The 2016 Retirement Thread

[janice]

Thank you so much for all your retirement stories. Am really shocked at the cost of health cover in the US!

So thought you might find the info below interesting:

http://www.mrmoneymustache.com/?s=health+insurance


There is a lot of great info on the site about lower cost living and retiring early/young/younger :-)

Janice

[SharonNYC]

I retired 14 years ago, at the age of 57. I did it as soon as I could possibly afford it. I'm an artist but, like most artists, was never able to make a comfortable living at it. Now that's what I do full time! Huge big deal for me.

I've never had trouble filling my days -- there are still never enough hours in them to get in everything I want to do. And now I can spend the odd hour daydreaming. That's as important as food for an artist.

My husband retired as soon as he was able as well and now we spend several months a year in Europe/Latin America. We're working on fluency in Spanish.

We both have Social Security and smallish pensions. We don't own a car, which is a huge financial assist! I moved to New York City for the public transportation and so I could find work in my field.

My job was interesting, and in the arts, but ate up so much of my waking time. I couldn't wait to quit. However, if you worry about filling your days and you enjoy your job it's a whole different story.

We've both had some health problems, but not until after Medicare kicked in. And we have supplemental insurance.

Within a few years of retirement I did yoga teacher training. A nice little benefit.

[Jeanne Marie]

Originally Posted by Usia

ACA does not help me. My premiums, just for myself, would be about $650 per month for a PPO. The cheapest rate for the HMO (which I'm not interested in) is about $483 per month. Just for me. I ran the numbers at the beginning of the year, and I just re-ran them on ACA website few minutes ago. That means that I'll be working until I'm 65 years old and I'm eligible for Medicare. I'm in perfect health, and if it wasn't for health insurance, I could and would retire today. I just don't see myself paying approximately $8500 per year in insurance premiums until I turn 65. It's just way too much!

Thank you all for your kind words. I have chosen to count my blessings regarding the loss of my DH. It's devastating beyond words, but I want to be happy and live my life like he would want me to. Thanks for all the sweet support. Y'all are such amazing friends.

I pay $700 a month for my health care. It is outrageous. Yet I can remember just a few years ago, when DH was in poor health and our insurance was $30,000 a year. I kid you not. Our premium was around $2500 a month. It was insane. I am happily paying $700 a month just because I remember those days. Yet still.... it's a crazy high amount. It's my biggest monthly expense.

[Demeris]

Originally Posted by Usia

ACA does not help me. My premiums, just for myself, would be about $650 per month for a PPO. The cheapest rate for the HMO (which I'm not interested in) is about $483 per month. Just for me. I ran the numbers at the beginning of the year, and I just re-ran them on ACA website few minutes ago. That means that I'll be working until I'm 65 years old and I'm eligible for Medicare. I'm in perfect health, and if it wasn't for health insurance, I could and would retire today. I just don't see myself paying approximately $8500 per year in insurance premiums until I turn 65. It's just way too much!

ACA does not help me, either. My premiums are 877$ a month for a PPO, and my deduction is 2500$. If I had been willing to have a 5000$ deductible, I could have maintained my previous premium cost of 650$.

I'm in very good health. I take no prescription medication. I continue with my consultancy so that I can pay for my health insurance.

[Usia]

Originally Posted by Jeanne Marie

Thank you all for your kind words. I have chosen to count my blessings regarding the loss of my DH. It's devastating beyond words, but I want to be happy and live my life like he would want me to. Thanks for all the sweet support. Y'all are such amazing friends.

I pay $700 a month for my health care. It is outrageous. Yet I can remember just a few years ago, when DH was in poor health and our insurance was $30,000 a year. I kid you not. Our premium was around $2500 a month. It was insane. I am happily paying $700 a month just because I remember those days. Yet still.... it's a crazy high amount. It's my biggest monthly expense.

What a truly positive person you are Jeanne Marie! I should keep your wonderful attitude in mind when things get tough for me. Thank you for putting it in perspective for me.

[Laura S.]

One thing to keep in mind if you are beginning the process of planning is that the word "retirement" mean different things to different people. For some, it means finishing working forever. For others, it means leaving a career, but leaving working options open. I've watched several people I know well retire well, on their own terms, and it has meant different things. So, follow your heart.

Donna - It's amazing how much a spouse's work stress can affect you, so maybe you'll get a break when DH retires, both from him not having to work the crazy hours and from him being able to take care of things while you work. My DH and I are the same age, although I do point out he's older when his birthday occurs 4.5 months before mine every year. He's having a hard time picturing not working, so I'm leaving it open to see how he feels and what happens. The thing I"m pretty insistent on is getting away from Rockville to get away from the cost of living, traffic, stress, etc. Your area has more possibilities for a good retirement vibe.

[donnamp]

Laura - I agree, retirement in Rockville does not sound good. Ultimately, I'd like to leave this area due to cost and climate (I'd like to live somewhere warmer). I guess we'll see where we are when we get there. I think a lot has to do also w/ whether my DD 'boomerangs" or not, LOL! So many things go into making this decisions, I think it is important to stay somewhat flexible. I think my DH mainly wants out b/c of the hours he works - in general he enjoys his job- I do point out to him that his hourshave an upside - living in this area he generally avoids the traffic! I think if he were offered the opportunity to be part time w/ better hours or to freelance he would do that in lieu of a full retirement.

The more I think about this thread the more I like the idea of maybe quitting full time work around 60 and then working until 65 or until I tire of it in a part-time capacity. I think for me working PT would be ideal - some money coming in so we can stretch our retirement savings, the possibility of health insurance (although where I work when I retire I can 'buy' my benefits at the group rate - so that will be a huge help for me) but still enough free time to pursue other interests and have some down time. Working full time is such a rat race sometimes. I joke w/ my friends - Saturday is cleaning up from the week past and Sunday is gearing up for the week ahead. Not enough leisure time for sure.

take care -

Donna

[desderata]

I'm 56 and could retire any time, because my dh earns about 90% of our income. I don't because our youngest leaves for college in a year and I don't want to make any changes until I see how I react to my kids all being gone. Also, my husband doesn't see retiring for at least another 8 years, so I'm not sure what I would do. I would definitely become involved in some volunteer opportunities and maybe take some of the 55 and over classes offered by a local university - any yet, my career is so much a part of who I am, I don't know what it would be like to leave it. At times I'm just tired - I investigate and prosecute severe child abuse cases, and there are times it's just so sad and it wears on my soul. I love reading about how all the VFers are using their retirements - it makes it sound very attractive, for sure.

[videofit]

Most people can't afford to retire. I figure I'll have to work till I drop or marry a rich man or win the lottery. But even that is difficult nowadays with the horrible economy and age discrimination.

[lselbach]

Originally Posted by videofit

Most people can't afford to retire. I figure I'll have to work till I drop or marry a rich man or win the lottery. But even that is difficult nowadays with the horrible economy and age discrimination.

I was beginning to think I lived on a different planet than everyone else on this thread. Age discrimination is real, and it hits particularly hard if you live in a small town with few jobs to begin with. I'm 55. Hubby is 67 and plans to work until 70. Does he want to? No. We don"t feel we have a choice.