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Old 10-21-2010, 01:53 PM
 
35,317 posts, read 46,738,003 times
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Retirement may be a nice option in life, but if giving up your job to do it means no healthcare and and no money then i'd be working until i can no longer physically work..
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Old 10-21-2010, 03:41 PM
 
8,265 posts, read 11,428,170 times
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That is indeed one of the biggest challenges in retiring early since one has to pay for private health insurance and there are so many unknowns about what it will cost in the future. I might be ready to retire now and be fairly confident I'll be able to afford rent in Phoenix AZ in five years from now but healthcare? Hell if I know.

To bridge the gap between early retirement and medicare years (65?) many early retirees do a quasi-self-insure by getting extremely high deductible policies, you'd be surprised at how reasonable rates are with a 10k annual deductible. If you are healthy and have enough money it can work, but with anything chronic or even a string of bad luck that would get expensive very quickly.
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Old 10-21-2010, 04:24 PM
 
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we have a 5000.00 deductable,.. we pay under 4k for insurance .. i put 7000
in the health ira ...after 2500 each in deductables we are fully covered . no co-pays either... if we opted for regular insurance it runs about 10k a year for us,... this is a fabulous deal for us as we dont spend much in medical a year and even if we hit the 5k its still cheaper then regular insurance.
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Old 10-21-2010, 04:34 PM
 
8,265 posts, read 11,428,170 times
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Yeah I run it thru ehealth.com all the time, if the wife and I retire when I'm 46 a 10k deductible will be somewhere around $200-$300 per month for both of us. Doable, plus willing to travel overseas for routine but expensive procedures.
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Old 10-21-2010, 05:01 PM
 
Location: San Jose, CA
7,688 posts, read 27,355,255 times
Reputation: 3600
I have a different kind of perspective on this because I'm a young pianist and piano teacher who loves the profession. That's something that you can easily do until you croak, be happy with it and not get outmoded by the passage of time. It's much more important for someone like me to have good insurance and a stable home than a fat retirement account, because when I reach "retirement age," I'll still be happily working, earning more than ever, and as a result, I won't see any actual tax benefits from the long-term tax deferral. A Roth might be better, but frankly, by the time I would see any benefit from it, it wouln't even matter anymore. Better to save on my own terms and buy things along the way that make life simpler, a house and a nicer piano, and the like.

For the majority of workers, they have a big government-funded tax loophole in the IRA program and they should take advantage of it. But we shouldn't assume for a minute that it's the right solution for everyone. Lifestyles differ. Some people like to pay as they go, move around, and improvise their own lives as they happen, without being beholden to the usual dreary lockstep career path of the typical wage slave. They just go where they like and do what they do. It's different for sure, but there's nothing wrong with it.
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Old 10-21-2010, 05:23 PM
 
Location: Lincoln County Road or Armageddon
4,348 posts, read 6,267,273 times
Reputation: 5997
Quote:
Originally Posted by Spokanejobseeker View Post
Vaughn,

We don't need a draft. My generation isn't a bunch of spineless hippies who burned a doobie in one hand and their draft card in the other.

Rangers Lead the Way!
I feel sorry for you, dude. You've got all the bigotry and inflexibility of an angry old man. Maybe you'll learn not to generalize so much when you get older, but I doubt it. I imagine you'll end up as one of those old geezers shaking his fist at the kids on his lawn. Good luck on that job search.
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Old 10-22-2010, 07:02 AM
 
Location: Kentucky
470 posts, read 989,482 times
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Quote:
Originally Posted by vaughnwilliams View Post
I feel sorry for you, dude. You've got all the bigotry and inflexibility of an angry old man. Maybe you'll learn not to generalize so much when you get older, but I doubt it. I imagine you'll end up as one of those old geezers shaking his fist at the kids on his lawn. Good luck on that job search.
I'm not looking right now. I just got back from a contract in Central Africa. I'm good for a while. I'm enrolled in school getting my Masters now. I just browse these forums looking for Baby Boomers to blast who try and blast my generation for not having any work ethic.
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Old 10-22-2010, 08:11 AM
 
Location: Lincoln County Road or Armageddon
4,348 posts, read 6,267,273 times
Reputation: 5997
Quote:
Originally Posted by Spokanejobseeker View Post
I'm not looking right now. I just got back from a contract in Central Africa. I'm good for a while. I'm enrolled in school getting my Masters now. I just browse these forums looking for Baby Boomers to blast who try and blast my generation for not having any work ethic.
Who said your entire generation has no work ethic? The example I used pertained to the 30 somethings I work with and said nothing about work ethic. I work in a field where long term experience counts and isn't something that can be grasped immediately-a lot of my job is instinctive, if that makes any sense. That's not a knock on anybody in particular-it's just the way it is. I know for a fact that those of "The Greatest Generation" thought I was an idiot when they were teaching me.

My kids are probably around your age, so I'm quite sensitive to what the future may or may not hold for them. I have no answer for them when they ask me what I think their long term employment goals should be-any loyalty between employer and employee has virtually disappeared along with the practice of working for one employer until retirement. Whole industries have vanished and even white collar jobs are being outsourced at an ever increasing rate.
Don't blame all Boomers-I've fought the good fight for all working people since I picked up my first tool, and that includes your generation and the next one.
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Old 10-22-2010, 04:25 PM
 
Location: Los Angeles, Ca
2,884 posts, read 5,498,610 times
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Quote:
Originally Posted by jimhcom View Post
I agree with you on the subject of substandard schools, but the problem goes beyond that. Earlier generations learned to be more self sufficient because they spent more time on their own out in the world.
When I was growing up most parents had little knowledge or concern for where their kids were or what they were doing.
Today parents are afraid to let their children play outside, and could not tolerate not knowing where they were.
As far as competition for jobs goes, it has always been difficult for young people to get jobs and we had recessions in the 60's and 70's too. With the baby boomers entering the workplace in the 60's and 70's there a lot of competition for jobs.
The thing we did not have to compete with was 20 million illegal aliens who have taken many of the jobs in construction, food service, and other jobs traditionally used for entry to the workforce.
Look at this chart.

Working seniors outnumber teens in labor force - SFGate

Steadily rising teen employment for decades. It wasn't always so difficult to get a job. Then the trend is reversed. Offshoring, outsourcing. + substandard schools that don't teach teens anything. The 65 and older generation saw things changing as far back as the middle 80's, or 1987/88. That's when the wealth spigot started to dry up. Inflation running faster than cost of living increases. Illusory wealth in the 90's. Phantom home wealth in the 2000's.

I agree kids now are too locked up at home, playing videos games and being on the internet. This generation is learning dependency on every front. Dependent on a home. Dependent on a box to entertain you. Dependent on the school system that doesn't know anything. Dependent on making sallie mae payments every month.

Previous generations weren't so tied down. How many people were tied down in the 60's or early 70's with loans as far as the eye can see?
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Old 10-22-2010, 04:35 PM
 
Location: Great State of Texas
86,067 posts, read 78,562,612 times
Reputation: 27667
Many boomers had money plowed into RE. Their home was their retirement money. The stock market was also retirement money.

Both down big time. Not too much "retirement money" left so they have no choice but to work.

I think the ones that can retire early are the ones that lived below their means and invested conservatively compared to others that rode the heights of the stock market. I also think those folks are in the minority which won't help the unemployed youth looking for work.
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