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Regular Contributor
Posts: 221
Registered: ‎04-22-2010

Re: Seriously considering retirement --- could we talk?

We have been retired forever.   My DH has a gov. pension, plus all of the other monies that we have saved while working.  Mortgage has been paid off, can not live without two cars...he goes his way and I go my way.  We both volunteer at church, community, etc.   We love to read the daily paper, so that is delivered.   We go on a couple of trips a year but that is because we saved a lot.   Kids all in there 50s, have there on money, do not depend on us. This is the best thing that has ever happened to us. 

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Honored Contributor
Posts: 8,179
Registered: ‎03-10-2010

Re: Seriously considering retirement --- could we talk?

If you can afford to retire, do so.  Many in my age group probably won't ever, unless they saved tons of money, inheritance, or win the lottery.. Who knows if there will be social security/medicare at that time. Many don't have pensions, and who knows if the money will even be there. Long are the days that people worked at one company for 20+ years, get good benefits and pensions.

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Trusted Contributor
Posts: 1,233
Registered: ‎08-05-2011

Re: Seriously considering retirement --- could we talk?

@151949: Boy, I feel your pain. Before retirement I heard a financial planner talk about where to cut back. She said to sell one car. All I could think was, Are You Nuts!! Neither my husband or I thought that would be a good idea.

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Respected Contributor
Posts: 3,409
Registered: ‎03-19-2010

Re: Seriously considering retirement --- could we talk?


@SeaMaiden wrote:

@AngelPuppy1 wrote:

@SeaMaiden wrote:

@AngelPuppy1  Again I ask..DO YOU HAVE A FINANCIAL PLANNER?  That is the first step. Not discontinuing a $10 subscription. 


@SeaMaiden

 

I am just trying to have a friendly discourse on what small tips and things others did when planning for their rtetirement.  I am not looking for people to get upset or argumentative because they do not agree with what I am posting, i.e., discontinuing magazine suscriptions, etc.  Thank you, I appreciate your post.  


@AngelPuppy1     you ask for advice.   I asked a question that you never answered...... was not argumentative... 

 

 

 

  AND   you still never answered my question.....   That is  all I have to say on this thread


@SeaMaiden:  If I am not mistaken several months ago you posted asking for suggestions and lots of people responded asking for details.  You didn't give them.  Now you want an answer?  Talk about a double standard.  She doesn't have to answer you either.  She wanted a dialogue and doesn't need to divulge personal information.  

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Frequent Contributor
Posts: 75
Registered: ‎12-18-2015

Re: Seriously considering retirement --- could we talk?

So glad I came across this topic.  I'm only on page 4 of this thread and will continue reading, yet wanted to ask this question.  I'm looking at retiring in the next 6-8 years.  This will put me a few years shy of Medicare (65).  What/how should I go about getting health care coverage until Medicare kicks in?  Thank you. 

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Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: Seriously considering retirement --- could we talk?


@thechedda wrote:

So glad I came across this topic.  I'm only on page 4 of this thread and will continue reading, yet wanted to ask this question.  I'm looking at retiring in the next 6-8 years.  This will put me a few years shy of Medicare (65).  What/how should I go about getting health care coverage until Medicare kicks in?  Thank you. 


Well, right now there is Obamacare but who knows what there will be when your ready to retire.

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Respected Contributor
Posts: 2,300
Registered: ‎05-09-2016

Re: Seriously considering retirement --- could we talk?

[ Edited ]

@thechedda wrote:

So glad I came across this topic.  I'm only on page 4 of this thread and will continue reading, yet wanted to ask this question.  I'm looking at retiring in the next 6-8 years.  This will put me a few years shy of Medicare (65).  What/how should I go about getting health care coverage until Medicare kicks in?  Thank you. 


I retired before I was eligible to receive either retiree medical benefits from my employer or Medicare (and still have several years before I'm eligible). I shopped around, got quotes and bought an individual policy from Blue Cross Blue Shield of Michigan. With the implementation of the ACA, that policy was discontinued and I now have a policy that is available for purchase on healthcare.gov. I'm not eligible for a subsidy so I continue to purchase directly from the insurance company. That's now though. The landscape may look vastly different in the 6-8 year time frame that you mention. You'll just have to see what's available to you at the time that you will need to purchase the coverage. 

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

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Respected Contributor
Posts: 3,456
Registered: ‎02-02-2015

Re: Seriously considering retirement --- could we talk?

@FrostyBabe1 I am wondering how you found the cost to be for private health insurance.  I know cobra is very expensive.

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Respected Contributor
Posts: 2,300
Registered: ‎05-09-2016

Re: Seriously considering retirement --- could we talk?


@snoop wrote:

@FrostyBabe1 I am wondering how you found the cost to be for private health insurance.  I know cobra is very expensive.


Cobra is indeed expensive. You pay 103% of the cost of the premium. Apparently they need that extra 3% for "processing" or some such thing. I have no idea what the cost of Cobra versus my current coverage would be as it's been at least 10 years since I've had Cobra. 

 

The cost of private insurance will vary based on a number of things, including your age, where you live, the level and type of coverage you select and whether or not you use tobacco products. You can get an idea of what the costs in your area would be by going to healthcare.gov at open enrollment (or you can pretend you've had a qualifying event now) and looking at what's available. The younger you are, the cheaper it is. My 27 year old nephew has the same plan that I do and his monthly premiums are half of what I pay. It is what it is. Whether that's "high", "low", "reasonable" or something else is something only the person purchasing it can decide. 

~The more someone needs to brag about how wonderful, special, successful, wealthy or important they are, the greater the likelihood that it isn't true. ~

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Honored Contributor
Posts: 25,929
Registered: ‎03-09-2010

Re: Seriously considering retirement --- could we talk?

COBRA should be cheaper than buying private ins. because your employer should be getting a group discount that you , as an individual , won't get.