Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 03-10-2013, 09:15 AM   #61
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Sarah in SC's Avatar
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
I like the idea of keeping your existing life insurance coverage in place for at least the next few years. That isn't much $ for that much coverage. If be inclined to keep it even longer, really, since your kids are so young.
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way

Sarah in SC is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 03-10-2013, 09:31 AM   #62
gone traveling
Join Date: Feb 2013
Location: Leominster
Posts: 137
Originally Posted by Buckeye View Post
A regular life insurance policy that covers the balance of the mortgage would probably provide more flexibility for the surviving spouse. Surviving spouse may want to dump the house ASAP and travel the world on the insurance proceeds!

That is very true. I most certainly would dump the house and live on in a hobo style. Hopping from cruise ship to train to cruise ship myself.

My DW on the other hand would probably get bombarded by suitors looking for her lovely hand in marriage. I would suspect though she would be pretty careful in any decision. I can guess that she might return to Korea to live out her life.
GolfingDuo is offline   Reply With Quote
Old 03-10-2013, 09:59 AM   #63
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
Lots more thoughtful comments. In brief:

- brewery work might be fun for 2 weeks. After that, it is hard, dirty, hot, potentially dangerous work. I will be very happy to keep it as a hobby rather than a job.

- I do all the admin work for DW's business salready, so I will do it for my own as well. Its a "keeping control" issue more than the money.

- I haven't really decided what to do with the life policies long term. In the short term, they will stay in place. The first couple years will be a transition period with an elevated risk of failure. As a result, I plan on going in with ample insurance coverage, lots of excess liquidity, an untapped HELOC, all possible maintenance done to house and cars, certain things stocked up or purchased (just bought a generator, for example) so I won't have to lay out in the first couple years, etc. Once the ship is launched safely, I will consider letting go of some of the extra safety stuff, especailly the stuff that costs money.
"All animals are equal, but some animals are more equal than others."

- George Orwell

Ezekiel 23:20
brewer12345 is offline   Reply With Quote
Old 03-10-2013, 10:17 AM   #64
Thinks s/he gets paid by the post
Nodak's Avatar
Join Date: Feb 2010
Location: Cavalier
Posts: 2,317
Congrats! Colorado is a beautiful state; I made lots of trips to Colorado Springs before I retired.
"Don't take life so serious, son. It ain't nohow permanent." Pogo Possum (Walt Kelly)
Nodak is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

» Quick Links

All times are GMT -6. The time now is 09:31 AM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2023, vBulletin Solutions, Inc.