10 year plan. Can it work?

[OAG]

Here is my dealio.

2019 is my retirement date, I will be 52.

I will get $48k annual pension for life, with some periodical COLAS (pension is one of the last defined benefit plans)

House paid off.

$200k Deferred comp 457.

No car or rv payments. Looks like medical insurance will be a big cost.

Based on this info. it looks like all will be well.

What do you guys think?

$48K today, "periodic COLA's" may be a real warning sign. What does that mean; maybe when the County's going gets tough the COLA's go? Personally, if it was me, I would be scrubbing expenses and doing everything I could to save more of my own money over the next 10 years.

 

[Maurice]

Wow perhaps we should all fly to Sweden for some kevorkian style relief.

If you have an issue with our analysis of the risks, by all means bring it up. But to merely ridicule might be perceived as a psychological defense mechanism on your part.

 

[Pirate]

Maurice instead of picking apart certain sections of the thread, how about you read the WHOLE thing before getting on your soap box.

 

[Maurice]

Sorry, bud, I didn't mean to pile on.


Welcome to the forum!

 

[Pirate]

Maurice I appreciate the info. you and the others provided, to be honest I did not think inflation would take a toll, now that I am armed with that knowledge I can better prepare.

Had I not come here and asked I would have been been financially at risk.

Thanks again to all who helped.

 

[Nords]

Wow perhaps we should all fly to Sweden for some kevorkian style relief.

You are correct I asked.
And I do appreciate the detailed input I got.

Maurice instead of picking apart certain sections of the thread, how about you read the WHOLE thing before getting on your soap box.

We've had other posters arrive with similar questions. Many of them subsequently posted responses similar to yours.

In general, these situations occur because the new poster doesn't have the same perspective as the other board members and perhaps doesn't realize that these scenarios have been discussed many times, in some cases ad nauseum.

So if you're not hearing what you want to hear, you might want to hold off shooting messengers.

 

[Pirate]

Gee thanks Nords.......

 

[Nords]

Gee thanks Nords.......

Never mind, I'm done dodging bullets.

 

[uncledrz]

Pirate
My only thought is to keep an eye on health insurance availabiltiy and potential costs. At 52 you'll probably be just fine, but as you approach 59-60, it becomes much more costly and not always easily available.
Is any available for purchase as a retiree through your employer? Might be worth looking in to.
Uncledrz

 

[Pirate]

We have a cobra program Im sure, need to check into that.

My brother retired from UPS, since he did 30yrs, he gets full medical coverage for his wife and himself for life, thats amazing.

Not too many companies do that.

 

[REWahoo]

Not too many companies do that.

Fewer every day.

 

[Rich_by_the_Bay]

We have a cobra program Im sure, need to check into that

Remember that will only get you about 18 months of access and it's expensive.

Lack of access to health insurance is a retirement-buster. Do your due diligence. I know a lot of affluent people under age 65 who have all their financial preparations in line and waiting to go, only to find themselves forced to work year after year because they can't risk leaving their employer group health policy. And they don't need the money.

I am hopeful that health care reform over the next 4 years will at least make insurance available to all. That's a big step, though it won't be cheap I suspect.

This thread has been a little rough, but better to find all this out now rather than a day late.

 

[Pirate]

Well its better to know the deal before you sign. One thing I have not mentioned is I am planning to get a part time job after I leave the county.

3-4 days a week. If I can sock away another 100k in a few years working part time it will be worth the effort.

My inlaws are 60 and have NO insurance due to costs, so they make the trek to Mexico for very very affordable prescriptions and medical care.

They have dentists on the street hawking teeth cleaning for $10, I had to laugh.

 

[OAG]

I have BIL who is on Medicare who still goes back to South Korea every other year for a "medical checkup".

Correct me if I am wrong on this (RIT) but DW and I just finished our "annual checkup" which included a bucket of blood tests, etc., a referral for Mammogram for her and a dermatology referral for me which resulted in removal of a suspected area on my face. After all the dust settled the "billed" amount was about $650 but we are under medicare and TFL so the actual cost to us was $0. And all results were clear including the Pathology on the "Cyst" removal. My point is that had we not been under MC and TFL our OOP expense would have been the $650, unless I do not understand the billings. Doctors bill $X and get reimbursed a lesser amount (due to Medicare and TFL limits) but the $X would be the OOP for the client?

I know routine checkups are not the ER worry but, baring a catastrophic problem, many ER could "coast" to Medicare (with some luck).

 

[W2R]

Remember that will only get you about 18 months of access and it's expensive.

Lack of access to health insurance is a retirement-buster. Do your due diligence. I know a lot of affluent people under age 65 who have all their financial preparations in line and waiting to go, only to find themselves forced to work year after year because they can't risk leaving their employer group health policy. And they don't need the money.

Tell me about it. At least in my case, I will qualify for lifetime medical in November. And in my case, it will only amount to a little over two years' delay of my retirement. It's very annoying to watch those dividends roll in and to know that, even in this economic environment, I am FI and could be ER if I had health care lined up.

I am hopeful that health care reform over the next 4 years will at least make insurance available to all. That's a big step, though it won't be cheap I suspect.

With the economy in such bad shape and so many other pressing issues to be addressed by this administration, I would not want my good health to be dependant on health care reform being in place and functional within the next 4 years (though I have been wrong before).

 

[Pirate]

Want2retire, is that a pic of your wife?

 

[W2R]

Want2retire, is that a pic of your wife?

No... I am a 60 year old woman, and my avatar is a photo of German actress/model Eva Habermann, not me. If you click on "Want2retire" just above the photo, you will find my profile and all this information and more is available there.

 

[REWahoo]

Pirate, W2R has repeatedly denied her avatar is a self portrait. She's not very convincing but I give her an A for effort...and persistence.

 

[harley]

my avatar is a photo of German actress/model Eva Habermann

Ha! I knew I had seen that face before. She was in Lexx, which was a great sci fi show watched by me and maybe 2 or three others. She was lusted after by a disembodied head, while herself being in love with an occasionally reanimated dead assassin. A classic love triangle!

 

[Bestwifeever]

Want2Retire, your secret is out!

 

[Nords]

No... I am a 60 year old woman, and my avatar is a photo of German actress/model Eva Habermann, not me.

Sure, and next you'll be telling us that UncleMick isn't really a 14-year-old girl from Missoula...

 

[W2R]

Pirate, W2R has repeatedly denied her avatar is a self portrait. She's not very convincing but I give her an A for effort...and persistence.

REWahoo, on the other hand, really is a scary looking priest with shades and a big hat, just as he is depicted by his avatar!

And what's this rumor about UncleMick NOT being a 14-year-old girl living in Missoula, Montana? I'm sure that must be a mistake.

 

[Pirate]

Lmao!

Well done!