Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Unplanned retirement @ 63; came for the Medicare info
Old 06-24-2019, 02:15 PM   #1
Confused about dryer sheets
 
Join Date: Jun 2019
Location: Buffalo
Posts: 5
Unplanned retirement @ 63; came for the Medicare info

Hi, all! Joined a few days ago, and just getting around to my intro.

My 93 year old mother died April 2018, leaving my socially inept and domestically challenged father, now pushing 96, alone in Houston. Fortunately, he's in "independent living," so there's help there. But I couldn't keep jetting back & forth to Houston from Western New York, plus "long distance concierge" by phone, with a fulltime job (college prof). Plus I'm dealing with my spousal equivalent who tried to commit suicide last year, and has ongoing mental health issues. ("Equivalent" because we are of the rainbow persuasion and couldn't marry for a long time; but also because she receives disability benefits and legal marriage would require me to support her until I spent down all my assets to nothing.)

My college offered a one-year salary incentive buy-out. So I'm coasting on that + teaching one course a semester + some non-retirement savings for 2 years, before tapping into Social Security and retirement accounts (just south of $1M right now). It won't be a cushy retirement, but I've always lived below my means. No kids, mortgage paid, cheap cost of living in my area (despite NY taxes). I have a TIAA (teacher retirement plan) advisor who said I'm good to go until my mid 90s, after which I throw myself on the mercy of the federal government. (Given my genetics, that's a real possibility!)

Interests: (1) Someone on Reddit suggested I come here for Medicare info; just turned 64, and want to be able to make informed decisions. Current health insurance is continuation through former employer, at exorbitant premium prices. (2) I also see an investing forum, which I'm very much interested in. Will likely inherit a stock portfolio; sadly, my mother's stock-picking savvy (which dated back to the era when stock quotes were expressed as eighths of a point, rather than decimals) was based on well-informed intuition, and went to the grave with her. (3) Probably in 20-odd-years, will be looking to relocate to some kind of old folks home.

So--thanks, and appreciate the existence of this forum!
__________________

CrazyHamsterLady is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-24-2019, 02:24 PM   #2
Thinks s/he gets paid by the post
SumDay's Avatar
 
Join Date: Aug 2012
Posts: 1,467
Welcome to the forum. Sounds like you've had a rough go as of late. Been there, done that, got the t-shirt. I hope things start looking up for you. Are you enjoying not working?

As for your questions, I suggest scrolling to the top and type MEDICARE in the search box. It will search just this forum. Scan the results for the most recent posts and that will give you an idea of the kinds of discussions we have. Traditional supplements vs. Medicare Advantage seems to be a big topic of discussion around here. Don't hesitate to start a post if you still have questions specific to your situation. If you have healthcare through your former employer until you're 65, you're in good shape. Even if it is expensive, chances are the coverage is better than what' you'd get through ACA.

Again, welcome to the forum and I look forward to reading your posts!
__________________

__________________
FIRE Class of 2018 @ 61

Old men and women sit in the shade of trees they planted long ago
SumDay is offline   Reply With Quote
Old 06-24-2019, 02:38 PM   #3
Administrator
MichaelB's Avatar
 
Join Date: Jan 2008
Location: Chicagoland
Posts: 29,310
Welcome to ER Forum, CHLady. Someday you have to give us some background as to that username.

While you get started, you may find these two threads interesting.

This is one of many discussions on Medicare, but with many insights Medicare Medigap and Part D provider selection - A Medicare Newby's path

Gumby posts some very important questions every person considering retirement should consider Some Important Questions to Answer Before Asking - Can I Retire?
MichaelB is online now   Reply With Quote
Old 06-24-2019, 02:43 PM   #4
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 21,990
Welcome. Are your questions on Medicare which you are 1 years away from or on health insurance? When I retired I found that the individual health insurance market was a lot more affordable than COBRA from my former employer. In fact, what we pay today for health insurance is less than what my COBRA would have been in 2012.

Also, NY is one of the few states that does not age-rate individual health insurance (VT is another). There is a feature of ACA where if the cost of the second-lowest cost bronze plan is more than 8.16% of your income that you can buy catastrophic health insurance which is priced for people under 30. While in most states there is not much of a benefit because of age rating, in VT there is a clear benefit and I suspect that there might be in NY.

There is a bit of bureaucratic hassle to apply and get acepted, but it has been well worth it for us... given that you have a shorter time horizon to Medicare it might not be worth the hassle.
__________________
If something cannot endure laughter.... it cannot endure.
Patience is the art of concealing your impatience.
Slow and steady wins the race.

Retired Jan 2012 at age 56...60/35/5 AA
pb4uski is online now   Reply With Quote
Old 06-24-2019, 03:00 PM   #5
Dryer sheet aficionado
Born2BRetd's Avatar
 
Join Date: Jun 2019
Location: San Diego
Posts: 33
Welcome aboard. Sorry to hear you are going through a very rough patch. I hope with the extra time you have now that you will be able to do some things for yourself so you don't burn out and end up with your own health issues (been there, done that also)
__________________
Happily Retired Since October 2018
Born2BRetd is offline   Reply With Quote
Old 06-24-2019, 03:22 PM   #6
Confused about dryer sheets
 
Join Date: Jun 2019
Location: Buffalo
Posts: 5
Thanks all! Some great suggestions here on resources. The hamster name--just love their fuzzy little personalities. Used to love having rats, but go into anaphylaxis around them. My health insurance is literally a continuation through employer, not COBRA or open market--one of the early retirement perks as part of buyout incentive, but thanks for asking about that. So I'm focused on not getting gouged next year with Medicare.
CrazyHamsterLady is offline   Reply With Quote
Old 06-24-2019, 03:41 PM   #7
Full time employment: Posting here.
mamadogmamacat's Avatar
 
Join Date: Dec 2012
Posts: 691
Welcome! Also love your username. Never had a rat, but am also one of those rare folks who find their furriness attractive.

