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Financial planning after diagnosis at 40

I was recently diagnosed at 40 with IDC, Stage IA, ER+/PR+/HER2-, Grade 2, and completed a bilateral mastectomy. I met with my MO this week and started tamoxifen, and I have a pleural effusion I’m still getting checked out (aware that that has revealed lung mets for other women, so I may not be out of the woods just yet). Now that I’m settling into this new, quieter (🤞) period in my treatment, I am able to reflect on just how my life has changed over the last two months, and how I want to live the years ahead of me, knowing that 30 more years on this earth may be a bigger uncertainty than I previously believed. I can’t help but get stuck on the recurrence risk and wonder if I should rethink how to plan for retirement. I’m single, no kids, and I was grateful to have my sister and parents accompany me through my recent surgery and recovery. I’m ordinarily rather diligent with my saving, but my career has been in the non-profit field, so I’m not exactly rolling in dough. And so I wonder: should I tap the brakes on retirement saving in order to enjoy my years of relative good health, seizing the day and whatnot? Or should I stay the course, knowing that a nest egg will help ensure I am able to face what health challenges await me? I’m already thinking of how I might simplify my life and downsize to a home closer to my friends so that my quality of life may improve in the immediate future, and thinking more realistically about bucket list trips I have long wanted to take (Brazil!). I won’t stop saving altogether, but perhaps I may not try to pay off my mortgage any earlier, for example.

Anyone care to share how they’ve considered their financial future after a diagnosis? Has your diagnosis changed how you approach your shorter term plans?

Comments

  • maggie15
    maggie15 Member Posts: 1,316

    Hi @girlnamedmaria, While metastatic recurrence from stage 1A is unusual but not impossible considering your future as you age is a wise thing to do. I'm thirty years older than you so this is coming from the direction of hindsight. Being near family and friends is important when you need support. Parents and older relatives likely won't be around so consider those your age and younger (nieces, nephews, cousins, friends' children, common interest friends.)

    Having a plan to move closer to those in your support system when necessary might be enough at this point. However, don't wait for retirement to enjoy your life. If you would be happier now living closer to friends figure out if you can make that happen. Don't spend recklessly but travel while you are younger so you can hike, climb and rough it a bit. My husband always wondered why we bothered to travel internationally for my single week school vacations but now is glad that we have those memories since our wings have been clipped. Don't stop saving for retirement as you will need that money to live on later but contribute regularly to a separate account for bucket list items (maybe don't pay off the mortgage early.)

    My retirement is very different from what I had envisioned because of a lung injury from rads which makes me live like it is covid lockdown. I take advantage of anything that I can do outside but I'm grateful I didn't put off all my plans until I had the time and plenty of money. Don't focus on possibly having a short life; live so that you enjoy the present while ensuring you'll have enough money to get by on later.

    This is a great topic that everyone who's forty should consider. I hope you get to visit Brazil!

  • zen1028
    zen1028 Member Posts: 97

    I have not really decide on short term financial plans or bucket list. I applaud you for that. I do want to start but with a house, and young kids, those are not easy. I did buy term life insurance as soon as I was asked to go in for a diagnostic mammogram. I refinance my house when the rates were super low 3 years ago and shorten the term. The house is our only debt right now. So if anything were to happen, beneficiaries on all accounts have been double checked and reviewed. I just need to list out step by step what my husband needs to do in case of anything as I am the financial person. Already made a list of online accounts, etc.

    We have our own IRAs and 401Ks and an investment account that acts as the emergency fund. We are not "rich" or well off by any means,. By having all these items, I know what financial situation/snapshot we are at any giving moment. In the next few months, we will also start shopping for cemetery plots as those too go up in price. Then in the real near short term, really save and set aside for family trips to enjoy the moment. Make it all count.

    It's never too late to plan financially and your last steps, regardless of your situation. I watched a youtube video the other day call living funeral. I think I like that concept. Something for me to think about.

  • doodler
    doodler Member Posts: 81

    I wouldn't assume no retirement, although there are no guarantees in life, some savings would be prudent and if invested can give you a useful cushion later. If you can discuss your situation with a financial advisor, they might be able to suggest how to come up with a savings plan that is balanced.

    Everyone's circumstances are different. I'm in Canada where I've been with the same employer 25 years, decent benefits and a pension, and now stage IV. So I won't get to enjoy much of that pension… so much for planning for retirement. At least my medical benefits are there now that I need them. So I'd suggest looking into medical insurance plans, and disability insurance if you can find coverage, that might be worthwhile.