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Started By
Message
In need of financial advice/suggestions ....
Posted on 2/22/22 at 11:59 am
Posted on 2/22/22 at 11:59 am
I have been diagnosed with Stage IV kidney cancer and have anywhere from 2-5 years left on this earth. I have been saving for retirement and could live comfortably by then if I could have made it to retirement age in another 15 years. I'm currently in good enough health to keep working, and hopefully can continue to work for at least another 2 years.
My wife is only 40 years old and doesn't work (at least for now - we have a 1 year old she takes care of). When I do pass away, the plan is for my wife to work while our daughter is in school. She will be limited in finding an opportunity to make enough to support our family. My wife also is horrible at handling our finances or being smart with spending money.
I currently have roughly $400K in my retirement account, a $100K life insurance policy, and may receive a small inheritance from my parents when they pass away (likely less than $100K). I think my wife will also receive 2/3 of my social security until I would have reached the age of 65, but even with all this, I can't imagine my wife wouldn't blow through it way too soon. I'm looking for any advice on how I can stretch out what money is available over her lifetime so she doesn't blow it all away it a few years but also so she has enough money per year to survive.
We have $140K left to pay on the house with about $100K in equity. I'm currently thinking we need to downsize the house to lessen the monthly note and maybe create a trust when I pass with my retirement account so she could get yearly draws while it still builds money over time.
Any advice would be appreciated.
My wife is only 40 years old and doesn't work (at least for now - we have a 1 year old she takes care of). When I do pass away, the plan is for my wife to work while our daughter is in school. She will be limited in finding an opportunity to make enough to support our family. My wife also is horrible at handling our finances or being smart with spending money.
I currently have roughly $400K in my retirement account, a $100K life insurance policy, and may receive a small inheritance from my parents when they pass away (likely less than $100K). I think my wife will also receive 2/3 of my social security until I would have reached the age of 65, but even with all this, I can't imagine my wife wouldn't blow through it way too soon. I'm looking for any advice on how I can stretch out what money is available over her lifetime so she doesn't blow it all away it a few years but also so she has enough money per year to survive.
We have $140K left to pay on the house with about $100K in equity. I'm currently thinking we need to downsize the house to lessen the monthly note and maybe create a trust when I pass with my retirement account so she could get yearly draws while it still builds money over time.
Any advice would be appreciated.
7
Posted on 2/22/22 at 12:03 pm to TIGERSby10
First off, godspeed to you sir. Maybe in the next couple of years we will find treatments to cure or at lest delay this.
Does your wife understand her shortcomings, or does she believe nothing is wrong?
That's going to influence my response.
quote:
My wife also is horrible at handling our finances or being smart with spending money.
Does your wife understand her shortcomings, or does she believe nothing is wrong?
That's going to influence my response.
Posted on 2/22/22 at 12:03 pm to TIGERSby10
I have no advice, but God damn, I hate to read this post.
Good luck to you and your family and spend every spare minute with your family and that baby.
Your wife will be able to make more money, your time is limited.
Good luck to you and your family and spend every spare minute with your family and that baby.
Your wife will be able to make more money, your time is limited.
Posted on 2/22/22 at 12:25 pm to LSUFanHouston
quote:
Does your wife understand her shortcomings, or does she believe nothing is wrong?
She is just horrible at understanding finances. It's not like she spends lavishly, but she just doesn't know how to plan for and stay on a budget. I guess she just lives in the "now" and doesn't worry/think about anything long term.
Posted on 2/22/22 at 12:46 pm to TIGERSby10
Is it possible to purchase term life from anywhere at this point?
Posted on 2/22/22 at 12:59 pm to TIGERSby10
I wish you the best in fighting this and making the most of the time you have.
socialsecurity.gov
According to the SS site, your spouse and child each get 75% of your benefit for 150% total (I'd call to verify). Wife only collects until child turns 16. Child collects until 18 or 19 if still in secondary school. Hope you can enjoy yourself and make some great memories rather than working the whole time. If your wife can focus on establishing decent spending habits and earning potential they should be in a fairly good position.
quote:
I think my wife will also receive 2/3 of my social security until I would have reached the age of 65
socialsecurity.gov
According to the SS site, your spouse and child each get 75% of your benefit for 150% total (I'd call to verify). Wife only collects until child turns 16. Child collects until 18 or 19 if still in secondary school. Hope you can enjoy yourself and make some great memories rather than working the whole time. If your wife can focus on establishing decent spending habits and earning potential they should be in a fairly good position.
Posted on 2/22/22 at 1:10 pm to SaDaTayMoses
quote:
Is it possible to purchase term life from anywhere at this point?
With stage 4 cancer? I'd say it's unlikely.
Posted on 2/22/22 at 1:29 pm to TIGERSby10
Very sorry to hear of your diagnosis.
