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Spouses are included. Workers carry the exact same benefits into retirement, as when they were working. Even optical and dental are covered, since the employer continues to contribute the same amount to the union's Welfare Fund whether you're active, or retired. That fund also covers everyone's co-pay reimbursements at the end of each year.
Congratulations, that is excellent! And, very rare these days I think. Healthcare is one of my biggest worries, but I refuse to just keep working to pay for it. It's like, work yourself to the point of illness so you make sure you really need that good health coverage you are working for. Many of my co-workers would retire if they had health coverage between retiring and age 65 (medicare).
How can your health insurance costs be the same? Assuming you are in the USA you are not old enough to qualify for Medicare. Assuming you were covered by employer's plan pre-retirement. Health care costs are the biggest hurdle by far for most people.
My healthcare costs stayed the same immediately after I retired. We moved back stateside and lived near a military base. My spouse and I along with all of our children were all treated on-base for 'free'.
Four years later we moved far away from military bases and went onto a regional Tricare underwriter called Martin's Point. Now I pay an annual enrollment fee and co-pays on my office visits and meds. On the other side though, on-base we were normally treated by Hospital Corpsmen/medics. Whereas today we are only treated by MD doctors.
I will have been retired for over 23 years before I finally reach medicare age.
I live on $2000 a month net with 50% of that going to an apartment.
I grew up poor by American standards so living on this is not that traumatizing as I am sure some of you are in a state of shock that anyone could live this life on that.
I also pay my medical $139 a month includes generic scripts (thank you Obamacare).
I retired at 58 post divorce. I still have a part time job as a substitute teacher and will continue that gig for as long as my health holds out. I see ALOT of people doing this gig to supplement their income.
The one big thing that has killed my budget is housing. So when I find myself at the end of my lease I will be moving to Section 42 housing where I will find about a $2500 bonus by moving there. Would have done it three years ago but I was too dang egocentric to see myself where almost everyone else is in their 70s and 80s.
Well I am now 62 and about to receive my first SS check. The handwriting is on the wall. Anyhoo, I plan to do a cash only business of taking care of said older gen with light house keeping, dog walking etc. My market will be where I live. Can't beat that and it will pay for some international travel while I am young enough to enjoy it.
Subbing gives me time off when it is good to have time off. Weekends, nights, holidays, and SUMMER VACATION.
My other expenses have stayed the same (well before I married up for eight years into the 1%s). Now I am back to being a normal human.
I inherited my Scots mother's ability to make a penny scream so I will be alright. No one would believe I live on so little by how I present myself. People do it all the time. Shabby chic!
Oh yes, I took a hit on health care. $100 more a month but with a low deductible. So yes, healthcare and shelter are the big ones.
In answer to your question....no real changes except for shelter and health insurance. I live modestly though.
I am only seven weeks in and find myself in a totally weird and new state of mind. No longer seeking the latest fashions, getting rid of professional wardrobe (fwtxcitywoman on ebay) and just not wanting to spend like I used to.
Just don't want anything. It is like retirement was my reward and I am satisfied at last.
TMKSarah, I'm very impressed that you have maximized your resources so efficiently. Being talented on the spending side is in some ways a superior skill to bringing in more revenue. With the advent of your social security checks, you will receive a nice raise, so that should improve your standard of living.
TMKSarah, I'm very impressed that you have maximized your resources so efficiently. Being talented on the spending side is in some ways a superior skill to bringing in more revenue. With the advent of your social security checks, you will receive a nice raise, so that should improve your standard of living.
I am only seven weeks in and find myself in a totally weird and new state of mind. No longer seeking the latest fashions, getting rid of professional wardrobe (fwtxcitywoman on ebay) and just not wanting to spend like I used to.
Just don't want anything. It is like retirement was my reward and I am satisfied at last.
just a word to the wise, keep a couple of professional outfits/suits, a few business casual outfits too. I wear jeans and a T-shirt about 95% of the time, but my options were garden work casual, or suit and tie. I have found there is still a need (albeit rarely) that I need to "dress up" and had to get a couple new outfits this year for those few occasions.
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Many of my co-workers would retire if they had health coverage between retiring and age 65 (medicare).
