Hi everyone. I’m in my early 40s and my 18 year marriage is coming to an end. I have a medical prognosis that is scary. In about 10 years, I’ll be confined to a wheelchair, on massive pain meds, and will require a support worker. I will be able to earn about $40k per year until then, but I’m self-employed so won’t have EI benefits or CPP. I live in a very expensive city, and must stay here for family reasons. I cannot take a traditional job with an employer as my health is currently wonky and some days I’m already unable to get out of bed.
I will be able to walk away from the marriage with about $900k in savings. I will receive spousal support of about $40k/year for about 9 years, but that will disappear if I remarry (or live common law), which, if the opportunity presents itself, I’d like to do. However, I’m not comfortable assuming a future partner might support me financially.
Based on family history, I have about another 50 years to live, and based on estimated care costs (I will need to live in a retirement/nursing home), I’ll need to pay about $100k/year in expenses starting in 10 years.
Other than investing my nest egg in 9 $100k investments using a laddering approach, and budgeting to live frugally for the next decade, what other options do I have to get me up to the $3M I’ll need in savings for when my disabilities prevent me from earning an income?
Thank you in advance for your advice.
Submitted May 30, 2018 at 12:59PM by Pf2retire https://ift.tt/2kBkPCL
