- 2,055
How much additional life insurance should someone have (besides for burial expenses) to replace the second Social Security check when a spouse passes? I'm not talking people with assets/property, but rather renters who should be able to stay put when the time comes.
Recently two Medicare clients of mine were widowed. One works part time (and plans to for two more years, as her own health is declining) and has her husband's 401K, which she's getting $250 per month for the next four years before it's depleted. The other just has Social Security.
Both of these ladies basically told me, "I think I need to go on Medicaid now as I'm down to one check." However, their SS checks are over $1,800 per month. so I had to tell them they are NOT Medicaid level. Both are on their respective State's Pharmaceutical Assistance Programs, but they seemed to think they could now get a lot of extra help, which isn't the case.
Some people in their 50s seem to think they'll never get old, sick, etc but if they're healthy they should be buying it then.
Recently two Medicare clients of mine were widowed. One works part time (and plans to for two more years, as her own health is declining) and has her husband's 401K, which she's getting $250 per month for the next four years before it's depleted. The other just has Social Security.
Both of these ladies basically told me, "I think I need to go on Medicaid now as I'm down to one check." However, their SS checks are over $1,800 per month. so I had to tell them they are NOT Medicaid level. Both are on their respective State's Pharmaceutical Assistance Programs, but they seemed to think they could now get a lot of extra help, which isn't the case.
Some people in their 50s seem to think they'll never get old, sick, etc but if they're healthy they should be buying it then.