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Greetings from Chicago Suburbs
Old 07-20-2012, 11:47 AM   #1
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Greetings from Chicago Suburbs

I posted in another section without introducing myself and now wish to correct that oversight.

I am 64, my wife is 59. We are both employed professionals, have adequate resources to retire at this time. Like everyone we struggle with with the uncertainty of medical coverage for my wife if we both quit. So we are kicking around whether and when to hang it up. I will be on Medicare at the end of the year. I might give it up when I am 66 and might not. I have a straight forward job, working from a home office, no particular excitement or enjoyment, but no negatives either. We have no particular desires to travel extensively or play golf all day or whatever that makes me necessarily want to quit.

In the interim, doing the home improvement/hobby investment expenditures while we have income.

Nothing really interesting about us and no particular questions to ask but I wanted to conform with the expectation.

Thanks,

Terry
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Old 07-20-2012, 11:51 AM   #2
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Welcome to the forum! Please keep posting.

omni
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Old 07-20-2012, 01:00 PM   #3
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Welcome and thanks for conforming!
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Old 07-20-2012, 01:02 PM   #4
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Welcome mccammon!

If you have enough money to retire why would you want to work. Makes no sense to me but I don't know that much.
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Old 07-20-2012, 01:03 PM   #5
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Welcome aboard. Congrats on reaching FI, that's more satisfying than ER in my view. I also live near Chicago, great area at least 9 months a year.
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Old 07-21-2012, 10:20 AM   #6
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Welcome, while a lot of folks plan and dream of retirement that is not required. You can discover what you want to do after retiring. I do like travel and now have time when I didn't while working, but many folks find things develop differently then they planned , so jump in if you feel like it.
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Old 07-21-2012, 11:18 AM   #7
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Hi Terry, welcome to the forum. I'm also in the northshore area, but just 1/2 the year. Too cold for my bones to spend more than that here. I bet you have lots of things to tell, but the nice thing about retirement is there's no rush. Good luck.

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I also live near Chicago, great area at least 9 6 4 months a year.
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Old 07-21-2012, 12:44 PM   #8
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As to why not retired now? Several items. 1. Waiting to be eligible for medicare which is a huge savings compared to private plans. 2. My wife is six years younger so six years of private coverage before she hits medicare is a consideration. 3. In my case, I am well paid, don't work hard in the sense of being stressed or troubled by my job, I work from home so no commute, car expense, etc. I can and do work remotely from my office if I want to go somewhere and mix some days off with working from a nice spot. For example I did a week in Key Largo diving. When I was not diving, I worked, used only two vacation days for a total of six business days away. 4. I stopped contributing to savings programs last year and have been spending that money on home improvement, hobby investment, better trips. 5. And, in these troubled times with the rhetoric flying, who knows what some genius might pull. Given the freedom I have and the low stress job I have, why not pile up a bit more and put off drawing down. 6. Our son is a 1LT Ranger and frankly we continue to work so that if he comes out of the Army as messed up as many do, we will have resources to help. Depending on the Gment to fix the problems they cause these young people is foolish.

Bottom line is given the serious uncertainty that surrounds healthcare and healthcare expense in this country, staying plugged into professional employment with wife and I cross insuring each other makes sense to me. If we can figure out how to solve the health care problem, we are done.
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Old 07-23-2012, 07:00 PM   #9
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You can get COBRA now until you can get Medicare. Does you wife have pre-existing conditions? If not simply get some quotes for individual coverage, figure it will increase 10% a year or so and add up the numbers. $50,000 or so total for 6 years? Is that a small percentage of your retirement assets? If she does have pre-existing conditions what is the situation for high-risk pools in your state? The Republicans have vowed to repeal Obamacare--they may or may not succeed.
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Old 07-23-2012, 07:57 PM   #10
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Quote:
I have a straight forward job, working from a home office, no particular excitement or enjoyment, but no negatives either. We have no particular desires to travel extensively or play golf all day or whatever that makes me necessarily want to quit.

In the interim, doing the home improvement/hobby investment expenditures while we have income.

Nothing really interesting about us and no particular questions to ask but I wanted to conform with the expectation
Yeah... no such thing as "one size fits all".... I have a best friend who is 83, and goes to work every day, and would never retire. We did retire early age 53 because of health scare, but before that I was in a high pressure job, flying all over the US, and working minimum of 60 hours/week. My original idea for retirement was a mountain top in the Adirondaks surrounded by barbed wire. Once we moved in to a retirement community our lives changed.

There is something about living in a community where everyone is laid back and shares new and different interests... Parties, pot luck dinners, community swimming pool, pool tables, art classes, and a choice of 25 different activities... Then, new people... new friends, sharing common or unusual interests. Group dinners, bowling, and things like Christmas Caroling were new to us. We didn't plan it that way, it just happened. We hadn't danced in 40 years, and we were dancing at parties, and learned line dancing. I'm pretty sure that had I continued working, none of this would have happened, and had we not moved we wouldn't have gone down this route.

We lived in Lisle, and I took the Burlington in to my office in the city, when I wasn't going back and forth to Midway and O'hare.

You're young enough to give retirement a spin or to give some Florida or Arizona Retirement Community a two or three week try while you're still working, to see if it fits.

Take a peek at "The Villages" retirement community in Lady Lake, Florida... It's huge, and features just about anything a retiree could want, from learning Sanskrit, to Model Yacht Clubs and everything in between. Not my cup of tea, but a fascinating view of the ultimate. They have "packages" to bring you in to their on site motels, and give a broad ovreview tour.

A lot to think about... just don't wait too long... Remember, we're a long time dead.
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Old 07-24-2012, 01:35 AM   #11
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Welcome, Terry.
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Very conservative with investments. Not ER'd yet, 48 years old. Please do not take anything I write or imply as legal, financial or medical advice directed to you. Contact your own financial advisor, healthcare provider, or attorney for financial, medical and legal advice.
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