I'd like to retire when I'm 60

[rfuerst911sc]

According to my financial advisor I'm on a path to retire when I'm 60 ( 3.5 years from now ) . I have been planning for about 10 years now to get out when I'm 60. Biggest concern is healthcare. Without getting this into PARF what is everyone in this situation doing for health insurance ? I may go to 62 but no longer than that. Both my wife and I have a pension ( she already got out ) along with 401k's. Our mortgage is within 5 years of being paid off. Any suggestions ?

[KFC911]

I'm 54 ("retired" when my IT dept was outsourced in the fall of '08....but my choice and I have NO regrets). I had BCBS at the end of my corporate gig...now I pay for it solo and it seems pretty reasonable imo...'bout 3K/year.

[Bill Douglas]

I've been retired for over 10 years and really enjoy it. I'm 55 now so still enjoy the same things as I enjoyed in my 20's.

[Rapewta]

This only matters if you are a Vet.
I retired at 58. I worked the same profession for almost 40 yrs.
The only reason I did it was Health Care costs through the V.A.
I went to the Veterans Administration with my DD214 and got the "red carpet"
treatment about 1 yr before I decided to retire.
They put me in group 6. All medical treatment and medications at no cost.
I was like many Vietnam vets and didn't know that we are taken care of with our medical considerations.

Anyway, if you are a Vet.... check it out. I would still be working if I hadn't discovered
this payback for spending four years of my life working for Uncle Sam.

[zelrik911]

I am 66yo & retired, I am in Australia so know zip about healthcare plans in USA.

My strong suggestion is to make an effort to finish your mortgage as you retire. Your sense of security will be much better when its paid out.

Good luck with your planning.
Peter 78 3.0 SC

[Skytrooper]

I retired 2.5 years ago from the military. I have an outstanding BCBS plan through the Gov't, and includes dental for under $400 a month. I plan to ride this out as long as possible before it reverts to Tricare or VA.

[dan88911]

I retired 3 yrs. ago at 58. Made sure you plan how you might spend your time.
Sounds like you have the money side covered.
I find it odd that your financial advisor has not address your concern about healthcare.

[John Rogers]

I retired in 1985 but we used my wife's Federal Gov't heath insurance which was great as we have had the same primary care doctor since 1980. I even went to her while I was in the service. Anyways after she retired in 2002 we opted to keep the same insurance and when I turned 65 we both moved to the combo of Medicare and Tri Care for Life which pretty much means we pay for nothing but still keep the same primary care doc although she is thinking about retirement some day. When I had my heart bypass surgery I was already in the UCSD Medical Center's system as my wife had a stroke about 6 years ago. I have not had any co-pays for many years and the Navy supplies all my meds.

[pc100porsche]

Originally Posted by Bill Douglas

I've been retired for over 10 years and really enjoy it. I'm 55 now so still enjoy the same things as I enjoyed in my 20's.

... 20's .. so youre still on : Mark 3 Zephyrs, Steinlager Export, Mi-Sex, Piggy Muldoon, 2 TV Channels ..... and you can still get away with calling less than perfect efforts a "Maori Job" ?

[Bill Douglas]

Originally Posted by pc100porsche

... 20's .. so youre still on : Mark 3 Zephyrs, Steinlager Export, Mi-Sex, Piggy Muldoon, 2 TV Channels ..... and you can still get away with calling less than perfect efforts a "Maori Job" ?

Oh please. That's more like a bad hangover. But thanks.

No I was more thinking along the lines of drinking too much, lewd comments, a surf or two...




Man, that brought back some memories LOL

[rfuerst911sc]

Originally Posted by dan88911

I retired 3 yrs. ago at 58. Made sure you plan how you might spend your time.
Sounds like you have the money side covered.
I find it odd that your financial advisor has not address your concern about healthcare.

Our financial advisor has " loosely " discussed health care with us but said with all the changes that have gone on AND the potential for changes in the next administration we will start having firm discussions closer to actual retirement. That makes sense to me. My other goal is to either have the house paid off by retirement or be very close. Been making double payments since moving in 6 years ago and have really knocked down the balance. With the house paid off monthly income will not be an issue.

[dmcummins]

I retired 7 years ago. I pay $1400 a month for healthcare for the wife and I. It shouldn't be hard to find out what it will cost you and budget for it.

I quit working at 50 and don't miss it at all. I recommend it to anyone who is able.

[KFC911]

Originally Posted by dmcummins

...I quit working at 50 and don't miss it at all. I recommend it to anyone who is able.

Indeed...but I'll never quit "working"...it's just "I ain't gonna work on Maggie's farm no more"

Key points (from my perspective). Totally debt free for years, multiple income streams, a few houses (plus acreage in the country) to keep me busy for a LONG time...but on MY terms. Just got totally burned out on corporate bs...

