Originally Posted by youbet
What are your plans if future spending does not go according to predictions based on the past ten years? For example, if you run into significant age related health or care expenses? You've mentioned you have LTCi, but expenses could go beyond or outside of policy benefits, no?
I bring this up for discussion because our current spending (and we'd like to spend more!) is limited by my planning for these kind of eventualities.
Point well taken. Yes that could happen. Life itself, no matter the age, is chance. We've talked about and realize that there are no guarantees, and are comfortable with the odds. I would never try to second guess the plans of others... it''s a matter of the comfort level.
Here are some of the considerations.
We're good financially for three years apiece in our CCRC nursing home, if and when it happens.
@ 82/83, without nursing home, no foreseeable problem as our reasonable life expectancy, based on genes, family history, and current health is about 5 years at best. Should protect our current assets for our kids.
Be that as it may, the bigger decision, with longer odds, was retirement @53... one that we have never regretted. An extra 12 years of total freedom (53 to 65) at a time when we were totally active, doing things that many people at age 65 never get a chance to do...snowbirding, surfing, traveling, partying and dancing, boating and exploring every thing we had ever wanted to do.
The ER decision was taken after a lot of what "if?" discussions. Looking back, the biggest factor, was our age at the time. It was the fallback consideration.
The thought and possibility of getting behind in our plan, would have meant going back to the workplace for a few more years.... That was the dealmaker.
The decision was influenced by some personal experiences. Jeanie's dad passed at age 50, as did her brother and an aunt, and we had two neighbors, whose husbands died before they turned 60.
We're both prepared for whatever happens, and have passed on instructions to our kids, to notify ER in case we disappear from the board.