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Super Contributor
Posts: 268
Registered: ‎06-07-2010
Hi, OP here. I did not do COBRA, I got marketplace insurance cheaper. I plan a thank-you letter to the President for that. I have some contract training work I can do and I'm doing all the stuff I never had time to do....exercise, clean my house, cook. BF is working on selling his house and I'm helping him with his business....he is not tech savvy at all, so he can probably sell more with me getting him organized and computerized. I'll tell you one thing, I do not miss my job. The shock is slowly wearing off, everyone is telling me it's ok not to work. Hyacinth, hang in there. Corporate America is the pitts. Oh also, because you are getting insurance because of a qualifying event (retirement) Feb 15 deadline doesn't apply. You can do it now. Check in to it!!
Respected Contributor
Posts: 2,220
Registered: ‎03-10-2010

carlycat - you have gotten great advice here - I hope all goes well for you in the future.

Valued Contributor
Posts: 920
Registered: ‎03-12-2010

It is a shock to not be working even if by choice. Having spent 40 years working as an operating nurse, I chose to quit when I could. Got all my info ahead of time on what I would draw monthly and I actually came out about the same as working. Paying my insurance on the Cobra at the hospital was fairly costly, but now that I am on Medicare, drug plan, and suppplemental plan, I am paying about the same without Dental which I had when the hospital carried me. Take this time to think and relax for awhile. I was "lost" for about 3 months. But, then I began to like not getting up in the morning so early. Mostly, I missed my work family. Then, I went to work part-time. That was the blessing. Some money coming in, contact with the outside world and so appreciated by the staff when I could come in and help out. But, if I had plans, I could say no to coming in. So, my advice is to start thinking about a part time job you would enjoy and in time you are going to thank those that "escorted" you out.

Esteemed Contributor
Posts: 6,633
Registered: ‎10-21-2010
Definitely check into the marketplace before Feb 15 th. You can put in your income and will get estimates without enrolling or making a account. C o b r a will probably be much more then the marketplace. You will get a group rate like you did through the employer. But if you don't do it by Fed 15th you will have to carry the c o b r a until next open enrolment.
Respected Contributor
Posts: 2,839
Registered: ‎03-10-2010
On 1/26/2015 Jova said:

I'd call Social Security and find out what your eventual benefits will be if you quit work now.

This. Take some time to think things through, and don't make any rash decisions. If you do decide to completely retire, have fun and enjoy yourself!

This might be helpful or it might be upsetting... but it is being talked about many are leaving money on the table, I sometimes wonder how the government can rob and cheat people out of things they paid for but was not told about.... Now days in everything not just SS people need to do their homework

https://www.youtube.com/watch?v=ov4ZCa7-HWQ

Honored Contributor
Posts: 13,954
Registered: ‎03-10-2010
On 1/29/2015 hyacinth003 said:
On 1/29/2015 terrier3 said:
On 1/27/2015 hyacinth003 said:
On 1/27/2015 terrier3 said:
On 1/27/2015 hyacinth003 said:

This just happened out of the blue to my husband, who is 63.

They told him they would terminate him or he could take retirement. We had only a few days to decide. He has been there 29 years.

He decided to take retirement, but we are shell shocked and don't even know if it was the right thing.

I can't even describe how we feel. You are not alone, and I wish you the best.

Hyacinth

Hyacinth - I'm so sorry to hear about this...it's happening to good people and good workers all over.

BTW - Just because he is "retired" from this company doesn't mean he can't get employment elsewhere.

Just make sure you apply through the Marketplace for insurance. His income in 2015 will obviously be less than 2014 - you may be eligible for premium assistance.

At that age, you don't want to risk being uninsured (although hopefully medical insurance is part of his retirement package).

Thanks. It is a living nightmare for now. We thought we had a few years to make certain decisions and had to do it in less than a week.

We may be able to keep the health insurance for awhile. We'll see what that costs as compared to elsewhere.

There is huge emotional fallout that I don't think my husband has even felt yet.

Hyacinth

COBRA is very expensive....often twice as expensive as insurance thru the Marketplace.

It lasts for 18 months, but if you start taking it now, you will have to wait until the next open enrollment (November) to switch to a Marketplace plan. The exchange open enrollment ends this year on Feb. 15th....so I'd check this out soon.

Since your premium will be based on 2015 income, and your DH lost his job at the beginning of the year, you may be eligible for a good premium credit too.

I worked with an individual that had a $850 COBRA payment. The same MP plan (her 2015 income is unemployment) was $95...with a $250 deductible for the year.

Why pay a huge COBRA payment when you don't have to? That extra money can go to many better uses.

I don't think it would be under COBRA. They said the dental and vision would be under COBRA, but I THINK they said the medical would be what we have had.

They really wouldn't tell us everything until we got a bunch of things signed and provided documents like birth certificates and marriage certificate. It took us awhile to get it all together, and he just faxed it all in today. Oh, all this time has been about 10 days, when we should have had YEARS to figure this out and get everything ready. I couldn't find the marriage license, as I don't even remember ever having to use it for 30 years. So, I had to spend $75 to get an expedited copy from the county here in Illinois. Just got it so we could fax it all in.

