I've been thinking about this for a while now. I'm a type 1 Australian where the retirement age is currently 67 and likely to go up. I'm 35 now and have been a diabetic since I was 11.
I've got thousands in my super, and I'm wondering if I should withdraw in order to enjoy life now because I dont t
Have fun while your young but chances are you’ll be around a while so keep a cushion but have no regrets
Saving for retirement, assuming to retire at 62, and live to 80 or so.
I’m hoping to live to my late 80’s. Was diagnosed at 10 and am currently 37 with no real complications.
I’ve always been in the 6’s and 7’s a1c wise.
Had four grandparents live to their early 90’s and one was a type 1 diabetic for 55 years herself.
I take good care of myself and have two daughters, so at the very least I’ll leave the money to them
I think i will look at it more like this. I have one son, so ill consider my super/retirement to be what I leave him if I dont make it that far. But I will put more into making sure our time together now leaves good memories.
I contribute heavily to retirement. Either I’ll live longer than I expect to, or my wife can enjoy that money
I often think about this topic. I'm currently 39 and was diagnosed as type 2 at 29. I have had no complications at this point and do a decent job managing my sugar. I've been in pretty good shape for most of my life. I have a wife and kids and make sure to save/invest for retirement, however my mindset is that I'm doing it for their benefit and not mine. I don't imagine I'm going to live long enough to actually use it or enjoy retirement. This might be a gloomy mindset to have, but I figure I'll probably die before or right after retirement age. My motivation is to make sure our financial house is in order so that my wife will not have to worry about anything when I'm gone and she'll be taken care of. I have a lot of interests and hobbies that I would love to spend time doing, but I
I'm also an Aussie and also 35. Being a woman, I'm already behind the 8 ball with super having had 2 kids, but it has moved up in priority for us. Though with that said, I am OK with spending money on things that will help me get to retirement age, which could increase to by the time we get there...
Man, I just wanted to comment and say that your story is very similatr to mine. I'm 34M from Sydney, DIAGNOSED T1D when I was 12 and also often have these thoughts about old age. Even the bit about not looking after yourself properly until late 20s rings a bell. We should be friends 😂
Im just north of Sydney! That's so funny 😁 also your username made me laugh out loud so thank you
Its a lesser known side effect of T1D 😞
Not really, instead paying off a renovation loan. I'll be getting pension anyway.
I've know multiple people, from my diagnosis when I was 12 to now, in their 60s and even 70s with this disease. Even 30 years ago, outcomes for diabetes were much different than they are now, and I plan on living long enough to enjoy not working.
I figure if I take care of myself, like the older diabetics I've met, it's a much higher likelihood that I'll want retirement savings rather than not.
If anything I am planning for the cost of my Healthcare to go up as I get older, so I'm really saving up for that. I live in the US, so my expectations for retirement are that I will have a bunch of roommates, Golden Girls style in order to make ends meet. And I will probably be working forever.
I'm in my 60s and I must say, the older I get (as a single person), the better The Golden Girls look!
I know how lucky I am to be in Aus as a type 1. I hear horror stories about ppl in the US rationing insulin and stuff.
Kudos to you. Type 1 diabetes is very hard to manage. The fact you have active lifestyle with type 1 is amazing. It is the step to a very long life.
Saving for retirement yes, and my kids futures. Also assuming it will all collapse in the next few decades and I and my kids will probably starve
Feels like its heading that way sometimes!
I’m 46, T1 since I was 12. I don’t really think holding off until you’re 65+ to enjoy life is a good strategy for anyone. You’ll enjoy life less at 65 than 35.
This dying at 65 thing though, was an average from many years ago and is no longer accurate. There are > 90 type 1s. I wouldn’t want to be one, looks like hell but it is possible.
That was something I hadn't looked into. I've never been part of any support groups and literally dont know another type 1, so I was curious about how many make it to 70+ healthily.
Of course I plan to look after myself for as long as I can but just seeing the pros and cons of life now vs later:)
Found funeral insurance to be a better investment for me. Plan for the inevitable, not the impossible.
No, I also have seizures hoping I die before 60.
My financial plan goes to age 100. Do I think I'll live that long? Odds are against it. But it's possible. Medical advances continue at a pretty fast clip, so it's difficult to know how this disease (and it's complications) will be able to be treated and (hopefully) someday cured.
Regardless of disease, I do recommend trying to find a balance between saving for retirement and enjoying life as you go.
Not diagnosed yet but inevitable, was born hyper and hypo and had 97% pancreas removed at 3 weeks old. I am 34 and recent a1c was 5.7 so I have been working with my cgm to get healthier and limit spikes. The ol pancreas will wear out eventually and I have a 4 year old and one on the way in the next year hopefully. Before each kid is born I saved 80k and we own a house with 500k and owe 165k we will be keeping it when we upgrade houses. I plan to live to 60 retire 50 and leave My kids a house they can move to in their 20s. Or use the funds to live well.
Also I say inevitable because in 0.01% of pancreas removed individuals without medication and 29/30 of the children who received my operation from 80s-2000s ended up with diabetes and the oldest occurrence was 14 years old
67 seems like a long way off and it is but one day you'll wake up in your 50's and it won't seem so far off. Enjoying today and saving for tomorrow is a balance everyone needs to deal with.
I wasn't aware the retirement age there is 67. That means no gov't pension til 67 or? In Canada it's 65 to be able to collect the OAS (old age security) benefit which really isn't a lot. We also have the CPP of which you can take early with a penalty but that plan is based on contributions, forced contributions so it's different for eveyone. A former Prime Minister raised that OAS age to 67 and to take effect in 2023 but was voted out before that and the new guy put it back to 65. Lucky for me since I turned 65 in 2024 so I would have been affected. I retired at 61, started my CPP early and I have a pension from my employer. Now with all 3 coming in I have enough and if short I do have some savings. I try not to think about my life span and really, nobody knows so I assume I will go to the
I have a young child so most likely my super will go to him if the government doesn't get their hands on it. I dont expect to live long enough to enjoy it - not being morbid, just a realist. So I am trying to live a balanced life now, saving as much as I can, still enjoying life but also putting myself in a position where I either die early happily or have enough money to retire if things go well.
Type 2 diabetic and I turn 60 this year. 6 months ago I semi retired rather than grind and be a slave to the system. Many diabetic family members have died young. Im lucky enough that I got into the housing market in the 80,s so own my home outright and have zero debts. I just wish I had of salary sacrificed into my super at a much younger age. If I did I'd be retiring this year. Im hoping I have 15 good years left. My current super is no where near enough so I'm pumping in is much as I can. Ill have to work part time for another 3 years.
I have been saving for most of my career. I really hope to be able to enjoy retirement and not die before or be too sick . My poor father became seriously ill right after he retired. I am trying to do better with my health so I don't have the same thing happen.
I started thinking seriously about my future when I turned 30. Living with Type 1 taught me to value every moment. I keep some savings but also spend on experiences that make me happy now.
My doctor told me when I was diagnosed that life expectancy was 25 years. That was rough hearing at 14.. just hit 40 and still here. I’ve saved for retirement but always for my wife and family. Never expected I’d get to enjoy retirement. Maybe I’ll be surprised.
with diabetes you just never know. Some People make it to their 60’s. Then there’s some people like my ex’s dad who is in his early 80’s, never bothered controlling his diabetes, is very overweight, has been sedentary for years, and is somehow still around. So I wouldn’t start withdrawing from savings because you might need it later