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Yes it is a maze. If your employer has 100+ employees, they are considered a large employer so you don't need to sign up for any letters of medicare. That is my understanding.
I wasn't scared but my wife was. I worked out the numbers on paper with graphs and everything to convince her that we were going to be OK. She was still reluctant but took the leap clutching my spreadsheet and graphs to her heart and we were fine. If my numbers were bad or it didn't pan out as I planned, I never would have heard the end of it. We both found part-time jobs and that made it easier for her. I figured I had convinced her with my superior reasoning. I found out later that she had squirrelled away an emergency fund of $11,000 (somehow) which probably was the deciding factor.
Yes I am *terrified* to retire. Never our goal. No pensions. Being extraordinarily self sufficient while earning low wages our entire lives resulted in a minuscule savings. My very p/t wages with a little Social Security are adequate for now. Hubby will be on a small SS check in 1 yr and my Social Security will mostly go towards the cost of our healthcare at that time. Cashed out our retirement investments to purchase 25 acres of property with a ranchhouse & two fixer upper cabins. Our grown children & spouses live in those cabins slowly upgrading., Our grandson, his wife, grandkids are building their home here. Their rent is currently $1700 a month! They look forward to having no rent payments. Family will surely care for us to some degree during our "golden years". Bummer we have no health coverage for the next couple years yet we are very healthy consuming mainly what we grow or raise. My former employer of 11 yrs covers teeth, eyes, & any medicines needed for $30 a month plan contributions. House rich, cash poor is what I'd call it
If you are that low-income, Obama-care should be affordable for you. Before we left the States, for both of us was only $125.
Sounds like you have figured out a reasonable retirement that works with your income. Good for you. Do you think you can keep working the 25 acres as you age?
We retired on a LOT less than most here. Sure, it was scary in a way but after a talk with a financial advisor, we felt good about it. We aged out of our jobs anyway, so it wasn't really a choice.
We settled on a condo on the beach, but sometimes I do miss having acreage, gardens, horses, pets.
But not the work that entails...
In a bit over a year I will be 62 and can claim early SS if necessary. I have a small pension where I work, and savings. But it is scary, because I know once I make the leap there is no going back. I can't get the same kind of job with pay, I would not fund the pension and I would not have tax differed savings through the pension. Were you scared to retire?
I was afraid, but at the same time I was exhausted. No kidding. For months after I retired I fell asleep every time I sat down.
But we had "practiced" for it. We figured out how much we would make while retired and lived on that much for many months before the big day. I call it a seamless retirement.
I was actually scouring the archives for a (refreshing) retirement thread that wasn't all "ISN'T RETIREMENT AMAZING?" They are not surprising hard to come by... Your post was as close as I got... It seems that those of us who don't regard it as an unmitigated dream come true, something akin to winning the lottery or dying and going to heaven, but rather a life change with both good and bad aspects and not without risk, are few and far between. Now to check out "I Give Up. Going Back to Work!"
I loved my job in natural resources when working with the fish I reared and doing projects to make the operation more efficient and encourage tourism, but at the end, I hated how political the job had become. I was probably more relieved then anything. I miss working with fish, but all I hear these days are horror stories about upper management getting way too involved. Retirement has been great!
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