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Couldn't agree more, as I found myself in nearly that exact situation, with my primary set to eventually become secondary to Medicare. As a result of contract negotiations, I only had to contribute a small percentage toward health care during the last few years of my career, with the stipulation that the contributions would end upon retirement. Now, I enjoy the same level of coverage that I did while working, without any cost. Huge.
As noted above. We are in the same situation and I am cautious because financial stress is there. If you live in a high state and local tax area, the new tax law will put even greater stress on the ability to afford providing retiree health benefits if the employer is in the public sector.
Location: We_tside PNW (Columbia Gorge) / CO / SA TX / Thailand
34,886 posts, read 58,541,065 times
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While it was a corp raider who grabbed my continuing (?) company benefits (after 32 yrs service), It was the US Fed Gov that removed ALL my affordable HC options.
Risks abound (especially with US GOV)
Gotta be flexible and creative (and healthy, as is possible). Lost another sub age 60 (previous) co-worker today (2nd in a week)
My insurance was good but it is changing this year to one that is nearly the same as my wife's plan. Since she is younger and plans to work longer we will both be moving to her plan once I retire. This made my decision much easier.
As noted above. We are in the same situation and I am cautious because financial stress is there. If you live in a high state and local tax area, the new tax law will put even greater stress on the ability to afford providing retiree health benefits if the employer is in the public sector.
I live in Westchester County, NY, which is one of the more affluent and highest taxed counties in the country. As I approached retirement, they were altering pension structure and healthcare for the new hires as they occurred, as a preemptive measure to avoid issues in providing these benefits.
One reason I tolerated my less-than-thrilling job all these years. Gap insurance, even when you retire as early as age 45 (I didn't, alas) which then turns into supplemental once you're on Medicare. That's huge.
None of my beeswax, of course - but what was your career, and where did you pursue it?
I have a twentysomething son who looks like he's growing up and becoming serious about his future. I, as an engineer, am risk-intolerant. He is not. IMHO, one of my jobs is to tell him about the various routes to earn a living that lead to positive outcomes in one's retirement years. Personally, I'd love for him to pursue a career that has a pension at the end of it.
He's too green to understand the importance of financial security. But I am bound and determined at least to educate him on how to go about it. I'm thinking that repetition here is key. Like advertising - nobody notices a marketing piece or an ad until they've seen it seven times (or so I read).
None of my beeswax, of course - but what was your career, and where did you pursue it?
I have a twentysomething son who looks like he's growing up and becoming serious about his future. I, as an engineer, am risk-intolerant. He is not. IMHO, one of my jobs is to tell him about the various routes to earn a living that lead to positive outcomes in one's retirement years. Personally, I'd love for him to pursue a career that has a pension at the end of it.
He's too green to understand the importance of financial security. But I am bound and determined at least to educate him on how to go about it. I'm thinking that repetition here is key. Like advertising - nobody notices a marketing piece or an ad until they've seen it seven times (or so I read).
Thanks in advance!
Government cog. Boring, but secure. I didn't "follow my dream," as all young people are being urged to do today (back in my day, you just got a j-o-b), but I will get a pension with benefits.
Pensions, with early retirement supplements, continued health care coverage, & social security, made it possible at 57 & 55. I claimed Social Security at 62 before DW reached 55.
How do you manage that last part? Most people accept that their income will be reduced by as much as half in retirement (versus working life).
Just from Savings investments.
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