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Old 03-29-2024, 06:48 AM   #41
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But health can literally change in an instant with devastating consequences.
No truer words can be spoken... Or typed in this case.
Our case, Motorcycle accident a week after turning 60 would have ended my career if I hadn't already retired.
DW getting diagnosed with Cancer at 55 following her routine physical. They believe they got everything with surgery and chemo.
A very close friend also diagnosed with a rare blood Cancer during a physical with a new Dr after relocating to their new retirement home. Unfortunately her treatment has caused more harm than good, but she's still fighting.
Another dear friend, more like a brother, retired at 60, gone at 62.

Prepare for the worst, hope for the best.
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Old 03-29-2024, 07:17 AM   #42
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I probably sound way too judgemental - illness and other misfortunes are unfair, tragic and life-shattering. But I genuinely don't understand how the ones who earned really GOOD money - far more than I ever did - aren't compelled to put much, if anything, away for a rainy day - while they blithely buy second houses!

I'd make darn sure I had a healthy retirement account before I ever thought about a 2nd house!
Retirement is usually less about what you are making and more about what you are saving. There are plenty of folks who make 200K+/year but have relatively little savings and are up to their eyeballs in debt. They may view retirement as "we can worry about that later" even in their 50s. Unfortunately when the unexpected happens all bets are off.
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Old 03-29-2024, 08:22 AM   #43
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I have to admit I was rolling the dice by not having a good long-term disability insurance policy when I was employed. My work was mostly computer-based with some travel so I may have been able to continue with some physical limitations but not with cognitive impairment. I did get lucky on that.
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Old 03-29-2024, 08:59 AM   #44
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Disability insurance was something our company provided as a benefit.
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Old 03-29-2024, 09:21 AM   #45
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Originally Posted by FindingForward View Post

I probably sound way too judgemental - illness and other misfortunes are unfair, tragic and life-shattering. But I genuinely don't understand how the ones who earned really GOOD money - far more than I ever did - aren't compelled to put much, if anything, away for a rainy day - while they blithely buy second houses!

I'd make darn sure I had a healthy retirement account before I ever thought about a 2nd house!
For many, retirement (planned or otherwise) is an abstract, vague, 'someday' event while 'We can have that second home now' is a lot more tangible.

I've heard it so many times: "So what if we have to work another 5 years?!" The catch of course is that working those five extra years is not always an option.
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Old 03-29-2024, 09:27 AM   #46
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Disability insurance was something our company provided as a benefit.
My brother had LTD for a buck a week. They paid his salary for six months after his stroke and then were highly instrumental in getting him SSDI at their expense. Sure, that was to their advantage but it was also to my brother's as well.

Life lesson: He had a massive stroke 2 months before his planned retirement date.
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Old 04-02-2024, 05:14 PM   #47
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Yup. I was forced to resign at age 62. I knew I wouldn’t work again after that. Thankfully a combination of smarts and luck allowed me not to have to.
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