Hi Everyone! First post here to introduce myself. Wife and I are both 57 and have both worked and saved diligently over the years. I'm still working in software sales, and intend to for as long as I can, but I fear retirement is coming sooner rather than later... I'll explain.
Around mid-2017 my wife started getting confused at work, unable to follow instructions. She had been a star performer in her field (auto financing) for over 30 years but could no longer understand the job. She resigned and filed for SSDI.
Fast forward to today, after initially being misdiagnosed it's now confirmed she has early onset dementia, and is in the middle stages. This could last anywhere from 2 to 10 years before progressing to the most severe stage. She can do most of the basic things but needs guidance throughout the day. I have to help her get dressed, change the channel on the TV, make sure she gets her meds, etc.
I work from home mostly, and can juggle helping her with my job duties, but it is getting more and more challenging. When I have to travel I have to make special arrangements for others to cover for me.
Sooner or later I have to make a choice - either A) hire out her care and keep working; or, B) retire and care for her myself. I've chosen option B, because I think it's the best for her. I am conflicted because I love my job and did not really intend to retire before 62 to get our savings to the maximum we would ever need, but life kind of gets in the way sometimes.
We're lucky to have saved $1.5 million, mostly in tax-deferred accounts but about $100K of that is in Roth and there are some small taxable accounts and HSA accounts too.
I figure we're currently spending around $80K annually on our expenses (still have mortgage) and this amount includes taxes we would incur on our IRA withdrawals. Using the 4% rule, I'd like to withdraw $60K annually from IRAs and the balance will come from SSDI.
Since I am still working I am also still trying to validate everything... my expense estimates, her care (can I really do it myself?) and what will I do with myself when I don't have my job anymore? Not looking forward to the day I have to quit but this disease won't do anything but get worse. Not many guarantees in life, but dementia is guaranteed to progress.
Well, if you read this far, thanks, and I promise I am really a positive person, and hope to contribute to lots of interesting discussions here on the forums soon!
Around mid-2017 my wife started getting confused at work, unable to follow instructions. She had been a star performer in her field (auto financing) for over 30 years but could no longer understand the job. She resigned and filed for SSDI.
Fast forward to today, after initially being misdiagnosed it's now confirmed she has early onset dementia, and is in the middle stages. This could last anywhere from 2 to 10 years before progressing to the most severe stage. She can do most of the basic things but needs guidance throughout the day. I have to help her get dressed, change the channel on the TV, make sure she gets her meds, etc.
I work from home mostly, and can juggle helping her with my job duties, but it is getting more and more challenging. When I have to travel I have to make special arrangements for others to cover for me.
Sooner or later I have to make a choice - either A) hire out her care and keep working; or, B) retire and care for her myself. I've chosen option B, because I think it's the best for her. I am conflicted because I love my job and did not really intend to retire before 62 to get our savings to the maximum we would ever need, but life kind of gets in the way sometimes.
We're lucky to have saved $1.5 million, mostly in tax-deferred accounts but about $100K of that is in Roth and there are some small taxable accounts and HSA accounts too.
I figure we're currently spending around $80K annually on our expenses (still have mortgage) and this amount includes taxes we would incur on our IRA withdrawals. Using the 4% rule, I'd like to withdraw $60K annually from IRAs and the balance will come from SSDI.
Since I am still working I am also still trying to validate everything... my expense estimates, her care (can I really do it myself?) and what will I do with myself when I don't have my job anymore? Not looking forward to the day I have to quit but this disease won't do anything but get worse. Not many guarantees in life, but dementia is guaranteed to progress.
Well, if you read this far, thanks, and I promise I am really a positive person, and hope to contribute to lots of interesting discussions here on the forums soon!