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This Guy Needed this Forum Last Year............
10-30-2006, 08:51 AM
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#1
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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This Guy Needed this Forum Last Year............
Post modified
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Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 09:01 AM
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#2
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Thinks s/he gets paid by the post
Join Date: Jun 2006
Location: Central, Ohio, USA
Posts: 2,635
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Re: This Guy Needed this Forum Last Year............
Assumption is that she will be able to get her husband's SS Benefit which based on the OP should be higher. She needs to check with SSA to see which will be higher, and when, widow rate, her age 62, wait until he would have been 65 and X months for a higher rate or wait until she reaches 65 herself. I would assume the wait until he would have been 65 and X months would be the best rate for the long term. I would assume she could streach the withrawals from the 401k and, which should not be necessary, her IRA until the higher SS rate would be available (looks like about 2 years). Long term -- sell home -- reverse mortgate -- help from family, children?; part-time work? She needs all the help and support she can get from family and friends expecially over the next 6 to 8 months.
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Vietnam Veteran, CW4 USA, Retired 1979
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 10:17 AM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2006
Location: Washington, DC
Posts: 11,328
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by FinanceDude
Too bad, he selected: "LIFETIME ONLY" on his pension to get the highest monthly amount. On this "old pension". there is NO period certain, so when he dies, there is no payment to spouse.
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Did she sign off on his pension election? If not, does the private sector have any requirements for spousal notification like the Federal and (I believe) other governments? Maybe she can sue the jerk and his company. And, yes, he is a jerk for not taking a survivor annuity in the circumstances described. This is completely unlike posters here who are taking out insurance policies to make up the difference if they die young. He took a crap shot on his wife's future and she lost.
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Idleness is fatal only to the mediocre -- Albert Camus
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 11:11 AM
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#4
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by donheff
And, yes, he is a jerk for not taking a survivor annuity in the circumstances described.
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"Never attribute to malice that which can be adequately explained by stupidity."
-- Hanlon's Razor
http://en.wikipedia.org/wiki/Hanlon's_razor
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Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 11:17 AM
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#5
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Thinks s/he gets paid by the post
Join Date: Jun 2005
Posts: 4,005
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by donheff
This is completely unlike posters here who are taking out insurance policies to make up the difference if they die young. He took a crap shot on his wife's future and she lost.
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And the more typical poster who has $40,000/yr in expenses and has $1 million in outside tax deferred accounts and is trying to decide whether to take the $30,000/yr pension for life ONLY or the $23,000/yr pension for joint life of both spouses. The pension in that case is icing on the cake. Neither spouse "needs" the pension to get by.
Maybe the OP's surviving spouse should get out that resume and polish it up...
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 11:42 AM
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#6
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Gone but not forgotten
Join Date: Aug 2006
Posts: 6,924
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Re: This Guy Needed this Forum Last Year............
Why are they paying $2000/month for treatment when he's going to be dead in a few months?
edited to correct spelling
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"Knowin' no one nowhere's gonna miss us when we're gone..."
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 11:58 AM
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#7
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Thinks s/he gets paid by the post
Join Date: Feb 2003
Posts: 2,395
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by donheff
Did she sign off on his pension election? If not, does the private sector have any requirements for spousal notification like the Federal and (I believe) other governments?
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The last megacorp that I worked for required notarized signature of the spouse and blood sample, etc. before they would allow a single-life only pension payout program to begin.
I would expect that the co. that bought A-B years ago would have the same rules today. I know that company used to have them.
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-- Telly, the D-I-Y guy --
Two fools dancing on the hands of time
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 12:25 PM
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#8
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Thinks s/he gets paid by the post
Join Date: Feb 2005
Posts: 2,032
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by Khan
Why are they paying $2000/month for treatment when he's going to be dead in a few months?
edited to correct spelling
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I'm just going out on a limb here but perhaps its a last ditch effort or for pain medication. Maybe, (just maybe) the guy would like to die fighting or not in horrible misserable pain?
(loved one has pancreatic cancer, a truly horrible disease)
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 12:27 PM
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#9
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Thinks s/he gets paid by the post
Join Date: Aug 2005
Posts: 1,375
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by Khan
Why are they paying $2000/month for treatment when he's going to be dead in a few months?
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They have hope. And probably much of it is being spent on pain relief. sigh--what a sad situation.
FinanceDude, do you think she might be happier selling the house and moving to a cozy condo close to friends or relatives? After my father died (he chose not to treat his advanced cancer, but he was almost 88 yrs old), my mother was depressed living alone in the house they had shared. Ended up building a smaller house next to me and close to my brother. She is much happier since she moved. And the planning/execution of the move--and redecorating--gave her something positive to focus on.
donhoff, perhaps they were simply mistaken aobut who had the better prospects for longesvity. My FIL made a similar choice when he retired at age 62. MIL, also 62, was a recent breast cancer survivor at the time. They figured he would outlive her. But...he died at age 76 and she's still around at age 94.
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You can't always get what you want, but if you try sometimes, you might find you get what you need.
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 12:53 PM
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#10
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by astromeria
They have hope. And probably much of it is being spent on pain relief. sigh--what a sad situation.
FinanceDude, do you think she might be happier selling the house and moving to a cozy condo close to friends or relatives? After my father died (he chose not to treat his advanced cancer, but he was almost 88 yrs old), my mother was depressed living alone in the house they had shared. Ended up building a smaller house next to me and close to my brother. She is much happier since she moved. And the planning/execution of the move--and redecorating--gave her something positive to focus on.
donhoff, perhaps they were simply mistaken aobut who had the better prospects for longesvity. My FIL made a similar choice when he retired at age 62. MIL, also 62, was a recent breast cancer survivor at the time. They figured he would outlive her. But...he died at age 76 and she's still around at age 94.
