Changes

Daddy retired at 60 and invested $30,000...that was what was left of his pension he took a cash payout of over 30 yrs of work  after he paid for a car in cash and paid off his and step mom's mortgage. Three years later he had to pay $20,000 for medical bills for experimental treatment that didn't save my step mom. So Brother and I thinking that even with Daddy living frugal etc and we knew he bought a storage unit company then sold it( or so we thought) we were thinking maybe a couple thousand left in his accounts. The man made his living as a gambler when him and Mother got married. His finance guy said he still was when he died, just did it with the stock market instead and he WON. He still had stock in the storage company sold it but kept stock in it, that has a dividend that pays around 4%. Oh yeah Brother and I kept that stock. 

With that inheritance and thinking of being respective of Daddy and having to close his IRA's within 10 yrs due to the current law... We are changing the finances. I talked it over with Daddy's finance guy who was his financial guy for over 30 yrs. He thought it was a good plan.Our guy was still against us filing for SS before 67.UNTIL I told him that Daddy's nursing home cost $9,000 a month, a friends mother in law's assistant living was $12,000 a month. Its suggested that you should have over $100,000 back for medical after you take medicare along with any medigap to cover medical expenses those ins do not cover.He changed his tune.

What is the same... we are filing for SS at age 62...Hubby as soon as he gets a copy of his birth certificate as he didn't want to mail the original (can't take it in as we planned due to pandemic) as his birthday is Oct. I will file afterwards on him as I turn in Jan. IF the cut happens in 2035 in SS like they forecast it to be, we would lose over $11,000 a year so better now than later is our thoughts. PLUS it's money not coming out of our IRA.

Also the same... Hubby's business pays for those expenses  and the truck. He can earn up to a bit over $18,000 NET profit before it affects his SS benefit...The hauler making the most money around here is working 6 days a week 12-14 hrs a day (hubby is more part time) and his net profit is $16,000. All of his equipment is paid off and Hubby still has 6 yrs to pay on the truck. Six and 1/2 months out of 7 he broke even. Some people think that is horrible and he should quit... as long as he breaks even he is paying off that truck and it's not coming out of the IRAs. To us that is a win.

Difference is I will be pulling from Daddy's IRA and that money will go towards 2 loans against our life ins (from 2008 that we have been paying the interest only on the loans) and then extra to the mortgage.  We will pull from our IRA to cover what is left. Our SS together is close to what covers the bills now.

As we were looking at how bad it could get and what we want to do... I looked at Hubby and told him 2008... when he went to 3 days a week  for over 2 yrs and we lost the house we had for us and the old homestead the Daughter 2 was living in and she wasn't making enough to even cover her utilities let alone the rent.

What lesson did we learn then??? To have the pantry stocked (Daughter 4 , Son 2 and a friend kept food on the table and TP in the bathroom) to have a savings of 3-6 months and to have cash in small bills on hand.To grow a large garden and preserve it. 

We figured what we would have to pay on the mortgage to have it paid off in 10 yrs. that cuts off 18 yrs off the loan. Even it we get it paid off in 15 yrs that is still saving us money.

So we went out and finished stocking what we could find, ordered some stuff and I updated the stock list. The only NEED is the OTC med I use during the winter/spring to keep from getting problems with bronchitis. I would like more Lysol aerosol spray... I use a can a month during regular flu season... but it's no where to be found right now. I have Clorox so I can make my own wipes. I stocked borax, washing soda, castile soap for general cleaning also. I do have Lysol and Mr Clean to clean with also. 

Our normal go to on stocking is 1 yr. But since I also bought dried beans (I can't grow enough)... I am going to focus on going 2 yrs.except for canning garden. We will see how this one rolls.