I'm poor but still want to retire early.

[Katsmeow]

I agree it sounds like your job is very detrimental to you and - at a minimum - you should try to switch jobs.

As for whether you can afford to retire, I'm not sure. What I think I've gleaned:

You make about $50,000 a year and your husband collects SS in an amount that you haven't specified.

You have a pension from Gillette your medical insurance which is currently $174 and up depending on health and yours is good. Your DH can be covered as supplemental to Medicare for $59.

You will receive a "lump sum pension" from Kraft (I guess that means a one time payment in lieu of a pension?)

You have a 401k that I gather is not a huge amount but could replace your salary from now until somewhere between 62 and 65. You don't say how much it is, but comment that you could live on less than half of what you make which is $50,000 so half would be $25,000. I don't know how much is covered by his SS. I am not sure if your plan is to fully deplete your 401k to cover that $25,000 over the next 7 years.

Your DH had a 401k but it was used to pay off the loan on your 43 acre farm. It is paid for and you think it is currently worth about $200,000 (which seem kinds of low if you have a house on it).

You own two trucks that have no loan and your only debt is $3400 on a tractor which the lump sum from Kraft will pay off.

You mention your daughter and a grandchild also living on your property. It wasn't clear if they live in your house or live separately.

So - questions that I wonder about (not saying you need to answer them publicly):

1. Does your farm bring in any income? If so, how much?

2. If the farm doesn't bring in any income, is there a reason to own 43 acres? Could you sell part of it to bring in some cash?

3. Is your Gillette pension only enough to cover insurance or will you have anything left over?

4. Will the Kraft lump sum be fully depleted by paying off the tractor loan?

5. Other than your 401(k), do you and your husband have any savings or money at all? Do you have any sort of emergency fund? How would you pay for any large unexpected expenditure (new roof, for example or any other large expense you can think of)

If you don't have other savings or an emergency fund then I would be hesitant to fully deplete your 401(k) over the next few years.

6. It sounds like you plan to deplete the 401(k) over the next few years and then to rely entirely on SS for you and your husband with no other savings or assets other than the paid for farm? In addition, you may do some part time or other work as available. Is this correct?

For SS how much will you be eligible for on your own record? It is highly likely that you will be a widow at some point. Basically you will receive the higher of either your own SS or your DH's SS. Your DH's SS was reduced by him taking it at 62. How does your SS compare to your DH's. Can you live on the SS of only the higher one of you two?

 

[sheehs1]

You must not be very acquainted with divorce. There is no way that a relatively able bodied spouse is allowed to walk away from a brain injured older person. The spousal support and settlement would make it hard going for OP.

Anyway, she has not said anything at all about wanting divorce. That idea comes from other members.

Likely all she has to do is assert her boundaries and needs, and that will be that.

Ha

+1

 

[Badger]

I am in excellent health except for the issue I have with stress from working 10 1/2 hour rotating shifts and the pressure of trying to make the people that work under me keep up with the demands that are required of them. If they don't succeed it trickles down to me since I am responsible. I don't want to be responsible for somebody under my supervision losing their job...

Why should you feel responsible for somebody losing their job if they are not keeping up with their job requirements and making you look bad and giving you stress? You need to consider getting rid of that part of the stress as soon as possible. Is there someone you can talk to to help with this mindset?

I have been trying to slow down his habit of eating out without him going cold turkey. I told him no more than once a day and I would prefer less than that. I have known him to eat all three meals out when I am working nights or overtime.

It sounds like it's time to start an allowance for his meals out and gas to get there so he can be responsible for his own personal budget. Of course he will have to be shown how to keep a running total of his expenses. Once the money runs out he will have to wait until next month.

Just 2 more quick thoughts - 1. If you are considering a more fuel efficient car be careful not to put yourself in more financial mess with having payments on a new car. 2. So what would happen (what could he do) if you were suddenly down sized ? (After you had already secured another more enjoyable job of course. If that is what you want.)

Cheers!

 

[jerome len]

Wow! You have a lot going on but, overall, you and your husband are very lucky.

You haven't mentioned kids, extendend family or close friends very much. Both you and your husband should have combined interests and seperate interests. You appear to have the money for hobbies and get togethers with others.

I wouldn't be thinking of divorce. There is almost a generation between your ages and when anyone is 75 you'll see signs of aging, both mental and physical. I see it in myself as well as my in laws, who just entered their 80's.

I would work in a comfortable job. You're lucky, you've already had job offers. This will give you time alone as well as time with your husband.

Overall, you have a long term marriage, financial security, you're smart, and most important, you have your health. I know many that would trade their lives for yours. If you ever spent a little time at a soup kitchen or mental health center you would really appreciate how good you have it. I have challenges but, overall, I'm very lucky as well. The very best of luck to you.

 

[lhamo]

Since you have already had a documented work-related severe stress incident at work, I would have a serious talk with your doctor about what your options are for filing for disability. If it is possible to reduce your hours further, that might be worth looking into as a bridge strategy -- it will keep some money coming in while you figure out if being at home more will help you to help your DH to adjust his behavior/save money. And if your employer fires you, you may have a good case for age/health-related discrimination.

My FIL has similar memory issues, though more serious (he's basically like a big 4 year old), and it is really a challenge so I feel for you on that front. Glad his personality changed for the better, though.

 

[daylatedollarshort]

Since you have a farm, you might want to check out permies.com (permaculture forum) for lots of money saving / making ideas for people trying to live off their land and not have regular jobs.

As katsmeow mentioned, if your farm is not a money making venture, then you might have a simpler life by selling it and moving to a smaller, less expensive dwelling with less upkeep. Any leftover cash from the farm sale could be used to invest and generate retirement income.

We know people in retirement with lots of land and animals to support and people who live in small spaces and have lots more time for clubs, hobbies and travel. For us, we see the small space households as having the most free time with the least overhead expenses.

If you are spending $1K a month on gas and restaurants, perhaps there are other areas of your budget you could cut back on as well in order to retire or take on a less stressful job. Having a detailed budget for now and in retirement and then running your numbers through a few different retirement calculators is key to developing your long term plan.

 

[obgyn65]

Sorry to be late to this thread. To the OP : it may make sense for you to contact a marriage counsellor first. I am sorry you have to go through this. Believe in yourself.