So, I have my retirement model all set up in excel and did a bunch of what ifs. Basically, as long as I slid into SS @ age 70 with $1, pretty much anything I did would work. SS+COLA pension covers all my expenses with a little room to spare.
I took that info and started running retirement date scenarios. Turns out I can retire @ 55 (2021) if I VPW to zero dollars @ age 71. That sure gives me a lot of money to blow in 15 years. YES!!!!
But then I got to thinking about what happens if I die. My SS benefit is greatly reduced (she has no SS). My pension goes to 55%. And then there are taxes. Hmmm, let's plug all that in:
Sorry hon, it was a good ride. If she dies first, no problem. If I die first, YIKES!!!
I do have laddered term life policies out to age 78, but inflation eats them up pretty bad.
So, now to think about how to break this to my wife. Or what to do to fix that "you go broke, but I'm dead so what do I care" chart.
UPDATE:
Turns out I will need to work longer and save more to prevent survivor poverty. I did reduce her spending by 20% vs. both of us, but even that didn't get her to 100. That sucks. Glad I looked, because I was making big plans for retiring in a little over a year and spending like a madman.