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DW and I are 52 and have live below our means for quite a while. We had an emergency fund of $50,000. No debit except for mortgages on primary and rental property. And have maxed out 401K's, and saved 20% of our income.
2 years ago, DW was diagnosed with metastatic breast cancer and is unable to return to work. Her physicians are supportive of her going on disability. But our government feels she could be a greeter at Wal-Mart and has declined her application for disability. We have obtained an attorney who feels this should be a rubber stamped approval and have contacted our senator to enlist her help. But the government machine is moving so slow... social security states they don't have enough workers to process the applications -- so her request for appeal sat on someone's desk for 3 months.
The lack of my wife's income/ disability has resulted in the emergency fund taking a heavy hit.
We were on target to retire at 55, but a couple of events are going to delay the target date. In 3 years, I was going to retire from a large pharma corp with a decent pension and health benefits. Last month, our division was restructured and 60% of the sales and marketing group was told they weren't needed anymore -- and I was one of the casualities. So I'm going to lose my retirement health benfits. I do get a severence package for 7 months and can take a lump sum distribution in 3 years. I should be able to use the severence pay to payoff the mortgage for our primary home -- provided a find employment within the next 2 months.
Last summer, my wife and I decided to downsize and try to simplify our lives. We signed a contract on a two bedroom condo -- that would leave us mortgage free. Due to the down turn in the real estate market -- houses are sitting on the market for 6-9 months. I have priced the house very aggressively, but this time of year is tough for selling. We have 1 serious prospective buyer, who is coming to look at the house for a 3rd time. My agent assures me the house will sell -- the weather just need to turn warmer -- and I do think the house with sale.
My short term problem is the emergency fund is almost gone -- I have a house on the market that has not sold and the condo's completion date is the end of April. I have $350,000 in my retirement fund, that I may end up taking a loan against to purchase the condo.
I'm interviewing with another company tomorrow, so I'm not worried about having a job and steady income stream -- I fairly confident I'll land this job -- seeing how they called me.
Short of having my wife get approved for disability and someone buying our home in the next two months -- what are some of the other options that I could consider.
Thanks in advance for any comments.
dwk
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