FinanceGeek
Recycles dryer sheets
- Joined
- Jun 30, 2007
- Messages
- 374
I am asking this on behalf of someone I know who is considering FIRE due to his medical condition. He has ms, and has had it for a long time, I think at least 20 or even 25 yrs. It has been mild in terms of disability so far, he still walks fine. But he's reaching 50 shortly and has achieved savings of a few million (I think roughly 3?) on top of a paid off house. I don't have a perfect handle on his expenses, he is married with a SAH wife and young child but it sounds like its under 100k / yr.
He works full time now as coworker - a project manager in a megacorp with good HI but no DB pension. He takes some type of medication for the ms which is expensive, obviously ACA is a game changer and possibly enabler.
He is thinking of leaving the work force because he suspects his condition is likely to deteriorate before traditional retirement age. He fears regret if he isn't physically able to enjoy retirement at the normal time. And to spend physically able time with the DD while she's young. Obviously he's going to walk away from megacorp's LTD insurance coverage, but that's the point - enjoy life while possible and forgo any payout.
It sounds like a Hollywood script, and given how much I've read on this forum at first glance the finances look OK (WR ~3% I think) as long as assets and expenses are really at that level. And obviously ACA a game changer for getting covered with pre-ex conditions. I mostly worry about this guy being able to detach from work at such a young age, find new activities, not get in the wife's hair too much, etc. And I think there is still social stigmas around RE, the biggest impact being that after 1-2 yrs out it'd be very hard to change one's mind and get back in.
Any other advice or thoughts to pass on? On the stigma side of it, how common a transition is this (versus someone who RE to pursue hobbies...)? I guess at some level who cares the reason for RE as long as he and his family accepts the change.
He works full time now as coworker - a project manager in a megacorp with good HI but no DB pension. He takes some type of medication for the ms which is expensive, obviously ACA is a game changer and possibly enabler.
He is thinking of leaving the work force because he suspects his condition is likely to deteriorate before traditional retirement age. He fears regret if he isn't physically able to enjoy retirement at the normal time. And to spend physically able time with the DD while she's young. Obviously he's going to walk away from megacorp's LTD insurance coverage, but that's the point - enjoy life while possible and forgo any payout.
It sounds like a Hollywood script, and given how much I've read on this forum at first glance the finances look OK (WR ~3% I think) as long as assets and expenses are really at that level. And obviously ACA a game changer for getting covered with pre-ex conditions. I mostly worry about this guy being able to detach from work at such a young age, find new activities, not get in the wife's hair too much, etc. And I think there is still social stigmas around RE, the biggest impact being that after 1-2 yrs out it'd be very hard to change one's mind and get back in.
Any other advice or thoughts to pass on? On the stigma side of it, how common a transition is this (versus someone who RE to pursue hobbies...)? I guess at some level who cares the reason for RE as long as he and his family accepts the change.