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I think she will probably go with that route, like a smaller house/condo close to family. His son is an attorney, and they have questioned the company about the pension election. Apprarently she signed off on it, because he did all the financial stuff, and she thought he was doing the right thing. Neither foresaw the health calamity.
The $2000 a month is for experimental chemo, which has shown some promise and was just recently approved by the FDA............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 01:37 PM
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#11
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Recycles dryer sheets
Join Date: May 2006
Posts: 230
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Re: This Guy Needed this Forum Last Year............
It seems like a real violation of this guy's privacy for his brand new financial advisor to talk about his situation in this amount of detail on an Internet forum. Their ages, his employer, his duration of employment, their assets and his medical diagnosis/prognosis are now floating around out there . . . it wouldn't take much for his acquaintances to figure it out it's him if they read this and know him. You could have left out the details and made the same point about his unfortunate election.
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 01:55 PM
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#12
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Full time employment: Posting here.
Join Date: Nov 2003
Posts: 926
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by saluki9
I'm just going out on a limb here but perhaps its a last ditch effort or for pain medication. Maybe, (just maybe) the guy would like to die fighting or not in horrible misserable pain?
(loved one has pancreatic cancer, a truly horrible disease)
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My fav. aunt had liver cancer. She was not all that old, but said
"no chemo for me." If I have the misfortune to contract something
similar, I intend to follow her example.
JG
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Some of us have pretty stories, about good friends, good times and noodle salad.
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 02:42 PM
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#13
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Full time employment: Posting here.
Join Date: Jul 2005
Posts: 987
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by terminator
It seems like a real violation of this guy's privacy for his brand new financial advisor to talk about his situation in this amount of detail on an Internet forum. Their ages, his employer, his duration of employment, their assets and his medical diagnosis/prognosis are now floating around out there . . . it wouldn't take much for his acquaintances to figure it out it's him if they read this and know him. You could have left out the details and made the same point about his unfortunate election.
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hey, I think the OP should post the guy's SSN. Then one of us can claim to be him and keep the pension rolling for the widow for a mere 10% cut.....maybe register to vote in Chicago while we're at it.
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I have an inferiority complex, but it's not a very good one.
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 03:53 PM
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#14
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Re: This Guy Needed this Forum Last Year............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 05:14 PM
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#15
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Full time employment: Posting here.
Join Date: Nov 2003
Posts: 926
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by FinanceDude
plus I have read much more intriguing things than anything I posted........
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Me too. You have no idea.
JG
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Some of us have pretty stories, about good friends, good times and noodle salad.
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 07:04 PM
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#16
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Moderator Emeritus
Join Date: Dec 2002
Location: Oahu
Posts: 26,860
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by FinanceDude
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Yes, and like the details of your story, some of them might have been changed to disguise the person's identity!
__________________
*
Co-author (with my daughter) of “Raising Your Money-Savvy Family For Next Generation Financial Independence.”
Author of the book written on E-R.org: "The Military Guide to Financial Independence and Retirement."
I don't spend much time here— please send a PM.
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Re: This Guy Needed this Forum Last Year............
10-30-2006, 07:43 PM
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#17
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by Nords
Yes, and like the details of your story, some of them might have been changed to disguise the person's identity!
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They were, but I modified the topic anyway, I tend to tiptoe on eggshells as it is on here............
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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Re: This Guy Needed this Forum Last Year............
10-31-2006, 06:50 AM
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#18
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Recycles dryer sheets
Join Date: May 2006
Posts: 230
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Re: This Guy Needed this Forum Last Year............
Hey, I really wasn't trying to bust your chops, I just know how I'd feel if my new financial advisor had posted this info in public. You're right, I've seen a lot worse violations of privacy here, although most of those people aren't talking about people with whom they have fiduciary duties. I always took confidentiality to an extreme when practicing law and my clients appreciated it.
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Re: This Guy Needed this Forum Last Year............
10-31-2006, 09:33 AM
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#19
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Aug 2006
Posts: 12,483
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Re: This Guy Needed this Forum Last Year............
Quote:
Originally Posted by terminator
Hey, I really wasn't trying to bust your chops, I just know how I'd feel if my new financial advisor had posted this info in public. You're right, I've seen a lot worse violations of privacy here, although most of those people aren't talking about people with whom they have fiduciary duties. I always took confidentiality to an extreme when practicing law and my clients appreciated it.
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Good point.......... Some of the facts were changed, but I was bringing to light hopefully that if you're going to do it yourself, make sure YOU do the due diligence so you don't make an irrevocable bad decision.
I have learned a lot here so far, and hopefully have added a little perspective also. I realize guys like me are not the most popular on a board like this, but I also know that a lot of the "advice" folks on here have gotten was from "amateur wannabes", not people like me who take their jobs seriously.
Peace
__________________
Consult with your own advisor or representative. My thoughts should not be construed as investment advice. Past performance is no guarantee of future results (love that one).......:)
This Thread is USELESS without pics.........:)
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Re: This Guy Needed this Forum Last Year............
10-31-2006, 11:15 AM
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#20
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Recycles dryer sheets
Join Date: Oct 2005
Location: Camillus
Posts: 169
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Re: This Guy Needed this Forum Last Year............
One of the things you can do is bring the widow to the attention that she can really maximize her SS if she does it correctly. She has to look at the numbers, but she could start her own SS at 62 and "switch" to a full unreduced widow's benefit at her Full Retirement Age. Conversely, she could start the widow's benefit and delay her own until age 70. Few widows or advisor are familiar with the options.
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