Retirement !

Rob_fixit said:
For probably at least fifteen years I have been planning on retiring from structural engineering at 55 (a little over a year from now). I've been debt free for over 10 years, am in good health, don't have substance abuse problems or have an extravagant lifestyle, and have saved a fair bit, but now concerned the quickly rising cost of living and basic health insurance will drain my savings too quickly. For those that have retired early, how did you deal with health insurance?
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Well, I just paid for a personal policy for the last 4 years. I am paying $765/month and was informed that it is going to $865/month. As of the 1st of Dec I will be on Medicare. Yup, gonna save some money. Some people have the luxury to have health insurance on the spouses employer. I never had that option.
 
I went on my wife's plan when Unilever shut down in 2013 . $400 +/- a month from the state . April I'll go on Medicare also .
 
I am medically retired, so it is a little different, but essentially I am on my wife's plan. If I was single, I would be covered by SSI, but as we(she) makes too much so I don't qualify for disability. If it was a real issue financially, we would legally divorce to separate funds, but still be married in all practical ways.
 
Rob_fixit said:
For probably at least fifteen years I have been planning on retiring from structural engineering at 55 (a little over a year from now). I've been debt free for over 10 years, am in good health, don't have substance abuse problems or have an extravagant lifestyle, and have saved a fair bit, but now concerned the quickly rising cost of living and basic health insurance will drain my savings too quickly. For those that have retired early, how did you deal with health insurance?
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I'm a GM salaried retiree and am on their retiree health plan; I know, no help to you. Somewhat anecdotal, but I have a cousin who needed to bridge from when he retired at around 59 or 60 until 65 (August 2024). His financial advisor has he and his wife on Obamacare. As I understand it (which could very well be wrong), there are income thresholds in that plan that determine what your premiums are. My cousin said their plan was to live off savings (which isn't income) and cash in 401K money (which is income) to keep them under the lowest threshold to get coverage. I recall him saying it was something like $30K a year from his 401k kept him under the threshold so their healthcare was free. Again, I'm not on it so I've not consulted anyone on the thresholds and costs and my memories of my cousin's explanation could very well be wrong.

However, our son is 27 and is currently unemployed with ZERO income. He has a bachelor's degree in computer engineering and has struggled finding a full-time job. He's currently taking a few programming language classes at our local community college; help expand his knowledge base as he job hunts. He's currently insured under the affordable-care act and pays nothing, nada, zilch. No premium for his healthcare, no co-pays on his benefits.

You may consider investigating what the government will cover, our son is receiving a smoking hot deal.

Bruce
 
My wife is self-employed and is covered under my employer's health insurance so we would both be looking for coverage. I will investigate the affordable-care act and other government resources. Thanks all!
 
I know this will probably not help, but - if you've considered living in Thailand before, the healthcare is excellent, fast, and insurance is inexpensive. Wife and I have a fairly good policy, normal 'pre-existing' exclusions, cost is less than $1500./yr. I'm 67, she 56. With medicare and a supplememtal & drug policy I still pay less out of pocket by a few thousand dollars a year for psoriasis meds here than I would in the US - with insurance coverage... (when you reach 70 years old, is nigh impossible to get a policy, or rather expensive)
 
Retired the end of 2016 after 43 years with a phone company. Best gig on the planet - plan for it and do it!

You will know you are really retired when you wake up in the morning and realize you don't know what day of the week it is. And it doesn't matter because every day is Saturday!
 
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