No pension. No health benefits.

. . . Yrs to Go · 09-16-2005, 08:04 PM

Of those who have retired early, I'm curious to know how many have done so without any pension or health care benefits.

Unfortunately, that is and will continue to be my predicament. Say what you will about a fat portfolio and a 4% SWR, ER seems a lot less intimidating when someone else if footing part of the bill.

MRGALT2U · 09-16-2005, 08:07 PM

Quote:

Originally Posted by . . . Yrs to Go

Of those who have retired early, I'm curious to know how many have done so without any pension or health care benefits.*

Unfortunately, that is and will continue to be my predicament.* Say what you will about a fat portfolio and a 4% SWR, ER seems a lot less intimidating when someone else if footing part of the bill.

I did it. And no "fat portfolio" either.

JG

REWahoo · 09-16-2005, 08:10 PM

No pension or health benefits here either. But at 58 my ER was just eR....

MJ · 09-16-2005, 09:13 PM

At 57, ditto for me as well.
I am scheduled to receive a small non-cola pension of $12k at 65 but I am not counting on it yet and in today's dollars will be worth only about $8.5k in 8 years. Still nice pocket money if I get it.

MJ

intercst · 09-16-2005, 09:13 PM

I retired in 1994 at age 38 -- no pension or health benefits.

I'm assuming Social Security is zero, too.

intercst

pbrane · 09-16-2005, 09:33 PM

I kwit @ age 39 in 1995 with no health benefits or pension etc. Did it on a shoestring. Managed to double the size of the shoestring since then --more by being frugal than by being a good investor. Would like to double it again by age 60 or so...

-m

JPatrick · 09-16-2005, 09:50 PM

A good question for the above responders is how the lack of health coverage impacted their lives. I've never been without insurance. I can tell you (like many people can) that there were years where I would have been financially stressed and then there were years I would have been wiped out.* Then again, the majority of the time the coverage went unused.* So how's your luck? Of course, the bankruptcy courts are full of good folks who took a major hit due to lack of health insurance.*
I realize you can't just snap your fingers and obtain coverage, but I'd damn sure do everything I could to get it.

REWahoo · 09-16-2005, 09:57 PM

Quote:

Originally Posted by JPatrick

A good question for the above responders is how the lack of health coverage impacted their lives. I've never been without insurance. I can tell you (like many people can) that there were years where I would have been financially stressed and then there were years I would have been wiped out. Then again, the majority of the time the coverage went unused. So how's your luck? Of course, the bankruptcy courts are full of good folks who took a major hit due to lack of health insurance.
I realize you can't just snap your fingers and obtain coverage, but I'd damn sure do everything I could to get it.

Don't know about the others who responded, but I didn't intend to say I have no health insurance, just that I didn't have any from my employment. First COBRA, then an individual policy. No way would I consider going without...

retire@40 · 09-16-2005, 10:09 PM

Being self-employed practically my whole life, 100% of my retirement accounts were self-funded and my health insurance is and will be paid 100% out of my pocket, as will be life and disability insurance until I am completely FIRE.

73ss454 · 09-16-2005, 10:14 PM

JG did it with no fat portfolio yet fails to state his wife still works.

Nothing wrong with that, I'm sort of jealous.

. . . Yrs to Go · 09-16-2005, 10:18 PM

OK. New question for pbrane and intercst and anyone else who ER'd at 40 +/-. How did you get comfortable that you had enough stashed away to last you six DECADES!?!

MJ · 09-16-2005, 10:19 PM

I thought that the OP was asking about people who get both their pension and health benefits from their former employer.
I just start Cobra group health insurance which I pay for 100%.

MJ

intercst · 09-16-2005, 10:33 PM

Quote:

Originally Posted by JPatrick

A good question for the above responders is how the lack of health coverage impacted their lives. I've never been without insurance. I can tell you (like many people can) that there were years where I would have been financially stressed and then there were years I would have been wiped out.* Then again, the majority of the time the coverage went unused.* So how's your luck? Of course, the bankruptcy courts are full of good folks who took a major hit due to lack of health insurance.*
I realize you can't just snap your fingers and obtain coverage, but I'd damn sure do everything I could to get it.

