Checking the box "RETIRED?"

[urn2bfree]

As I approach my exit date I now notice some forms (example car insurance) want to know if I am employed or student or retired, etc....Is there a "penalty" for marking retired? If not, is there a "reward?" And if neither, why the heck do they ask?

 

[W2R]

Car insurance can be cheaper if you are retired and not using the car to go to work.

 

[Meadbh]

In many cases, they just want to know what marketing material to aim in your direction. (Expect more ads about walkers, hearing aids and retirement homes and fewer about Gen Y stuff!) If you want to keep up a professional license or membership for a while, you may be able to do so at a discounted rate (and get some discounts as a result). However, if you are looking for credit, checking "retired" may hold you back. I would suggest setting up a HELOC prior to ER.

 

[Katsmeow]

When DH retired our auto insurance went down as he was no longer making a long commute each day.

 

[Walt34]

To my astonishment my car insurance went down when I started working again but only by a single-digit amount. Dunno why, I guess they figure I'm not out crashing into shopping carts if I'm at work.

We'll see what happens in July when I'm fully retired again.