Hello from a new member

[Poundkey]

Just thought I would stop in and say hello to everyone. Great forum and nice folks here. I've been a frequent reader, but decided it was time to sign on after retiring 4 weeks ago at age 57. My wife also retired about 1 year ago at 55.
I've worked as a machinist for 37 years. Not a great way to make a living, but we set out some long term goals early on and somehow things seemed to have worked out. Two kids through college, house and cars paid for, no debt at all.
We began investing with Vanguard many years ago and after much number crunching and learning from this forum I/we decided it was time to cut the engines and see how we glide.
I may eventually look for some sort of reduced/flexible hours job to keep me busy, but for now I am just enjoying my new found freedom and look forward to making new friends here.

Poundkey

 

[Nords]

Welcome to the board, Poundkey!

So, uh, whaddya been doing all day?

 

[REWahoo]

Hello Poundkey, and welcome to the forum. Retired for four weeks, eh? The honeymoon is still going strong.

Tell us a little more about yourself. What are you doing about the $64 question, healthcare?

 

[JPatrick]

Welcome poundkey.
Now just because you've retired it doesn't mean you shouldn't have goals- - - mine is to become regarded as "lake trash." 8)

 

[REWahoo]

Welcome poundkey.
Now just because you've retired it doesn't mean you shouldn't have goals- - - mine is to become regarded as "lake trash." 8)

A noble endeavor. But to reach true lake rat status you'll have to lose a few front teeth.

 

[73ss454]

Welcome Poundkey,

I'll be 57 next week and getting ready to pull the plug this year also.  We seem to have a lot in common, with the kids gone and all.

Best of luck!

 

[Poundkey]

Wow! Thank you all for the warm welcome. Lets see.....where shall I begin.
Nords....Trying to get caught up on a lot of projects around the house that I've been putting off for too long. Outside stuff first as it's already getting hot here in north central Texas.

REWahoo....we will both be on my company's cobra coverage for 18 months. After that we'll have to wing it with a personal policy (that's the wife's dept.) until medicare kicks in.

JPatrick.....I guess my goal (for now) is an old car I'm restoring. Luckily most of the expensive projects are done, but the goal is to complete it to perfection.

73ss454......yes, it appears we do have a lot in common. My restoration project is a 74 L82 Vette. I never drive it hard though. Things are too expensive when they break.

Very nice meeting all of you......and thanks again for the welcome.
Poundkey

 

[Martha]

Welcome Poundkey. So what does "poundkey" mean?

On the insurance issue, be sure to apply well before COBRA is up, you have more rights to move to a non-group policy when moving directly from your group/COBRA coverage.

 

[Dawg52]

Welcome! Sounds like you have planned for retirement very well. Good luck with it all and take Martha's advice, jump on a personal policy long before cobra expires.

 

[Poundkey]

Nice meeting you Martha and DOG51. Thank you for the replies. Martha....."Poundkey" has no meaning in particular. It's just a screen name my son uses on a message board he visits. He won't mind......

Interesting responses about the insurance. As stated above this is more my wifes department as she worked in HR at the company we retired from. Her questions: How far in advance would you suggest making application?.....and Martha......could you elaborate more when you say "more rights when moving to a non group policy".
Thanks so much.

Poundkey

 

[REWahoo]

Poundkey, Martha is considerably more informed on this subject than I am, but I think she's referring to HIPPA and the rights it provides when you exhaust COBRA coverage and buy an individual policy. As I understand it (and I need to since I go off COBRA in November), if you go directly from COBRA to a new policy with no break in coverage, HIPPA provides some limits to exclusions in the new policy for pre-existing conditions, among other rights.

Your DW may be fully up to speed on all the ins and outs of health coverage becasue she was in HR, but to us mere mortals it can be a minefield full of unpleasant surprises. My experience says start sooner rather than later on seeking coverage prior to exhausting COBRA.

If you/she doesn't already know about them, some good sources of information for TX health insurance include this guide and the state health insurance pool website.

 

[Dawg52]

Nice meeting you Martha and DOG51. Thank you for the replies. Martha....."Poundkey" has no meaning in particular. It's just a screen name my son uses on a message board he visits. He won't mind......

Interesting responses about the insurance. As stated above this is more my wifes department as she worked in HR at the company we retired from. Her questions: How far in advance would you suggest making application?.....and Martha......could you elaborate more when you say "more rights when moving to a non group policy".
Thanks so much.

Poundkey

I took out my policy a full 2 years before my retirement date. I wanted it in my back pocket before I announced my retirement plans, but I might be overly conservative. Since you are already retired, I would apply about 6 months before cobra runs out. If you are not approved then that will give you some time to check out state guranteed policies, if your state has such a thing. If you and wife have not had any health issues, you should be able to come up with a personal policy. Good luck!

 

[Poundkey]

I sure appreciate the follow-ups on this insurance issue. We will certainly do some further investigation on this matter. Thanks for including the links.

Poundkey