You beat me to writing this!! You are totally correct. The cash value of the work performed by women, or in some cases men, who do not work outside the homeshould not be underestimated. My MOTHER insisted I have a sizable term policy in the years before I was employed.
The difference wasn’t that great; we also took a guaranteed 15 year payout to our survivors, if both of us died before that time. Even so our current monthly payment from the pensions is much greater than our earnings when working! I’ll be honest, we never paid much attention to all the material we got from the benefits people, and we were pleasantly shocked when we saw what we were getting.
My husband and I currently live very comfortably on our state pensions ( Wi doesn’t have a cola , but if the Employee Trust Fund earnings in a given year exceed what is necessary to guarantee current and future payments, the excess is added to our monthly benefits— we’ve had sizable increases in all but but one year we’ve been retired. We both elected 100% pension benefits to the other. The state converts all unused paid time off benefits to a cash fund that pays our Medigap premiums. My husband’s money is expected to last until we’re 123; mine will undoubtedly revert to the state. I have some paid up life insurance. Each of us claimed SS at our full retirement age on our own earnings record. We also have Long Term Care insurance. While our pension would cover the expenses of one spouse who required care for dementia or other costly care, that high cost could well compromise the lifestyle of the other. We view the increasingly expensive LTC premiums as important to assuring the well-being of both of us and as a means of protecting our assets for our children. We hope never to need it!
We too would feel that we failed if our children had to help us financially. .
Europe wouldn’t be a problem. The Queen Mary 2 accepts them and has a special area for them. I don’t know about other locations, but how many 6 month stays is she planning? In the US and Canada, I’ve never had a problem finding a hotel that accepts dogs, and our dog was able to travel on the CAT from Maine to Nova Scotia and the ferry from NS to Prince Edward Island. Our dog is a small terrier— we picked a breed that can be accommodated in cabin on planes and easily travel in our car. “Delaying life” is rarely a good idea.
You seem very financially secure. Could you rent a small place in San Diego and keep the condo in Davis? Wouldn’t an arrangement like that give you proximity to both of your daughters? But for sure get a dog!!!! They’re great retirement companions. They do assure constant social interactions. And ignore those who say it will limit your ability to travel. We either take our dog with us— just got back from a trip to the Outer Banks of NC— or leave the dog in a veterinarian- recommended kennel.
Madison Wi has property tax that’s as pricey as N’ern NJ , but nothing like the relief you mention. When I was doing taxes, I saw elderly with incomes under $30,000 paying $5-6000 in property taxes. Moving to an apt isn’t possible—they’re actually more expensive. I imagine this situation is occurring elsewhere and I don’t expect tax relief to keep up with the rapidly escalating taxes!
For myself, I totally agree— and I’d go further and accept no future COLAs on SS. But, as I’ve written elsewhere, I do think that many low income seniors are living in very difficult financial circumstances through no fault of their own. I live in a city with extraordinarily high property taxes — and those taxes are likely to continue to increase at a fast pace. Those taxes are pushing very elderly people out of very modest homes. I don’t think that’s reasonable.
I too was a volunteer tax preparer, but through Goodwill. I haven’t seen the stats for our clinic yet, but last year we did well over 1,009 returns. I saw the W2Gs too. In fact, I did the return for a disabled veteran who won and lost back $67,000 playing the slots. His stack of W2Gs and about 4 inches high. He was eligible to take the itemized deduction, so I spent about an hour and a half entering all the data. Apparently, it isn’t uncommon for those who win to then view that money as “house money” and then play in hopes of a huge win. I’d never do it— but I did the return right about the time the stock market began to crash. This was my second year with the clinic. I agree that few of our clients could “do it themselves” or were good candidates for fee file. The biggest takeaway for me was how many people are living on very little money. I sometimes felt embarrassed knowing how much more my husband and I have compared to many of these folks. I don’t think many of our clients were guilty of not working hard and failing to save; rather, they more likely worked dead end jobs for years and never could save or invest.
Comments
You beat me to writing this!! You are totally correct. The cash value of the work performed by women, or in some cases men, who do not work outside the homeshould not be underestimated. My MOTHER insisted I have a sizable term policy in the years before I was employed.
Post: Have you planned survivor income for your spouse or someone dependent on you? RDQ
Link to comment from May 5, 2025
The difference wasn’t that great; we also took a guaranteed 15 year payout to our survivors, if both of us died before that time. Even so our current monthly payment from the pensions is much greater than our earnings when working! I’ll be honest, we never paid much attention to all the material we got from the benefits people, and we were pleasantly shocked when we saw what we were getting.
