Countdown To Freedom
Confused about dryer sheets
While still employed, I asked an older co-worker friend of mine when she was retiring. She was in her late 60s and was able to collect her full retirement age SS (65) and continue to work. She told me "70". She did not count on being diagnosed with a brain tumor and dying at 69.
Another co-worker wanted to retire at 55 but her husband told her she couldn't because he wanted to retire first. So she, the breadwinner to begin with, continued working while he left his job and collected SS. Then two years ago they bought a house so now she had to work to pay the mortgage. She didn't count on developing stomach cancer and dying at 63.
Because these ladies died while in active employment, their husbands each received three times their salaries in life insurance and receive 50% of their company pension benefits for the rest of their lives....benefits these women earned and will never get the chance to enjoy. Let's not also forget the SS they will never see.
After seeing too many of these anecdotes play out in real life, I knew what I had to do. After consulting with my financial advisor, I got out of the rat race two years ago at age 57 and never looked back. I work part-time remotely to supplement my monthly pension. My employer subsidizes my medical, dental and vision insurance up to age 65 and I am responsible to pay the amount I would have paid if I were still employed, which is deducted from my pension each month. After age 65, I will receive a subsidy for my Medicare Part B from my company. While working, I upped my 401K 1% every time I got a raise or 2%-3% for promotions. At one point I was contributing 35% of my pay into the 401K + the 6% company match, so I was able to save quite a bit. My biggest quandary now is when to take SS but that's a subject for another thread.
Early retirement was the best gift I could have ever given myself. Life is good!
Another co-worker wanted to retire at 55 but her husband told her she couldn't because he wanted to retire first. So she, the breadwinner to begin with, continued working while he left his job and collected SS. Then two years ago they bought a house so now she had to work to pay the mortgage. She didn't count on developing stomach cancer and dying at 63.
Because these ladies died while in active employment, their husbands each received three times their salaries in life insurance and receive 50% of their company pension benefits for the rest of their lives....benefits these women earned and will never get the chance to enjoy. Let's not also forget the SS they will never see.
After seeing too many of these anecdotes play out in real life, I knew what I had to do. After consulting with my financial advisor, I got out of the rat race two years ago at age 57 and never looked back. I work part-time remotely to supplement my monthly pension. My employer subsidizes my medical, dental and vision insurance up to age 65 and I am responsible to pay the amount I would have paid if I were still employed, which is deducted from my pension each month. After age 65, I will receive a subsidy for my Medicare Part B from my company. While working, I upped my 401K 1% every time I got a raise or 2%-3% for promotions. At one point I was contributing 35% of my pay into the 401K + the 6% company match, so I was able to save quite a bit. My biggest quandary now is when to take SS but that's a subject for another thread.
Early retirement was the best gift I could have ever given myself. Life is good!
