impossible since falling on the steps, falling in the tub, a stroke, a heart attack, cancer diagnosis, car accident, kids in crisis needing help, and countless other unpredictable crushing crises. Life can change in a heartbeat, and usually does, as we postpone our dreams

 

[ainitfunny]

"Only now after retirement, have we finally realized that all our fun and enjoyment, plans and dreams, and even basic survival, can all come crashing down in an instant.
One popped artery, one bad news visit to the doctor, one stupid drunk driver, or even an accident around the home can cause it all to come crashing down, so enjoy yourself when ever you can now, and be ready to cash in your chips when you least expect it. You will find that you will appreciate life and people more that way. I guess that's what's involved in getting old."

This is so very, very true, as I have seen each and every day among patients coming to PT clinic... disappointed that all their retirement dreams are suddenly impossible since falling on the steps, falling in the tub, a stroke, a heart attack, cancer diagnosis, car accident, kids in crisis needing help, and countless other unpredictable crushing crises. Life can change in a heartbeat, and usually does, as we postpone our dreams

Very wise words, Col Holman and TerryK. May I quote you both? You put my own thoughts much better than I could have.

 

[Garryowen]

While reading through this thread, it occurred to me that it might be helpful if members could be in contact with each other, share information, even provide some short-term assistance on occasion, or share skills when needed. As we get older, probably sharing information and skills is going to be needed more often.

 

[happyface78]

Threads like this one are the reason I love TB2k.

Thanks to everyone for sharing.

 

[kittyknits]

deleted

TerryK answered my question in post #31. I hadn't read his post yet and got kicked off the board before I could read further. Oh, well. Glad for the info.

 

[Ravekid]

Life can change in a heartbeat, and usually does, as we postpone our dreams

This is a very good point. You have to have some sort of balance in life. I've neglected doing some things I've wanted to do, focusing on building wealth, but I didn't solely focus on work/money. After our last two week road trip vacation, I'm now focusing on going to an area, taking four or five days, maybe moving on to a second, etc.. I enjoy the woods/mountains and day hikes through them. So I've planned my first ever hiking focused trip this year. Next year will likely be Glacier NP (been once, but just saw the major sites), followed by Yellowstone NP, then Zion and Bryce NPs, etc.. Plan on doing some short weekend getaway trips as well.

I went for many years w/o a vacation, and while it has given us some financial security, it has come with some regret as you never know when your last day is. Figure if I want to hike to some unique places in beautiful areas, I need to start now. One thing I have to get used to is a mortgage payment and just letting the bank get their interest over fifteen or so years. I was so focused on debt reduction that I feel I cut back a bit too much.

 

[Kathy in FL]

Your father and I must be about the same age. I joined the Navy in 69. Oops, just read further and your father is 5 years older than me.
Tricare for Life is for both the retiree and their wife and it is for life.
The one benefit that could stop if your father dies is the military retirement check.
That benefit depends on what he elected when he retired. When you retire you can elect for your spouse to receive around 50% of your retirement pay for the remainder of her life but that means your current retirement check has a pretty huge deduction.
You can also select a much smaller deduction that in turn will give your wife a 4 or 4 hundred dollar retirement check after you die. Finally you can select no deduction, but the spouse has to sign off on it. In which case your spouse gets nothing and your military retirement ends upon your death.
It's called the SBP or Survivors Benefit Program.
SBP is entirely separate from Tricare and Tricare for Life.
My wife is a couple of years older than me so she's already into Tricare for Life. I'll be going into it in about a year and a half.

As far as prescriptions and Express Scripts. It sucks. My wife just got her notice in the mail. If you are getting generics or $5 prescriptions you can continue to get them through your local pharmacy. Most antibiotics fall into that category.
If you are getting brand names, non generic you have 3 refills before you have to sign up with Express Scripts by mail. You have to agree to try Express Scripts prescription refills by mail for a year according to the rules. Then, if you want, you can cancel and go back to getting them filled at your regular pharmacy.
Also the ExpressScript new mail rules don't apply to one off prescriptions such as a single course of antibiotics, or pain meds etc. They only apply to routine maintenance prescriptions like blood pressure etc.
Best wishes for your folks. You might want to help them and go online and get the full info. The little paper note they mailed out to everyone can be confusing and difficult to make sense out of.

