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Old 08-05-2019, 09:18 AM
 
Location: Ypsilanti, MI
2,475 posts, read 3,693,259 times
Reputation: 4857

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Quote:
Originally Posted by beezle1 View Post
My question is this.... After working and saving our entire lives up to now, how do we transition emotionally to living off our savings? It seems like it will be discouraging to see our savings going down instead of up.
Yes, I have the same feelings. My wife's position is "Why the heck did we save for 40 years if not to be able to spend the funds in retirement?"


I have run our numbers through all the retirement forecasting scenario tools that I have found. All show our savings continuing to grow in retirement. So this concern is needless fretting on my part, and only some pre-retirees can understand the concern. My millennial co-workers think I am crazy when I say spending your lifetime savings is a mental/emotional barrier that pre-retirees must overcome to enjoy their retirement.
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Old 08-05-2019, 09:19 AM
 
Location: NYC
2,971 posts, read 1,617,694 times
Reputation: 8018
My Cobra to continue my plan after the job was ridiculously expensive, couple hundred dollars more per month than a Silver ACA plan for an individual.
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Old 08-05-2019, 09:27 AM
 
3,755 posts, read 3,161,993 times
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Quote:
Originally Posted by GeoffD View Post
geezer 50-somethings
This made me laugh out loud. Kids these days.
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Old 08-05-2019, 12:44 PM
 
Location: Scottsdale, AZ
7,963 posts, read 4,875,402 times
Reputation: 29127
Quote:
Originally Posted by BBCjunkie View Post
I am curious as to what COBRA costs nowadays.
We were quoted $1,690/month for medical, dental and vision. I'm a little sorry we didn't take it. I hate like hell relying on Medicare and a strange, unproven provider.

But my former clinic in the Bay Area says they take Medicare and they've had me as a patient for 15 or so years, so I'm back in California now for the time being to see my specialists.
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Old 08-05-2019, 05:10 PM
 
1,747 posts, read 615,687 times
Reputation: 3261
Quote:
Originally Posted by fluffythewondercat View Post
We were quoted $1,690/month for medical, dental and vision. I'm a little sorry we didn't take it. I hate like hell relying on Medicare and a strange, unproven provider.

$1690 per person for COBRA medical + dental + vision sounds pretty much comparable to the $1400 - $1500 per person for a pre-Obamacare medical-only Individual policy here. I am guessing that Vision = yearly vision/glaucoma checkup plus one pair of prescription glasses every one or two years? It's been 18 years since I last had vision coverage and IIRC it was one prescription eyeglass pair every two years.


I'm confused about "strange, unproven provider" though. Would you have been able to see a 'known' provider with COBRA but not with Medicare?
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Old 08-05-2019, 06:10 PM
 
Location: Scottsdale, AZ
7,963 posts, read 4,875,402 times
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Quote:
Originally Posted by BBCjunkie View Post
I'm confused about "strange, unproven provider" though. Would you have been able to see a 'known' provider with COBRA but not with Medicare?
Since we are (mostly) living in Arizona, I have no direct experience with healthcare facilities there. I go by the ratings.

Our COBRA would have been a continuation of the Cigna plan we already had through DH's employer. It's accepted at the Mayo Clinic in Phoenix because they're in network. They don't accept Medicare as a primary in their Arizona facilities as they are completely overwhelmed with new retirees. I was told I could still see a practitioner but would have to pay out of pocket. And that they would have accepted me if I had other insurance as my primary and Medicare as my secondary.
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Old 08-05-2019, 10:09 PM
 
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
22,785 posts, read 40,216,626 times
Reputation: 24050
Quote:
Originally Posted by MI-Roger View Post
Yes, I have the same feelings. My wife's position is "Why the heck did we save for 40 years if not to be able to spend the funds in retirement?"


I have run our numbers through all the retirement forecasting scenario tools that I have found. All show our savings continuing to grow in retirement. So this concern is needless fretting on my part, and only some pre-retirees can understand the concern. My millennial co-workers think I am crazy when I say spending your lifetime savings is a mental/emotional barrier that pre-retirees must overcome to enjoy their retirement.
More should aspire to FIRE (or run the numbers earlier in career).

We plan to spend to ZERO (or near -enough), not interest in 'ADDING' to savings... Just wish I had 'replaced' my wage income at age 16 - 20, then I would never have slipped into the 'Saving-for-retirement' rut. It is really 'captivating for many', as in their 40 yr career goal.

Followed by, "HOW Much can I leave for Jr.?"

My jr's best be 'figuring-it-out'!
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Old Yesterday, 04:18 AM
 
Location: Ypsilanti, MI
2,475 posts, read 3,693,259 times
Reputation: 4857
Quote:
Originally Posted by StealthRabbit View Post

My jr's best be 'figuring-it-out'!
You can lead the horse to water. You can lead by example. But parents can't do their childrens' retirement saving for them.
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Old Yesterday, 04:21 AM
 
72,417 posts, read 72,342,482 times
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Quote:
Originally Posted by MI-Roger View Post
You can lead the horse to water. You can lead by example. But parents can't do their childrens' retirement saving for them.
we can only teach so much .... my son earns a fabulous income and his wife is a cpa and runs the tax dept at a popular hedge fund ..but she is anti equities so while they do save , that money is growing at a snails pace .

i gave up trying to educate her on the subject .
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Old Yesterday, 06:35 AM
 
1,747 posts, read 615,687 times
Reputation: 3261
Quote:
Originally Posted by fluffythewondercat View Post
Our COBRA would have been a continuation of the Cigna plan we already had through DH's employer. It's accepted at the Mayo Clinic in Phoenix because they're in network. They don't accept Medicare as a primary in their Arizona facilities as they are completely overwhelmed with new retirees.

Ah, I see. I had no idea that a high profile provider such as Mayo would not accept Medicare as primary, but in context now I can see why.

Makes me wonder if other very-popular retirement locales have similar situations re: Medicare and whether most retirees factor that in to their relocation choices. When I was considering relocation during my late fifties it never crossed my mind, to be honest.

Thanks for explaining.
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