Whoa.
Yeah, I think the unexpected “retirement” occurs, one way or another, more than we like to think.
He is totally aware of all costs involved; he’s excellent with math. 
Our advisor manages a very small portion of his portfolio (the “car fund” he started with some Ford stock with her when he was 9) and provides him with excellent planning and advice. He manages the rest himself – as she encouraged him to do.
She used the Ford stock purchase to teach him all about floors and ceilings and cycles and dollar-cost averaging, etc. He ate it up and has been having fun investing every since. They love talking to each other, and she handled all purchases, sales, and cash disbursements to him from that fund while he was away at boarding school. That “car” fund has supplied all his allowance needs since he was 14. He’s a pretty savvy kid.
@scout59 , I’m sorry about your husband’s premature “retirement.” It can be a real blow to the ego and a tough adjustment to make when it’s unexpected. My dh went through something similar recently and it hard on both of us, even though I’d wanted him to retire for quite a while. Fortunately, he’s now exploring all of the activities and hobbies he never had time for while working.
We’re lucky that dh’s employer gives the option of continuing on the same insurance plan for a year although we now pay the full amount. At least that gives us time to research our options.
Now that I’m not so focused on trying to shore up dh’s spirits, I’m feeling pretty bitter about the way he was treated. My dad was terminated (“early retirement”) in his early 60s as well. My mother was extremely bitter and would vent to anyone she could corner, which upset my dad. I don’t want to be like that, so I’m making an effort to at least act positive.
A lot of that happens. It’s age discrimination.
No doubt, which is my point. (Unless the kiddo has a seven figure trust fund, a savvy 21-year old can figure it out without paying advisor fees.)
Indeed.
Take a look at John Bogle’s “little book of common sense investing” and pay attention to Chapter 4 in particular. It gives some mathematical examples of how the costs of investment advisors and “active management” will leave you at age 70 with only 30% of the assets that you might otherwise have accumulated. He makes a very persuasive point about the compounding of costs.
So sorry about the ‘early retirement’/unplanned and forced @scout59. Buying the health insurance really sucks too.
Is there a possibility of getting a job that has insurance? Kind of soften the payout of full health insurance costs, and make some money too.
H works in contract electronics mfrg, and although top mgmt says he was never at risk for lay-off/RIF, during one tough period they were getting rid of those making top dollar in their job category - which H was. He believes one of the Global Presidents pulled him out of the fire. The local facility doesn’t have the work now, so he is getting ‘farmed out’ - this year he had almost 6 weeks in China, and he is going back to CA for week 5 and 6 of work there. He knows so much, that when tough things come up, he leads the job through the test/mfrg/quality engineering as well as program mgmt. Thankful especially during the 5 years of health issues I had battling cancer - very good health insurance coverage.
I am sharing historical information with DDs on what financially we would have done differently and answering questions they have. DD can deal with her H, just like I deal with mine. It took H three times hearing from our financial planner that I did a great job with our money/investments before it sunk in with him that one can spend money and also do well with saving/growing the savings. And that I did a great job with our money which somehow he didn’t really know???
It will be interesting to see how DD/SIL, and DD2’s careers go. DDs have been given a great start. SIL has great career potential IMHO but he needs to get moving on it in the next few months. DD has them on a budget to get them out of his school debt and not overspend which he has been doing when he was working FT and only paying the minimums on his school debt before they were married. He even stopped paying on his school debt - a bit of a misunderstanding or he anticipated getting a military sign on bonus which would eliminate his school debt. Although he is 4 years older than DD, her credit rating is higher and she was the one to get a car loan when his car died (they got a family vehicle as they had a baby in May). Nip those bad non-budgeting habits in the bud.
@Silpat - I know exactly what you mean about the feelings of bitterness and the efforts to be positive! Sometimes I think I’m taking this harder than my husband, who has always been a roll-with-the-punches, even-keeled kind of guy. He has never been one to define himself or his self-worth through his job…which is a good thing, since his employer kind of treated him like dirt.
