COVID lockdown strikes again.

[Cosmic_Charlie]

When my Dad retired and started collecting his Navy pension, pension from the college he taught at and his social security along with my mother's, they got more money every month than when they were working. Their's was the last generation that will be able to pull that off. Plus they are both covered for medical. They are still living and have been enjoying retirement for over 20 years.

With no pensions and no medical coverage retirement will be much leaner for my wife and I. No regrets though, we have really enjoyed ourselves and our kids.

[Thundarstick]

Medical insurance premiums is a BIG sticking point to many early retirement plans! They're bringing in enough cash to live on, but not enough to pay a for a huge monthly insurrection premium. My plan is to retire early, but buying insurance until Medicare kicks in will be a huge factor when the time comes.
To the OP. What job did your wife hold? My wife's an RN that time is taking its total on, and she is looking to change from ER work to something less physical.

[MrWolf]

Remember also that good health is not guaranteed. Getting hurt and having to collect SS Disability vs what you were earning can be a significant difference. If possible look into a reputable disability plan.

[Scott.M]

The catch is so many people seem to believe they are going to live for ever, so they wait. Screw that.

[popper]

Just be careful if you (she) takes cobra and doesn't get the pharm adder - they will ADD for life!

[Cosmic_Charlie]

I call it medical larceny. Don't get me wrong, we have superb doctors and nurses. But the Healthcare conglomerates are vultures.

[jdfoxinc]

She is in IT. She has gotten several calls from former supervisors and co-workers with job leads. First interview tomorrow. I posted originally because I'm going through a medication change that is causing my depression to spike and being told she was being laid off sent me spiraling.

[Thundarstick]

IT is IT whether it's in a health care setting or financial setting, it's IT. I'm thinking there's a job out there for her. Take care of yourself, yes sometimes expressing it to strangers is better than worrying alone. I leave a lot of my cares at God's feet, but share a bunch of them as well.

[dangitgriff]

Best wishes for you both.

[jdfoxinc]

It's been an emotional rollercoaster, now my wife asked me what I think about her taking a position for the same money starting in a couple of weeks? Her severance would continue till Dec. 31., PTO still paid out lump sum, plus new salary coming in. Maby I will be able to die debt free.

[cp1969]

Debt-free and took SS at 62. I've actually accumulated money in retirement. Have had good health my whole life, so I went without health insurance from 62 to 65. So did my wife.

Being debt-free going in is probably the most important thing.

[Huskerguy]

Sounds like some things are coming together for you. Blessings for that.

Several comments about health insurance. I left a public sector school administration job to work in non profits with low pay and no health insurance.

Some may know about the health cost sharing organizations grandfathered under the affordable care act. Medi Share, Samaritan are two that come to mind, there are more. They aren't traditional insurance but cost sharing. I had it for several years and it worked great. There are limitations so check them out. Bottom line is no one needs to go without.

[Scott.M]

Sounds like some things are coming together for you. Blessings for that.

Several comments about health insurance. I left a public sector school administration job to work in non profits with low pay and no health insurance.

Some may know about the health cost sharing organizations grandfathered under the affordable care act. Medi Share, Samaritan are two that come to mind, there are more. They aren't traditional insurance but cost sharing. I had it for several years and it worked great. There are limitations so check them out. Bottom line is no one needs to go without.

No offense, but who cares about the Affordable Care Act when choosing one.

[dangitgriff]

I’m pretty sure the democrats in Congress will keep trying to restore the mandatory buy-in for the ACA. This is nothing short of socialism...and we can’t afford any more government intervention. The ACA needs to be repealed in whole form.
R/Griff

[dtknowles]

I’m pretty sure the democrats in Congress will keep trying to restore the mandatory buy-in for the ACA. This is nothing short of socialism...and we can’t afford any more government intervention. The ACA needs to be repealed in whole form.
R/Griff

So you want to go back to people being denied health insurance because of pre-existing conditions?

Tim

[jdfoxinc]

I will lock this thread if this discussion continues.

[Idz]

Before I retired several years ago I did a baseline calculation of the bare minimum income to survive. With no mortgage and looking at just food, utilities, medical insurance + copay, car insurance, house insurance, property taxes, and property maintenance I was shocked our baseline expenses were only $12,000/yr and nowhere near the 70%+ of pre-retirement income a lot of financial planners insist is necessary. If people eliminate the frills they can survive quite cheaply. We decided years ago that an 1800 ft2 older house was more than adequate for us and we didn't need a fancy expensive place. I'm the maintenance man since I've done that my entire life and I found that a lot of the 'licensed professionals' know less about systems they are 'certifed experts' than I can learn myself. That ability alone saves us $1000's per year. I highly recommend doing your own financial analysis and you'll likely be surprised.

[dangitgriff]

Absolutely correct, Idz.

[dangitgriff]

I will lock this thread if this discussion continues.

Anyone interested in an open discussion about the ACA can join in on the thread I just started.
R/Griff

[Txcowboy52]

I'm with you Scott ! Im counting the days down, 15 months good lord willing and I'm hanging it up ! 59 1/2 the wife can retire about 6 months before me. She is going to try and hang in until I hang nit up, but everyday she hates her job more and more.