Robert Papalia retired early to take care of his wife, Marie.Robert Papalia
Robert Papalia, 74, retired early to take care of his sick wife, Marie.
The monthly pension income of $ 5,000 of $ 5,000 are tense by medical accounts and taxes.
Many Americans are confronted with similar financial struggles, which rely on social security in the midst of high medical costs.
Robert Papalia, 74, had to retire earlier than he intended after his wife Marie, 71, started to get sicker. After working at a telephone company for more than 30 years, he retired at 60 – five years before he intended – to take care of her.
The couple who live in Burlington, New Jersey has struggled financially in recent years. Although they yield around $ 5,000 a month in pension income before taxes, many of them go to medical accounts, high real estate tax and expensive insurance payments. They were not left much at the end of every month, although Papalia said they were not in anger.
“Do we have money in the bank? Yes. Is it a lot of money? No,” Papalia told Business Insider.
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Many Americans have told BI that they have had trouble preparing themselves financially for the unexpected, such as a sudden emergency or death in the family. Because Americans are increasingly dependent on social security and other pension income to make ends meet, high medical costs can bring years of pension planning out of balance.
Papalia had a goal to retire in 2015 at the age of 65, so that he could receive social security benefits and saved sufficiently that money would not be a huge problem. In 2010, however, he withdrew to take care of his wife full -time and took a buy -out from his company that lasted until 2014.
Marie, a lifelong diabetes, had treated medical problems throughout her life, including loss of eyesight in her right eye, static hypertension and low blood sugar levels. She got a prosthetic eye after she had experienced retinal damage.
Marie’s medical care was expensive, and the couple also caused two dogs, both of which had expensive medical problems.
Marie needed around the clock, and Papalia thought it was worth retirement to retire with her early to ensure that she would stay as healthy as possible. In 2012 she had a heart attack that forced them to pause their plans to sell their home in New Jersey to move to an area in Pennsylvania with lower costs of living.
In 2014, Marie underwent an open heart surgery after doctors discovered a 95% of the main artery of her heart. Papalia said that year was when the finances became much tighter – he added that Marie took eight or nine recipes every day. She has trouble walking in recent years and has familiar with a wheelchair.
“I am sure that if I look at my wallet at the end of the day, it is a difference between day and night,” said Papalia, comparing his financial situation in 2010.
Papalia receives $ 2,132 per month from social security before taxes and insurance and $ 1,900 of his pension, while Marie receives $ 1,113 per month from social security. Papalia said that although they float, some months were particularly tight.
Medications can cost $ 60 to $ 70 every week, and hospital accounts yield a few hundred dollars every few months, which means that more than 10% of their income goes to Marie’s medical costs. Papalia said his health was stable, although he has sour reflux, neuropathy and an irregular heartbeat, for which he uses some medicines.
“Without insurance I would live under a bridge,” Papalia said. “If you don’t have insurance, you play with fire.”
They have shifted their groceries to Essentials in cheaper stores, and with food inflation in recent years they have been even more methodical about purchases. Papalia estimated that they spend less than $ 100 in groceries every week, although they occasionally order pick up. He said that stimulus controls of the Pandemic era have helped them to offer the supplies.
“We constantly go to doctors for everything you could imagine: hidden arteries, eye surgery, a situation in which she lost toes from her left foot,” said Papalia, and noticed that although they get medicine, the costs of deducts and copays.
They pay more than $ 10,000 in real estate tax every year and they expect that it will continue to increase. Their heating account brings them almost $ 300 a month, while they pay more than $ 40 on life insurance. They also pay almost $ 300 a month for car and homeowners insurance.
Papalia said it is only a matter of time before something goes wrong with the house and drives them in red. A few years ago he received an estimate of $ 11,000 to repair his roof, but because the original roofing was unable to build codes, it became a payment of $ 36,000 that they will not pay off until 2030.
“It is a struggle every day, and something will pop,” Papalia said.
The finances were so tight, he said, that he got a reverse mortgage on the house, a loan for older Americans to borrow money against the equity of their house and to supplement their social security.
He said they rotate between 30 credit cards for different purchases to limit their budget, get rewards and keep balances on every card to keep their credit.
Papalia said he had looked to get a part -time job, but he could rarely leave the house given the circumstances of Marie. Hiring a caregiver would be too expensive, he added.
“We just take it a day at the same time,” Papalia said. “We are worried about today and let themselves take care of ourselves tomorrow.”
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