Two career family and retirement question

[Jenn]

I would like input from income earning wives and husbands whose spouse also works for money on your long term retirement plan. (and including those who were in this situation and have since retired or whose spouse has retired)

DH is retiring now at 46 and I am asking him to take steps to be able to work, in his field as a doctor or any other job he can make similar high pay in, as an extra safety net in our retirement. I figure until we are 70 we should have that safety net of being legally and professionally capable of resuming work in case something happens to our current retirement plans or money (illness kid, TEOTWAKI, hyperinflation, I dunno). I have done this all my military wife life- find some work, even in England against all odds! every few years- for the same reason. With his military career and my decision to follow him and take some time off or work part time even when not necessary he has of course worked (for pay) almost twice as many hours/years as me.

I will retire in a few more years when I am comfortable about kids' college and wedding costs. If I make it long enough I'll even get an extra pension from the VA. I'm not asking him to earn money- even volunteer work that counted if he needs to renew his license is good enough for me.

What is your plan? Both of you retire at legal age? What if you might not have enough money to retire on then as you wish? If you can retire early who gets to? How do you choose if income is similar between you?

What do you all think is fair, and when will you feel safe to retire fully giving up all future opportunity to work?

[Alice In TX/MO]

Why do you think that retiring means you can't work?

[Parttimefarmer]

You have a really complicated question, lol!

You are both the same age? Both GPs? Licensed in the US and or state you are in (for when he/you retire)? You were both are/were government employees, didn't pay for malpractice (wouldn't need it in the military I believe) or CE yourselves? Don't want to buy a practice or start one I assume.

[CherieOH]

We saved and invested in hopes of retiring a little earlier than usual and always planned to retire at the same time and travel the USA together, but we found working was the only way we could get affordable healthcare insurance. Unfortunately, we lost our jobs at age 62 and couldn't find new employment, so we took early social security after the unemployment and Cobra benefits ran out. Guess you could say we were forced into early retirement. Until Medicare kicks in at 65 we have to buy individual health insurance for each of us and it is incredibly expensive for folks our age. Our savings is going fast. Maybe you don't have that to worry about though, so I can't say what you should or shouldn't do. Oh to have a crystal ball!

[Jenn]

Originally Posted by Parttimefarmer

You have a really complicated question, lol!

You are both the same age? Both GPs? Licensed in the US and or state you are in (for when he/you retire)? You were both are/were government employees, didn't pay for malpractice (wouldn't need it in the military I believe) or CE yourselves? Don't want to buy a practice or start one I assume.

Correct except he is licensed another state- I think he should change to this one to increase his options. He wants to let it all lapse.

CherieOH we have tricare (not free but price is not higher if we get sick, and for now is much cheaper than outside insurance even were we healthy). But there could be some such need for money as you encountered that I can't even imagine now.

Alice he's pretty tired of his current job- especially for the last short time months. He wants to open a computer or game shop or become a flight instructor. He might say, work at a computer game store (for the discount most of all!) but I argue that won't be a good career if I'm suddenly disabled before DD10 is out of college (or say if I am so disabled, but not dead, that he would rather work and hire people to care for me than do it all himself). What do you mean with your statement?

[Parttimefarmer]

Has he considered working part time for IHS, VA, FEMA, etc. That way no new licensure or boards, and no malpractice, CE or license to pay for? Admin maybe? If he's burned out, maybe he needs a sabbatical. Maybe try working at a game shop, just to make sure he'd really like it

[salmonslayer]

The wife and I both retired early last year (I am 50 and the Mrs 48) and we faced similar concerns though all of our kids are long gone and only one still in college. I have my military retirement I am drawing now, a 401K waiting for me to reach the age I can draw on it, a small state pension I am drawing now and my TSP that I still need to figure out what to do with. The Mrs has two state pensions (SBS and PERS) but cant draw on them until she is 59 1/2 and she had deferred compensation we drew out when she retired. We have found we are living quite well on just the retirements we can currently draw and though I was going to continue working (and may yet in the future); knowing that the Mrs' retirements are waiting in the wings has mad it easy for us to just work on our place and enjoy life after years of separation due to military service.

We know we are fortunate in todays economy but we lived simply and debt free for years (still do) to put ourselves in this situation and though I have a degree in business and the Mrs in accounting, we now spend our enjoyable days gardening, taking care of the animals, traveling and wrenching on our various projects. Degrees, awards, and certifications have been relegated to the scrap book of our former lives and good riddance.

[Danaus29]

46 is awful young to totally leave the workforce. I understand you are both military and can retire after a certain time served and get full benefits but I would worry your dh would get bored in a couple years and then find it would be difficult to re-enter the profession if he lets it all slide.

But it's his life. Crabbing at him about how you think he should do this or that when he really wants to do something else won't get you anywhere. Let him have his free time if he wishes.

[Alice In TX/MO]

What I mean is that ceasing to go to a day job is not the same as filing for a pension collecting Social Security. I quit teaching after 15 years, but I do other work. I haven't filed for Texas Teacher's Retirement because they dock you too much for taking retirement checks before age 65.

So..... if you mean he's just stopping his current job, there's no reason NOT to keep working at something else.

Retirement from the military doesn't mean you can't get a job, either.

[Jokarva]

DH and I are both 55, he retired in Jan (cop) and I retired in April (RN). That was our plan since the time we began working - that we would be in a position to retire as soon as we were able. We've been blessed healthwise and just lifewise that we've been able to do that.

We've also been lucky with real estate, so should be mortgage free as soon as we sell this house and move to retirement home - I think being mortgage free is huge if you're trying to retire early. Especially if you face high health insurance costs, as we will.

DH already has jobs lined up as a firearms instructor, it's what he loves to do and he's paid well for it. If he wanted to work in a game shop...well, we'd have to look at the budget and discuss that. Our retirement income alone is enough to live modestly on, but I'm a nervous nellie about security - so additional income while we're young and healthy is the plan.

And, I don't know what type job I may look for, but I won't be giving up my nursing license. Security blanket maybe? Dunno, but I plan to keep it current just in case!

[jlrbhjmnc]

I would think a medical professional at age 46 would want to keep their license(s) current. DD is a RN and, God willing will be at home with the children full time sooner rather than later, but even then she plans to keep her license current. You never know what the future holds! And all that education and work - why not do at least the minimum to keep your license current? Seems like a win-win. As you suggested, he could even do it on a charity/volunteer basis. So I see it as a preparedness issue - that license has a great deal of value in a number of ways.

[Melissa]

What happens if he doesn't keep everything current and then wants to work again for whatever reason? Is it very difficult to become licensed again? I am thinking just becoming a doctor is a lot of hard work, would not want to let that licensing lapse without a lot of thought.

[willow_girl]

What Melissa said!

My BFF back in Michigan kept up her RN license for years "just in case."

[Jenn]

Might have to go back to low paid supervised lot of work in hospital residency if you are out several years- possibly as few as two years. Think I'll just leave him be until he's gotten his freedom for a few months, but keep things on my calendar so he doesn't miss any deadlines. My BFF also keeps her RN license but works more sub teaching!

[Grandmotherbear]

My ex MIL was badly crippled the last 15 years of her life but kept her nursing licence current. She had no drrivers license and couldn't work- couldn't apply enough force in chest compressions in a code, - used her nursing license as iD ffor check cashing etc, and used to say "If I comeupon an accident I can tell others what to do until the paramedics arrive.
Every NURSE I know who let her license lapse regretted it.
And just because he keeps his doctor stuff active doesn't mean he HAS to work in medicine.