No pension. No health benefits.

[Gone4Good]

Of those who have retired early, I'm curious to know how many have done so without any pension or health care benefits.

Unfortunately, that is and will continue to be my predicament. Say what you will about a fat portfolio and a 4% SWR, ER seems a lot less intimidating when someone else if footing part of the bill.

 

[Mr._johngalt]

Of those who have retired early, I'm curious to know how many have done so without any pension or health care benefits. 

Unfortunately, that is and will continue to be my predicament.  Say what you will about a fat portfolio and a 4% SWR, ER seems a lot less intimidating when someone else if footing part of the bill.

I did it. And no "fat portfolio" either.

JG

 

[REWahoo]

No pension or health benefits here either. But at 58 my ER was just eR....

 

[MJ]

At 57, ditto for me as well.
I am scheduled to receive a small non-cola pension of $12k at 65 but I am not counting on it yet and in today's dollars will be worth only about $8.5k in 8 years. Still nice pocket money if I get it.

MJ

 

[intercst]

I retired in 1994 at age 38 -- no pension or health benefits.

I'm assuming Social Security is zero, too.

intercst

 

[pbrane]

I kwit @ age 39 in 1995 with no health benefits or pension etc. Did it on a shoestring. Managed to double the size of the shoestring since then --more by being frugal than by being a good investor. Would like to double it again by age 60 or so...

-m

 

[JPatrick]

A good question for the above responders is how the lack of health coverage impacted their lives. I've never been without insurance. I can tell you (like many people can) that there were years where I would have been financially stressed and then there were years I would have been wiped out.  Then again, the majority of the time the coverage went unused.  So how's your luck? Of course, the bankruptcy courts are full of good folks who took a major hit due to lack of health insurance. 
I realize you can't just snap your fingers and obtain coverage, but I'd damn sure do everything I could to get it.

 

[REWahoo]

A good question for the above responders is how the lack of health coverage impacted their lives. I've never been without insurance. I can tell you (like many people can) that there were years where I would have been financially stressed and then there were years I would have been wiped out. Then again, the majority of the time the coverage went unused. So how's your luck? Of course, the bankruptcy courts are full of good folks who took a major hit due to lack of health insurance.
I realize you can't just snap your fingers and obtain coverage, but I'd damn sure do everything I could to get it.

Don't know about the others who responded, but I didn't intend to say I have no health insurance, just that I didn't have any from my employment. First COBRA, then an individual policy. No way would I consider going without...

 

[retire@40]

Being self-employed practically my whole life, 100% of my retirement accounts were self-funded and my health insurance is and will be paid 100% out of my pocket, as will be life and disability insurance until I am completely FIRE.

 

[73ss454]

JG did it with no fat portfolio yet fails to state his wife still works.

Nothing wrong with that, I'm sort of jealous.

 

[Gone4Good]

OK. New question for pbrane and intercst and anyone else who ER'd at 40 +/-. How did you get comfortable that you had enough stashed away to last you six DECADES!?!

 

[MJ]

I thought that the OP was asking about people who get both their pension and health benefits from their former employer.
I just start Cobra group health insurance which I pay for 100%.

MJ

 

[intercst]

A good question for the above responders is how the lack of health coverage impacted their lives. I've never been without insurance. I can tell you (like many people can) that there were years where I would have been financially stressed and then there were years I would have been wiped out.  Then again, the majority of the time the coverage went unused.  So how's your luck? Of course, the bankruptcy courts are full of good folks who took a major hit due to lack of health insurance. 
I realize you can't just snap your fingers and obtain coverage, but I'd damn sure do everything I could to get it.

I guess I misread the question. I thought the original question was a "pension and employer provided health benefits". Not whether you lack health insurance.

I have full medical and dental insurance that I pay for myself (about $6,000/yr for 2005).

intercst

 

[astromeria]

No pension or employer-provided health insurance here. But DH is still working, and his employer provides health insurance--it's not cheap, though: $300/month plus $120/month for HSA.

 

[intercst]

OK.  New question for pbrane and intercst and anyone else who ER'd at 40 +/-.  How did you get comfortable that you had enough stashed away to last you six DECADES!?!

Did the research that showed 4% would survive even the worst of times for 30 years. For a sixty-year pay out period, it's maybe 80-85% safe, but I only have maybe a 2% to 5% chance of living to age 100. The joint probability of me living to age 100 and having my portfolio survive a 4% withdrawal for sixty-years is probably still above 90%. See link:

http://www.retireearlyhomepage.com/swrlife.html


intercst

 

[Mr._johngalt]

No pension or employer-provided health insurance here. But DH is still working, and his employer provides health insurance--it's not cheap, though: $300/month plus $120/month for HSA.

Looks cheap to me.

JG

 

[Mr._johngalt]

I guess I misread the question. I thought the original question was a "pension and employer provided health benefits". Not whether you lack health insurance.

I have full medical and dental insurance that I pay for myself (about $6,000/yr for 2005).

intercst

If intercst has it right then I misread it also. I have only been completely without health insurance for a month or 2 at a time since I retired.
Now we have cheap but limited coverage. It's a constant worry.

JG

 

[Mr._johngalt]

JG did it with no fat portfolio yet fails to state his wife still works.

Nothing wrong with that, I'm sort of jealous.

And don't forget, she's a "babe". Eat your heart out!

JG

 

[Mr._johngalt]

I kwit @ age 39 in 1995 with no health benefits or pension etc.  Did it on a shoestring. Managed to double the size of the shoestring since then  --more by being frugal than by being a good investor. Would like to double it again by age 60 or so...

-m

That is close to my story, except I did it at age 49. Net worth went up
pretty continuously until I remarried and then it flatlined. Could it be?
Naaaaaaah.........

JG

 

[Martha]

I will retire with no employer provided pension or health benefits. Because of inflation in health care costs outpacing inflation in general, I wanted to wait to retire until I felt comfortable that we could live on about 3% of our portfolio. We are at that point now, and I probably will leave work in six months or so. I am insecure about all this as well, and it is not helped by a spouse who is bearish on the market.

 

[REWahoo]

... a spouse who is bearish on the market.

Martha, you are the master mistress of understatement.

 

[Spanky]

No pension or health coverage -- that's one of the reasons that I encourage my daughters to get a government job.

 

[73ss454]

JG

Beauty is in the eye of the beholder.

Send over the pictures so we can check her out.

 

[tryan]

I am out next month at 43 no pension or employer health coverage. BC/BS - if accepted - will run $580/mo with 3k deductable for a family of 4. Else COBRA at $1054/mo ... ouch!

As far getting comfortable with finances stretching 60 years ... its all rental income.

 

[pbrane]

I didn't think I had enough to last 6 decades when I left work. My plan was to spend less than my income so that the nest egg would grow. Also, to tell the complete story, I've also made a few dollars by moving every few years and doing light rehabs on each house. But I look at this as just trying to bolster my real estate returns a bit because I live in an area (WI) with low appreciation rates compared to some of the "hot" markets in the country (wish I would have stayed in FL).

Regarding health insurance, I haven't had it for over10 years and am thereby "highly incentivized" to take care of my health. Of course, I worry about accidents (like when I'm using my table saw....without eye protection -ha!). Going without ins. might be foolhardy, but it seems like such a poor value. I'm thinking that if I were to need a big operation, I could go to Thailand or (?).  In fact, I'm planning a trip to Venezuela or Argentina to have an expensive dental bridge done. My dentist wants about $2500 but I think I can get the SAME one done (state of the art material) elsewhere for around $1000 ("free" vacation).

-m