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:
All of his car expenses (gas, insurance, maintenance on two cars)
What would stay the same, monthly, at least for a year:
Food and take out allowances $400
My car expenses $60
Internet $35 .
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
Things that would grow:
House repair account (Angies list is the best!)
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?