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Early Retirement??

sandyut

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well, we have a meeting with our financial advisor Wednesday to see if we are about done with working for the man. In my head - am SO DONE. MY job has served it purpose but I dont like them or working at all. we are ready to have our time be ours.

I have been consumed with research about health insurance, medigap, AARP, cell plans (we are on the corporate plan we we need to start paying our way without them), you name it.

Stay tuned...
 

shoebe

Smoking Fanatic
312
55
Joined Mar 15, 2014
I took the leap when I was 57. After after 37 years I was ready. The thing that hurt us the most is health insurance and the cost of it so be careful. We had to pay $1,760 a month last year. That was with a $10,000 deductible.
We got a T-Mobile cell phone this year. It's $70 a month or two lines unlimited everything.
I hope it works out for you
 

sawhorseray

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I retired at 55 and never looked back. You want to make sure you have a few bases covered in case the government goes broke and stops things like SS payments, Medicare would be a killer. We won't live forever, but neither will all this free money being handed out to folks who never paid anything in. File your papers and quit, it'll be the greatest day of you life, it was for me! RAY
 

sandyut

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thanks guys! I am so there! 1.1.2021 is the goal date... but i could see myself walking before then given the way its been.
 

Hank R

Meat Mopper
150
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Joined Feb 16, 2018
I retired at 60 best thing I have done in my life 10 years now never want to see the inside of a school bus again.

Never seen a Armored Car follow the Hearst up to the grave yard. Retired now and enjoy your health while you have it..
 

thirdeye

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well, we have a meeting with our financial advisor Wednesday to see if we are about done with working for the man. In my head - am SO DONE. MY job has served it purpose but I dont like them or working at all. we are ready to have our time be ours.

I have been consumed with research about health insurance, medigap, AARP, cell plans (we are on the corporate plan we we need to start paying our way without them), you name it.

Stay tuned...
 

thirdeye

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705
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Congratulations. It's a big step but planning helps smooth any bumps in the road.

Around 1980 my first business partner bought us all IRA's, which were $500/yr, and my first stock purchase was Coca-Cola. So, that was the beginning of my retirement planning. Fast forward through buy and sell, high and low, up and down, compound interest and dollar cost averaging, I thought retirement was going to be easy. UNTIL insurance became a huge factor.

We had 3 or 4 options to plan for and did so.... but in the end, managing our finances to enroll in ACA has saves a lot of money. And all the savings for other plans are earning interest to boot. Mrs ~t~ is on Medicare now and I'll be there in 15 months. With the current COVID unknown factors..... My genuine and best advice is to take careful steps, and if your advisor offers advice that seems questionable, evaluate your options. No one is an expert in these times.
 

sawhorseray

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Forget all the crap and BS! Plain and simple is about the worst thing that can happen is you outlive all your money. Period! RAY
 

chopsaw

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How close are you to 62 ?
Made my living as a Union Carpenter . We can draw our pensions and still work at age 55 if we have the years of service . I worked another 2 years and banked the extra money . I went out at 57 , with 2 years pay in the bank . Which I don't touch . Serves as a life line if something happens . Peace of mind .
I only have to pay insurance on myself .
I have a house payment .
I agree with Ray , in the sense that it all works out . Sooner the better , just don't put stress on yourself that's not needed .
I love doing what I want , when I want , for as long as I want . I'm good at it too .
 

daspyknows

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Congrats. I am 57 and pretty much there. I sold a piece of real estate last year that paid 30X over 18 years. That will allow me to live comfortably until I can go into my retirement account. I have a consulting practice that is pretty much dead until the economy improves so embracing it. By the time there will be work it will be 2021/2022. I qualify for unemployment after paying in for 20 years so utilizing the new rules and since living in California I still have health insurance for now. Enjoying not having to work a lot.
 

schlotz

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Sandy, hopefully you will discover that retirement will be the best job you've ever had! It has been for me since 2013.
 

sandyut

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Sandy, hopefully you will discover that retirement will be the best job you've ever had! It has been for me since 2013.
Man I am so ready for it!
Plain and simple is about the worst thing that can happen is you outlive all your money. Period!
AMEN!