I guess I misread the question. I thought the original question was a "pension and employer provided health benefits". Not whether you lack health insurance.

I have full medical and dental insurance that I pay for myself (about $6,000/yr for 2005).

intercst

astromeria · 09-16-2005, 10:36 PM

No pension or employer-provided health insurance here. But DH is still working, and his employer provides health insurance--it's not cheap, though: $300/month plus $120/month for HSA.

intercst · 09-16-2005, 10:46 PM

Quote:

Originally Posted by . . . Yrs to Go

OK.* New question for pbrane and intercst and anyone else who ER'd at 40 +/-.* How did you get comfortable that you had enough stashed away to last you six DECADES!?!

Did the research that showed 4% would survive even the worst of times for 30 years. For a sixty-year pay out period, it's maybe 80-85% safe, but I only have maybe a 2% to 5% chance of living to age 100. The joint probability of me living to age 100 and having my portfolio survive a 4% withdrawal for sixty-years is probably still above 90%. See link:

http://www.retireearlyhomepage.com/swrlife.html

intercst

MRGALT2U · 09-17-2005, 05:41 AM

Quote:

Originally Posted by astromeria

No pension or employer-provided health insurance here. But DH is still working, and his employer provides health insurance--it's not cheap, though: $300/month plus $120/month for HSA.

Looks cheap to me.

JG

MRGALT2U · 09-17-2005, 05:45 AM

Quote:

Originally Posted by intercst

I guess I misread the question. I thought the original question was a "pension and employer provided health benefits". Not whether you lack health insurance.

I have full medical and dental insurance that I pay for myself (about $6,000/yr for 2005).

intercst

If intercst has it right then I misread it also. I have only been completely without health insurance for a month or 2 at a time since I retired.
Now we have cheap but limited coverage. It's a constant worry.

JG

MRGALT2U · 09-17-2005, 05:46 AM

Quote:

Originally Posted by 73ss454

JG did it with no fat portfolio yet fails to state his wife still works.

Nothing wrong with that, I'm sort of jealous.

And don't forget, she's a "babe". Eat your heart out!

JG

MRGALT2U · 09-17-2005, 05:51 AM

Quote:

Originally Posted by pbrane

I kwit @ age 39 in 1995 with no health benefits or pension etc.* Did it on a shoestring. Managed to double the size of the shoestring since then* --more by being frugal than by being a good investor. Would like to double it again by age 60 or so...

-m

That is close to my story, except I did it at age 49. Net worth went up
pretty continuously until I remarried and then it flatlined. Could it be?
Naaaaaaah.........

JG

**Martha** · 09-17-2005, 08:19 AM

I will retire with no employer provided pension or health benefits. Because of inflation in health care costs outpacing inflation in general, I wanted to wait to retire until I felt comfortable that we could live on about 3% of our portfolio. We are at that point now, and I probably will leave work in six months or so. I am insecure about all this as well, and it is not helped by a spouse who is bearish on the market.

09-16-2005, 08:04 PM	#1
. . . Yrs to Go Thinks s/he gets paid by the post Join Date: Sep 2005 Posts: 1,513	No pension. No health benefits. Of those who have retired early, I'm curious to know how many have done so without any pension or health care benefits. Unfortunately, that is and will continue to be my predicament. Say what you will about a fat portfolio and a 4% SWR, ER seems a lot less intimidating when someone else if footing part of the bill.

09-16-2005, 08:10 PM	#3
REWahoo Moderator Emeritus Join Date: Jun 2002 Location: Texas Hill Country Posts: 11,530	Re: No pension. No health benefits. No pension or health benefits here either. But at 58 my ER was just eR.... __________________ [MODERATOR EDIT]

09-16-2005, 09:13 PM	#4
MJ Thinks s/he gets paid by the post Join Date: Mar 2004 Posts: 1,995	Re: No pension. No health benefits. At 57, ditto for me as well. I am scheduled to receive a small non-cola pension of $12k at 65 but I am not counting on it yet and in today's dollars will be worth only about $8.5k in 8 years. Still nice pocket money if I get it. MJ __________________ I look to the present moment because that's where I live my life.

