My husband is younger than I and at present still living but in his family
By suspenseful
@suspenseful (40193)
Canada
April 2, 2008 8:44pm CST
things go wrong in their sixties. He is sixty-two and although I hope he will live to be past sixty-five, there is a chance it might not be. I am a good saver, and my husband has stocks, as well as a good pension plan. I have heard that when someone dies before they are 65 and the wife is younger, then she gets a lump sum that the tax man takes. But no one has told of the opposite effect. What if the one died is younger and the other one past retirement age? Do they have the same problem or can the cash in the estate,it be converted to an annuity?
4 people like this
7 responses
@winterose (39887)
• Canada
5 Apr 08
that you would need to talk to the government about and start getting information now, about retirement, it is not too early to get the info, they will send you and info package,
don't listen to what other people say they could stir you in the wrong direction, get the info directly from the department of retirement income, old age pension, or whatever they call it in your area.
2 people like this
@winterose (39887)
• Canada
12 Apr 08
after you get the info package you can call them with any questions and put your mind at ease,
and thank you by the way for best response.
2 people like this
@suspenseful (40193)
• Canada
11 Apr 08
That sounds like a good idea. I hope it does not come to my husband dying before he reaches 65, but you never know.
1 person likes this
@suspenseful (40193)
• Canada
22 Apr 08
I will do that. I hope my husband lives long enough.
1 person likes this
@suspenseful (40193)
• Canada
17 Jun 08
I do too. He is younger than me, and we want to enjoy our retirement, not having him go to the doctors all the time. We were planning to take a trip to Florida, but he does not know how he can walk around on the tours and whether he will have to rely on one of those scooter cars. And I used to have a hard time catching up with him. Now I am the one that is moving faster.
1 person likes this
@Lakota12 (42600)
• United States
3 Apr 08
that is something to talk to someone in the know of things different here in the states I just got most of what he drew inSS and lost what I drew So ended up then losing %600 a month on SS that makes things very very tight as we didnt go in for stcks and such!
1 person likes this
@suspenseful (40193)
• Canada
28 May 08
My sister-in-law lost half of her husband's pension because he did before he was sixty-five. My husband advised me to take out all my retirement money, and I did after I got advice from someone here on myLot who was around my same age. I did not want to do it on my husband's advice because well I remember that he was raised to believe that the woman always hands the money to the man. I will lose ten percent, but will probably get it back and I can put it in a gic or a money market fund.
@suspenseful (40193)
• Canada
17 Jun 08
I get about half to two thirds of his pension and he is taking some of his stocks out of the rrsp so that I will get a little more then. He also has a life insurance policy, but I am also putting money aside in a high interest savings account and I will be purchasing a money market fund, etc. Since I am 65, then it would be easier for me, but maybe not, since I do not act 65, so I am not going to die sooner and say, "I do not need all that money," because I do.
@aaslin (123)
• India
10 May 08
You should probably check with your attorney or an estate planner. I am not sure of Canadian laws. In the U.S. the estate tax is not really assessed until the estate is over $100,000. So we never had to worry about the tax man when my dad passed away. My brother and I split the estate he left, after his bills were paid off. You guys really ought to have a will to clarify everything in case you need it.
2 people like this
@nova1945 (1612)
• United States
4 Apr 08
You should probably check with your attorney or an estate planner. I am not sure of Canadian laws. In the U.S. the estate tax is not really assessed until the estate is over $100,000. So we never had to worry about the tax man when my dad passed away. My brother and I split the estate he left, after his bills were paid off. You guys really ought to have a will to clarify everything in case you need it.
@suspenseful (40193)
• Canada
28 May 08
We do not have an attorney. I guess we should get one, but I am afraid that it will be a bit of a muddle and I would not know what to do. It is not that I am a stupid, I suffer from low grade depression and I would worry.
1 person likes this
