Early Retirement??

[sandyut]

this is an exciting topic. the wife and I talk about it almost daily. still thinking January or between Jan and March to quit working for the man.

the jobs help make this easier - as work has been pretty awful for the last 6 months.

 

[BigW.]

Here is a good website for folks under 65 looking for health insurance. The key is keeping income down. So do your planning now with an accountant to see where your income will be in 2021. Good luck and enjoy.

HealthSherpa | Fast, Easy ACA Enrollment

Start enrolling faster with HealthSherpa, the largest ACA quoting and enrollment platform for agents and agencies.

www.healthsherpa.com

 

[SecondHandSmoker]

this is an exciting topic. the wife and I talk about it almost daily. still thinking January or between Jan and March to quit working for the man.

the jobs help make this easier - as work has been pretty awful for the last 6 months.

I totally understand where you and your wife are coming from since my wife and I were in the same situation. But once you pull the trigger, you won't look back!

 

[sandyut]

But once you pull the trigger, you won't look back!

I can hardly stand it. I am sure we will forget everything about our former work lives in a matter of minutes. even now as i commute - i think - I will likely never drive this road again after we quit. makes me smile more.

 

[sandyut]

the kitchen and other random home renovations were the last projects to complete while we had jobs too. just about to fully wrap those up :)

 

[SecondHandSmoker]

the kitchen and other random home renovations were the last projects to complete while we had jobs too. just about to fully wrap those up :)

That's the way to do it.

 

[thirdeye]

Here is a good website for folks under 65 looking for health insurance. The key is keeping income down. So do your planning now with an accountant to see where your income will be in 2021. Good luck and enjoy.

HealthSherpa | Fast, Easy ACA Enrollment

Start enrolling faster with HealthSherpa, the largest ACA quoting and enrollment platform for agents and agencies.

www.healthsherpa.com

For the short time I cruised this ↑↑ site I see where they are headed, however.....
The Healthcare.gov site is very easy to navigate and once you create an account it allows you to create any number of scenarios and save them to compare. They have an extensive FAQ section which really goes into qualification, and if you do call them the people are very friendly and thorough. And once you sign up for ACA coverage, you will be dealing with them directly anyway.

I agree about visiting with your financial advisor and/or accountant provided they are privy to ALL of your investment instruments. If they don't have the full picture, their advice could be way wrong. You also need to know how to calculate your AGI or MAGI (adjusted gross income/modified adjusted gross income) because if you are close to the upper limit, your cap gains, dividends and interest income can push you over the top. I do net worth statements several times during the year and in Q4 I watch the estimated cap gain and dividends like a hawk. It's interesting that ACA does not care about your net worth, your coverage is based on your estimated income for the year you are seeking coverage.

So I think it's best to become familiar with the Healthcare.gov site first, and create some scenarios. Then start fresh with the healthsherpa site and see how the recommendations compare.

 

[sandyut]

thirdeye good advice. we are all over it. my accountant/advisor has all our investments and we are confident in his skills. he has been alot of the reason this is even possible.

RE: insurance. I have spent countless hours on this and consulted a broker. we have some good options where we live that can maintain being covered with our current healthcare system. which is great. I am sure that is subject to change, but for now we have a plan there. AARP also has some decent options if we need to go there.

 

[thirdeye]

thirdeye good advice. we are all over it. my accountant/advisor has all our investments and we are confident in his skills. he has been alot of the reason this is even possible.

RE: insurance. I have spent countless hours on this and consulted a broker. we have some good options where we live that can maintain being covered with our current healthcare system. which is great. I am sure that is subject to change, but for now we have a plan there. AARP also has some decent options if we need to go there.

My main advisor has about 40% of our investments a big chunk of which are retirement funds, fortunately I've known him for 35 years so he is very patient with any questions I have and understands I like to have a working knowledge of our goals, especially in these last few years as I've been re-balancing. This is nice because I can use the same strategies at the 5 or 6 brokerage firms I'm with.

I was on my Wife's insurance until she retired early then we went on the ACA plan. My state has only one ACA provider, so we spent an afternoon making a couple of selections on the website. Then I went to an independent insurance consultant, who also is an ACA consultant, and had him double check and verify everything. We were able to keep all our doctors, including specialists, and got a better deal on prescriptions. We did have to get a rider for dental and vision. I have about 1 year left before going on Medicare so unless something weird happens in the marketplace I should be good. The best thing we did before Mrs ~t~ went on Medicare was to hire a Senior Patient Advocate to walk us through the entire process. I highly recommend using someone like this.

 

[sandyut]

good advice. we will use COBRA till my wife goes on Medicare, then I have a few years on ACA ins. our work ins/COBRA is a very good deal.

my dentist has its our "plan" which is cheap and good.

