Hello from Ohio, I was actually forced into FIRE due to being caught on a hot mic in a large mtg (long story) back in Nov 2022. I had just turned 60 in Oct. I lost my healthcare and not a penny of Ohio Unemployment. Turned down due to "just cause" I paid into that damn fund for 40 yrs and never asked for a nickel until losing my job. Anyway, was curious what your doing for Healthcare? Thanks god I picked up a policy after being dropped from where I worked.
Congratulations!! Have you stopped smiling yet? Probably not. Enjoy the next chapter in your life.
I'm joining the Retired club also this month. I think 2 more paychecks from my company before Pension starts in August. I feel very calm and ready for it.
Today, someone at our beach club called me a PHD (I have no doctorate degree) meaning that group of grandparents like me...."Pop-pop (or papa) Has Dough". LOL
Congratulations to all the other recent retirees!
Thank you for the reply. I picked up a nice Anthem policy for $670 a month. Can you explain the tax credit? That makes its look like your monthly healthcare policy cost is zero?
Thanks!
I lost my job in my late 50's with far less than 7 figures. It was scary. But with a little part time work, a lifetime of saving, some good investing and a little inheritance, I made it through that tough time. Having virtually zero debt (house, car, etc.) at this stage of my life made a huge difference. I purchased some lifetime annuities as well as taking SS at 62. Those gave me a steady income stream as long as I live. With investment gains, today at 74 I now have well into 7 figures in IRA's, other holdings and a decent income to cover basic expenses. It's not all doom and gloom if you loose your job close to retirement if you plan things right. I'm feeling pretty good about the future.
My advice to all nearing retirement is to pay down debt as much as you can. If the worst happens, you won't have that to worry about and hamper your efforts to achieve a comfortable retirement.
You're a role model that proves what can be done with planning, hard work and self discipline.
I'm a firm believer that people make their own luck.
You won!
Do you use 4%rule? How much you spend annually? And how much retirement income you have annually?
I agree with that statement very much.
Do you use 4%rule? How much you spend annually? And how much retirement income you have annually?
I think in 2024 and 2025, I will be getting 4.5% - 5% to beef up cash before getting SS.
Because when DW and I get our Social Security in 2026, our withdrawal will be down to 2.0%, since Social Security income counts towards MAGI for the Affordable Care Act (ACA) income calculations. I'm still not covered for Medicare at 62 years old. So we have to be careful not to bump up our healthcare insurance by withdrawing more than we need from our pre-tax nest egg. This year - I'm pay $0.00 for our ACA healthcare.
Then, when I hit 65 years old and getting Medicare, we can bump up our withdrawal to 3% - 3.5%, maybe even blow the dough on a new car.
Our fixed retirement income in 2026 when we take SS + an annuity will be $5000/month. We'll have no mortgage, no car loans, no debt. Since we live in the South, we're in a low cost area.
And if we withdraw an additional $12000 from our retirement savings, then our income will be $6000/month or $72,000 per year, and we'll still be fine for 40 years (according to Firecalc). Right now, we can live on $4,500/month and still travel to Europe. We don't eat out much (maybe once or twice a month tops), as we try to eat healthy and we make our own Keto and organic meal. We even make our own Keto extra-low carb Pizza every week, as we have a lot of time on our hands. But we eat high protein food like steak. I just got Rib-eye steaks for $7.99/lbs. last Independence day. Last year, I bought a high definition 4K high-end Sony TV that is 85 inches, so we don't go to the movies except maybe 2-3 blockbuster movies a year. We just enjoy what is streaming on TV.
I also save about $280/month by mowing the lawn myself. All my neighbors are spending $260-$300/month on lawn mowing, but not me. I just LOVE mowing the lawn for my exercise. Been doing it for 25 years and I'm not stopping until I'm 90 years old. My neighbors are gaining weight, and I'm still fit and can run 5 miles straight with no problem.