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Old 03-23-2014, 10:44 AM   #21
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it's crucial to recognize that while there is a high likelihood that at least one member of a couple lives for several decades in retirement, the odds are also very high that it will be only one of them for much of that time period - not both - so be certain to plan and adjust projected retirement expenses accordingly!
I don't plan to ever marry again, so hopefully this will not be an issue for me one way or the other.

As for projected age of demise,

1) Realistically I expect that I will probably croak at around age 86-87 or so. Ugh.

2) For retirement planning purposes, I am using age 95 (to allow a little leeway).

3) BUT - - I have family members who lived to over 100, up to about 104. So, if/when I find myself in my early 80's and in reasonably good health, I will revisit my financial planning. At that time I will consider purchasing an SPIA.

The oldest person alive is 116.

"You can never cross the ocean until you have the courage to lose sight of the shore." - - - C. Columbus
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Old 03-23-2014, 11:48 AM   #22
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Originally Posted by Coffee Mavin View Post
Based on that I plan towards very comfortable retirement planning through 85 & very frugal thereafter if for some odd reason I live that long.
That's really an appropriate plan given that your expenses will shrink as you get 'less mobile'. I would worry a LTC scenario, though.

My dad just showed us how that's done; his long-term problems were cardiovascular, but his latest stroke, while minor, caused him to hit his head and take a traumatic brain injury, which rendered him almost completely immobile. He didn't last long that way, but we didn't know he wouldn't live for years requiring complete assistance through the day. Didn't see that one coming. They could have handled it financially, the worry would then be that he'd deplete the funds before my otherwise healthy mom needed them for her own decline, whatever that may come to be.

In my j*b I work a lot with statistics, enough to know that a lot of what folk try to do with them isn't appropriate. The statistical life expectancy calculators help you consider a lot of demonstrated things, but telling someone that their life expectancy is X kinda sets them up to think of it as 'when the batteries run out', and that's clearly not the case. The upper tail of that curve is more helpful IMHO, because it serves to bound the range of possibilities. Even then, each individuals' Mileage Will Vary.

I do know that you need to take family history with a grain of salt, as the medical situation of earlier generations was different than that now, and probably later when 'less mobile'. Who knows what new 'rotor-rooter' procedures they'll develop for my clogged arteries...

Essentially, the future is un-knowable. All any of us can do is take what comes before us, learn from it, and use that information to plan prudently.

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Old 03-23-2014, 12:40 PM   #23
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And never retiring because you don't have enough money to support yourself to 120 is silly.

I'm trying to balance between retiring while I can still do the things I would like to do & never retiring because you never know what will come.

I'm in my 50's and have peers dropping like flies.

Your body wears out. Fantasy notions that you can get replumbed & become bionic don't mean that you are not overall wearing out. Extraordinary actions at the end of a long life make no sense to me. The fact that the living want some mental assurance 'that they have done everything possible' is really the wrong mindset when someone has had a long life already. Extraordinary measures should be reserved for young to middle age, where a good quality of life can still be experienced.
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Old 03-23-2014, 01:05 PM   #24
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Originally Posted by Coffee Mavin View Post
I'm trying to balance between retiring while I can still do the things I would like to do & never retiring because you never know what will come.
Me too. I could RE right now, but I like what I'm doing, it doesn't take too much time away from DW, and accordingly it just makes sense to wait a couple of years, until at least 60 when the tax-deferred accounts don't get dinged. It's a balancing act, for sure.

I'm in my 50's and have peers dropping like flies.
Same here. We've lost three good friends of approximately the same age in the past three years. Puts the eventuality right in your face.

Coffee, I believe we really are thinking about retirement in just about the same way, we just have different approaches to dealing with it. And I do want to thank you for the reminder that life is truly short and we need to live it now, lest we miss the chance. I sometimes put that perspective on the back burner. Thanks...
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Old 03-27-2014, 03:56 PM   #25
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I will be getting married in a few months.
He has been informed he is not allowed to die first.
I have no plans past 80.
"Knowin' no one nowhere's gonna miss us when we're gone..."
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Old 03-27-2014, 06:20 PM   #26
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But the thing that concerns me a lot lately is that expenses will go UP if I do live to be 90-ish and need some sort of special care, assisted living.

Sure - I won't be taking luxurious cruises or buying expensive 'toys' that late in life, but special care for an extended time can mean some big time expenses.
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Old 03-27-2014, 07:11 PM   #27
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Originally Posted by Khan View Post
I will be getting married in a few months.
He has been informed he is not allowed to die first.
I have no plans past 80.

And, well done on getting right into the mode of telling him what to do and not to do. I'm sure he's expecting that.

You may be whatever you resolve to be.
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