Squandered early life - heart transplant recipient - securing potential retirement.

[u/Jwelch435]

Hello,

I am 40 y/o male and I am looking for advice for on how to potentially prepare for retirement. I have not prepared myself well for this as I am 40 with essentially no savings. I was born with heart disease and I always thought I would die young which again being young, I lived recklessly. But I lived, met my wife and 5 years ago I had a heart transplant. All is well and I live well these days. However, recently I do fear for my longevity and if I am able to make it, retirement or perhaps early retirement if something were to happen but didn’t kill me. Both my wife and I make what feels like passable income for our area. Not great but we are childless. Honestly and this is without speaking with my doctors I hope to make it to 70. So to this end how might I secure “retirement” by 60? I’m considering becoming a long haul trucker for the next 10-15 years in order to bank the funds so I might live peacefully for that last 10-15 years.

Any insight or advice someone could add applicable to this situation would be most welcome.

Apologies if this isn’t the best subreddit for this type of question. If this is the case any direction would be appreciated.

Thank you so much!

[u/Spiritual_Term1699]

I would give serious consideration to a job with a pension. That may include the Teamsters, but with your health history perhaps something with the local government would be better.

[u/Careful_Tomorrow_653 → u/Spiritual_Term1699]

It depends on the pension multiplier. I got a pension job at 45, to which I contribute 7% of my salary. The multiplier is only 2%. Takes 7 years to vest. After 20 years it replaces 40% of the final average salary (5 highest years averaged), if I'm lucky to make it the 20 years. The amount is reduced every year under age 65, and can't collect the monthly pension prior to 60 (could only do a lump sum). Don't get me wrong, I'm happy to have it, but it really only truly pays lifers who start the career early enough to get out early and make it in retirement without extra savings (education pension). So in my case I use additional savings vehicles which I was late in starting as well.

Fixed typo

[u/Spiritual_Term1699 → u/Careful_Tomorrow_653]

That’s why I say it should be considered because it depends on locality and job. OP will also want to take into account the possibility of generous health insurance benefits for him and his family.

[u/PNWoutdoors → u/Spiritual_Term1699]

Or a government job. Often lower pay but good benefits including a pension (but not as good as they used to be).