Here is an interesting dilemma I have as DW and I have ramped up our preparation in anticipation of ER in the next 5-7 years. I'm 50 now, ditto DW, and as morbid as it sounds, my family history tells me that though I will fight like heck to stave it off as long as possible, Alzheimer's and heart disease is on my horizon. My dad and his mom both showed signs of dementia in their early 60's; she died at 66, my dad lived only a few years longer. My mom also had bad health and also died in her mid 60's.
We are very, very fortunate that DW's former job gives us health benefits for life so that is not a concern and with her pension, an annuity, our 401(k)'s, SS, no kids, and no debt, we should be in terrific shape from 59.5 on.
My concern is the next several years. I feel like I would be willing to sacrifice a higher current standard of living if I could stop working now at my job which is stressful and completely unfulfilling and causing me to lose my hair. That rather than working and socking away as much as possible for later, I would be buying time now so I could have the freedom of doing more of the things I love which are not extravagant. (movies, reading, beach, some volunteering and time with DW is all I need to be happy. I dread having a huge nest egg and then getting sick and die and never be able to enjoy the freedom that I was working so hard for; just like what happened to both my parents. If we were very careful, we could probably both stop working in a year or so.
DW's family lives forever but with her pension & SS, and other lifetime income, she will be A-OK financially when I am gone. It's tough to talk to her about this because she refuses to believe that this happening to me is even a remote possibility. And I feel guilty that I am even thinking about this; that she will prefer to work longer, to maintain a higher standard for both of us, and think me selfish for not.
So the question is how much are you willing to sacrifice for the luxury of time? Sorry for the length of this but I am curious if anyone has thought about stuff like this.
We are very, very fortunate that DW's former job gives us health benefits for life so that is not a concern and with her pension, an annuity, our 401(k)'s, SS, no kids, and no debt, we should be in terrific shape from 59.5 on.
My concern is the next several years. I feel like I would be willing to sacrifice a higher current standard of living if I could stop working now at my job which is stressful and completely unfulfilling and causing me to lose my hair. That rather than working and socking away as much as possible for later, I would be buying time now so I could have the freedom of doing more of the things I love which are not extravagant. (movies, reading, beach, some volunteering and time with DW is all I need to be happy. I dread having a huge nest egg and then getting sick and die and never be able to enjoy the freedom that I was working so hard for; just like what happened to both my parents. If we were very careful, we could probably both stop working in a year or so.
DW's family lives forever but with her pension & SS, and other lifetime income, she will be A-OK financially when I am gone. It's tough to talk to her about this because she refuses to believe that this happening to me is even a remote possibility. And I feel guilty that I am even thinking about this; that she will prefer to work longer, to maintain a higher standard for both of us, and think me selfish for not.
So the question is how much are you willing to sacrifice for the luxury of time? Sorry for the length of this but I am curious if anyone has thought about stuff like this.