We will definately have to figure out what to do about health insurance since we don't qualify for Medicare YET!

My stomach hurts! If I seem mad and bitter, it's because I AM!

Hyacinth {#emotions_dlg.w00t}

Hyacinth - I think you may have gotten it backwards...vision and dental are not part of COBRA - just your medical insurance is included. Losing coverage is considered a "qualifying event" and you have 60 days from the loss of coverage to sign up on the exchange....but...

If you start with COBRA, you won't be able to switch to the exchange after Feb. 15th - the final day this year for open enrollment. Your next chance to change from COBRA to exchange (with the advanced premium tax credit and perhaps even cost share reduction (lower deductibles and co-pays) will be on Nov. 15th for coverage starting on Jan. 2016.

So you will need to find out soon - COBRA is actually more expensive than insurance employers provide to their employees. By law, they can charge more to cover administrative costs. So on COBRA, you are not only paying full price - you are paying for an extra surcharge too.

Respected Contributor
Posts: 4,997
Registered: ‎03-12-2010
On 1/30/2015 terrier3 said:
On 1/29/2015 hyacinth003 said:
On 1/29/2015 terrier3 said:
On 1/27/2015 hyacinth003 said:
On 1/27/2015 terrier3 said:
On 1/27/2015 hyacinth003 said:

This just happened out of the blue to my husband, who is 63.

They told him they would terminate him or he could take retirement. We had only a few days to decide. He has been there 29 years.

He decided to take retirement, but we are shell shocked and don't even know if it was the right thing.

I can't even describe how we feel. You are not alone, and I wish you the best.

Hyacinth

Hyacinth - I'm so sorry to hear about this...it's happening to good people and good workers all over.

BTW - Just because he is "retired" from this company doesn't mean he can't get employment elsewhere.

Just make sure you apply through the Marketplace for insurance. His income in 2015 will obviously be less than 2014 - you may be eligible for premium assistance.

At that age, you don't want to risk being uninsured (although hopefully medical insurance is part of his retirement package).

Thanks. It is a living nightmare for now. We thought we had a few years to make certain decisions and had to do it in less than a week.

We may be able to keep the health insurance for awhile. We'll see what that costs as compared to elsewhere.

There is huge emotional fallout that I don't think my husband has even felt yet.

Hyacinth

COBRA is very expensive....often twice as expensive as insurance thru the Marketplace.

It lasts for 18 months, but if you start taking it now, you will have to wait until the next open enrollment (November) to switch to a Marketplace plan. The exchange open enrollment ends this year on Feb. 15th....so I'd check this out soon.

Since your premium will be based on 2015 income, and your DH lost his job at the beginning of the year, you may be eligible for a good premium credit too.

I worked with an individual that had a $850 COBRA payment. The same MP plan (her 2015 income is unemployment) was $95...with a $250 deductible for the year.

Why pay a huge COBRA payment when you don't have to? That extra money can go to many better uses.

I don't think it would be under COBRA. They said the dental and vision would be under COBRA, but I THINK they said the medical would be what we have had.

They really wouldn't tell us everything until we got a bunch of things signed and provided documents like birth certificates and marriage certificate. It took us awhile to get it all together, and he just faxed it all in today. Oh, all this time has been about 10 days, when we should have had YEARS to figure this out and get everything ready. I couldn't find the marriage license, as I don't even remember ever having to use it for 30 years. So, I had to spend $75 to get an expedited copy from the county here in Illinois. Just got it so we could fax it all in.

We will definately have to figure out what to do about health insurance since we don't qualify for Medicare YET!

My stomach hurts! If I seem mad and bitter, it's because I AM!

Hyacinth {#emotions_dlg.w00t}

Hyacinth - I think you may have gotten it backwards...vision and dental are not part of COBRA - just your medical insurance is included. Losing coverage is considered a "qualifying event" and you have 60 days from the loss of coverage to sign up on the exchange....but...

If you start with COBRA, you won't be able to switch to the exchange after Feb. 15th - the final day this year for open enrollment. Your next chance to change from COBRA to exchange (with the advanced premium tax credit and perhaps even cost share reduction (lower deductibles and co-pays) will be on Nov. 15th for coverage starting on Jan. 2016.

So you will need to find out soon - COBRA is actually more expensive than insurance employers provide to their employees. By law, they can charge more to cover administrative costs. So on COBRA, you are not only paying full price - you are paying for an extra surcharge too.

I THINK he can keep his health insurance as a retiree. This is what he told me after talking to the retirement person. He doesn't always get things right on things like this, so I am not 100% sure.

We have been paying COBRA for coverage for my daughter, so we know how expensive it is. It is now $558 for medical/dental per month. We did it so she could keep her doctors, but her "primary care" doctor quit her group. So, when she looked at the "marketplace," they direct her to Medicaid due to her low income. She has applied for a "manager" position from her employer, which would include health insurance. I don't know what her chances are.

I don't know about the quality of care under Medicaid, but all the information isn't encouraging to me. Now that she has this spondyloarthritis, I am way more concerned.

