Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
[quote=GeoffD;52744045]The other words are "unemployment" and "health event". Most people don't get to pick when they stop working, unless working means going from career job to low wage job.
That was it for us. We didn't choose to stop our physical but lucrative jobs---they stopped us. Then the dreaded health event(s). All part of life in the upper 50s.
So our solution was moving far, far away where those things are way different. You do what you gotta do.
Can anyone recommend a good website that might provide advise on how to calculate your 'actual' income in retirement and your actual expenses?
I was recently told to use all gross numbers to estimate my income (and then deduct taxes) and it was suggested I use ONE credit card for one month to pay for every single thing I purchase, or pay, to get a good handle on what I spend and how that's going to relate to what I take in for retirement $$. I have to ballpark health insurance costs, which I don't have yet with another program that I will move to at the end of the year.
I'd like to retire next year. I'll be 63.
I planned on never working very hard and retiring early. So I've always been very frugal. I'm not sure if I'm formally retired. I quit my job a few years back at 51 (new boss from hell) and am not sure I'll ever have another normal job. But I stay busy. Took a little contracting work and sell on eBay. I expect to sell some paintings at some point. My husband quit at 54 and he's very glad he did - especially since he had 6 months of unexpected serious health issues (thankfully over now).
ACA has been good to us. Since we "retired," our income has been low. With a low income, the subsidies are very high. We are currently paying $7 per month for a great plan. The trick is to make sure you make exactly the right income to max the subsidy. Since that income needs to be pretty low, we planned ahead and didn't put as much in a 401k, so we'd make sure not to need to take too much out in a year to live on. Actually, the hard part for us is to show enough income, but I think we can manage it. I guess we could do expanded medicaid - I'm just not sure how good that is - would be interested if any of you are on it. Our fall back plans in worst case are VA for him (we're just in a low-rated city for it but he has a high level so he gets 100% coverage) and very worst case, moving to England and use national health care until we're both 65.
i used a silver plan from 61 to 65 . it was a ridiculous price with horrible deductibles .
I originally read this as "i used a silver pan from 61 to 65". As in, you were panning for silver to make money until you reached 65. Needless to say, my first thought was .
For people who are planning to retire early there is something that many of us forget, including me. DH retired at 53, I can take my job where ever I go (semi-retired). We planned well so we could retire young enough to still be able to do things... We had just begun living out my lifelong dream of early retirement and travel and then it came crashing down. We forgot one thing, we are the sandwich generation, for some people it's kids who are getting a rough start and then there is having to take care of elderly parents who many times insist on staying home regardless of how it effects their children. Even though our parents get SS and pensions, after medical expenses and home care help they still come up short financially and for many, because the income limits are extremely low they won't qualify for the safety net.
Don't get me wrong, I thank God mom is still with us but being a member of the sandwich generation can really put a squelch on your plans. Make sure your parents have everything in place. Talking to other people who are in the same boat I found that many of the older generation didn't make the necessary arrangements or save enough money and have high expectations of their children who by the way many have 2 sets of elderly parents.
After 3 years of helping mom stay home she one day she said, you kids have done enough, I want to go to a nursing home because you can't do it anymore but talking to other people in the same boat, their parents don't seem to consider what it does to their kids. My gf's parents make plans without consulting the kids, they just take for granted that their kids are at their beck and call. I remember one women and her mother in the Dr office adding to a long list of a "do list" when the daughter looked angry and said, mom, we have a life you know. Society has forgotten the elderly so it falls on the kids who are already up to their ears with responsibility.
We love our parents dearly but you have to talk to your parents and keep them in mind as your planning.
I planned on never working very hard and retiring early. So I've always been very frugal. I'm not sure if I'm formally retired. I quit my job a few years back at 51 (new boss from hell) and am not sure I'll ever have another normal job. But I stay busy. Took a little contracting work and sell on eBay. I expect to sell some paintings at some point. My husband quit at 54 and he's very glad he did - especially since he had 6 months of unexpected serious health issues (thankfully over now).
ACA has been good to us. Since we "retired," our income has been low. With a low income, the subsidies are very high. We are currently paying $7 per month for a great plan. The trick is to make sure you make exactly the right income to max the subsidy. Since that income needs to be pretty low, we planned ahead and didn't put as much in a 401k, so we'd make sure not to need to take too much out in a year to live on. Actually, the hard part for us is to show enough income, but I think we can manage it. I guess we could do expanded medicaid - I'm just not sure how good that is - would be interested if any of you are on it. Our fall back plans in worst case are VA for him (we're just in a low-rated city for it but he has a high level so he gets 100% coverage) and very worst case, moving to England and use national health care until we're both 65.
It is much better to have a high net worth and low adjusted gross income.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
. 
