Saturday, March 18, 2017

What if? Going from Married to Widow.

No disrespect to my widow friends.
I've watched several people make this transition.

Currently we have plenty of income
yet, if something should happen,
to my hubby,
my income would significantly drop.

Being a part of the "bag lady syndrome" generation,
this used to be on my "worry list".
About a year ago we decided to really look at
how much would be left
if something happened to my husband.

Building a rough budget was a good start to ease worries.
The income will be:
-Widow SS amount (a bit higher then my work SS)
     medium for the SS amount since neither of us ever made loads of $$
-Two tiny pensions from my teaching years
-Income from our savings + up to 4% a year

Here is what we came up with.

Things that disappear IF something should happen to him:
His allowance
Tool fund
All of his car expenses (gas, insurance, maintenance on two cars)
Cable TV

What would stay the same, monthly, at least for a year:
Food and take out allowances $400
My car expenses $60
Netflix $15
Internet $35 .
Phone  $30
Who know what those^ three will look like in a few years.
Pet expenses  $20
Electric and heating gas  $120
House and one car insurance $200
Lower property taxes $60
  (A widow over 60 with little income, the state cuts the tax bill.)
Health insurance $100 (until Medicare and then it goes up)
Dental insurance $30
Clothing $30
Presents $20
Church $100
Lessons/classes $40
Travel/entertainment $100

Things that would grow:
House repair account (Angies list is the best!)
Gas allowance
Savings for emergencies

Things that help:
-Owning our house, outright.
-If I am healthy, a roommate would not be out of bounds
     ---living by an airbase helps
-Having a raised bed garden and fruits bushes
  expensive in the beginning, but beginning to pay for itself.
- Being close to an orchard where I can gleam
-Medication when needed, they are free to me right now.
-The library is my friend.
-Pet meds are purchased from Australia
- YMCA is inexpensive for senior singles
- Three channels can be caught by rabbit ears.
- My kids are great- as are my grands.

We have saved more then the "bottom amount" that SS suggests to keep medical afloat.
If Social Security goes to 75% in ten years,
which was announce several years ago,
serious adjusting will be done.
Not cat food- but tight.

Have you done the break out for you and yours?
Am I missing anything?


Anonymous said...

Hi Janette. My husband and I are just starting to run the numbers and see what our lives would be without each other. It's a shocker. We two are such opposites. Hubby would sell Florida and run back to NY. I would sell NY in a heartbeat and stay in Florida. WOW!
Anyway, we're working out the money part now.
I highly recommend people do this.

As a side note: hubby would go bust in NY trying to pay THOSE bills. I would flourish in Florida because of its low cost of living.'Hubby not too bright. Scary.

We'll work it out. I suppose.

Janette said...

Yes, we, too, have different ideas of what will happen if either of us passes away.
The good part for my hubby is he has the pensions- so he should be more then fine.

Tom Sightings said...

The solution, as I see it from the male point of view, is to focus more energy and resources into improving men's health and medical outcomes so that we live as long as women.

Janette said...

Tom :) I plan on him outliving me- but I need to take the worry off the shelf. My husband is WAY better at "health keeping" then I am. He plans to be as older then his grandpa when he passes. That is good for me, since his grandpa was close to 100. The oldest women relative of mine is currently living- my aunt is 90 this year.

Juhli said...

This is so important for people to think about and plan for if at all possible financially. We are watching an elderly aunt have to sell her home and deal with dire financial straits because her husband died and took with him his VA benefits. Things were always tight with them but it seems no thought was given to what to do once one passed away except go into a crisis situation financially.

Terra Hangen said...

I found your blog today; nice to meet you. I retired in 2009 and love being retired. Expenses drop a bit. We did not watch tv through cable for four months and then dropped it, saving $70 a month. One of our sons bought and set up Alexa Amazon Firestick where I turn on the tv and Alexa and can watch most programs and many movies I like that way for no charge. Once you have the Firestick there is no monthly charge for it. I signed up for Amazon Prime so get their channels too. You can share a membership with Netflix with a family member so that shows up with Alexa too.

CTMOM said...

HI, just stumbled across your blog. I noted that you have dental ins. as a $30/month cost. I had to take early retirement, due to health, and am not yet able to get on Medicare. Luckily, a side gig afforded me the opportunity to get private medical ins-far, far cheaper than COBRA which would only last for 18 months, and ACA-as high as COBRA and terrible plans as far as what my OOP would have been.While my new ins. did have a dental/vision rider, my vision needs are covered under medical and my dental needs are few beyond 2 cleanings, 1 xray/year. The dental secretary told me about dental savings plans, which I never heard about. For $X/year, you get a card that entitles you to an "in plan" discount. I just used it for the first time, and got $50 off the normal price as a result. I will save $100/year OOP as I am now a cash patient, yet paid less than that for my plan card. The card basically pays for itself right there. Any dental work such as fillings, are also discounted. This is a viable option for me. I suggest that you look into it. Carol in CT

Janette said...

Thanks Carol. I will look into it.
Enjoyed your blog and glad I found it.