Much as my son's life drama is affecting me, I have my own life to be concerned with-he's a grown man who was duped by a woman....well, that never happened to anyone before, eh? In turn, I guess she's getting her just desserts, too. Awful that there is a sweet dog caught in the middle, but thank God there is not a CHILD caught in the middle!
Right now, aside from my son's dramas, I'm wondering about what will happen to me if my husband passes on first. His life insurance runs out at a certain point that we're not sure about, maybe at 75, but we have to recheck that. If not, that is $50K, which would pay the remainder of the mortgage with extra left over. Other than that, I'll only be able to draw half of his SS at 67. That's roughly $600 to live on. I worked only 23 quarters so I can't draw any myself, which is quite the system...I pay in, but unless I have a full 40 quarters' worth (and that's not just time, but a certain amount of income as well), I can get zero back. So, how can I live on that much with no IRA, no SS of my own, almost no savings, no life insurance payout? That is something we are now thinking about here. Naturally, I cannot have a house payment to deal with on that income; there are 11 years left on the mortgage, pymt is $427, though I'm paying a little extra to principal every month to hopefully cut some time off of it. But, even with no house payment, just monthly Medicare, electricity, telephone/internet (I'd have to drop the TV from that entirely) adds up to about $300, half of that piddly income. Then, there is gasoline, vehicle upkeep, insurance, pet food (how could I keep chickens?) and, well, I have to eat something. And what about unexpected stuff? So, this is where our minds are now.
All my assets are tied up in this property. Reverse mortgage is a possibility if it comes to that. If I die, he is fine. He has his Air Force pension, plus his SS and, if it's in the time frame before the life insurance runs out, he has $50K as well. Life would go on pretty much as usual for him, except for my scintillating company, LOL. We have a two-for-one policy, meaning the first one to die is the one who is covered.
I'm hoping that there must be something we have not thought about. Guess we'll just have to start socking away more $$ if we're able every month. But, I say all that to stress that my son is an adult and he will do what he will do, handle his life the way he wants, regardless of if I approve or not, think he's being used or not, etc. I have my own stuff to deal with and my life is not as long as I've been on this earth already. It may not be as long as I've lived in this house, who knows? We never know.