To those who retired early: Do you feel guilty? (conversation, inherit, relatives)

[4StanleyCups]

Originally Posted by brightdoglover

I've got to ask, for those who retired "early," what do you do about health insurance? Seems that's the biggest sticking point for many people.

That's the only real problem for me (early retired too). I took COBRA for as long as I could but it was still expensive ($700/mo). After the 18 mos ran out (in 2003) I haven't had any health insurance. I pay as I go, luckily I can afford to do that UNLESS something catastrophic happens. (Doctors charge me the Medicare rate when I tell them I don't have insurance.)

Yeah I know it's gambling but it would cost at least $1300/mo (single person) and I'd rather have that 16 grand/year in the bank earning interest for me than handing it over to some insurance company.

p.s. Oh by the way, No I don't feel guilty AT ALL about retiring early.

[cdelena]

Originally Posted by brightdoglover

I've got to ask, for those who retired "early," what do you do about health insurance? Seems that's the biggest sticking point for many people.

We use a high deductible insurance plan that basically covers a major health care but helps little for day to day medical expenses.

The annual family deductible is $4000 and the monthly premium for two late 50's people is about $400 a month. It is used in conjunction with a HSA so that all out of pocket expenses are not taxed.

Since dental and vision are not covered and it is easy to spend several thousand in a year for medical, it is not cheap (I budget $12K a year for medical).

[StealthRabbit]

I pulled the plug at 49, tho planned to do it at 35. (that would have been much smarter) both of our parents had significant health issues or checked out of life pre-50. And I had elder care responsibilities from age 18 - 50, so I don't feel too bad about resting a spell.

Originally Posted by aiangel_writer

You guys are an inspiration to me. I quit the rat race ten years ago and am still working, but on my terms, ...he will probably still do some type work, but only if he wants to. His dream is to buy a bulldozer! sigh. I guess he will play with that. LOL.

Great idea on the bulldozer, I really enjoy mine (planting flowers and such...) I bought that at about age 45, and have since added an excavator, tracked bobcat, dump truck, and another tractor came home a couple weeks ago (It's gonna be a pain to move this junk ... + 28 diesel VW's...) We built homes as 'Home-school projects' and still do frequent real estate transactions. It is nice to have a bulldozer with some of the places you can get for cheap I also use it to 'tune-up' my cars when I get sick of working on them. If they give me grief; I crush them, and haul them off for scrap iron.

Originally Posted by brightdoglover

I've got to ask, for those who retired "early," what do you do about health insurance? Seems that's the biggest sticking point for many people.

one of us got a PT job with benefits ($130/month for both, and good coverage) School districts are a good source. I would have liked the job posted this last year "School Courier"... drive to each school and transfer mail, then go to bank, and you're done! Hrs 9-1... just during the school yr!

before that we did this...

Originally Posted by cdelena

We use a high deductible insurance plan that basically covers a major health care but helps little for day to day medical expenses.

The annual family deductible is $4000 and the monthly premium for two late 50's people is about $400 a month. It is used in conjunction with a HSA so that all out of pocket expenses are not taxed.

Since dental and vision are not covered and it is easy to spend several thousand in a year for medical, it is not cheap (I budget $12K a year for medical).

I'll be shopping for care outside of US, as living in Asia and Europe I found their HC to be adequate, and a bargain for the price.

[4StanleyCups]

Originally Posted by cdelena

We use a high deductible insurance plan that basically covers a major health care but helps little for day to day medical expenses.

The annual family deductible is $4000 and the monthly premium for two late 50's people is about $400 a month. It is used in conjunction with a HSA so that all out of pocket expenses are not taxed.

See now, there's the catch-22.

You can't get a high-deductible insurance plan unless you already have an HSA.

You can't get an HSA unless you're working. If you're retired, you're not working (no W2 income). Therefore, if you're retired you won't have an HSA and thus no high-deductible plan either.

At least not in here in NY.

The Health Care Choice Act was introduced into Congress in 2005 but it has gone nowhere since! This act would let individuals purchase health insurance "across state lines". In other words a NYer like me could buy a catastrophic health insurance policy offered by a company to people in Florida even though that policy isn't offered by any company licensed to sell insurance in NY. So far, that's not been allowed to happen.

There's a huge difference in cost and availability between states. From a National Review article earlier this year:

"Location matters. A health policy for a single Pennsylvanian costs roughly $1,500 annually. Cross the Delaware into New Jersey, as George Washington did in 1776, and a similar health plan costs about $4,000, thanks to government regulations."

Government in this case being states regulating what kind of insurance can and can't be sold there. The Health Care Choice Act would eliminate those barriers but do the politicians get it done? NO. They all babble on about the importance of getting everyone covered, but they can't even take one small step in the right direction.

[whowants2know]

Guilt is when you've done something wrong. The age one retires is a personal decision. How can that be doing something wrong?

Anyone who criticizes a young retiree is jealous

As long as anyone who retires at any age stays active, is comfortable with their situation, can afford to eat and have a roof over their head...I say more power to them! Go for it!!

What is so great about working? Yes, one can get health coverage...however, many companies today charge an arm and a leg for the premiums.

What is the right answer? Here is the answer: What is right is what's right for each individual.

[Tressa]

Boy you folks are making me like I missed out on something, my husband and I have always planned on retiring when he is 55 (303 days to go) after 30 years in with his job and that will make me 52. I would have loved to retire at age 40 or 45 how and heck do you folks do that, I know none of my business but just a point that I'm making, HECK DON'T FEEL GUILTY, we are all just jealous. When I retire at age 52 I will not look back, we married young had our kids young so we could plan on our second childhood but afford it this time around.

When they are so bold to ask you what you'e doing these days just tell them "anything I want" and leave it at that.

[Tressa]

Also btw, I haven't read every message in this thread but has anybody checked into AARP medical insurance? I have a friend 63 years of age, he pays AARP $498. monthly with a $250.00 deductible.

[4StanleyCups]

I'd jump at that in a minute BUT it's not available in my state (NY).

From the plan's website:

" The AARP Personal Health Insurance Plan is currently available in Alabama, Arizona, Arkansas, Colorado, Connecticut, Delaware, District of Columbia, Florida, Illinois, Louisiana, Mississippi, Missouri, Maryland, Nebraska, North Carolina, Ohio, Oklahoma, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia, and Wyoming."

That's 25 States. So it's only available in ONE-HALF of the USA.

We can thank the other 25 states' Insurance Departments for THAT state of affairs, I'm sure.

I notice a good chunk of the Northeast/New England states are missing from that list: New York, New Jersey, Massachusetts, Rhode Island and Maine. I'm actually surprised that Connecticut is on it.

Again... as per my prior rant... being able to buy health insurance across state lines would instantly solve this problem! Why not write your Congressperson and pitch a b*tch about why the Health Choice Act has gone nowhere?!

[Tressa]

Well I beleive that would be a waste of time, ink and paper.

[peggydavis]

When anyone mentions to me that I am not working at age 58, I just tell them that I got all my work done early. I worked my b*tt off all my life, raised my kids, so I don't feel one bit guilty.