That decision to retire! (federal, friend, married, best)

[cls88]

I have been planning retirement for a couple of years. I really want to retire at 55, but the things I read and heard keep me thinking that I probably should work longer.

I did not know the health insurance could be so high until I read this thread. There was a yahoo article a few weeks ago about unforeseen expenses during retirement, such as bailing out an adult child and caring for parents.

All these things make me worry that my plan (or any plan) would not work. How much do we need to save and plan to make our retirement really enjoyable and stress free??!!

[AZDesertBrat]

[quote=Americanwoman54;20362955]I will be retiring next year and will have a year and a half until Medicare kicks in. To be honest, I am debating whether to get any since I am in great health and only go to the dr. for my wellness checkups. BUT I may get a catastrophic policy ONLY because under my retirement system, our pension will pay us up to 150 a month for premiums depending how long we have been with the state. And to me that is an amazing benefit (unless our new gov. decides to take that away next year as he doesn't want to tick off even more people with what he has done thus far).

And to me that is a good question. Has anyone just gone the NO INSURANCE route???[/quote]

Yes, me! I didn't have ANY health insurance for years and every day I was very thankful for my good health. At one point I did have insurance through an employer and never used it, even once, in nearly four years. Not even the prescription plan. Wish I had all that money back now!

Working in restaurants and hotels most of my working life there was no such thing as "benefits". There is NOW with most of the chains but otherwise, no. At 65 my Medicare kicked in and I have to say I haven't used that much either. I get my "wellness checkups" a couple times a year but that's it. Still no prescription costs either. I count my self VERY lucky! I keep thinking that I have been soooo very lucky all my life, healthwise, it wouldn't surprise me if something really BIG jumps up to bite me in the butt someday. I've never had a major surgery and my only hospital stays were for babies many years ago.

[PeachyMJ]

I actually never thought I would work long enough to retire. But I made 30 years with the govt. When I had made 25 years and was 50 I went home one night and told my husband my plan was to retire at 55. As he does not like surprises I gave him 5 years to get ready for that. I retired in 2001 (been 10 years now) and have loved every minute. I receive a Fed annuity and SS, plus an annutiy with my thrift savings.

My husband retired after 40 years of work and we probably make pretty close to what we were making before retirement. I have worked part time with FEMA and he goes back once in a while as a consultant with his company. We really have no bills. House and vehicles are paid for, credit cards are paid off every month and life is good. We travel - have two more states left to see the entire US.

[Bideshi]

For those counting on Medicare for health insurance after retirement, please be aware that most doctors will not accept new Medicare patients now.

[Escort Rider]

Originally Posted by Bideshi

For those counting on Medicare for health insurance after retirement, please be aware that most doctors will not accept new Medicare patients now.

If that's the case in a given area, all one has to do is enroll in a Medicare Advantage Plan and there is no problem.

[GLS]

Originally Posted by Escort Rider

If that's the case in a given area, all one has to do is enroll in a Medicare Advantage Plan and there is no problem.

Currently true from a services standpoint. However, ObamaCare funding was based upon projected savings from specifically targeted reductions in Medicare Advantage Plans. Monies are to be "redistributed" to Medicaid recipients. I do not wish to start a political argument, but if these cuts are implemented, my colleagues will accelerate their rejection of both Medicare and Medicaid patients.

Couple the above with the new Congressional "Super Committee's" mandate to make half of their cuts (if they don't reach an agreement) from Medicare "providers" and none from "beneficiaries". At that point, this forum will be filled with retired physicians that have folded their practices.

[Bideshi]

Originally Posted by GLS

At that point, this forum will be filled with retired physicians that have folded their practices.

At least they can afford to retire, unlike those of us with only Medicare.

[Submariner]

My employer has a policy of booting folks out onto the street after so many years. This is called: "High year tenure". An individual may apply to ask for a waiver, but historically only the extremely high ranking are given waivers to this policy.

I knew of this policy. Everyone knows this policy.

So 10 years before I hit my HYT, I knew that I would be forced to retire on that date.

I adjusted my plans accordingly.

And on that date, when I became too elderly to continue in my chosen career field I retired.

That was in March of 2001, I was 42.

[GregoryS]

Originally Posted by Bideshi

For those counting on Medicare for health insurance after retirement, please be aware that most doctors will not accept new Medicare patients now.

Not sure this is true in all cases. My ex just signed up for Medicare and all of her doctors have agreed to accept it. Maybe what you are saying is they are hesitant to accept new patients(to their practice).. who are on Medicare. And that may or may not be true. But throughout my life, I have found that generalizations can be deceptive. Usually, the truth lies somewhere between the best and the worst case scenarios. I'm guessing there will always be those who are in medicine to help others and are willing to forego great riches to practice. I think I have met a few like that. So glad they exist.

[biscuitmom]

Originally Posted by GregoryS

My ex just signed up for Medicare and all of her doctors have agreed to accept it. Maybe what you are saying is they are hesitant to accept new patients(to their practice).. who are on Medicare.

That's pretty much how it is our neck of the woods, too.