Both my parents died with dementia. I was actively involved with my dad's life and finances until he died at age 90. As an older single mother I want to minimize as many "caretaking" issues as possible for my 2 daughters, especially after watching my mom's decline and helping my dad. That is what guides me as I make my decisions nowadays, whether financial, record keeping, or buying a house that is single level. As a former librarian I believe the research about our decline in our decision making ability as we age. So in my world sooner is better than later. I want to be in control of how my life plays out but that doesn't mean I have to do it alone! I have always been the financial one in my marriage and assisting my daughters but after both my ex-husband and dad died within a month of each other and we all inherited money it was time to retire from playing financial advisor. I realized as I advised my girls on selecting an advisor that I was ready for one too! So at age 69 I hired someone and have been relieved and happy with that decision. It gives me another adult to bounce a variety of life decisions off of, which is as powerful as the actual portfolio management advice she provides.
I enjoying reading the "math" everyone does but don't want to do it! I retired at 62 and took one of my defined benefit pensions 3 years early after doing the "math" and realizing waiting 3 years wouldn't be significant! After that I just knew I wanted to wait until 70 because I'm single and we seem to live a long time in my family. I managed to do that (now 71) and seems to be worth it to me. Getting to 70 was a bit of a stretch at times. I tapped my taxable IRA to supplement my income, claimed 50% of my ex-husband's SS at my FRA, had to buy my own healthcare (ouch!), I worked a part time job for about a year and half, and lastly my ex-husband died young and I received survivor benefits at 67. So many ways to skin the cat and not everything is within our control. Make your best guess and move on!
I'm with you and have shared this desire with my 2 adult children. Both my parents died with dementia and I managed my dad's care. I want to be better prepared (is that even possible??) than they were
Comments
Both my parents died with dementia. I was actively involved with my dad's life and finances until he died at age 90. As an older single mother I want to minimize as many "caretaking" issues as possible for my 2 daughters, especially after watching my mom's decline and helping my dad. That is what guides me as I make my decisions nowadays, whether financial, record keeping, or buying a house that is single level. As a former librarian I believe the research about our decline in our decision making ability as we age. So in my world sooner is better than later. I want to be in control of how my life plays out but that doesn't mean I have to do it alone! I have always been the financial one in my marriage and assisting my daughters but after both my ex-husband and dad died within a month of each other and we all inherited money it was time to retire from playing financial advisor. I realized as I advised my girls on selecting an advisor that I was ready for one too! So at age 69 I hired someone and have been relieved and happy with that decision. It gives me another adult to bounce a variety of life decisions off of, which is as powerful as the actual portfolio management advice she provides.
Post: When should one give up control over finances?
Link to comment from December 12, 2024
Same here! BUT neither have I gotten Covid so maybe we have some super gene protecting us!
Post: Jabs Anyone?
Link to comment from September 22, 2024
I enjoying reading the "math" everyone does but don't want to do it! I retired at 62 and took one of my defined benefit pensions 3 years early after doing the "math" and realizing waiting 3 years wouldn't be significant! After that I just knew I wanted to wait until 70 because I'm single and we seem to live a long time in my family. I managed to do that (now 71) and seems to be worth it to me. Getting to 70 was a bit of a stretch at times. I tapped my taxable IRA to supplement my income, claimed 50% of my ex-husband's SS at my FRA, had to buy my own healthcare (ouch!), I worked a part time job for about a year and half, and lastly my ex-husband died young and I received survivor benefits at 67. So many ways to skin the cat and not everything is within our control. Make your best guess and move on!
Post: Quinn asks himself, Is delaying Social Security to age 70 the right decision?
Link to comment from September 22, 2024
I'm with you and have shared this desire with my 2 adult children. Both my parents died with dementia and I managed my dad's care. I want to be better prepared (is that even possible??) than they were
Post: Preparing for the unthinkable.
Link to comment from August 15, 2024