Thinking about retiring

[Rusty Heap]

My Dad passed suddenly at 52, I found him in the morning from a heart attack in the middle of the night sleeping. I was 20 at the time. That was a big influence for me through life. Life's short, work hard play hard. Made me realize early on in life that you never know how much time you have.

I just turned 60 and it shocks me to think I've lived 8 years more than my Dad.

Learn from Yesterday, Live for Today, Plan for tomorrow.

[jhynesrockmtn]

Originally Posted by Por_sha911

Side question: a lot of folks talk about medical insurance costs. Are you not taking advantage of Medicare and associated add on plans? If so, why not?

You have to at least register for medicare prior to turning 65, even if on another plan. But you don't get it before 65. I had a buddy put it off. Will now pay a penalty going forward.

I am working in large part because I have 4 1/2 years before I'm medicare eligible. My wife will turn 67 in a few weeks. She's been on it for close to 2 years now and has had a good experience. Before that she self paid and it was like $900/month for a really crappy high deductible plan.

[porsche tech]

The health insurance is the holy grail. My wife’s company paid for 18 months of her insurance on Cobra and I was on her policy. I was in the SS office for something else when the guy told me I had to sign up for Medicare (even though I had insurance) or pay the penalty in perpetuity. With Medicare and a supplement plan we very seldom pay for anything (other than the premiums). We also have long term care insurance.

[MMARSH]

Originally Posted by Por_sha911

Side question: a lot of folks talk about medical insurance costs. Are you not taking advantage of Medicare and associated add on plans? If so, why not?

Im only 56, so I'm not eligible for Medicare yet. But medical is covered as part of my Retirement benefits, so cost me nothing.

[Rusty Heap]

[rcooled]

Originally Posted by dmcummins

I don’t know how anyone has time for a job.

I've been retired for a while now. My work life was both interesting & challenging and I worked with a lot of great people over the years. But you know what? I was never defined by my work and I don't miss it one bit.

The biggest problem I had in the working world was that the job just consumed too much of my time. Now, I get to decide what to do with each & every day and it's a great feeling. No more waking up to an alarm clock either...one of the true pleasures of retirement.

Hardly a day goes by where I'm not busy doing something or just out enjoying the day. I too occasionally wonder how I was able to get anything done while working a full-time job.

[rockfan4]

Wow - 5 pages.
My ISP decided to replace a card on their side for my internet, and the tech didn't get it seated all the way in the slot. I've been without internet since Thursday. I actually had to talk to the wife this weekend. Rough.

No word yet at work about early retirement. I'm not firming up anything until I'm ready. I only need to give 2 weeks notice, right?

I was talking to a neighbor Saturday night. He's 62 and took social security as soon as he turned 62. He's working 16 hours a week, 2 days, 5 day weekend. He says if he works any more it affects his benefits.

[DavidI]

Originally Posted by MMARSH

Im only 56, so I'm not eligible for Medicare yet. But medical is covered as part of my Retirement benefits, so cost me nothing.

Mike, the last time I saw you we were at Alderete's a week before his passing. Crazy times my friend.

Congrats on your retirement. March 31st for me, David

[Zeke]

Originally Posted by rockfan4

Wow - 5 pages.
My ISP decided to replace a card on their side for my internet, and the tech didn't get it seated all the way in the slot. I've been without internet since Thursday. I actually had to talk to the wife this weekend. Rough.

No word yet at work about early retirement. I'm not firming up anything until I'm ready. I only need to give 2 weeks notice, right?

I was talking to a neighbor Saturday night. He's 62 and took social security as soon as he turned 62. He's working 16 hours a week, 2 days, 5 day weekend. He says if he works any more it affects his benefits.

Only for 2 years or when he reaches 65, I forget which. I went through that 15 years ago when if I made more than 18K/year, they took 50% of my SS back. Something like that, you can look it up. Once I hit 65 I could make as much as I wanted but the Great Recession was going on so there wasn't a lot of money to be made. Not as a contractor.

I would have a higher benefit if I didn't take early benefits but I've already passed the payout difference.

