Uneven Retirement

[household9]

My partner is 60 and quite a bit older than I am. She is employed and I am disabled. It is beginning to occur to me that I will one day need to take care of her basic needs, and I have very limited means. I don't know why I haven't thought of it before now - I guess I've been enjoying the bloom on our rose

She will get Social Security and Medicare, and that will likely be a third to half of her current income. Without her current level of income, we will not be able to stay in our current home. I don't know how to make 5 and 10 year plans that are appropriate for our situation, and appreciate any feedback or questions to help me figure out some options. Thanks, Sami

[Julie Rains]

Are you able to work/generate income and/or are you eligible for SS disability payments? Does your partner have savings or investments?

And since you mentioned the home, is it larger than you need?

[household9]

I receive SSDI and my partner has no savings, investments, or retirement funds. If she were unable to work, she would get some kind of DI payments, and will eventually be eligible for SS, but it won't be enough for us to meet our monthly payments. Not sure what the options are besides move, save, decrease monthly expenses... the usual, I guess. I'm worried. I don't know how we will manage.

Our home is larger than we need and has a lot of stairs. Eventually we will need to leave here, but we love it and want to stay as long as we can. Is that foolish? I am also concerned about how long it would be on the market. We love the neighborhood.

Thanks for replying

[Julie Rains]

I think you are wise to start considering what your financial life will look like in a few years. The house is an investment as well as your home, and when you do sell the house, you can use the money to purchase a new home (smaller without stairs?) and fund your retirement and/or living expenses. It would be good to consider how to structure your assets and income, considering how both may impact the Social Security payments.

I do know a couple in a similar situation as far as the age difference (about 25 years): one just sold a home and moved to a less expensive area, and can so provide the home and some living expenses; the younger is working and I suppose can provide an income for years to come. With housing expenses paid for, it is easier to then save for retirement.

I could see that there could be some discussions and perhaps legal arrangements (mainly to protect assets) that would be useful for both of you.