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Old 10-26-2018, 04:41 AM
 
Location: NC Piedmont
3,911 posts, read 2,880,277 times
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Mid 50s would have been bad because of kids' ages and needs. Cost of insurance and health care would have crushed me. Now turning 60 in 2 months, balance of accounts is higher and needs of kids lower; 3/4 are working, though only one has graduated college and in a career path position. One full time college student and another two who could be and plan to be at some point with one going part time now. Our deal with kids is covering any two years of college or trade school if they go. It's any two years so if they want to work and/or get loans to go to community college for two years and then transfer to a state school, we would cover the last two years and they could graduate without a mountain of debt. Anyway, that's a potential liability from an analytical POV.
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Old 10-26-2018, 07:26 AM
 
1,137 posts, read 570,641 times
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I was RIF'd at age 59 in 2011. At the time, we were in terrible shape with regard to savings and retirement. Fortunately we had just sold our house to pay off remaining debts from our company that went down in the recession. We were basically out of debt except for a $100K property loan that we could not unload because (at the time) the housing market was underwater. We had $3k left in the bank and a $500 monthly loan, so we had to make that savings- along with UI checks of $400 month, count. Took me less than a year to find a new job, but when we moved here to Michigan, we were on $ fumes. By the time we had to put first/last on an apartment, we were left with $200 in savings for living expenses until our first check arrived. That wake-up call had a serious, but positive impact on long-term planning. Once were were back on our feet financially, savings and planning for the future became #1. It took us until end of 2017 before I could pull the plug, which I did, and now were are finally financially independent and planning for the best.

As expected, haha, unexpected events throw you curves. My wife went to ICU two nights ago, and is in the hospital now with what -except for luck, could well have been a life-ending event. We are fortunate to have amazing health care around us, and she will be released soon. I am so thankful that I retired when I did. Had I not had the time off to be there, and act proactively and aggressively for her during this serious event, I might be single now.

My biggest takeaway from this week is that though money is important, for me, being able to share our remaining lives together is more important. If she had died while I was at work, life as I know it, would have ended as well.
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Old 10-26-2018, 09:49 AM
 
Location: Loudon, TN
5,788 posts, read 4,841,461 times
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Wow Greg! I'm so glad that you were there for here when she needed you. Best wishes for your wife's recovery, and your retirement future of course.
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