Terry, it was different when my dad signed up ... USAF in '66. They made him pick how his retirement would go when he went in, not when he retired. He said because he was young and "bullet proof" and because of the way the payments were going to be structured he pretty much could not conceive of ever dying before mom ... he thought he'd have her set up good before that could possibly happen ... and then add in some more bad advice and he took the option where the benefits (all of them) would end when he dies. In my mother's case that includes medical bennies.

It did not even occur to him that Mom and him wouldn't be together forever until he had his first heart attack at 48. THAT was a wake up call as he had just retired from the military two years earlier.

He's 71 now and both he and mom are in sucky health for various reasons. OTOH I think Dad held on after the 4th heart attack mostly because he knew if he died she'd be left with nothing. He knows my hubby has vowed to take care of her for the remainder of her life as if she was his own mother ... who he treated like gold ... so Dad really doesn't have that to worry about anymore but she'd lose all of her independence at that point because Dad does all of the bills and stuff.

If my mom goes first my dad will follow on the fumes of her angel escort to Heaven's Gate. They are that intertwined. Momma wouldn't know what to do without Daddy to take care of and worry about and Daddy just would refuse to live without Momma. I'm resigned to it, just don't like it but my parents have always been that way.

That's something people don't really think about come retirement. The interpersonal relationships and how they change. My parents finally worked through things and remained close. I know lots of married people for whom retirement was NOT the healthiest thing for their marriage.

Finances aren't the only thing you need to plan for in retirement.

 

[patience]

Low retirement income can be plenty if you planned for it. Wife and I both worked and retired at 62 drawing SS and her annuity from the Census Bureau which covers the cost of our Anthem supplemental insurance. Medicare is deducted from our SS checks. (~$115?) We net around $2K/month. No problem because:

-We have no debts of any kind, no mortgage, no car loans, no CC bills--none.
-We have our own water and septic system, so no water and sewage bills.
-We have 2 older vehicles that we restored to top condition. Result is very low cost for insurance and license/property taxes. These two S-10 Pickups get 26 to 28 MPG.
-We hate to travel and eat out, much preferring our home grown food and the company of local friends. No travel expenses. We drive about 3K to 5K miles per year.
-Property taxes on our 3 BR home and one acre lot are ~$700/year. Southern IN has comparatively low real estate values and reasonable tax rates.
-We made provisions to keep our home and property maintenance costs low. Durable metal roofs on house and outbuildings, brick house, minimal painting req'd.
-We have a landline phone and wireless internet a package for $60/month. My Tracphone cost us $22. I seldom use it. My wife's Tracphone cost $24, and likewise cost is low.
-We don't watch TV, except for severe weather info, so the TV has an antenna only. No cable bill. No movie rentals because we'd rather read books.
-We buy our favorite mystery reading material at Goodwill Stores at 3 for $1 on their Sunday special, and have bought most of our clothing there for years.
-I have a complete machine shop left over from when I ran it as a business. That is my hobby now and provides many things for us that cost nearly nothing.
-We have electric heat that we ALLOW to operate as a backup for the wood stove. It averages costing us about $130/month, even in this past severe winter. And the house is all-electric, so that covers cooking and hot water and power for the shop.
-We NEVER buy anything new if we can possibly help it. I just bought a wood splitter with a bad engine and push mower in good condition for $125 total. Another $119 put a new engine on the wood splitter. Compare to a new wood splitter at a minimum of $1,000.
-I got my wife a lovely Liz Claiborne leather purse at a yard sale, FREE. Also got her a like new pair of Skecher shoes ($119 new) for 8 bucks at Salvation Army's Thrift store.
-We have 4 chickens in the back yard that provide eggs for very low cost. I grind their feed from grain bought from the neighbor farmer. The same burr mill grinds our flour from locally grown wheat.
-We have 4 apple trees, 2 pears, several cherries, plus strawberries, raspberries, and other fruits for canning. We can our garden produce and buy very little at the grocery.


It's all a matter of how you choose to spend your money. We average saving a few hundred a month, and have everything we want.