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Checking the box "RETIRED?"
Old 05-09-2013, 10:02 PM   #1
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Checking the box "RETIRED?"

As I approach my exit date I now notice some forms (example car insurance) want to know if I am employed or student or retired, etc....Is there a "penalty" for marking retired? If not, is there a "reward?" And if neither, why the heck do they ask?
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Old 05-09-2013, 10:09 PM   #2
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Car insurance can be cheaper if you are retired and not using the car to go to work.
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Old 05-09-2013, 10:13 PM   #3
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In many cases, they just want to know what marketing material to aim in your direction. (Expect more ads about walkers, hearing aids and retirement homes and fewer about Gen Y stuff!) If you want to keep up a professional license or membership for a while, you may be able to do so at a discounted rate (and get some discounts as a result). However, if you are looking for credit, checking "retired" may hold you back. I would suggest setting up a HELOC prior to ER.
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Old 05-10-2013, 01:58 AM   #4
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When DH retired our auto insurance went down as he was no longer making a long commute each day.
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Old 05-10-2013, 06:47 AM   #5
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To my astonishment my car insurance went down when I started working again but only by a single-digit amount. Dunno why, I guess they figure I'm not out crashing into shopping carts if I'm at work.

We'll see what happens in July when I'm fully retired again.
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