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statesof

How do you view your long term finances?

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Hi guys, I haven't seen many posts about this but was a topic that I wanted to bring up to see how other people are approaching it.

I have POTS as well as an unknown possible complication from POTS which hasn't been able to be fully diagnosed or had any light shed on it by doctors, it is typically the 'well its not migraine' or 'well its not POTS' or 'it could be a combination of many things, but we can't at this point know with medicine being where it is'.

I wanted to see how do you guys view your long term personal finances when it comes to things like retirement and things like that?

I know for myself I try to keep savings specifically for medical expenses that would be larger than a healthy person my age, or savings for if health wise anything came up that would keep me from being able to do my current job, but I don't know how to view retirement. I hope that I would be able to make it to retirement age with hopefully the same quality of health that I have current, but there are some days where symptoms are so bad or even weird and unusual at times that I really can't see myself living to 65 without some serious health complication related to my current conditions.

I know we all have different levels of disability from POTS/ autonomic conditions and co-morbid conditions but just wanted to see how you guys view these things in your life.

 

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Are you in the U.S.? If so, I suggest going to see an independent fee based Certified Financial Planner. Often they will give you a free initial consultation.  There may be trusts involved. You are wise to start thinking of this kind of thing. I'm in the process of trying to do this, but mostly for Medicaid planning. 

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I think the answer is going to vary for each of us based on age, marital status, children, work status, family support, benefits, severity of our conditions, local cost of living, net worth, and more. 

I still have hope of returning to the work force some day. I’m fortunate that my prior jobs paid well. My wife is changing her job for better benefits, greater stability, and less stress. I am eternally grateful for her. She is the best.

My in-laws moved Next door so we share resources and help each other out.

We put some of our savings into a rental property so we now have passive income. We are still paying the loan off, but at least we have some income.

We were fortunate that we saved for our kids college early.

We have been cutting back on spending. I’m taking care of the kids more now (and they are helping take care of me). We are going out to dinner less. We cancelled several subscriptions and services. We have reduced our vacation budget. I don’t drink anymore for health, but it helps us save - but every bit counts. We put solar panels in a few years ago, so we don’t really pay for electricity.

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