• Some of the links on this forum allow SMF, at no cost to you, to earn a small commission when you click through and make a purchase. Let me know if you have any questions about this.

Retirement goes on hold

Brian Trommater

Master of the Pit
SMF Premier Member
1,476
1,278
Joined Aug 1, 2018
This is such a hard decision. I am 59 1/2. Met broker today and said I could do it. His numbers at 60 shows me about 80% what I make now. Its the health insurance unknown. Also I have gone from 285 lbs down to 255 now this year and really need another 25. Probably going to be a lot easier to do while I am working. Be better to wait until 62 for SS so I don't eat up my savings. Guess give it one more year and see. This 60 mile drive to work getting really old and two days off not enough!
 

jcam222

Master of the Pit
OTBS Member
SMF Premier Member
4,457
3,726
Joined Jun 13, 2017
I’ve done a little research into early retirement and what a transition period working part might look like. Like most people my biggest concern is health insurance. Aside from that I am in pretty good shape. I found that Costco is an amazing part time gig for retirees. They actively seek retirees to fill roles. The part time work offers benefits including health insurance. They target this demographic knowing they are getting talented workers that have skills well above the entry level folks jobs like that typically attract. They use that health insurance to draw in the retirees.
 

thirdeye

Master of the Pit
SMF Premier Member
1,555
1,640
Joined Dec 1, 2019
Feel free to disregard, but I thought I responded to you in a prior retirement thread. I would had asked if you had ruled out ACA coverage? I did extensive planning for early retirement which included ACA eligibility and couldn't be happier.
 

MJB05615

Master of the Pit
1,657
682
Joined May 12, 2018
I'm so sorry to hear that Brian. I'm also 59 1/2 and resigned to working at least til I hit 70, if I live that long. LOL. I'm in my own business so it's not the same as working for someone else, as long as we stay in business. What we are trying to do is get my Wife to retire at 62, she's 58 now and her job is where we currently get our health insurance. We are still paying $1100 per month for a high deductible, etc. In 3.5 years if we cannot find affordable insurance, she won't be able to retire til 65. It's a shame that health insurance dictates how we live our lives.
 

Brian Trommater

Master of the Pit
SMF Premier Member
1,476
1,278
Joined Aug 1, 2018
Feel free to disregard, but I thought I responded to you in a prior retirement thread. I would had asked if you had ruled out ACA coverage? I did extensive planning for early retirement which included ACA eligibility and couldn't be happier.
My broker wants me to wait and see how the ACA going to play out. They probably going to just do away with the mandate but who knows for sure. They also have very limited providers in this area. Also found out when out of Texas you are not covered.
 

SmokinAl

SMF Hall of Fame Pitmaster
Staff member
Moderator
OTBS Member
★ Lifetime Premier ★
46,735
7,578
Joined Jun 22, 2009
I retired when I was 59. Never had health insurance my whole life. Until I turned 65 & got Medicare. You would be amazed at the discounts you get from Doctor’s & Hospitals when you don’t have insurance. Of course they want their money up front, but it’s much cheaper than paying for insurance, especially if your in good health. And if you have an emergency, the hospital has to treat you, and you can set up a payment plan, but you still get a huge discount.
Al
 

Murray

Smoking Fanatic
543
278
Joined Dec 30, 2018
Interesting system you guys have in the states, I thought Obamacare was going to solve your healthcare insurance premiums or at least make healthcare affordable. My retired wife’s plan covers us for $180/month, same plan from the same provider she had when she was working which her employer(Government of Canada) covered. I just did a quick online calculations of what healthcare would cost for the two of us and the online quote was $350/month. Keep in mind we have Universal Healthcare so medical insurance is to cover dental, prescriptions, eye glasses pretty much everything except doctor and hospital visits. I’ve always bitched about our high taxation rate compared to the states, going to have to tone down my high taxation rhetoric after reading this post. IMHO it’s a shame that decisions over to retire or not is based on healthcare premiums, you work your whole life paying taxes there should be light at the end of the tunnel. Retiring was one of the best decisions I have made and would encourage anyone close to retirement age to give it a try, that is of course if you can afford to.
 

Bearcarver

SMF Hall of Fame Pitmaster
OTBS Member
SMF Premier Member
Group Lead
39,648
12,142
Joined Sep 12, 2009
I didn't plan to retire when I did, but the whole works with Medicare and The Medicare Advantage Plan costs us $180 per month for each of us. That covers everything.

Tested it in 2012---Open Heart Emergency Surgery, 12 days in Cardiac ICU, and a total of 28 Days in Hospital had a charge of $680,000.
It cost us $300.

