I am a farmer in my 30s, I live a frugal lifestyle, and my son has a disability. Should I pay more on my mortgage or save for retirement?

I think he recently stated that at 40, you should have three times your annual income saved for retirement. That scared me a bit. I am in my mid-thirties and have a little over half of my annual income saved in an IRA that my wife started before I met her.

My wife and I live a pretty frugal lifestyle, we drive cars for 12 years and have a modest home in which we try to make an additional $ 5,000 principal payment each year, hoping to take years off the mortgage. When we first got married, we both worked, a combined average of $ 100,000 to 120,000 per year. I work in agriculture and my income fluctuates with market prices and the weather.

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“’We soon had our first child, and my wife had to quit her job to be with our son. He has a disability that probably means that he will live with us for a lifetime. ‘ ”

We soon had our first child and my wife had to quit her job to be with our son. He has a disability that probably means that he will live with us for our entire life. Once we’re gone, we will likely have to take care of him for the rest of his life. My parents have kindly created an investment account with a substantial down payment for him that will probably help him for a long time, but maybe no more than 30 years, depending on how long he will outlive us. Now we are trying to find places where we can save more and put it into some kind of retirement investment. Now, with just my income, we generally make between $ 60,000 and $ 70,000 per year. I experienced a devastating year where my crop was destroyed and I only had $ 20,000 in crop insurance to live on that year, so I am always concerned that I would not have a readily available mattress. I guess my questions are: Should we put the money we have been paying for the mortgage into retirement and how much could we need in our retirement with three mouths to feed? Is retirement even a possibility right now? Farmers often work long after 65, and I worry that this is where we are headed. Father, Husband and Farmer You can email The Moneyist with any financial and ethical questions related to the coronavirus at qfottrell@marketwatch.com Dear Father, Husband and Farmer: Money Milestones: How much money you should have saved a Age in particular, according to advisers and financial services firms – varies. Wildly. They are goals. Something to aim for. They also present an ideal setting in a perfect world where all things are equal and life goes perfectly according to plan. Life rarely, if ever, goes perfectly planned or according to some plan. Economic milestones are helpful and often unrealistic guides. The median retirement savings for people ages 30 to 34 is $ 21,731, according to the Federal Reserve Board’s Consumer Finance Survey. It rises to $ 48,710 between the ages of 35 and 39. Even that number gives me pause, as much as it gives me hope. But, as you can see, it is a moving target, and since millions of people cannot even access savings in an emergency, there is a huge gap between rich and poor, and everyone else. Every situation is different. You are young and your circumstances will fluctuate. Some years are likely to surprise you positively. Many 30-year-olds are not even thinking about retiring, so it is already ahead. “The amount you need in your retirement account depends on your anticipated expenses,” says Brian Walsh Jr., senior financial advisor at Walsh & Nicholson Financial Group. “No two financial situations are the same and retirement depends on expenses.” “Set a budget based on your current income and expenses and find out where most of your cash flow is going,” he adds. “He is still young, so he should have plenty of time to save for retirement. From there, depending on the nature of your business, establishing an emergency fund should be a top priority, followed by setting up a trust for your child and then saving for retirement. ”Working with a financial planner on a blueprint can help you take it easy. You’re paying interest on your mortgage, so I support your decision to pay more each year. That, in itself, is an enviable position for many people. Do what you can afford and meet your goals. Plus, they may vary. as needed. You have a mortgage and retirement savings. You are already ahead. Be proud of what you have accomplished because, from what you say in your letter, you have worked hard and faced unexpected challenges with equanimity and maturity. The Moneyist: ‘I cut his hair because he does not pay for a haircut’: My billionaire husband is 90 years old. I have cared for him for 41 years, but it does not help my son. Hello MarketWatchers. Take a look at the Fa group Moneyist’s private FB cebook, + 3.43%, where we look for answers to life’s thorniest money problems. Readers write to me with all kinds of dilemmas. Post your questions, tell me what you want to know more about, or comment on the latest Moneyist columns. By submitting your story to Dow Jones & Company, the publisher of MarketWatch, you understand and agree that we may use your story, or versions of it, on all media and platforms, including third parties.