62 - retired for health reasons

[computerguy]

I've browsed this web site for 2 or 3 years and find the information about living in retirement very helpful. I'm 62 and my wife just turned 60. I stopped working in 2001 due to a chronic and progressive illness. So, I'm retired, i.e. I no longer work for a salary, but do continue to get disability pay from my former employer and also get Social Security disability. I call this retired/disabled.

I will get a pension at 65 (in three years) that will be about the same as my current disability pay. My wife and I have about $900,000 in our portfolio - 450K in a IRA, 300K in a 401K and 150K in taxable mutual funds.

My AA is 25% stocks - 40% bonds - 35% cash

We are funding a 529 plan for our 6 year old grandson. The current balance is $21K and we add $4,000/year.

Even with Medicare and health insurance from my former employer that will continue after my formal retirement at age 65, my healthcare costs (deductibles, copays, etc. etc.) are a concern.

[gerrym51]

Quote:

Originally Posted by computerguy I've browsed this web site for 2 or 3 years and find the information about living in retirement very helpful. I'm 62 and my wife just turned 60. I stopped working in 2001 due to a chronic and progressive illness. So, I'm retired, i.e. I no longer work for a salary, but do continue to get disability pay from my former employer and also get Social Security disability. I call this retired/disabled. I will get a pension at 65 (in three years) that will be about the same as my current disability pay. My wife and I have about $900,000 in our portfolio - 450K in a IRA, 300K in a 401K and 250K in taxable mutual funds. My AA is 25% stocks - 40% bonds - 35% cash We are funding a 529 plan for our 6 year old grandson. The current balance is $21K and we add $4,000/year. Even with Medicare and health insurance from my former employer that will continue after my formal retirement at age 65, my healthcare costs (deductibles, copays, etc. etc.) are a concern.

what is the question?.

[obgyn65]

There is no rule telling people that they have to ask questions. This post under the "Hi, I am..." forum therefore there is no need IMO to ask anything in an intro post.

Quote:

Originally Posted by gerrym51 what is the question?.

[rodi]

welcome, computerguy.

[gerrym51]

Quote:

Originally Posted by obgyn65 There is no rule telling people that they have to ask questions. This post under the "Hi, I am..." forum therefore there is no need IMO to ask anything in an intro post.

sorry, i thought the way thing were phrased there was a question implied

[GoneFishing]

welcome, computerguy.

[imoldernu]

Hi, Computerguy...

I saw this as an implied concern:

Quote:

Even with Medicare and health insurance from my former employer that will continue after my formal retirement at age 65, my healthcare costs (deductibles, copays, etc. etc.) are a concern.

Without getting into details, excluding dental, hearing, and optical... a general rule of thumb for annual costs for a couple should be about $8 to $9,000.

That would be payment for Medicare A&B, Including deductible, an average Medicare Supplement, and Medicare D (drugs), for basic coverage. The Medicare D could involve the Doughnut Hole... explained here.CMS Announces 2013 Medicare Part D Amounts | Segal

Depending on necessary hospitalizations or extraordinary medications costs could be higher. FWIW, after 12 years on Medicare, with an number fairly expensive operations or courses of treatment, DW and I haven't exceeded any of the basic coverages.

[target2019]

Welcome, computerguy.

There is a tremendous level of support here.