Retirement savings

finallyoverit

Has anyone decided not to save for retirement? I'm seriously debating this because it's doubtful I'll make it that long. I'm still in my early 40s, single with no kids. Just wondering what others thought about the topic.

Sadiesservant

I can certainly understand why you would be thinking about this as I am in a similar situation (single with no dependents unless you count my dog) but I think you have to consider what lies ahead beyond just retirement.

I’m in my mid fifties and do have a bit put aside plus I am blessed with a pretty good work pension (depending on how much longer I work) and benefits. Certainly now I am less concerned with adding to my retirement savings. However, when I was diagnosed in January, I had a financial advisor run through the scenarios to see if I would be okay if I had to retire early. This gave me a certain level of comfort.

The question you need to think about is not whether you will have money to retire but if you can support yourself in the event that you are unable to work, keeping in mind that you may need additional supports which could be costly. I don’t know your situation so it’s difficult to give solid advice and with bone mets you have every chance of going many, many years but if it progresses? It might be useful to have some money to draw on if times get tough.

Having said that, after my first diagnosis in 2001 I learned to balance things, saving some but also enjoying life. Now, I must admit I’m splashing the cash more but with mets in my lung and now my peritonium things aren’t looking quite as rosy long term. Finally bought that new car!

pajim

I'm 49. When I was diagnosed with mets 5 years ago I cut way back on the amount that goes into my 401k. I still contribute enough for the company match, but I know I am unlikely to see 60, much less 65. So I decided those funds could be used to do something fun now, and for additional help when I can no longer work.

finallyoverit

Thanks for the input, ladies. I need to give it some additional thought. I really can see it both ways.

NineTwelve

I'm also single,without children, and ten years from what is now considered a normal retirement age in America: 68.

I just borrowed from my retirement savings to help my brother buy a house. I'm not worried about how soon he pays me back because I don't believe I will retire. I think I will keep working for as long as I can because I don't trust Medicaid to be there for me. But I do trust my brother to be there for me, and I may live in that house one day (or die in it.)

So, I continue to save for later, but I think of it as my safety net, not my retirement account. (Contrast that with my 93 year old father, who is still alive, didn't save anything, retired in his early 50's and has been living on a pension for the last 40 years. It's almost like he lived and worked in a different country. What a difference a generation makes.)

ETA: If you don't mind my asking, what would you do with your money if not save it? Do you have dreams you want to pursue, people you want to help? Do you want to live completely differently, or do you prefer to live as you always have before your Stage IV diagnosis? Do you just want to splurge? I wonder that about everyone in our state of health - How do others see money, the future, and their work?

illimae

I’m 42 and still work and contribute to my 401k but I plan to medically retire next summer. I work for the State of Texas and the medical retirement will allow me to begin collecting my pension. My husband and I plan to sell our house and move into our cabin permanently which will reduce many bills and eliminate our mortgage. For now, the 401k will stay as is until the time comes when I need or want it, otherwise it’ll go to my husband as he doesn’t have his own accounts, he makes more for us now and I save for later, that’s our deal.

Zillsnot4me

I really admire you ladies for working during this rat race of appts and side effects. Sometimes I think it would be beneficial to have normal adult life but don't want to deal with more red tape, paperwork and bs. Plus I have kids and don't want to be too tired for them.

DivineMrsM

finally, it is a good question with perhaps no right or wrong approach. I do want to say that my husband has been the big financial supporter of the family, and I never earned much money on my own. So we still save for retirement thru his work. I also want to say that I admire all you women who have had good paying jobs and put money towards retirement. It was not something that worked out for me, never had any kind of career or profession, but I still live a comfortable life with the income dh makes.

Being that you are dealing with bone mets, I think you should not count yourself down and out too soon. I was dx from the get go with stage iv bone mets in early 2011 and here we are heading towards 2018 and I remain stable. I feel like I still have many good years ahead of me.

All that said, I think you should continue to save somewhat yet push yourself out of your comfort zone in the spending department and allow yourself some indulgences. I definitely stepped up our travel budget, taking some nice trips including a cruise, trying out a few pricier restauraunts, and I have bought some nice home furnishings and the ocassional splurge some clothing, make-up, ect. Yet we do not carry debt, and even all Christmas purchases are paid for by January.

It kind of balances out, too. Now, after all these years dealing with this disease, I am more content to stay home, tho I still like taking trips, and as I have decluttered the house, streamlining things a bit, I am not as interested in buying lots of non necessary stuff.

But to spend more money than I was used to for traveling was a very good thing and I think it is always a good idea to challenge ourselves to stretch the boundaries of that comfort zone. I think it is okay to live larger than before mbc. Explore those desires to want to go for it and give yourself some room to do it without going bust. As you continue dealing with mbc, you will be able to assess how things are going and make adjustments along the way.