Hi, I am 40 and I am already retired.

[Local 5 guy]

I worked in the Union Elevator Construction industry for 12 years. Then I was in a terrible motorcycle accident that permanently disabled me. I am now collecting SSDI and my pension. (it would be a lot more if I didn't retire early.) But, I made 6 figures the year before the accident, so my SSDI is quite handsome. While I was working on the elevators, I was contributing to a Annuity/401K account that has climbed up to over $60K.
I just really want to ask if there is anything else I should be doing? Because, I am 40 years old and I am retired already. What should I do?

 

[Out-to-Lunch]

I am just going to say "Welcome to E-R"! I am sorry for your accident; I am glad you have financial resources to fall back upon.

When you say "What should I do?", do you mean financially? Personally? Both?

Again, welcome!

 

[RetiredHappy]

Sorry to read that you had an accident and forced to retire. Does your pension have COLA? What are your expenses vs. your current income, i.e SSDI and pension? Are you tight financially? Does SSDI preclude you from working a desk/remote job?

 

[street]

Welcome! Not sure what advice to give with your open question. You will find this site a huge help with excellent advice.

 

[Local 5 guy]

I understand that I am being very broad.

I don't even really know what to ask. I was investigating retirement plans, and everyone keeps saying "Save your money." But, they are all talking to people who are going to be retiring at a normal age.

And, I understand that there aren't many people who retire at 30 or 40. That's why I am asking for your advice. As far as Income Vs. Expenses, I am living quite comfortably. I never need to borrow money for anything. In fact, after the accident, I got married to a Cardiac Sonographer. She helped me with buying our house and she is still working. I actually wrote a book about her and the accident. But, I have a feeling that I can't post a link to it.

Good news, I invested like $2,500 in the stock market. It might be the smartest thing I've ever done. Because, in July, 2019, I bought 10 shares of TSLA. I made some other moves with the broker. And, now my account balance with the broker is over $80K.

I understand that this is a tough question to answer. My situation is actually very nice right now. I'm just wondering if I should be doing anything special for the next 20 years? Like, what should I be saving for?

 

[Fermion]

A lot depends on what you want to do. I know for us the plan changes about every two years lol.

If you are happy with what you are currently doing activity and hobby wise, then I would just make sure you don't spoil it by doing anything ultra risky in investing since you don't really have a way of increasing your income without disqualifying you from SSDI.

 

[Local 5 guy]

True. Thanks.

 

[Finance Dave]

Seems like you are searching for direction. Maybe think about how you want to be remembered when you leave this earth, and what steps it might take to get you there. You have plenty of time to get to nearly any goal!

 

[Markola]

Your accident and recovery sounds horrific, yet your quality of life and mindset sound good and positive. The only thing I can think of, in addition to the advice above, is beware social media that uses pictures. I’ve read about younger people on SSDI whom others saw having the good life on Facebook, and reported them. Best wishes.

 

[Bryan Barnfellow]

Hey, Vorhees! I lived in Philly for a number of years early on in my life. Welcome to the Forum. Sorry to hear about your accident. I witnessed a truly shocking one closeup when I was about 17. So, I have some sense of what you likely went through.

Just to reiterate some of the good advice from others above: be an investor, not a speculator in the latest hot thing. These often go cold before you have a chance to get out. Get good advice from this forum by asking more specific questions as you are learning about opportunities. My wife and I live by budgeting; it allows us to be confident in our spending. We have been retired for 6.5 years and still save and reinvest somewhat "just in case."

Looking forward to seeing your posts about early retirement from your perspective!

-BB

 

[steiny]

Welcome , there is alot of good info here .

Sorry about the bike crash ,

What is the name of your book , I will buy one.

 

[Accidental Retiree]

Your wife will want to retire someday. If your budget allows, you could be funding Roths or traditional IRAs for both of you and still be saving for retirement for two.

 

[Local 5 guy]

Good idea. Someone else, somewhere else, told me to look into the IRA or ROTH IRA.

 

[HI Bill]

Welcome! Without more information, it's hard to know 'what to do'. It sounds like your SSDI and pension cover your expenses, but would it, if you had to pay for your own health insurance? Do you have an emergency fund built up that can cover regular appliance replacements, repairs, and insurance copays? Since it sounds like your income is currently greater than your expenses, and your retirement assets excluding SSDI and pension are small, I'd consider bolstering those by having your wife invest in a spousal IRA using your $. This will save you some on taxes. Good luck!

 

[retire to nature]

Have you thought about kids? it will make a total different story in finance and personal life. Can you still reproduce after the accident and if your wife wants kids or not? It wasn't clear about that part. If you and your wife want to have a kid or kids, you would get a new job to be househubby and dad.

 

[aaronc879]

You ask what you should be saving for. A lot of people travel a lot when they retire. I would guess if you qualify for SSDI at age 40 then you are in a wheel chair or need two canes to walk so travel may be difficult. Figure out what you want to do then save enough to fund it. Good luck

 

[teetee]

Can you think of something that can be done to recover fully from the injury? I am not suggesting you to get back to work. But with age, disability can be them precursor of more serious health issues. If I were in your shoes I would try to work on getting better even if the chances are slim.

 

[Closet_Gamer]

Seems like much of the same long term advice would apply:

1) Ensure you have an emergency fund, not so much for daily living in your case but to handle life's emergencies without tapping into consumer credit

2) Live Below Your Means (LBYM) to create sustained savings capacity

3) Pay Yourself First and invest that money each month. No cheating.

4) Choose an Asset Allocation and stick with it. You're young so something tilted to stocks seems very much in order, but you need to understand your own risk tolerance and appetite for volatility

Not knowing more about your disability, I'm very cautious about suggesting personal things thoughif there was any time in human history to have to struggle with disability, now would be the best time. Lots of knowledge work available from home via the Internet. Learn to code, test, manage social media...loads of stuff. Start a podcast for injured people on how to manage their money.

Best of luck and welcome to the board.

 

[Music Lover]

I'm sorry to hear about your injury. I've been lucky to never have been seriously hurt but if I had been I'd like to think that I'd be doing everything in my power to recover to the best of my ability and to regain as much strength and mobility as possible. You're retired, have the time, and don't seem to have any financial concerns. I would make healing your body a priority.

 

[Windward34]

Wanted to say hello from one elevator guy to another spent last 30 plus years and counting on the office side (local 4) and also ride sorry to hear about your accident. As others have already mentioned great advise from some very educated folks your in the correct place.