[jhynesrockmtn]

Originally Posted by Zeke

Only for 2 years or when he reaches 65, I forget which. I went through that 15 years ago when if I made more than 18K/year, they took 50% of my SS back. Something like that, you can look it up. Once I hit 65 I could make as much as I wanted but the Great Recession was going on so there wasn't a lot of money to be made. Not as a contractor.

I would have a higher benefit if I didn't take early benefits but I've already passed the payout difference.

The max earnings is tied to your "full retirement" age. For me that is 67. For my wife it was 65. If I recall correctly, the amount goes way up in the year you turn your full retirement age and once you reach that age, is not limited afterward. My wife also took hers at 62 and had a few times where her benefits were reduced because she worked a bit too much. You eventually get it back but I forget that formula.

[MMARSH]

Originally Posted by DavidI

Mike, the last time I saw you we were at Alderete's a week before his passing. Crazy times my friend.

Congrats on your retirement. March 31st for me, David

Hey David.
Thanks buddy. Your gonna love retirement. You ve got enough irons in the fire to keep ya busy.

Yeah that was a sad time. Really appreciate your help with that. I've spent alot of time thinking about Aldrete in retirement and just feeling blessed to get here.

[tops911]

I say retire as soon as possible. I retired at 56 after 31 years in the Army. Haven't worked since and have never been bored. I have plenty of hobbies and projects to keep me busy. My attitude is a little different than others probably a combination if my Army life and the fact my father worked until about 3 weeks before he passed away at exactly 65 and never even red a full month os social security. I'll take my social security at 62, like said in a previous post tomorrow is not guaranteed.

[pavulon]

Medicare supplemental insurance (Medigap) seems like a potential mine field to navigate as well.

[fintstone]

I may have waited a bit longer than I needed to retire, but it was hard to walk away when I was finally making a good deal of money (peak earning years). That said, it is tough getting old (although better than the alternative) ...and tougher if you are broke. I would not really want to go back to the grind but do miss it a bit as I really don't have a lot of friends outside of work and few hobbies. I have a lot of delayed maintenance and "chores" to do...but they really do not interest me all that much (after my initial period of playing lumberjack, brush clearer, landscaper, and house renovator right after retiring). It is not fun anymore (even wrenching cars) and wish I could find reliable people to pay to do them for me. I have not had a lot of luck with that.

My wife retired a few years before I did and had already settled into a pretty sedentary and dull (for me) routine...so she really is not motivated to do a lot of the things I would like to do. I wish we had made adjustments so that she waited, or I jumped sooner (or a combination) so we were more on the same page. That said, it is a comfortable life although sometimes I feel like I should be doing largely kind of run themselves at this point.

We are waiting for 70 to start social security as the amount is significantly higher...about 8% er year after minimum retirement age (but does not increase after that). If we had something that we really wanted and needed more income sooner, I think we might change our mind since being past the full retirement age (66 and a few months for us) seems like a reasonable point. Currently we seem to not need SS or our 401K (living on pensions and rental income) ...so thinking those are more "insurance" for future long-term care needs.

The one thing I was shocked about in retirement was the cost of Medicare. I had never realized that the amount you paid (once covered at 65) was based on annual retirement income. In my case, my wife and I already had full coverage from the military retirement (Tricare) and subsidized coverage by Blue Cross...but both required I take Medicare (to reduce their expenses as Medicare pays first) ...but we each have to pay a significant additional amount for Medicare (due to adjusted gross income). This plays an issue if you take money from a 401K retirement account as not only do you have to pay taxes on it as if you are employed (non-Roth), but it drives up the Medicare payment for both of you the next year. Worse yet, when you are 73, you have to start taking required minimum distributions RMD from that 401K which drives that cost up every year. While these are good problems to have, I had not really planned for them.

[rockfan4]

Anyone else having trouble logging in?

Here WAS my plan.
We get a market adjustment in April, and then a merit increase in May.
I'm at the top of my pay range, so for the last couple of years the merit increase has just been a check, all at once. Nice, I know. Then retire after that.

But this year, the market adjustment and merit will be rolled together, and moved to July. Also, if you get a merit check, it will now be split in two, half in July and the other half in December. Ugh. I guess I can work a couple more months. The only reason I'm waiting at all is I have 12 weeks of PTO saved up, and I'd rather cash that out after raises than before.

I feel like I'm in prison waiting on parole, but they keep delaying the hearing.