It's tomorrow ...
- Thread starter steadystate
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athena53
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 11, 2014
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- 7,384
Congrats on your exit.One thing is holding me from pulling the trigger.It's called health insurance! Company has a carrot in front of me.They will pay 80% of my premium if i stay 44 months.
Keep in mind that companies break promises on this, even for people who have already retired. My brother and his wife have had to scramble for insurance through the Exchange for 2018 because the Megacorp he left 2 years ago is no longer paying for retiree health insurance. They don't qualify for subsidies and they've got 3 or 4 more years till Medicare. They'll be paying about $22,000 in premiums. They'll be OK- he has a good pension in addition to their savings and their expenses are modest- but it's a huge shock. One of my previous employers froze payments for retiree health insurance at 2014 levels, which wasn't quite as bad.
Not anything you can predict- just be aware that you could hang on for 44 months and find that "benefit" is less than you expected.
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Athena53 - The possibility that retiree health insurance is taken away is a big concern for us. We would have to reduce our discretionary spending but could do it. My thought is to not delay retirement and hopefully get to use this benefit as long as possible.
But your post is a really good reality check!
But your post is a really good reality check!
Per year, or total for 4 years? If the later, then that is not bad, IMHO.
athena53
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
- Joined
- May 11, 2014
- Messages
- 7,384
No, that's per year but for 2 people. I'm not surprised; last year I was paying $9K/year for myself (different state) and my premiums had doubled from what I was paying in 2014, with the same deductible but ever-sketchier network coverage every time I renewed.
By my calculations, I paid $25K in premiums over 3.5 years.
So true
Seen it happen to a couple friends.My goal for 2018 is to get all my numbers.I want to be able to exit if need be
I know the Feeling
Last year sometime my wife and I were discussing finances when our youngest son was home. We keep our two sons informed regarding our finances since they will inherit the remainder of our estate some day, and may have to help us with decisions prior to that date.
Our son listened for a while then replied "I don't know why you aren't already retired. You have lots of money."
To which I replied, "There are no Do-Overs in retirement. If you discover five years into your retirement that you started with too little money there is almost no opportunity to resurrect your career to re-fill the piggy bank. You better be right the first time."
Yes, I know the anxiety. Which is why I immediately returned to work following my first retirement at age 56. My second, and final, retirement will be at age 63.
Last year sometime my wife and I were discussing finances when our youngest son was home. We keep our two sons informed regarding our finances since they will inherit the remainder of our estate some day, and may have to help us with decisions prior to that date.
Our son listened for a while then replied "I don't know why you aren't already retired. You have lots of money."
To which I replied, "There are no Do-Overs in retirement. If you discover five years into your retirement that you started with too little money there is almost no opportunity to resurrect your career to re-fill the piggy bank. You better be right the first time."
Yes, I know the anxiety. Which is why I immediately returned to work following my first retirement at age 56. My second, and final, retirement will be at age 63.
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