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Old 01-03-2017, 02:48 PM
 
2,677 posts, read 1,069,772 times
Reputation: 5167

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Quote:
Originally Posted by jasperhobbs View Post
I see you are in Canada. Don't you have national healthcare there?
Yes. Sorry my post was not clear. Although all of our doctors' visits including specialists, treatments, surgery, and hospital costs etc. are free to use, Canadians still have to pay for prescription drug costs, eye glasses and contacts, and all dental costs unless they have private insurance. My monthly payment for extended health benefits is $150. When a citizen turns 65, the extended health benefit payments are made by government for the most part and co-payments for services are lowered or eliminated.

Free is not actually the truth because Canadians do pay taxes to have "free" health care and the provinces charge a small amount each month ($80?). We just don't pay upfront for universal care.

Albertans do not pay any provincial health coverage fees nor do we pay Goods and Services tax unlike all the other provinces.
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Old 01-03-2017, 07:34 PM
 
Location: NY / Fl.
362 posts, read 296,388 times
Reputation: 715
Quote:
Originally Posted by nurider2002 View Post
These posts are giving me a false sense of security! Both my dad and my aunt thought they had plenty of money to retire and both did in their early 60s. Now that both are in their mid 90s and have had to pay for several years of in home aides or assisted living, those savings are gone. Both are now applying for "spend down" Medicaid for nursing homes. Scares the hell out of me to think how much savings I need to live for 30 or more years. They were both doing fine until about 4 years ago but once those health care costs not covered by insurance kick it, it is shocking how fast the money goes.
Glad you brought this up because it's the concern of pretty much everyone who considers retirement. If you live into your 90's that 8-10 years over the average life span that SS actuaries set. If you're wealthy then your savings, assets, etc would be used towards your nursing care. So if you work to 70 worrying about your bank account that's 8-10 years of near prime retiree age gone.They're going to use up your savings anyway as you described with your Dad & Aunt. I would save as much as possible but not let that concern dictate my life. There are safety nets for those who fall bellow a certain income level such as Medicaid homes,etc if it comes to that. A good Elder Care attorney may offer guidance. I wouldn't call it a false sense of security, more of an educated decision that gives you quality years to enjoy while you can. We're not guaranteed tomorrow, certainly not 30 more years....Good luck...
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Old 01-06-2017, 12:15 PM
 
715 posts, read 287,490 times
Reputation: 1043
Quote:
Originally Posted by Dino1 View Post
I am leaning towards retirement at 62 or 63 (am 61 now) and I am amazed at how many people have told me that if they could do it over again, they would have worked a little longer. Frankly, I am surprised. Does anyone who retired at that age have any comments, advice, regrets, etc. Would love to hear. Thanks for reading and for your time.
Retired at 62 years, 2 months and 2 days. A little over a year later now and I couldn't be happier. If you can afford it, I recommend it...
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Old 01-10-2017, 08:08 PM
 
Location: Fairfield, CT
5,842 posts, read 8,600,793 times
Reputation: 6286
Quote:
Originally Posted by johngolf View Post
I am 74 and I retired at age 62. Best thing I ever did. Time to take time to smell the roses.

I did take a part time job (16 to 24 hours per week) from age 64 to 68 but it was one of my choosing, it fit my schedule, and it was fun.
Do you mind talking about what your part-time job was, and why you chose it? I am preparing for retirement and looking for ideas.
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Old 01-10-2017, 08:56 PM
 
Location: Pa
166 posts, read 112,908 times
Reputation: 344
Wife and I both retired July 2015 at 58, we both have pensions. We sold our 3200 sq ft house on 2 acres in the county where we lived for 28 years and raised our kids and relocated to the Philadelphia suburbs in a 1400 sq ft home on a 40'x 100' lot. We don't miss caring for a large home and the land. We live in a University town with so much going on downtown. No regrets at all have been traveling and enjoying ourselves.
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Old 05-02-2019, 05:55 AM
 
1 posts, read 655 times
Reputation: 10
What's up All?
for years I had a goal to retire at 55 but, now, I am 57 years old. And been working for the same GOOD company for over 38 plus years.. this company has such a big turn over with young collage gradates making senseless discussions and upper management doing the same...

Me? I am a lead in manufacturing and I enjoy working hard, I have work hard all my life but, I have been in this cycle for a while... no one management listens, I have trying like hell to think of reasons to stay, but each and everyday it gets worse...
I have searching for others comments on retiring early but 62 is a bit far (will file at 62).

During 2008 Downturn... I changed my investments into rentals... now I have a decent passive income coming in, and a decent $401K and some cash savings.
My spouse has a med. monthly expense and I still have a mortgage balance , with the passive income. I can make ends meet. I have checking around for med. insurance for my spouse me? I hardly go to doctor only for yearly exams.
all this being said I am going CRAZY at work. I do not want to go to work for someone else and fall in the same situation? TO All I feel like in my last lap of life with good health. standing on edge NEEDING help making the leap....Thanks
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Old 05-02-2019, 07:03 AM
 
Location: Central CT, sometimes NH.
3,472 posts, read 5,142,736 times
Reputation: 3528
Quote:
Originally Posted by 57yearold View Post
What's up All?
for years I had a goal to retire at 55 but, now, I am 57 years old. And been working for the same GOOD company for over 38 plus years.. this company has such a big turn over with young collage gradates making senseless discussions and upper management doing the same...

