Finally Retired at 64 - 2 Years Later Than Planned

[ImThinkin2019]

My employer decided they were done with me and I got my last paycheck yesterday. Instead of being upset, DW and I are ecstatic!

It is all the preparation we did over the years that made this possible. In fact, you can tell from my user name that I am doing this a bit later than originally planned.

We are currently scrambling to get health insurance since my prior employer cut me off instantly. It's a little slower than it normally would be because of the Secure Act. Turns out we are eligible for a discount and it looks to be around $1,200/month, leaving us with around $225/month for a 2-person bare bones policy. We're excited about that. It is taking some time to verify that we are eligible for help. Turns out the ceiling is $300,000 in income. Amazing.

I want to thank all of the members of this forum who have provided advice and encouragement over the years. I look forward to posting more in the future when I have something to offer. Be prepared for a dry sense of humor - I'm the guy that though pb4uski was a Polish guy, based on his username. Ha!

 

[finnski1]

My employer decided they were done with me and I got my last paycheck yesterday. Instead of being upset, DW and I are ecstatic!

It is all the preparation we did over the years that made this possible. In fact, you can tell from my user name that I am doing this a bit later than originally planned.

We are currently scrambling to get health insurance since my prior employer cut me off instantly. It's a little slower than it normally would be because of the Secure Act. Turns out we are eligible for a discount and it looks to be around $1,200/month, leaving us with around $225/month for a 2-person bare bones policy. We're excited about that. It is taking some time to verify that we are eligible for help. Turns out the ceiling is $300,000 in income. Amazing.

I want to thank all of the members of this forum who have provided advice and encouragement over the years. I look forward to posting more in the future when I have something to offer. Be prepared for a dry sense of humor - I'm the guy that though pb4uski was a Polish guy, based on his username. Ha!

Congrats. The secure act limits are for a few years only but since you are already 64 you can obviously hop on medicare at 65.

 

[street]

I wish you well on your new life. You had a plan early in life that prepared you, if loosing a job might happen.

 

[CindyBlue]

I am so happy for you! Your foresight and careful planning has made this possible - congratulations!

 

[Out-to-Lunch]

Congrats!

 

[Luvtoride]

Sounds like the end was kinda “unceremonious “ and sudden. Sorry to hear that, but glad you were prepared for RE. I turn 64 this week and have targeted age 65 to retire, hopefully on my terms, but your story reminds us we may not have control of that.
Congratulations on reaching your goal!

 

[RetiredAndLovingIt]

Maybe there is a reason why but I would have thought that your current insurance would run through at least the end of this month which would at least give you a chance to refill medications and visit with your doctor if needed.
Apart from that congratulations, I was also dumped with no notice when they closed my location but I had seen the writing on the wall and had all my ducks in a row so it worked out very well for me. It comes in close as one of the happiest days of my life driving away from there for the last time. And the severance package included paid medical coverage for a few months which certainly helped sooth any anxiety that I may have had. You should qualify for unemployment for a few months and possibly free ACA coverage of a silver plan at no cost due to losing your job.

 

[Dtail]

Congrats and welcome to the best part of your life.

 

[Act2]

Congratulations! It appears your planning laid the foundation for good luck.

 

[pacergal]

Congratulations.
It sounds like the unexpected loss of employment is very much a positive for you.
Enjoy your retirement.

 

[Jim59]

Great stuff. Your ex employer may have done you a favour, though it may not have seemed like that at the time. Every day working is a day off your vocational freedom.

 

[stepford]

Unemployment insurance is like a free parting gift when you're RIF'd into retirement.

Also, unless things have changed in the last few years, I would think COBRA would provide guaranteed health insurance for 18 months (plenty to bridge you to Medicare).

 

[mistermike40]

Congratulations!

 

[Brat]

Check out COBRA. Your former employer must give you timely notice.

How large is your former employer (rough employee count)?

 

[Aerides]

Maybe there is a reason why but I would have thought that your current insurance would run through at least the end of this month which would at least give you a chance to refill medications and visit with your doctor if needed.

Not always, depends on the plan and employer. Many end at the month end, many on the last day of employment.

I think they are required to offer cobra if the company has over 20 employees, which means you pay 102% of the all-in cost. So the ACA often ends up better.

Either way, OP, congrats! - find a plan that gets you covered for the next 10 weeks today. Then take your time with open enrollment on Nov 1 for your 2022 coverage.

 

[Marita40]

Congrats! I retired last January at 64. I took Cobra until I turned 65 this month and qualified for Medicare. It turned out to be a good deal all around. I am still on Cobra dental until July 2022.

Was SO happy to retire!

 

[ImThinkin2019]

Thanks all for your kind words.

Re cobra they did not offer it, and did not answer my email or phone request asking about it. My DW checked with the insurance company who told her on Cobra the company needs to request it first, and I think they wont. So we're on our own, although they did give a severance to help pay for it.

Re unemployment thanks so much for the reminder. I will apply.

And yes, we are very well prepared. LBYM people. Like all of us.

Again, many thanks.

 

[HI Bill]

Congrats! Sorry about the 'swift' exit, but at least you're out! Making the 'final' decision was perhaps the hardest one in my life. I drove my wife and some coworkers nuts for a couple of OMYs.

 

[Pellice]

It's such a great feeling to "have your ducks in a row." So many people refuse to plan. Those here in ER are mostly with you. Sounds as though you're enjoying your first weeks of that luxurious free time!

 

[Steeler75]

Congrats and welcome to the team! Not the most ceremonial end but you made it across the finish line. Close the book on w*rk life and enjoy your new found freedom!

 

[Brat]

If they are subject to COBRA they must, by law, notify you within 30 days. Again, how many employees?

 

[RxMan]

Sorry to hear about the abrupt retirement but congrats anyway. Imagine being in this situation without a plan and with minimal or no savings? It could have been a devastating situation. I hope you enjoy your retirement!

 

[Born2Fish]

Congrats on your newfound freedom!

 

[Gordomd]

Enjoy your newfound freedom

 

[cyber888]

Congrats .. Enjoy life