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If my DH pre-deceases me, I will be ok. He has a large Insurance and his pension I think I will get 1/2 of his which along with my own pension. If I pre-decease him - He will be ok I don't have as much Insurance as him, but a good chunk too.
His 88 yo mom passed away in early October at our home. She was a widow since 1992. She was ok with his SS and his pensions. She hadn't worked outside the home after she had the 2 boys. Lots of volunteer with her church LWML
Well folks, not entirely related to the specific theme of this thread, but I just returned from a trip of burying a good friend (ok, I suppose I should say that I dated him very, very, very long ago, and we stayed friendly)... and you know how I always talk about extreme longevity in my dad's family (his father living til 99, and two of his aunts over 100?)... well, my very dad whom I just saw in Europe two months ago - mentally sharp and walking many miles every day - just dropped dead in the shower a few hours ago, at the age of 88 - evidently a heart attack. I got the phone call while I was on my way back home from that other funeral situation. Mom (who is 88 herself) is handling it well (international travel plans had to be cancelled, or rather she got credit to travel later with a friend). Nothing unexpected financially or otherwise, except of course I really thought dad could have chugged along one more decade, considering his genetics. But it's not as though he died young or had a difficult death - I wouldn't mind at all going that way myself. Anyway, talking about anything financial right now, at the end of this week with its two losses, strikes me as the most trivial and meaningless thing in the world.
I'm sorry for your loss. I hope you can make it over to spend some time with your mom soon.
I believe our neighbor escaped this shock as her husband passed on the 3rd of the month; early enough that his monthly payment would not yet have been sent.
When my Sister passed on the 16th of the month, her SS benefit was recaptured.
I am reading these statements, but I'm confused. SS is paid 1 month behind. That is, the SS money you get in, say, May is actually the payment for April. As long as you live the entire month you get your payment. If you die anytime during a certain month, you don't get a payment for THAT month, which would have been paid the next month. When you file for SS there is always a delay in your first payment for a month. Thus all payments are shifted back a month.
So I'm not sure why people are getting money pulled back out during the same month they passed away. As long as they were alive the entire PREVIOUS month, that money should be "theirs". Am I misunderstanding something? I would think that if SS pulls out money that was paid during the same month as their death the heirs should go to the SS office and file a dispute since that was a payment for a month that the deceased was actually alive for the fulll month.
Well folks, not entirely related to the specific theme of this thread, but I just returned from a trip of burying a good friend (ok, I suppose I should say that I dated him very, very, very long ago, and we stayed friendly)... and you know how I always talk about extreme longevity in my dad's family (his father living til 99, and two of his aunts over 100?)... well, my very dad whom I just saw in Europe two months ago - mentally sharp and walking many miles every day - just dropped dead in the shower a few hours ago, at the age of 88 - evidently a heart attack. I got the phone call while I was on my way back home from that other funeral situation. Mom (who is 88 herself) is handling it well (international travel plans had to be cancelled, or rather she got credit to travel later with a friend). Nothing unexpected financially or otherwise, except of course I really thought dad could have chugged along one more decade, considering his genetics. But it's not as though he died young or had a difficult death - I wouldn't mind at all going that way myself. Anyway, talking about anything financial right now, at the end of this week with its two losses, strikes me as the most trivial and meaningless thing in the world.
A 72yo neighbor became a widow early last month when her 83yo husband sucummed after 12+ years of fighting multiple cancers and cardiac disease. My wife and I spent a couple hours visiting with the widowed neighbor today.
• Her SS has been increased to match his previous amount, but this is effectively the same as losing her entire SS benefit amount.
• She will receive one-half of his pension benefit.
Needless to say, the only recurring household bill diminishing after his death is groceries. Out-of-pocket medical and prescription drug costs will also decrease.
But the overall big picture sure looks financially bleak for her in the future.
We all neeed to develop a financial plan to ensure continuity of life-style for our spouses if we predecease them.
Every married couple needs to have that figured out before they retire and sign those papers
I do find it a little hard to understand how people can "not think about" this situation before it happens unless the one spouse is totally clueless about the family finances, things like where their income is coming from and how it's going to be impacted by one partner's death. We made sure that we both signed up for our pensions' had survivor benefit. If either one of us died, it would impact the other's standard of living. Before retiring, one has to look at the big picture, the long haul. Anything can happen health-wise, so if there are no provision for a continuing benefit, then one should get life insurance before your health precludes that option. Of course, even that might have been overlooked until it was too late to get underwritten.
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