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I am a PhD-level professional, aged 61, with a lucrative career in my chosen profession. I've been doing this for 30 years and I'm worn out/burned out. My husband, aged 60, is also a PhD-level professional, still happy and engaged at work. We have just over a million dollars in savings/investments, own our home free and clear, and have no debt or dependents. The main thing that keeps me from retiring right now is the prohibitive cost of health insurance (he is on mine, and has none at his job).
A wild idea, or so it seems to me: what if I chucked it all, and just took a part-time job in a retail field that I would enjoy (related to my interests and hobbies), that included health insurance? I realize we're talking maybe $9.00-$10.00/hr, and I'm used to low six figures. But my husband makes nearly that much, and we know how to live frugally. I think I would actually be happier, would enjoy the more flexible schedule, and would still have health insurance.
I don't think the idea is crazy, but there is one thing I would consider very carefully: How secure would your "new" job in retail be? If you are laid off before your husband turns 65, it's not the nugatory income you would miss, but the health insurance, the very reason you took that job in the first place. Tread carefully.
I am a PhD-level professional, aged 61, with a lucrative career in my chosen profession. I've been doing this for 30 years and I'm worn out/burned out. My husband, aged 60, is also a PhD-level professional, still happy and engaged at work. We have just over a million dollars in savings/investments, own our home free and clear, and have no debt or dependents. The main thing that keeps me from retiring right now is the prohibitive cost of health insurance (he is on mine, and has none at his job).
A wild idea, or so it seems to me: what if I chucked it all, and just took a part-time job in a retail field that I would enjoy (related to my interests and hobbies), that included health insurance? I realize we're talking maybe $9.00-$10.00/hr, and I'm used to low six figures. But my husband makes nearly that much, and we know how to live frugally. I think I would actually be happier, would enjoy the more flexible schedule, and would still have health insurance.
Pros? Cons? Do you think this is a crazy idea?
Good luck finding a part time job that offers health insurance.
Part-time employees usually do not qualify for employer health care coverage. I think you should explore what the cost would be to get individual coverage for the both of you.
Since your husband makes nearly as much as you currently do (low six figures) and your house is paid for, you could buy health insurance through Obamacare on your own.
And then you can retire in peace and enjoyment without taking a low level low wage job. I realize Obamacare could be changing, but still whether it stays or leaves, I think you could afford the health insurance. And you only need to pay for insurance for the next 4 or 5 years when you both hit Medicare age.
I considered going back to work and looked at the wage vs taxes vs time commitment, and basically would be working for free, plus the time and scheduling limits created by holding a job ( I was considering teaching at a very rural high school 5 minutes from the house). I would jump from just under $80k to just over $100k but between state and federal income tax rate bracket increases would add about $11k to my tax liability, so working was not worth the trade offs for me. Why not just retire, and have the health insurance purchased from your husband's income until you get closer to Medicare age? My bet is, if your burned out at your current job, a low paying low power position employment situation simply to avoid health insurance costs is not a viable solution for you.
Since your husband makes nearly as much as you currently do (low six figures) and your house is paid for, you could buy health insurance through Obamacare on your own.
And then you can retire in peace and enjoyment without taking a low level low wage job. I realize Obamacare could be changing, but still whether it stays or leaves, I think you could afford the health insurance. And you only need to pay for insurance for the next 4 or 5 years when you both hit Medicare age.
I agree and I think a part time retail job would not fit the bill. Weekends, evenings, irate customers ETC.
Since your husband makes nearly as much as you currently do (low six figures) and your house is paid for, you could buy health insurance through Obamacare on your own.
And then you can retire in peace and enjoyment without taking a low level low wage job. I realize Obamacare could be changing, but still whether it stays or leaves, I think you could afford the health insurance. And you only need to pay for insurance for the next 4 or 5 years when you both hit Medicare age.
Even a bare-bones bronze policy costs about $1500/mo where we live. Coverage similar to the excellent coverage we have now would be more like $2400/mo. i just can't see doing that for 4 or 5 years.
Even a bare-bones bronze policy costs about $1500/mo where we live. Coverage similar to the excellent coverage we have now would be more like $2400/mo. i just can't see doing that for 4 or 5 years.
You have plenty of money. Particularly with your husband's high salary. And your large million dollar savings and your house all paid for. You can definitely afford health insurance. Unless there is something you are not saying.
People who have much less than your incoming money and assets can buy health insurance on their own. (and not with a subsidy)
You can definitely quit your job which is giving you various levels of emotional pain!
You have way more to live on the rest of your lives than the vast majority of people. And you'll both be getting Social Security, yes? (or if not Social Security, then something similar?)- so that's another source of incoming money in the future.
I think you're being too worrisome. Congratulations on accumulating so many assets.
Last edited by matisse12; 04-30-2017 at 03:40 PM..
I think your logic is poor. You are both Phd's earnings big salaries and ask if you can quit your job and take a part time job with out giving us the facts that are needed. The missing facts are my main complaint. You should be well versed in statists and analysis.
Lets say the million dollars gives you an income of 40,000 a year. Lets say you will live for another 40 years. Will the 40,000 be able to keep up with inflation? You have to provide us your current expenses, how they will change in retirement, ss benefits, pensions etc etc.
I do not think your plan will work. Start looking for your retail job with health insurance. I would test the possibility before retiring.
Did you look at ACH? What is the problem with using that insurance?
I would see if you can start to phase out of your current job, retain health insurance and cut back on your work load and salary.
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