Post: Have you planned survivor income for your spouse or someone dependent on you? RDQ
Link to comment from May 4, 2025
My husband and I currently live very comfortably on our state pensions ( Wi doesn’t have a cola , but if the Employee Trust Fund earnings in a given year exceed what is necessary to guarantee current and future payments, the excess is added to our monthly benefits— we’ve had sizable increases in all but but one year we’ve been retired. We both elected 100% pension benefits to the other. The state converts all unused paid time off benefits to a cash fund that pays our Medigap premiums. My husband’s money is expected to last until we’re 123; mine will undoubtedly revert to the state. I have some paid up life insurance. Each of us claimed SS at our full retirement age on our own earnings record. We also have Long Term Care insurance. While our pension would cover the expenses of one spouse who required care for dementia or other costly care, that high cost could well compromise the lifestyle of the other. We view the increasingly expensive LTC premiums as important to assuring the well-being of both of us and as a means of protecting our assets for our children. We hope never to need it! We too would feel that we failed if our children had to help us financially. .
Post: Have you planned survivor income for your spouse or someone dependent on you? RDQ
Link to comment from May 4, 2025
Europe wouldn’t be a problem. The Queen Mary 2 accepts them and has a special area for them. I don’t know about other locations, but how many 6 month stays is she planning? In the US and Canada, I’ve never had a problem finding a hotel that accepts dogs, and our dog was able to travel on the CAT from Maine to Nova Scotia and the ferry from NS to Prince Edward Island. Our dog is a small terrier— we picked a breed that can be accommodated in cabin on planes and easily travel in our car. “Delaying life” is rarely a good idea.
Post: Stay or Go, and How Do We Know? By Dana/DrLefty
Link to comment from May 2, 2025
You seem very financially secure. Could you rent a small place in San Diego and keep the condo in Davis? Wouldn’t an arrangement like that give you proximity to both of your daughters? But for sure get a dog!!!! They’re great retirement companions. They do assure constant social interactions. And ignore those who say it will limit your ability to travel. We either take our dog with us— just got back from a trip to the Outer Banks of NC— or leave the dog in a veterinarian- recommended kennel.
Post: Stay or Go, and How Do We Know? By Dana/DrLefty
Link to comment from May 2, 2025
Madison Wi has property tax that’s as pricey as N’ern NJ , but nothing like the relief you mention. When I was doing taxes, I saw elderly with incomes under $30,000 paying $5-6000 in property taxes. Moving to an apt isn’t possible—they’re actually more expensive. I imagine this situation is occurring elsewhere and I don’t expect tax relief to keep up with the rapidly escalating taxes!
Post: This may be my shortest rant and contribution to HD and it’s about old folk
Link to comment from April 25, 2025
For myself, I totally agree— and I’d go further and accept no future COLAs on SS. But, as I’ve written elsewhere, I do think that many low income seniors are living in very difficult financial circumstances through no fault of their own. I live in a city with extraordinarily high property taxes — and those taxes are likely to continue to increase at a fast pace. Those taxes are pushing very elderly people out of very modest homes. I don’t think that’s reasonable.
Post: This may be my shortest rant and contribution to HD and it’s about old folk
Link to comment from April 25, 2025
Thanks for the suggestion. I’ll definitely check it out!
Post: Taxing Situations
Link to comment from April 22, 2025
I too was a volunteer tax preparer, but through Goodwill. I haven’t seen the stats for our clinic yet, but last year we did well over 1,009 returns. I saw the W2Gs too. In fact, I did the return for a disabled veteran who won and lost back $67,000 playing the slots. His stack of W2Gs and about 4 inches high. He was eligible to take the itemized deduction, so I spent about an hour and a half entering all the data. Apparently, it isn’t uncommon for those who win to then view that money as “house money” and then play in hopes of a huge win. I’d never do it— but I did the return right about the time the stock market began to crash. This was my second year with the clinic. I agree that few of our clients could “do it themselves” or were good candidates for fee file. The biggest takeaway for me was how many people are living on very little money. I sometimes felt embarrassed knowing how much more my husband and I have compared to many of these folks. I don’t think many of our clients were guilty of not working hard and failing to save; rather, they more likely worked dead end jobs for years and never could save or invest.
Post: Taxing Situations
Link to comment from April 21, 2025
Why not have an aftermarket camera installed on your present car?
Post: Car talk- Quinn likes friendliness
Link to comment from April 21, 2025