 

[bill1]

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.

All the Best to you wherever life leads you!!!

I feel pretty blessed to have typically had jobs I enjoyed, but then again I've moved around quite a bit and even in my 60's wouldn't hesitate to do it again if I had enough bad days. (Merely hard days don't count.) Just as you're getting advice from financial folks, maybe consider some career advice from co-workers or past bosses you respected? Connections in unions or professional organizations can be very useful too in this regard, as well as former customers or competitors.

No job should take your soul, but you might be able to find a different job you can willingly give a little heart & soul to. Retirement is an option, and can be a great one, but it's not necessarily the only option right now. I too want you to be free from this current job, but it is possible you'll find the greatest freedom in exercising your skills, wisdom, and talents in some other job? And thus not just enrich yourself a little bit more financially, but emotionally as well, to say nothing of the financial and emotional help you'd provide to others with your goods and/or services?

 

[sandyut]

but it is possible you'll find the greatest freedom in exercising your skills, wisdom, and talents in some other job? And thus not just enrich yourself a little bit more financially, but emotionally as well, to say nothing of the financial and emotional help you'd provide to others with your goods and/or services?

yeah...no. I have worked enough. I want all my time to be mine. spend time with our remaining parents, with our kids, traveling, enjoying.

I have never enjoyed a job so much that I would keep it if I didnt need the income. if i had ever won the lottery - i would have ghosted out. plain and simple.

we live frugally, while enjoying life. we dont waste and overspend or live lavishly - do that long enough and its possible to stop working. so we are.

 

[pushok2018]

yeah...no. I have worked enough. I want all my time to be mine. spend time with our remaining parents, with our kids, traveling, enjoying.

Ditto on this!!!! I have two more years till my full retirement age but my goal is next year, at this time I will retire. My wife is on disability so she is has Medicare (for now she is on my medical insurance) and I am going to be 65 and eligible for medicare as well.... 46 years of working (including years in my native country) is more than enough. Sandy, I am 500 per cent with you on " I can hardly stand it ". This is exactly what I feel now. Don't get me worn - I like my teammates, I like what I am doing but.... enough is enough. Clock is ticking and I want to enjoy my family, my time (whatever left for me) and what I like to do more: SMOKING MEATS!!!!!!

 

[sandyut]

Clock is ticking and I want to enjoy my family, my time (whatever left for me) and what I like to do more: SMOKING MEATS!!!!!!

AMEN Brother!

 

[radioguy]

Sandy,
I'm a little late to this thread. I just retired 2 years ago, 60 years old. A little advice I paid $120 for a consultant on hospitalization, well worth the money. Make sure your plan covers you out of state. We plan to travel so that was important. The biggest change for me is going from saving to spending that big nest egg.

Congrats, you have arrived.
RG

 

[sandyut]

radioguy already been there. I have talked with an insurance broker for consulting on whether to use COBRA and sanity check out ins planning. priceless convo! we have several good options here for me before I am to medicare age and a great advantage plan for my wife when she goes on MC too.

January first is still looking like the day. We vacillate between excited and freaked out (mostly in a good way). Its hard to emotionally process no more paychecks. but i think it will become more normal with time.

 

[AllenRR]

Taking the SS in January of 2022. Eating the penalty because I am working as long as they let me. I'm an electrical test technician. Making sure products meet electrical safety standards. I don't hate my job.

 

[thirdeye]

radioguy already been there. I have talked with an insurance broker for consulting on whether to use COBRA and sanity check out ins planning. priceless convo! we have several good options here for me before I am to medicare age and a great advantage plan for my wife when she goes on MC too.

January first is still looking like the day. We vacillate between excited and freaked out (mostly in a good way). Its hard to emotionally process no more paychecks. but i think it will become more normal with time.

So you have ruled out ACA insurance? The open enrollment has begun and the website is very user friendly when shopping for quotes. I've already locked in my plan and now that TrumpCare is not a factor I'm somewhat relieved since I'll move to Medicare in November.

 

[Inscrutable]

Sandy, good luck with your plan(s)!

Not sure what order they are in, but the top two mistakes are retiring too soon and retiring too late.

I went to part time a year ago, at 63 ... I’m a Type A, but after a stroke a few years back, felt the need to valve it back a bit. Good thing the daughter and grandkids are in our neighborhood, or I would be stir crazy.

My father died at 52 and my mother at 93, so longevity is a crap shoot.
If God would schedule my death it would be a whole lot easier with this planning crap!

 

[sandyut]

So you have ruled out ACA insurance?

Not really, but my COBRA is better and cheaper. planning to to use the 18 months of COBRA and then switch ACA plan offered by our Univ. Health system which we love.