There are some things you do try to do to help stretch the money (as others here will suggest), but I think the biggest task is to use the years you have left to seriously educate and discipline your wife on finances and financial responsibility. Not to sound overly harsh, but unless she is mentally disabled, "horrible at understanding finances" is just a crutch and an excuse. Which is fine while you're around to deal with finances, but it sounds like she needs to become a bit more engaged and proactive in understanding and practicing fiscal responsibility. Again, I don't intend to come across as mean, but ultimately, if your wife doesn't learn to handle money better, there is no amount of advanced planning you can to that will help her out.
quote:
She is just horrible at understanding finances. It's not like she spends lavishly, but she just doesn't know how to plan for and stay on a budget. I guess she just lives in the "now" and doesn't worry/think about anything long term.
There are some things you do try to do to help stretch the money (as others here will suggest), but I think the biggest task is to use the years you have left to seriously educate and discipline your wife on finances and financial responsibility. Not to sound overly harsh, but unless she is mentally disabled, "horrible at understanding finances" is just a crutch and an excuse. Which is fine while you're around to deal with finances, but it sounds like she needs to become a bit more engaged and proactive in understanding and practicing fiscal responsibility. Again, I don't intend to come across as mean, but ultimately, if your wife doesn't learn to handle money better, there is no amount of advanced planning you can to that will help her out.
Posted on 2/22/22 at 1:52 pm to TIGERSby10
So sorry to hear about this brother.
My recommendation is honestly to find a good financial planner and advisor you can trust that will help your wife learn over the next several years. That is something I do with my clients and is sometimes why prospects choose to work with me - because they know I'll do whatever I can to help their spouse succeed if they pass first.
Like others have said, you need clarity on exactly what your child and your wife will get from Social Security when you die. You do have some assets and life insurance, which will help. But ultimately, you want to look at what your family will need to live on a monthly basis after you're gone and connect that with expected income. A CFP(R) professional would be able to help project that.
Avoid commissioned sales advisors like the plague. Find a "fee-only" fiduciary that has your best interest in mind.
My recommendation is honestly to find a good financial planner and advisor you can trust that will help your wife learn over the next several years. That is something I do with my clients and is sometimes why prospects choose to work with me - because they know I'll do whatever I can to help their spouse succeed if they pass first.
Like others have said, you need clarity on exactly what your child and your wife will get from Social Security when you die. You do have some assets and life insurance, which will help. But ultimately, you want to look at what your family will need to live on a monthly basis after you're gone and connect that with expected income. A CFP(R) professional would be able to help project that.
Avoid commissioned sales advisors like the plague. Find a "fee-only" fiduciary that has your best interest in mind.
Posted on 2/22/22 at 2:09 pm to tgrmeat
It's expensive but guaranteed life insurance is an option. Perhaps stack a few smaller policies.
Posted on 2/22/22 at 2:10 pm to Niner
Can you toss the $400k into a trust and provide strict instructions on how it’s used? Not sure if/how community property comes into play here with that, but you can set directives within the trust on what it’s used for, when etc etc.
Posted on 2/22/22 at 2:10 pm to TIGERSby10
quote:
She is just horrible at understanding finances. It's not like she spends lavishly, but she just doesn't know how to plan for and stay on a budget. I guess she just lives in the "now" and doesn't worry/think about anything long term.
Start working with her now with a financial planner.
Those measures can be fixed.
Surely she has to know what is coming down the pipe.
She can probably work more. But there is going to be a life adjustment.
Also, this is going to sound incredibly callous and I'm very sorry for this, but there is also a chance she will remarry.
Posted on 2/22/22 at 2:19 pm to TIGERSby10
First and foremost, best of luck with your circumstances.
I’d suggest finding a qualified financial advisor and an estate attorney. Imo, they can provide peace of mind as you enjoy the rest of your life. I’d meet with them alone, and then being in your spouse. You need to find out your options, and then she needs to understand and buy into the plan.
Lastly, do not take any specific direction from this website or any other message boards. Your circumstances are unique to you, and if you decide to go it alone, make damn sure you have every i dotted and t crossed.
I’d suggest finding a qualified financial advisor and an estate attorney. Imo, they can provide peace of mind as you enjoy the rest of your life. I’d meet with them alone, and then being in your spouse. You need to find out your options, and then she needs to understand and buy into the plan.
Lastly, do not take any specific direction from this website or any other message boards. Your circumstances are unique to you, and if you decide to go it alone, make damn sure you have every i dotted and t crossed.
Posted on 2/22/22 at 7:51 pm to LSUFanHouston
quote:
Start working with her now with a financial planner.
Good advice but just be careful. As others have said look for a fee only advisor ( an RIA). You’re fortunate to have time to find one and time to educate your wife. I’ve seen too many clients who didn’t get that time and it’s extra hard on the surviving spouse.
Posted on 2/23/22 at 11:11 am to 1609tiger
Thanks for all the comments so far, but I guess I should have put in my original post that I plan to see a financial advisor and have a family attorney to take care of the will. I'm more looking for anyone out there that might have been in a similar situation (or know of someone) and any advice of how they dealt with this financial issue.
Posted on 2/23/22 at 1:04 pm to TIGERSby10
Read your post yesterday. Thought of and said a prayer for you and your family last night. Counted my own blessings; thank you for reminder of how fragile life can be!
All the best wishes to you!
All the best wishes to you!
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