09-16-2005, 09:13 PM	#5
intercst Recycles dryer sheets Join Date: Jun 2002 Posts: 248	Re: No pension. No health benefits. I retired in 1994 at age 38 -- no pension or health benefits. I'm assuming Social Security is zero, too. intercst __________________ ***** puts the "hoco" in Hoco-mania

09-16-2005, 09:33 PM	#6
pbrane Recycles dryer sheets Join Date: May 2005 Posts: 63	Re: No pension. No health benefits. I kwit @ age 39 in 1995 with no health benefits or pension etc. Did it on a shoestring. Managed to double the size of the shoestring since then --more by being frugal than by being a good investor. Would like to double it again by age 60 or so... -m __________________ "He was born with the gift of laughter and a sense that the world was mad"* -Scaramouche

09-16-2005, 09:50 PM	#7
JPatrick Thinks s/he gets paid by the post Join Date: Jun 2005 Posts: 1,503	Re: No pension. No health benefits. A good question for the above responders is how the lack of health coverage impacted their lives. I've never been without insurance. I can tell you (like many people can) that there were years where I would have been financially stressed and then there were years I would have been wiped out.* Then again, the majority of the time the coverage went unused.* So how's your luck? Of course, the bankruptcy courts are full of good folks who took a major hit due to lack of health insurance.* I realize you can't just snap your fingers and obtain coverage, but I'd damn sure do everything I could to get it. __________________ If you do what you've already done, you'll get what you've already got- - - -<

09-16-2005, 10:09 PM	#9
retire@40 Thinks s/he gets paid by the post Join Date: Feb 2004 Posts: 2,580	Re: No pension. No health benefits. Being self-employed practically my whole life, 100% of my retirement accounts were self-funded and my health insurance is and will be paid 100% out of my pocket, as will be life and disability insurance until I am completely FIRE. __________________ No man is free who is not master of himself. --- Epictetus Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo

09-16-2005, 10:14 PM	#10
73ss454 Thinks s/he gets paid by the post Join Date: Oct 2004 Posts: 1,754	Re: No pension. No health benefits. JG did it with no fat portfolio yet fails to state his wife still works. Nothing wrong with that, I'm sort of jealous.

09-16-2005, 10:18 PM	#11
. . . Yrs to Go Thinks s/he gets paid by the post Join Date: Sep 2005 Posts: 1,513	Re: No pension. No health benefits. OK. New question for pbrane and intercst and anyone else who ER'd at 40 +/-. How did you get comfortable that you had enough stashed away to last you six DECADES!?!

09-16-2005, 10:19 PM	#12
MJ Thinks s/he gets paid by the post Join Date: Mar 2004 Posts: 1,995	Re: No pension. No health benefits. I thought that the OP was asking about people who get both their pension and health benefits from their former employer. I just start Cobra group health insurance which I pay for 100%. MJ __________________ I look to the present moment because that's where I live my life.

09-16-2005, 10:36 PM	#14
astromeria Moderator Emeritus Join Date: Aug 2005 Posts: 1,380	Re: No pension. No health benefits. No pension or employer-provided health insurance here. But DH is still working, and his employer provides health insurance--it's not cheap, though: $300/month plus $120/month for HSA. __________________ You can't always get what you want, but if you try sometimes, you might find you get what you need.

09-17-2005, 08:19 AM	#20
Martha Moderator Join Date: Feb 2004 Location: minnesota Posts: 9,798	Re: No pension. No health benefits. I will retire with no employer provided pension or health benefits. Because of inflation in health care costs outpacing inflation in general, I wanted to wait to retire until I felt comfortable that we could live on about 3% of our portfolio. We are at that point now, and I probably will leave work in six months or so. I am insecure about all this as well, and it is not helped by a spouse who is bearish on the market. __________________ . Do not rely on the information provided--my posts are not to be taken as legal advice. Needless to say you must consult with your legal representative. I am not responsible for errors. If I offended you with cya I apologize. If I did not, I tried.

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