Sorry for all you are going through, particularly with your 'equivalent' spouse, But do think you will be fine financially since you are so close to medicare eligibility.
mamadogmamacat is offline   Reply With Quote
Old 06-24-2019, 03:46 PM   #8
Thinks s/he gets paid by the post
flintnational's Avatar
 
Join Date: Mar 2008
Location: Atlanta Suburb
Posts: 1,350
Welcome to the forum. Sorry to hear about your recent troubles.
__________________
"Oh, twice as much ain't twice as good
And can't sustain like one half could
It's wanting more that's gonna send me to my knees" - John Mayer
flintnational is offline   Reply With Quote
Old 06-24-2019, 03:50 PM   #9
Thinks s/he gets paid by the post
Rianne's Avatar
 
Join Date: Aug 2017
Location: Champaign
Posts: 1,682
Welcome, sounds like your a retiring professor? My DB just retired last year, prof at Florida Atlantic University for 30 years. He's set, got in when the pensions were real pensions + SS.

Sorry to hear your significant other has some health issues.


Looks like you're on a great path. Lots of good advice and ideas to kick around on this forum. In other words, no shy posters here. Congratulations!
__________________
"If you want to go fast, go alone. If you want to go far, go together.
Rianne is online now   Reply With Quote
Old 06-24-2019, 03:56 PM   #10
Thinks s/he gets paid by the post
Red Badger's Avatar
 
Join Date: Jan 2017
Location: Piedmont Region
Posts: 1,593
Welcome! Hope the sledding gets easier. Lots of sage folks here willing to share good advice. Plus there's me for the other kind of advice.
__________________
Never let yesterday use up too much of today.
W. Rogers
Red Badger is offline   Reply With Quote
Old 06-24-2019, 04:20 PM   #11
Thinks s/he gets paid by the post
 
Join Date: Mar 2015
Posts: 2,830
Quote:
Originally Posted by CrazyHamsterLady View Post
My college offered a one-year salary incentive buy-out. So I'm coasting on that + teaching one course a semester + some non-retirement savings for 2 years, before tapping into Social Security and retirement accounts (just south of $1M right now). It won't be a cushy retirement, but I've always lived below my means.
Have you considered delaying Social Security until 70?

If you can swing it, that may well pay off in the long run.
__________________
Old enough to know better.
joeea is offline   Reply With Quote
Rainbow People 🏳️*🌈
Old 06-24-2019, 04:38 PM   #12
Confused about dryer sheets
 
Join Date: Jun 2019
Posts: 1
Rainbow People 🏳️*🌈

Yay! More rainbow 🌈 people.

So sorry for the difficult situation you find yourself in. I hope this forum proves a valuable resource to you.
BattleBorn is offline   Reply With Quote
Old 06-24-2019, 04:41 PM   #13
Confused about dryer sheets
 
Join Date: Jun 2019
Location: Buffalo
Posts: 5
Quote:
Originally Posted by joeea View Post
Have you considered delaying Social Security until 70?

If you can swing it, that may well pay off in the long run.
Yes, thank you. I'm definitely holding out until official age 66 and 2 months. Expect to hold out a bit longer... Not sure 70 feasible, but given genetics, every nickel counts.
CrazyHamsterLady is offline   Reply With Quote
Old 06-24-2019, 04:47 PM   #14
Thinks s/he gets paid by the post
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 3,736
Welcome to the forum! What a awful year you have had. I hope things go smoother.
Teacher Terry is offline   Reply With Quote
Old 06-24-2019, 05:29 PM   #15
Thinks s/he gets paid by the post
Calico's Avatar
 
Join Date: Apr 2012
Posts: 1,120
Welcome to the forum.

You have certainly had a challenging time over the last year. I hope you are able to find time for yourself to re-charge, and do some activities you enjoy, and not have to spend all of your non-w#rk time being a caretaker to your dad and your SO.

Here's hoping the year ahead (and those that follow) is less stressful and more relaxing for all of you.
__________________
"Let America be the dream the dreamers dreamed, Let it be that great strong land of love, Where never kings connive nor tyrants scheme, That any man be crushed by one above." - Langston Hughes
Calico is offline   Reply With Quote
Old 06-24-2019, 06:27 PM   #16
Recycles dryer sheets
 
Join Date: May 2019
Posts: 54
Good luck. I hope things settle down for you a bit. There’s a lot of great advice on these forums and plenty of people eager to help if you have questions. Welcome!
RxMan is offline   Reply With Quote
Old 06-26-2019, 05:40 PM   #17
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
Moemg's Avatar
 
Join Date: Jan 2007
Location: Sarasota,fl.
Posts: 10,870
Welcome ! Sorry for your troubles .
__________________

Moemg is offline   Reply With Quote
Reply

Tags
investing, medicare


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Retirement is Unplanned for Many Tekward FIRE and Money 95 06-19-2019 04:25 AM
Unplanned Roth Conversion and Taxes Koolau FIRE and Money 20 12-20-2016 09:00 AM
An unplanned retirement aenlighten Hi, I am... 8 04-15-2007 10:56 AM
Yikes! Unplanned ER at 47 and moving to Canada! FlyingNorth Hi, I am... 13 03-31-2007 10:05 AM

» Quick Links

 
All times are GMT -6. The time now is 01:31 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.