Also Mrs Bear had a Pacemaker installed & 2 new Hips.

So I think we got our Money's Worth.

Bear
 

SmokinAl

SMF Hall of Fame Pitmaster
Staff member
Moderator
OTBS Member
★ Lifetime Premier ★
46,735
7,578
Joined Jun 22, 2009
I didn't plan to retire when I did, but the whole works with Medicare and The Medicare Advantage Plan costs us $180 per month for each of us. That covers everything.

Tested it in 2012---Open Heart Emergency Surgery, 12 days in Cardiac ICU, and a total of 28 Days in Hospital had a charge of $680,000.
It cost us $300.

Also Mrs Bear had a Pacemaker installed & 2 new Hips.

So I think we got our Money's Worth.

Bear
I’m with you Bud!
We have have well over one million dollars in medical procedures since we turned 65 & pretty much no copay. I love the Medicare Advantage plans, your expenses are capped at about $5000 per year, and you get dental, eye exams and more for no monthly premium. Usually we spend about 200-300 per year on health care. But the last couple of years we had a few medical issues that were really costly. No Prob, Humana covered all but our portion which was $4900. We also got a grant from a foundation that covered the $4900. So basically I came out even.
Al
 

bregent

Master of the Pit
OTBS Member
★ Lifetime Premier ★
1,748
849
Joined Mar 1, 2014
Of course they want their money up front, but it’s much cheaper than paying for insurance, especially if your in good health.
You really don't need insurance for routine doctor appts or an occasional ER visit. You need it for a catastrophic event that could wipe out your entire life savings.
I always opt for high deductible plans - costs are lower if you are relatively healthy.
 

SmokinAl

SMF Hall of Fame Pitmaster
Staff member
Moderator
OTBS Member
★ Lifetime Premier ★
46,735
7,578
Joined Jun 22, 2009
You really don't need insurance for routine doctor appts or an occasional ER visit. You need it for a catastrophic event that could wipe out your entire life savings.
I always opt for high deductible plans - costs are lower if you are relatively healthy.
I guess we were lucky we never had any real serious stuff going on, Judy had a female procedure & a knee replacement, and both cost less than $6000. We had to pay upfront but it sure has saved us a lot of money for 65 years of not paying health ins premiums. Now if you are lucky enough to get your ins. from the company you work for then good on you, but I was always self employed & health insurance would have broken me.
Al
 

thirdeye

Master of the Pit
SMF Premier Member
1,555
1,640
Joined Dec 1, 2019
My broker wants me to wait and see how the ACA going to play out. They probably going to just do away with the mandate but who knows for sure. They also have very limited providers in this area. Also found out when out of Texas you are not covered.
That is good broker advice. I've been very hands-on as far as management of our retirement accounts and our equity accounts since 1980 (yes, my business partner and I both opened IRAs when I was 24), and I actually have 2 brokers and a financial planner.... so I can use a combined strategy of my goals and their advice. I only have one ACA provider, but it's Blue Cross. So wait and see is a good plan. My only input is that with pre-planning of your family income, the ACA insurance can actually be very affordable. It does not however, fit into everyone's retirement plan.

For reference, HERE is an article from early November about the future of the ACA under Biden.
 

sandyut

Master of the Pit
OTBS Member
SMF Premier Member
2,538
1,755
Joined Feb 18, 2015
Have you talked to a health care insurance broker/consultant? I did and he had several options one of which is basic catastrophic health coverage. I forget what he called it. its the cheapest out there. thats if a "normal" ACA plan is too spendy.

Also Kroger has a pharmacy program that sounds great. My dentist also has a "program".

I am done early next year. Anywhere between 1.1.2021 and 2.26.2021. I am helping with a transition period, but I feel they may cut me loose early. which would make me happy!
 

Brian Trommater

Master of the Pit
SMF Premier Member
1,476
1,278
Joined Aug 1, 2018
Have you talked to a health care insurance broker/consultant? I did and he had several options one of which is basic catastrophic health coverage. I forget what he called it. its the cheapest out there. thats if a "normal" ACA plan is too spendy.

Also Kroger has a pharmacy program that sounds great. My dentist also has a "program".

I am done early next year. Anywhere between 1.1.2021 and 2.26.2021. I am helping with a transition period, but I feel they may cut me loose early. which would make me happy!
I waiting to hear back from someone my broker gave me.
 

Hot Threads

Top Bottom
  AdBlock Detected

We noticed that you're using an ad-blocker, which could block some critical website features. For the best possible site experience please take a moment to disable your AdBlocker.