I will be 53 at the planned retirement. My wife has a few years on me and will be 1.5 years from Medicare. We own our home and cars, live debt free. the company we both work for does have a robust retirement plan and that has been a bit reason for our ability to call it.

we both wan to live our lives! not the companies.

thank you my friends for all the kind words and for having traveled this road before me. I am ready to join you!
 

sandyut

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the kitchen remodel we are in is the last big home project to prep for retirement too! :)
 

Bearcarver

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I had my Retirement decided for me 8 years ago, when I went out on Disability.
It's nice no longer having to work, but it would be better if I was fully able to enjoy it.

Bear
 

thirdeye

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Congrats. I am 57 and pretty much there. I sold a piece of real estate last year that paid 30X over 18 years. That will allow me to live comfortably until I can go into my retirement account. I have a consulting practice that is pretty much dead until the economy improves so embracing it. By the time there will be work it will be 2021/2022. I qualify for unemployment after paying in for 20 years so utilizing the new rules and since living in California I still have health insurance for now. Enjoying not having to work a lot.
I'm in a similar situation, my business is still open but highly dependent on coal and natural gas. I've never used unemployment in 44 years, and pre-COVID19 I looked into laying myself off and collecting unemployment. The State did admit it's possible but awkward (I'm an S-Corporation), and for two years I have not taken a salary.... so my basis would have to be 3+ years old. On the other side of the coin, I'm on ACA insurance which would be a $40,000 annual premium if I exceed the maximum income level. It's possible that unemployment compensation would push me over the MAGI limit and I would be forced to pay the full price. Not sure if I want to take the gamble. I was curious if you ran into any obstacles from California about laying yourself off?
 

Brokenhandle

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Joined Nov 9, 2019
Hope it works out in your favor! And like others said...don't let it stress you out. I gave up working for others years ago and am self employed now...boss is a pretty good guy...most days! :emoji_laughing:

Ryan
 

gmc2003

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I hope everything works out for ya Sandy. I'm creeping up on 60 and have given early retirement a thought or two. However, three things keep getting in the way. Insurance is number one, second I'm not sure what I'd do all day. I really don't want to wind up sitting on a couch watching tv or browsing the internet, and thirdly. I like my job. If I didn't take any vacation, holiday or sick days I would work about 180 days a year. Now add in 5 weeks of vacation, floating holidays and personal choice days, and well you get the picture. For instance this summer for the months of June, July and August. I have every other week off. I guess I'm kinda one of the lucky ones.

Chris
 

sandyut

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I like my job. If I didn't take any vacation, holiday or sick days I would work about 180 days a year. Now add in 5 weeks of vacation, floating holidays and personal choice days, and well you get the picture. For instance this summer for the months of June, July and August. I have every other week off. I guess I'm kinda one of the lucky ones.
yeah, sounds like youve got it pretty good there. I dont care for my job anymore. i feel it stole my sole and I want it back. I just care a little less about it each day... By January I hope to be free.
 

Bearcarver

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I'm in a similar situation, my business is still open but highly dependent on coal and natural gas. I've never used unemployment in 44 years, and pre-COVID19 I looked into laying myself off and collecting unemployment. The State did admit it's possible but awkward (I'm an S-Corporation), and for two years I have not taken a salary.... so my basis would have to be 3+ years old. On the other side of the coin, I'm on ACA insurance which would be a $40,000 annual premium if I exceed the maximum income level. It's possible that unemployment compensation would push me over the MAGI limit and I would be forced to pay the full price. Not sure if I want to take the gamble. I was curious if you ran into any obstacles from California about laying yourself off?

My Son is an S-Corporation, but he takes a salary, so he could collect unemployment, though he never has. He's in a small group plan (Him & his employees are the group) for Health Insurance, and it's about $1450 per month, with a $500 Deductible. Me & Mrs Bear have Medicare, and that is Awesome!!

Bear
 

nchapelheel

Fire Starter
70
24
Joined Jun 8, 2009
Retirement is absolutely wonderful. I spent 33 years at UNC-CH and I miss working there, but.......
having every day to think about grilling/cooking and having fun with the grandchildren cannot be
overstated. I got my first SSA payment a week ago. (I am 66) Love it. Look forward to see what I can smoke every day.
 

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