• Question
  • Forced Retirement/Disability

    Asked on 2/18/2007

    My Husband who is 65 had a stroke in 2003 that left him disabled. This forced me to quit my job and become his caretaker. We have been living since then on his SSD and his annuity as well as his retirement income. His annuity is about to run out as it was a TSP savings program. We had some debt that we were paying off with those funds. I realised that we were getting nowhere medical bills were coming in and our funds were dwindling. My husband worked for the government. The stroke left him unable to return to work in any capacity. Our income was cut in half, our debt was high we were barely maiking the payments. Eventualy in 2005 we filed bancruptcy. Currently we own our home and we have a vehicle and one credit card. That is our only debt. Our income is aproximately 4300.00 a month. Our mortgages frist and second are a 2yr mortgage that comes for renewal in 2008. I am afraid that once our Thrift Savins Plan has run out our medical bills will take whatever is left from the income and leave us very tight. I have tried to scale down to save some money but with some things you just cant do it, either that or I don't know just how to do it. I would like to do some kind of work but I am unable to leave my husband for more than 2 to 3 hours by himself. He does not speak and to send him to a day home it is expensive, we don't have that kind of income. My husband did not purchase any form of extended care insurance when he was employed, to do so now would be too expensive. We have Federal Blue cross only because we can't afford to have medicare part B. I am only 57 yrs old soon to be 58 and even when I do become 65 I wont be eligible for medicare. Our income is at a border that does not allow us any discounts even though he is a senior. We are just over that limit that is required, but still poor enough to worry. I do not want to sell our house we purchased it as a plan for our retirement in ten or so years from now. The question is how do I go about keeping it for that long. We cant refinance early there is a hefty penalty for that.
    What advice can you give me, I cant afford a financial planner, not that we have any extra cash to plan with. What little we have is for emergencys..Do you know of anyone that can help me with working from home. I don't have many skilss but I am sure there is something out there that I can do.
    Thank you

  • Categories: Retirement Planning, Out of Money


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  • Sounds to me you're in a really bad way...but if you could get somebody to keep an eye on hubby, you could petsit. It's a great way to supplement income, and you'll be only gone a few short periods of time.Good luck

  • Login to rate this answer:   Answered on 9/4/2007
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.