Me? I am a lead in manufacturing and I enjoy working hard, I have work hard all my life but, I have been in this cycle for a while... no one management listens, I have trying like hell to think of reasons to stay, but each and everyday it gets worse...
I have searching for others comments on retiring early but 62 is a bit far (will file at 62).

During 2008 Downturn... I changed my investments into rentals... now I have a decent passive income coming in, and a decent $401K and some cash savings.
My spouse has a med. monthly expense and I still have a mortgage balance , with the passive income. I can make ends meet. I have checking around for med. insurance for my spouse me? I hardly go to doctor only for yearly exams.
all this being said I am going CRAZY at work. I do not want to go to work for someone else and fall in the same situation? TO All I feel like in my last lap of life with good health. standing on edge NEEDING help making the leap....Thanks
I retired early a year ago at 55. Although it would have been financially better to have worked until 60 to receive a better pension I could not do it. The job had adverse effects on my health and well being. I am currently self-employed and my schedule has big surges and lulls. I am looking to work at something, ideally a part-time 25 hour per week job with a defined schedule that fits my lifestyle.

I do not have any regrets about retiring from my old job but I do miss "working." I have a spouse who is younger, likes their job, and plans to work for at least another decade or so. The medical insurance is a big deal. Fortunately my spouse has coverage similar to the plan I had when working so that made the decision easier.

Do you have any pension from your company that you can draw if you retire now?
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Old 05-02-2019, 07:38 AM
 
2,066 posts, read 703,003 times
Reputation: 5311
Old thread but still a good topic.

I retired at 61- got sick of the toxic politics. The market has been kind to me and my net worth has increased by about 3% annually AFTER withdrawals, so I'm doing pretty well. Medicare was a blessing even with the nasty IRMAA surcharges I pay; I'd say the only unhappy surprise was the increases I kept getting in my ACA health insurance costs; between 2014 and 2017 the premiums doubled, ending at $900/month for a crappy network and a $6K deductible. Fortunately I'm in excellent health and had very little out-of-pocket in those years.

Retirement allowed me to be with DH in his final months as he died at home with support from hospice. I'm so glad I could be there for him. My only child, DS, lives 3 hours away and I can visit him and his family (soon to be a 3rd grandchild) without counting vacation days. Twice a year I make road trips to SC where my Dad and siblings live, and twice a year I do major trips. I was in the Sea of Cortez in March and will go to Hawaii in November. Being retired also gives me enough leisure time to volunteer. They LOVE me at the blood bank because I'm a plasma and platelet donor- more time-consuming but they really need it.

The LTC scenario shouldn't be too scary for me; since I'm not married (and have no plans to remarry) the scary scenario of one person in the home and one in LTC won't happen, and since my housing, travel, car and charitable contributions can all go to zero at that point, I should be able to afford whatever I need. Currently travel + charitable is about 40% of my spending!

Life is good so far and I don't regret early retirement in the least.
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Old 05-02-2019, 10:45 AM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,537 posts, read 39,914,033 times
Reputation: 23634
Quote:
Originally Posted by 57yearold View Post
What's up All?
for years I had a goal to retire at 55 but, now, I am 57 years old. And been working for the same GOOD company for over 38 plus years.. ... I have trying like hell to think of reasons to stay, but each and everyday it gets worse...


I have searching for others comments on retiring early but 62 is a bit far (will file at 62).

... I changed my investments into rentals... now I have a decent passive income ...
My spouse has a med. monthly expense and I still have a mortgage balance , with the passive income. I can make ends meet. I have checking around for med. insurance for my spouse me? I hardly go to doctor only for yearly exams.
all this being said I am going CRAZY at work.
I do not want to go to work for someone else and fall in the same situation? TO All I feel like in my last lap of life with good health. standing on edge NEEDING help making the leap....Thanks
Before you jump ship...
1) Take a couple weeks OFF / completely off... no email, no calls (Help to clear your mind)
2) Count your blessings (paid vacation / not getting fired, yet... / normality / good job (?))
3) Is there a chance for a buy-out ? Getting paid to leave + medical coverage. might be worth asking or waiting.

No crime in leaving (when you are ready and on your own terms)
Take good care of your investment properties, have an exit strategy, and a 'hold' strategy, (in case you need assistance in managing)
You might want to delay SS past age 62 if you have other income options / access to savings, and are still seeking ACA subsidies.


Healthcare options:
1) ACA subsidized (if under $65800 yr filing joint) our subsidized premiums are $3.31 (for 2) Varies by state exchange offerings
2) Healthcare sharing ministries (4 in USA) ~ $300 / month for 2 people
3) Medivacations (private pay) https://patientsbeyondborders.com/
4) Move international for HC under age 65 (several on C-D have done that)
5) Enroll in higher ed. One state I just visited still allows adults to take one class / term and sign up for medical insurance (My state disallowed 10 yrs ago)/
6) Private pay ~ $1200 - $2000 / month (savings can bridge you to age 65?)

Good luck

Leave when prepared / a benefit to you
Don't look back (you have entered a new chapter)

After age 50...many don't get the option of choosing employment departure time.

One day... Poof, GONE!
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Old 05-03-2019, 02:16 PM
 
Location: Upstate NY
35,422 posts, read 10,481,794 times
Reputation: 33450
I retired at 55, DH retired at 57, and neither one of us has ever regretted it.
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