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I've been receiving disability benefits since January of 2016, which is almost a 50% loss of income from when I was still working. Imagine losing 1/2 of your income, and then see where you're at financially almost 10 years later. I only have medicare part A because my wife's job provides medical coverage(at a very high price) and we can't afford part B or D.
I had planned to retire at the age of 70, when I would have qualified for all of my benefits, but I only made it to 56 before my body started breaking down and I could no longer do my job.
So yeah, my plans for retirement didn't work out the way we had hoped. Our house would have been paid off, and we would have been okay to retire, but those plans are out the window now.
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@mrmacabre
I hear you about loss of income and retiring before you wanted to. I was hoping to retire when I was in my 60s but had to at 54 due to disability. My disability is only 1/3 of what I made and I am a single parent of a teen son (no family or child support). I am 55 now and had no plan to be retired/disabled but I am so glad I started to invest in my 20s and I was able to pay off my mortgage in December. With the cost of everything going up, it is so hard for most everyone, especially those on a fixed income. My cost of cobra insurance is $1,800 per month and going up to $2,200 per month in May. That does not include meeting the high deductible of $4,500 plus 20% coinsurance amounts. I need the insurance because I am having 3 surgeries over the next few months and my son and I have several medications each. I do not know how families are making ends meet.
Do you live in a lower cost of living area? Do you have an option to move in the future when your wife retires? Have you checked into SSI if you qualify for extra income above and beyond disability payments? I was thinking I may need to move to a lower cost of living state because living in New England is too expensive.