DH knows how I feel, but I’m trying to be upbeat for his sake; after all, I have a job (with health insurance) and we have all kinds of savings, retirement and otherwise. I think I’m still just working through those “stages of grief” for the retirement that I thought he’d/we’d have.
@scout59, I feel your pain. We had a similar situation where my husband had a medical event a year ago, at age 53. We didn’t know if this was permanent involuntary retirement, or was going to be just for a year. In this case, his job is his identity (airline pilot), and he loved his work, it was pretty difficult to adjust. We’d always talked about retiring at 55, but the shock of the thought that the flight he flew in May 2017 was going to be the last he ever flew, really upset him. He wanted to retire on his own terms, and not that young. Fortunately, he just got his medical back, thank God.
But I have to say, if we were seriously only a year or two from retirement, it would have been better. After the initial shock wore off and he started getting better sleep than he had in years, got to do all the projects and exercise he wanted, he was relatively happy. I hope your husband is going to be like that, and adjust quickly. If he wasn’t thrilled with what he was doing, hopefully he looks upon this as an opportunity. It does save money to have someone home fixing everything and doing the chores, and does relieve the burden on you. I felt life definitely got easier for me, because even though I was working (even more), I didn’t have to deal with as much work at home. I hope the same goes for you.
Sitting here in Cardiac ICU on day 17 with the same dilemma. H had a massive cardiac arrest earlier this month, put into medical coma, and then fighting lung and kidney complications. He had planned to work at least another 6 years and we need the insurance through him. He will go bonkers with nothing to do.
His job was a pressure cooker and I can see the possible opportunities of early retirement. However, He is a hyper sort of person with no real hobbies. My career is 70% done from the home office and I like calm and quiet while I work. It will be an adjustment.
He isn’t depressed yet, but that will come as he realizes his new limitations. His survival rate for out of hospital arrest, coma, and complications was approximately 5-7%. He knows he’s a lucky guy.
I always said we’d have either plenty of money, based on our frugal lifestyle, or we’d go medically bankrupt. To further complicate the matter, we had bought an old house and started restoring it one week previously. I had pondered all the 62 vs full retirement posts for Social Security. Now I just hope he makes 62. He had never had a heart or kidney problem, didn’t smoke or drink, was skinny and active, and his cholesterol was fine. Retirement will be different than anticipated, for sure!
So sorry to hear about your H’s health @srystress.
Re: financial advisor, the good ones look at your total financial picture and not just your investments or retirement. When I changed jobs 6 years ago, I rolled all my 401K into a wealth management company who only charges 1/2 of 1% of assets managed. We do a quarterly and annual check-up each year and my advisor keeps me grounded when I erroneously think there will be a market correction and I’m convinced I should put all my assets into treasury bills!
@sryrstress, I am truly sorry for what you are both going through. I think often this is harder for the spouse, the worry and fear. Good luck to you both. 
Yes @sryrstress - I am so sorry to hear about your husband! Hugs and prayers to you both.
“We do a quarterly and annual check-up each year and my advisor keeps me grounded when I erroneously think there will be a market correction and I’m convinced I should put all my assets into treasury bills!”
Yes, for many people, given that isn’t uncommon, an advisor can earn his/her keep by preventing emotional and other mistakes.
@sytress Sorry to hear about your husband. I hope he has a solid recovery. Take care of yourself, as well. I’m sure it has been a stressful and tiring couple of weeks for you.
“He will go bonkers with nothing to do.”
Once your husband is feeling better, there are tons of nonprofits and other orgs that would love to have his energy and time, including doing things from the comfort of home if that is better for him right now. He might be surprised by how busy he can keep in retirement.
Oh so sorry @sryrstress!! Your description of your husband’s work ethic, health prior to the MI and ned to be busy sounds exactly like my DH. Best wishes for you and yours, and a wake up call for us all.
@srystress - it sounds like stressful times… hope it gets better soon
@srystress, so sorry for the situation. Much to contemplate. I am glad he has survived so you can go through this change together.
Seconding the volunteering. We have some volunteers at the shelter I volunteer at that have basically made it a full time gig. They need all kinds of things from help with animals, to computers, to building stuff, office help, social media, etc.