I am disabled and my husband is our wage earner. We are both near age 70. We receive Social Security and some monthly pension payments that aren’t terribly large.
With his current income, we bring in about $99,000 before taxes. Without his income, we would bring in about $65,000 a year. We have a mortgage of $1,310 per month, plus a lease car payment and one credit card we are working to pay off. We need to account for monthly living expenses as well.
We do have some retirement funds we will need to start taking in the next few years, but we are trying to hold off on that if possible. Those funds are not substantial — maybe around $160,000. We are not in a position to move, and I just don’t see a way for us to have my husband retire.
I am so anxious about this and need some guidance. Can you help?
I get that it’s scary when you think about your income falling by a third. But with retirement, there’s only so much control you have. Sure, you can plan to work forever, but few of us will actually be able to do so.
You need to accept that your husband’s retirement is inevitable, though hopefully you’ll have some flexibility