Realistically, when do you think you can retire?

I'm 59 and hope to retire at 62. House is paid off, will have truck paid for by then and be debt free. Should have 400k in the 401 by then, not great but started late. Only issue is health insurance costs until I can get on medicare. Plan is to work as little as possible the last year, with the wife retiring earlier our income would be low and may get us a better rate on ACA insurance. Not sure if that's possible but worst case I work to 65 then retire. We plan to pull a small camper all over the country with the Tacoma when we retire.

 

Nice plan. When my daughter turned 26 she had to get her own health insurance and I believe it was around 150 a month. I would like to see someone's else experience. Ill have to carry my wife. U think $300-$400 a month is a reasonable guess , say 5 yrs from now ?

 

I don't know what my work would cover post retirement, but I think it would be the same time the defined benefit would kick in and thats age plus years of service has to = 65. And ain't nobody got time to wait fo dat!

 

At near 63 and healthy - I pay $729/mo for full boat med/dental for just me. The only time I have ever wished for 65 to come up fast!

 

Wow wow wow, I didn't think it would cost that much. Dang i might have to stay till 62. Was hoping to get out of this rat race at 60, slowly walk away , maybe hustle some side jobs for folding money. Is it ur location, cheap deductible?

 

OMG

Thats rough, but you gotta do what you gotta do. You can’t not have insurance these days.

 

What's your deductible?

 

Seems like that's about the going rate for insurance these days and honestly I only see it continuing to rise. Insurance is a huge scam that we all have to buy in to to live. There were a couple of my co-workers who were travel nurses and they paid for everything out of pocket and never carried insurance. Had wives and two kids each. They claimed they saved money by paying for things out of pocket. I believe that to be true in certain instances, but if a hospital stay or surgery was required, they'd be up a creek. I'm sure they come out pretty decent by paying cash prices on some services and medications, but that's a risk I am not willing to take.

 

Agree. Especially at retirement age , the risks are a lot higher for u needing surgery .... maybe a high deductible plan may be cheaper.

 

I'm sure it would be, but that carries risks as well. It's a gamble, in all honesty. Do I pay a higher amount monthly in the event that I MIGHT need a service and it will lower my financial responsibilities for said event, or do I pay less per month in the hopes that I DO NOT need a service that would raise my financial responsibility. It's a lose-lose.

 

I looked up me and a spouse 34 and 37 being insured making $50k a year and it was $250-$500/mo depending on the deductible for a family plan. I bet if I put in us over 40 it may change. I'll have to play with the ages one time and see what that does to the rates.

Age really determines a lot. Which isn't all fair. I'm just turning 30 and I've had three major ortho surgeries in 5 years. Last year my medical expenses were $100k. I only paid max out of pocket $7,900 but still. I'm definitely going to need insurance and need to plan on using it. My parents are 66 and 68 and they haven't used a fraction of the healthcare I have for a chronic illness and injuries.

Also being able to contribute to an HSA is important for me. I'd prefer a mac out of pocket below the $7,100 per year for an HSA. Even if it means a little more in premium.

I am maxing out my HSA every year now and trying to control my healthcare spending (as much as one can do) so I'm hoping over the years to build up a nice buffer where if I need care it's coming out of that instead of other investments or my income once I leave full time employment.

 

Very good way of handling things. Being in healthcare myself, the cost continues to climb at an astronomical rate. Best to be as prepared as possible.

 

Location and age drive the cost. I don't remember what my deductible is. Not at home right now but it's not low I can tell you that.

 

Oh and market place insurance here isn't cheaper.

 

I'll pry die at work.

 

We were looking at a similar cost factor. I nearly crapped when I saw how much my insurance from work actually costs for all of us. Fortunately, it is almost all paid for by the employer. I've always heard the exchange is not what it's cracked up to be.

 

Retire? 50

Stop working? 2 months before I die.

 

Depends if she's Medicare eligible, for one thing.

The industry has definitely changed, sadly in large part due to the reforming that has scapegoated insurance as the devil while not caring about the other drivers of cost. That's another rant best for PM if anyone likes.

Insurance of any kind is a gamble.

 

Yes but I strongly suggest pairing it with a HRA/HSA of some kind, you get pre-tax money set aside in the event of needing it.

 

Death