I am in my final stretch toward FIRE within the next 7 years if I do not include variables relating to caring for my mother. She moved in with us after my father passed 2 years ago, and has been able to live off less than her SS income, and has other assets for use for some eventual nursing home care (if needed). She is currently 78, and her parents lived to be in their late 80's.
My current plan is to pay off our mortgage prior to retirement and continue to live in our current home with a handicap accessible apartment for us to provided "assisted living" for my mother a long as possible.
We have obtained updated wills, powers of attorney, health care proxy etc for my mother (and my husband and I)
My questions: How large of "cushion" should I consider having in my retirement calculations for possible need to provide other support?
What are other variables I should consider before "pulling the plug" on my income?
My current plan is to pay off our mortgage prior to retirement and continue to live in our current home with a handicap accessible apartment for us to provided "assisted living" for my mother a long as possible.
We have obtained updated wills, powers of attorney, health care proxy etc for my mother (and my husband and I)
My questions: How large of "cushion" should I consider having in my retirement calculations for possible need to provide other support?
What are other variables I should consider before "pulling the plug" on my income?