Can't predict the future

[redraptor]

Hi, my name is Mike. I'm 54, a millwright and in good health. DW is 57, disabled and collects SS. Early retirement is a nice dream but I don't see it yet.
A little background: I had worked for the same company since I was 18. Through some missteps of the owners, the company fell into bankruptcy in my 25th year. Around that same time my wife was diagnosed with MS and could no longer work. I worked odd jobs while retraining and found a position where I've been the last 8 years. My wife got approved for disability in that time I was off and is on MC with a supplement.
I won't bother you with financials as the specifics don't matter. I will say we have a modest home, property, nice vehicles, savings, and zero debt. I will be on here time to time for info and advice especially on MC as my wifes needs may change and I don't know the system well.
As far as FIRE, I already see things going on at work that make me wonder. I swear if this place goes under I don't think I could work for anyone again. OR, my wife's health could deteriorate and I may have to be home to take care of her. Who knows?

 

[finnski1]

You can't predict the future but it sounds like you are planning well and dealing with it.
congrats

 

[Rianne]

Hi, my name is Mike. I'm 54, a millwright and in good health. DW is 57, disabled and collects SS. Early retirement is a nice dream but I don't see it yet.
I will say we have a modest home, property, nice vehicles, savings, and zero debt.

Who knows?

Your spending habits are key. You're definitely on the right track. Your wife has the best care possible. I hope for a long and comfortable ER for both of you.

 

[MBAustin]

Welcome, redraptor!

My DH is also disabled with MS, and you'll find others here in similar situations. We try to be supportive and helpful to all.

As Rianne mentioned, the #1 thing you can do is to track your spending carefully for at least a few years, so you know what your minimum essential spending is and can aim for that to be covered by SS and safe withdrawal rates from your investments. Managing your asset allocation is also key.

My biggest worry for many years was having enough saved so that if something happened to me, DH would not be a burden on our children. So we held down our spending for quite awhile. Fortunately, the combination of the past 10 years of investment returns and our ingrained LBYM habits means that is no longer a worry. YMMV.

 

[pacergal]

Welcome.
Tracking spending and LBYM is how we made it to retirement at 60.
This forum is a good place to learn. Hope to hear more from you.

 

[The Cosmic Avenger]

Welcome, redraptor! You have two big things going for you: zero debt, and, believe it or not, that time you were out of full-time work (somewhere around 3 years, based on the numbers you gave). You didn't mention your spending, but I'm sure you learned to live frugally, which is the key to saving more than you earn, and not spending more than you can afford (LBYM). Sounds like you'll do fine!

 

[redraptor]

Thanks everyone for your welcome replies. My wife was always a LBYM person and has always been good with money. My grandparents who raised me instilled importance of saving for the future and investing. I'm going to keep plugging away for now and see what happens next.

 

[Katiek]

Welcome! Every time a poster does a post with their long term plan, I try to comment if I see any specific recommendations. But the general response I have to most of them is that life is unpredictable and lots can happen along "the plan". But watching costs, LBYM and saving as much as you can will always help position you to deal with any unexpected bumps in the road even if things don't go exactly to plan.


You and your DW seem like a great example of this!