I am 54. DH is 62.
I work 24 hrs a week. Hours will be greatly reduced at my age of 60 then I will continue working until age 73
DH works only half the year due to severe winters which encompass endless blizzards. His business is seasonal
We don't expect him to live longer than the average lifespan of 80 due to current health issues
Our Financial Life Plan has much to be desired.
Ages 54-60 ($22.75 per hr- current wage)
24 hrs a week/ 6 hr days/3 hour daily commute
No cost Medical/Dental for myself/$35 month for DH until he's 71 yrs old.
Job is VERY physical so I am already buying time... but doing well at it.
Age 60-73 -14.5 hrs a week
Mon, Wed, Thu
2pm-6:45pm
Playing it safe assuming by age 60 yrs old, my hours will be greatly reduced.The small Pension of $125 a month starts at age 60 and this is the allowable hours if you start your Pension on time. From ages 60-62, I will hopefully find a second p/t job but if not, should be able to pull in $500 a month selling on EBay
We take little or no chances like others who get Haircuts, pedicures, go to Theaters, etc. We live in the sticks and shop at night to not risk COVID. He really had a tough time breathing last time, very scary, so we learned our lesson though he did see a Doctor. We don't want to cause un-necessary hospital charges which raises the rates for everyone (due to risky/riskier behavior). Nature is our entertainment anyhow
Budget assumes DH just died at age 80.5 at my age 73. I just stopped working.
Survivor will pay off the Mortgage at this point with my current IRA. IRA is predicated upon a 6.25% yearly gain w/ the S&P
Living expenses now at $1160 per mo. w/ only a $400- $450 mo food budget leftover. No food banks or food stamps here.
Very few year rounders, mostly Vacation Home owners. Seasonal businesses only
If a housemate is found, a max of $425 per month rent is all I'd get (with utilities included). My estimate.
Luckily our 2 story home is very nice
Commute is 1.5 hrs to the nearest town to work/Dr. Dentist/Groceries.
A nice reliable car, esp as a Senior, is imperative.
My current work 401k should just cover a nice electric vehicle for the survivor.
With our disabled son living nearby, we cannot downsize to a less expensive location
The S&P may do better than anticipated