Money continued: Worth more dead than alive

Just as I was thinking about money, my social security statement arrived in the mail. I also received a $3.92 rebate from Staples. A friend of mine said, "I hate those things" referring to social security. But I, on the other hand, love them. I find them very comforting.

Here's a breakdown of my estimated benefits:

-If I retire at 67, I'll have $1,430 per month.
-If I retire at 70, I'll have $1,807 per month.
-If I stop working at 62, I'll get $956 per month.
-If I am disabled, I'll get $1,269 per month.

But here's the best part. I am literally worth more dead than alive to my family - in the monetary sense only:)

-If I die this year, my child will receive $1,007 per month.
-If I die this year, my spouse caring for my child will receive $1,007 per month.
-If I die this year, my spouse will receive $1,343 until retirement age (about 20 years!)
-If I die this year, my total family benefits cannot be more than $2,467 per month

That last figure is not TOO short of my take home pay now. So, minus my expenses (eating, eating out, drinking, minimal annual clothing purchases), I am almost worth more dead than alive.

What this cheerful flyer also made me realize, is if I want to have approximately the same income I have now when I retire (assuming Social Security exists), I only need an additional income of about $1,200 per month. Assuming I start saving in my 401K and assuming I might inherit a smidgeon of resources and assuming I wisely choose an investment property or other investments with my resources - this figure is doable. I will be able to retire!

However, I will not have enough for nursing home coverage. Perhaps this is good news as well.