Do I need to go back to work?

[ivinsfan]

In my experience, we took Cobra for 18 months because it was cheaper than the ACA and it had way better coverage than ACA. Just my experience. We have been on ACA for the last 4 years now and I sure do miss mega health care insurance. ACA sucks for me. Again, just my 2 cents.

Yes but do you miss working? That's the trade off you make for ER... would you go back to work to have better insurance?

 

[Carpediem]

In my experience, we took Cobra for 18 months because it was cheaper than the ACA and it had way better coverage than ACA. Just my experience. We have been on ACA for the last 4 years now and I sure do miss mega health care insurance. ACA sucks for me. Again, just my 2 cents.

Can you tell me more about what sucks about ACA? I'll be facing this decision soon so I'm curious (and concerned). Thanks.

 

[unixfreak]

Well as the OP of this thread, here's a little update. Not retiring was a great decision. I'm working a great job that I don't have to work; that really helps the mentality at times. I'm making a ton of money as my old job is paying me as well as the new. I have to work a year before I can get into the 401k. I rolled mine over to an IRA, maxed out another IRA, maxed out my HSA, about to open an IRA for the spouse and max it. House is paid off, no debt. The IRAs are at 495k. I found that after my house paid off my credit dropped 44 points. It's 777 so I'm not complaining. Life is good .... not retired! But .... it's such a blessing to have this opportunity to solidify retirement further.

 

[HadEnuff]

Well as the OP of this thread, here's a little update. Not retiring was a great decision. I'm working a great job that I don't have to work; that really helps the mentality at times. I'm making a ton of money as my old job is paying me as well as the new. I have to work a year before I can get into the 401k. I rolled mine over to an IRA, maxed out another IRA, maxed out my HSA, about to open an IRA for the spouse and max it. House is paid off, no debt. The IRAs are at 495k. I found that after my house paid off my credit dropped 44 points. It's 777 so I'm not complaining. Life is good .... not retired! But .... it's such a blessing to have this opportunity to solidify retirement further.

Good going! IMO you'll enjoy your retirement much more if you're not feeling strapped. I'm glad this is working out well for you.

 

[unixfreak]

Good going! IMO you'll enjoy your retirement much more if you're not feeling strapped. I'm glad this is working out well for you.

Thank you!

 

[Dtail]

Well as the OP of this thread, here's a little update. Not retiring was a great decision. I'm working a great job that I don't have to work; that really helps the mentality at times. I'm making a ton of money as my old job is paying me as well as the new. I have to work a year before I can get into the 401k. I rolled mine over to an IRA, maxed out another IRA, maxed out my HSA, about to open an IRA for the spouse and max it. House is paid off, no debt. The IRAs are at 495k. I found that after my house paid off my credit dropped 44 points. It's 777 so I'm not complaining. Life is good .... not retired! But .... it's such a blessing to have this opportunity to solidify retirement further.

Great to hear. You will know when it is time to call it quits.

 

[daylatedollarshort]

Thank you for the update. I'm glad things are going well for you.

 

[Omalley]

Are you also using this time to practice living on your planned retirement budget? Earlier this year you mentioned amounts ranging from $42-50k/year.

 

[dirtbiker]

Well as the OP of this thread, here's a little update. Not retiring was a great decision. I'm working a great job that I don't have to work; that really helps the mentality at times. I'm making a ton of money as my old job is paying me as well as the new. I have to work a year before I can get into the 401k. I rolled mine over to an IRA, maxed out another IRA, maxed out my HSA, about to open an IRA for the spouse and max it. House is paid off, no debt. The IRAs are at 495k. I found that after my house paid off my credit dropped 44 points. It's 777 so I'm not complaining. Life is good .... not retired! But .... it's such a blessing to have this opportunity to solidify retirement further.

You mentioned that your new job is $130k per year plus the severance of $150k a year for nearly two years. That means you're making $280k per year. You're maxing out an HSA and two IRAs. By my count, that's $21k per year. Where is the rest of your money going? I thought your plan was to try and live off of your expected $42k per year? You should be able to tuck away at around $150k per year (depending on tax situation) if only spending $42k. Maybe I'm missing something?

 

[Teacher Terry]

Why would I be kidding about your wife working?

 

[davebarnes]

The US economy needs seniors to work longer. Here's how to make that happen
https://money.cnn.com/2018/06/02/news/economy/older-workers-retirement-economy/index.html

 

[unixfreak]

Why would I be kidding about your wife working?

Sheesh ... I had to go back 5 months to get context. I don't know ... I thought it was a joke. She certainly doesn't need to go to work. Actually she is disabled.

 

[unixfreak]

Are you also using this time to practice living on your planned retirement budget? Earlier this year you mentioned amounts ranging from $42-50k/year.

Definitely not.... just the cost to do business (drive to work) has me spending 500.00 per month traveling back and forth to work.