[mreid]

Your financial advisor is wise to not advise you about healthcare tomorrow based on today. Most on this board will see significant changes to their health plans in the next four years. Anyone on a company plan will see huge changes regardless of who is in the big chair. The excise tax (luxury tax) of 40% on any plan above what the government feels is "fair for all" in 2018 will cause most companies to eliminate their company plan and move all to an exchange. Some may offer an HSA with a match to help, but all will see cost increases. I can't see how any pre-65 retiree employer plans will survive at all (there is no law or obligation to continue these, regardless of what any may think). No matter what happens, costs will spiral up. Remember, you have to add the total of all three cost components: premium paid monthly plus co-pay amounts at point of service plus out of pocket for procedures not covered or maximums exceeded. Do not be fooled by low premiums unless you have a designed catastrophic plan where you pay low expecting not to get ill and then pay a lot when you do. Don't let the smoke and mirrors fool you.

Also, in support of my doctor friends here, please don't think any of these fees are actually going to doctors. They go to insurance companies, malpractice attorneys, record keeping back office staff, and the government.

[Seahawk]

Originally Posted by KC911

Indeed...but I'll never quit "working"...it's just "I ain't gonna work on Maggie's farm no more"

Key points (from my perspective). Totally debt free for years, multiple income streams, a few houses (plus acreage in the country) to keep me busy for a LONG time...but on MY terms. Just got totally burned out on corporate bs...

Love it.

I have been lucky in the past few years and was able to basically take the summer off with my son, catch up on a lot of projects on the farm, etc.

I entered into another partnership six weeks ago with our first, "do we still want to do this meeting" last week. The answer was yes. We are all in our fifties/early sixties and the whole point of the six week meeting was to honestly appraise how we work together to minimize the bravo sierra, see if our ego's meshed, make some money but have, in the mean, fun doing it.

Other stuff cooking as well, but it is all stuff I want to do, that I am interested in doing.

So, to the OP, my suggestion is beyond the financial and health advice you have received, start looking for your second act possibilities now. It doesn't have to be much, just something engaging.

A lot of my buddies retired like I did after 26 years in the military. None of them really "needed" to work. The range of occupations is quite interesting: Those that stayed in the DC area most hit it pretty hard with defense contractors or civil service. These are the type A folks who really need to work full time, full throttle. A few teachers in the mix, a financial planner, a writer and a full time farmer.

Those that moved back "home" to less tax intensive, cost of living areas had a more creative bent: Robotics, professor, one guy runs Habitat Stores, another does home health services (which he started) in Arkansas, golf pro, football coach at a high school, part timer(s) at Lowes, and my favorite, a good friend who drives a rental car shuttle bus at the Orlando Airport.

He is a wealthy man by reasonable standards, lol funny and took the shuttle bus gig because it pays well, he works three days a week and can take off anytime. He also loves a crowd and he lights up the bus...he says the tips, especially from the older women, are incredible.

Who knew.

Good luck and enjoy the freedom to choose.

[vash]

i think it would be fun to teach kids Calculus when i retire.

in highschool. but knowing my luck, i'd only get a job teaching simple math to the hoodlums. hahah.

i have my healthcare worked out..my money savings..is a moving target. maybe sell my california place and move to a much cheaper location and let it ride out, hoping for decent health.

[rfuerst911sc]

While I plan to retire from the grind of the defense industry I plan on finding something part time just to fill some hours. I have plenty of projects to fill time and a good mix of toys to also fill time. In a perfect world I could work part time for Porsche at their new North America complex due to open later this year.

[on2wheels52]

I've decided to get out of the pawn shop at 62 this year. I can be free in a couple of months if the potential buyer comes through; otherwise maybe by the end of March.
Looking forward to some free time.
Jim

[ckelly78z]

I am currently 49 years old and plan on retiring at 59 when I can start pulling out of my 410k (already into six figures). I will have a company pension for 26 years of service at that point, and whatever SS for my working wife and I will cough up. The house was paid off last year, so we have been plugging 15% into the 401K. My only concern is health insurance for the two of us, I have had a lot of major health concerns and worry if I will qualify for any program, let alone the cost of such a plan.

[Trog]

I retired last week at 55 when my company decided to shut-down operations and $hit-can everyone out the door. Received 1-year severance, half of which will be eaten up by taxes.

No pension, but my financial advisor tells me I have enough in savings to carry me another 40 years. House is paid off, no car payments, no CC debt.

Still, I find it odd that tomorrow morning, I won't have to deal with traffic. I still awake at 5:00AM. With hope, that will change over time.