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Re: Early retirement [go so slow] [ In reply to ]
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I took an early retirement at 55 because work sucked and finances allowed it. Never regretted it. Health insurance cost before medicare age is a lot bigger problem today and would undoubtedly change the decision. Whatever age you decide for retirement, try to not put off that big trip or adventure or season of hard training until after retirement. Health issues (yours or spouse's) have a way of interfering with plans at retirement age.
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Re: Early retirement [BHannahs] [ In reply to ]
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For those of you who have retired early, what are you doing for heath insurance? That seems to be one of the bigger out of pocket costs when you are not covered under a company plan and you are too young for Medicare.

Good question. Seems like a surprisingly large number of folks in this thread are retiring early. The costs of early retirement are really substantial. Besides health insurance, are folks really in a position to absorb a major crash, without income to reinvest? The only reason we can conttemplate retiring a few years early is because of astonishing good fortune, which could still reverse itself pretty easily, and I will probably keep working 3/4 time to keep health insurance.
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Re: Early retirement [BHannahs] [ In reply to ]
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BHannahs wrote:
For those of you who have retired early, what are you doing for heath insurance? That seems to be one of the bigger out of pocket costs when you are not covered under a company plan and you are too young for Medicare.


Making assumptions on my behalf as I am in the 55 year old crowd goal. Currently, at my company, there still is retirement health care as long as you hit 30 years. At least at the moment... I will be able to tap into that, although not as cheaply as I do as a current employee. That assumes I stick with the company for another 19 years to hit 30.
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Re: Early retirement [shoff14] [ In reply to ]
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shoff14 wrote:
BHannahs wrote:
For those of you who have retired early, what are you doing for heath insurance? That seems to be one of the bigger out of pocket costs when you are not covered under a company plan and you are too young for Medicare.



Making assumptions on my behalf as I am in the 55 year old crowd goal. Currently, at my company, there still is retirement health care as long as you hit 30 years. At least at the moment... I will be able to tap into that, although not as cheaply as I do as a current employee. That assumes I stick with the company for another 19 years to hit 30.

well...you CAN buy decent coverage on the Obamacare exchanges though it IS quite expensive. The trick is to have a rather large investment nest egg that's at least statistically robust enough to withstand a crash while allowing you to continue to draw at a safe rate without portfolio failure. That draw amount should include whatever your expect to pay for said health coverage. Current premium subsidy calcs don't consider your wealth so as long as you draw a reasonable amount your policy cost would actually be offset and likely reasonable. The math gets a murky but those of us who contemplate retirement 25 years before "normal retirement age" are in the 'remarkably fortunate' camp to have an income sufficiently high enough to build that crazy portfolio early.

The other kicker is that even "reasonable" in terms of a total premiums seems like a ridiculous amount of money to most people - because most people have no idea what decent coverage actually costs as it's largely picked up by employers (or the gubmint). For reference - even a crappy high deductible plan with a 10K deductible costs 22K/family/year. My employer also offers a good plan with low deductibles and copays that costs a whopping 19K/individual/year. So yeah - you can do this but have an extra 500K ready to draw just premiums from ;)
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Re: Early retirement [Mike D1] [ In reply to ]
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Mike D1 wrote:
Was sure I'd work till at least 65, but the opportunity came up to retire at 58 and I took it. Seven years later I am very glad I took that opportunity. The first year and 1/2 I spent remodeling a cabin and doing some substitute teaching (which was a blast). The school district changed some stuff related to my HSA and I made the decision to no longer sub rather than risk a huge med bill. Having lived in WI my whole life I was tired of winter. Spent a couple winters in Clearwater FL, did a ton of beach walking, biking and decided to pick up Tri after a 30 year hiatus. Got involved in some volunteering and really enjoyed that. Then spent the next three winters in a motorhome traveling the southwest. Last year we bought a home in north San Diego County and we've just been really enjoying the climate and the wealth of things to do. Hadn't mountain biked in a long time but started that again this winter and definitely enjoying "relearning". I can't believe how busy we are and can't figure out how I managed to teach full time and own and run a business for all those years . . . must have been crazy.

Well done on the figuring it out.

____________
"There are two novels that can change a bookish fourteen-year old's life: The Lord of the Rings and Atlas Shrugged. One is a childish fantasy that often engenders a lifelong obsession with its unbelievable heroes, leading to an emotionally stunted, socially crippled adulthood, unable to deal with the real world. The other, of course, involves orcs." John Rogers
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Re: Early retirement [CBJFan] [ In reply to ]
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Ha,wife and I just opened a small brew pub. I am the brewmaster. Also working my regular job. I’m 54 and working more than I ever have but having a ball. Will probably “retire” from my regular job in 2 years.

Btw...being a brewer is really hard work !

I worked for 3 years in a micro-brewery and yes, the brewers did work hard. I wasn't a brewer. I was the accountant but every did the brewery tour for the tourists and loved it.


I've just been talking to a man here looking to sell his coffee shop. I am a regular and about a year ago thought it would be a great building to put my CPA firm in the back. We were talking and he said he is looking to sub-divide the place so we talked about sub-letting and altering the design to include my firm. He then said he is looking to sell and I perked (no pun intended) up. My wife is immigrating from the Philippines later this year and that would be a perfect place for her to work. I've always wanted to own a coffee shop and now one might be available. It would be a lot easier than a coffee shop as the current owner has a roaster and for now, I would just buy from him. I could add that later.
Last edited by: Sanuk: Apr 20, 19 15:06
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