People here have seen - well ... almost everything. Maybe I can get some opinions on this.
I'm sure a lot of people here have had to downsize due to medical things affecting ability to work. I'm on short term disability and I'm grateful that my employer has both long and short term plans. Starting next month, the way the STD plan is structured, I'll be taking a large cut in pay. I'm sure this is a familiar story to many.
But my question is about our 19 yr old daughter. She is in school "sorta". She hasn't put the whole work/ expenses/ being realistic thing together yet. I didn't expect to reach my limit when i did, so there wasn't any planning for my current disability. I don't wish to be gloomy or be a negative thinker .... but the effects of this Lyme thing could stretch on indefinitely. So ... she needs to know where we're at and how this affects her - some drastic changes from our current financial situation.
I'm thinking the best thing to do is just sit down with her and show her what the income and expenses are. Income minus house payment, utilities, food, gas ... you know the drill. There won't be anything left over after the basics and probably we're headed to where she will have to stop relying on mom and dad and provide more for herself. She's been thinking she has plenty of time on stuff and that we could mostly pay her school expenses, but ... Obviously she's not being kicked out or anything, but I'm not sure we can carry her financially for another few years and pay tuition etc. at an expensive school. We live in the Seattle area which is expensive. Nothing we can do about that in the short term and it'll probably use up some retirement savings to keep going while we see what improvements we may get from my Lyme treatment..
Have any of you done this with older kids? Any advice? I like to be upfront about things and let people know what's going on. I'm afraid she'll be overwhelmed. I've been hinting at downsizing, but this will be the first really serious talk.
My wife is a wonderful person, but she developed a seizure disorder almost ten years ago. By the time we got it figured out and got them controlled, the repeated 'absence' seizures really took a toll on her. I don't think she can work a lot more hours or do more demanding work than her current part time job.
If this really turns into a permanent thing, we could move to a less expensive area of the country where a much smaller income would go a lot further. I suppose we could sell the house or something. But selling this house and getting one paid off in a lower cost of living area is a big part of the retirement plan.
And thanks for "listening". Reading this forum is something I always look forward to every day. If anyone has some ideas or insight on this stuff, I know it will be you guys.
Lyme, anxitey, depression, chronic C. Pnuemoniae
"... expect the unexpected ..." (O. Wilde)
"I am an old man and have known a great many troubles, but most of them never happened." (Mark Twain)