We are still trying to understand it all. Thanks for your info. I may be asking for more later!

Hyacinth {#emotions_dlg.blushing}

Trusted Contributor
Posts: 1,927
Registered: ‎03-10-2010
On 1/26/2015 AnotherView2 said:

My husband has been continuously employed in the tech industry since 1978 except one year (2014), all the while making a good technician's salary. I took 12 years off to raise the kiddie and stayed at home. I have been employed for 23 years of my 35 year working life, making a mediocre salary despite having a college degree. I never attained a management salary range.

Now he is 56 and I am 52 and I can't envision either of us retiring even though we have way more than average in 401K, have a 6 month cushion of emergency cash in the bank, own our house outright, have 3 paid for cars, etc.

Hubby's new company he started at in December is one of the only ones I know of around here that actually still adds 3.5% of his salary to an actual old school retirement account as well as a 4% to 401k as a match so that he has both types of retirement funds. I have NO 401k or retirement funds. Hubby just puts in the funds to his at a large rate to cover us both.

How do people afford to retire at 58? Do the "early " retirees who are not quite social security age yet simply have killer retirement funds? Or did you make high salaries and your 401K is astronomical? Were you government or city employees? Just curious since my husband seems to be way more secure that we are on target but, I am not so sure of that. I handle the money and have used some of the retirement calculators out there on the net and we need more than we have now before I will feel secure. He wanted to retire after getting laid off on 12/31/13 and I put the kibosh on that. It took him 11 months to find a great job. He loves it but, he makes $15k less per year than the job he had for 34 years that he got laid off from. The decrease in salary makes me feel even less secure...

My older brother always had in his head that he would retire at 50. He was an executive VP at Macy's when he retired at age 54. He had a heart condition that could have been cured with surgery and he refused to do it. He then should have applied for disability and didn't. Now he is 61, has no disability or medicare or social security coverage and is bankrupt due to medical bills and bad life choices. It's tough to see him so poor.

I can't see even thinking of retiring until my personal SS minimum of 67 or even the maximum of age 70...

Please help me understand the smart choices you made to insure you had enough money for retirement. Maybe then I can try the same or lighten up and not sweat this so much. My husband has some health issues (yes, I have him insured) and I do too (I'm also insured). He still wants to retire in the next few years...

My dad took a mandatory retirement at 63, but her worked for NYC and had a VERY good pension, and all his medical care was covered, so he actually had more money coming in than what he could spend.

Your situation is pretty much my situation. My husband is crazy to retire and I'm very insecure about it. I just talked him into working another 2 & 1/2 years until 58. I have a 401(k) at my job, but there is no employer match. I would not consider my retirement savings to be particularly impressive as I also lost a lot of working years due to child rearing. Hubby has a small 401(k), no match, but he has an annuity through his union, and a small pension. Health care costs and taxes are removed from the pension before it is paid. The union health care is expensive, but the union will pay 1/2 if he works to 58. I need the union health care due to cancer treatment. I am uncertain as to how long I will be able to continue to work due to medical reasons.

I have been doing a lot of reading about retirement income, and looking at retirement forums. One forum where I have been lurking is earlyretirementforum . org. I have also been lurking on a boogleheads forum.

Do you qualify for a Roth IRA? If so, that may be something for you to consider. You may also want to start a new thread about this. (I did this a few months ago, and got some good advise.)

Do the math.
Valued Contributor
Posts: 573
Registered: ‎06-27-2010

Something similar happened to me last spring. I was planning to work a couple more years and then retire, but I got a letter one day that my contract was not being renewed. Being an 'exempt' vs. hourly employee (and not in a union), I was given no reason nor did management have to give me one. It was very shocking, to say the least. There had been and continues to be many issues and problems at the organization (so much so it is in the newspaper frequently), and I had not been involved in any controversy. Just a letter and then I was gone. Others also received a letter. It took months (this happened last June) for me to come to terms with it (although I will NEVER completely get over being kicked to the curb).

Find things you enjoy doing now that you did not have time or energy for before. Go out for coffee with friends or by yourself in the middle of the day (because you can). Stay up late or sleep in. If you have others this happened to, maybe talk with them. I have maintained contact with only one person I used to work with, because frankly, it is still painful to be around those who are still working, even though they had nothing to do with my sudden departure.

I can say that I am now HAPPY, as my job was extremely stressful and consumed most of my energy. I could not use the H word before this happened. I am glad to not be working at this time, it's just it did not happen as I had planned.

Best of luck to you.

Frequent Contributor
Posts: 116
Registered: ‎02-22-2011

I was let go when the doctor I had worked for for 23 years decided to close her private practice and take a hospitalist job. I was a few months shy of my 60th birthday. I looked for work and applied for 90+ jobs. I thought very early retirement was going to be my destiny, yet just when I was ready to give up looking, I found a job in my field. I've been working for a little over a year now and am pretty happy. Now, I intend to work until at least 66 and possibly longer. Even though it's great to be retired, I would recommend you consider if it's really, really what you want to do. There really are people out there who will value what you bring to the table.