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Old 01-06-2018, 07:23 AM   #1
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Early Retirement

Trying to surprise wife with early retirement ..Hers..Biggest concern wil be health ins for her..$$$..Have been shopping for insurance similar to what medicare covers ..Oh forgot other will be 61 and no health problems location Florida..Been told 250 to 1500 a month...I know there a lot of info am leaving out, but any help would be a world of help If I posted wrong please forgive
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Old 01-06-2018, 08:05 AM   #2
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My advice is to not surprize her. Retirement at any age is a big change in lifestyle for both of you. Income, even if it will be the same every month, changes. Outgoing costs will change. Everything around you changes. So, first off, discuss your plan with her in detail. Don't surprize her by coming in and telling her the day of or after that "surprize" you have retired.

Next do a lot of research on retirement living including medical expenses. Figure out how much deductible you can afford based on you retirement income. Look into the plethora of insurance coverage that is out there including Medi-share plans. Thanks to the ACA it has become a complex world concerning medical care. Search this forum for answers as a lot of us are retired and having a blast. There are a lot of insurance coverage threads to gain information from.

Put together a plan and present it to her in advance - well in advance - of your retirement date. She might have some ideas you haven't considered. Make it a celebration you both can look forward to and enjoy.
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Old 01-06-2018, 08:25 AM   #3
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Thanks

thank for reply..She is ready now..tells me everyday..will start searching forums..
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Old 01-06-2018, 08:36 AM   #4
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Retirement is a big mile marker but kind of a big leap too. This needs to be her decision based on a rational review of your circumstances. This isn't like a birthday present that you can return or regift later on.
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Old 01-06-2018, 08:51 AM   #5
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I'm sure you must have given this a lot of thought and it's not something you just decided to do on a whim. Check out early-retirement.org. Lots of good info to consider.
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Old 01-06-2018, 09:02 AM   #6
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Congrats on the retirement! We're both on Medicare so can't help with the insurance question Keep her between the ditches!

Good luck, happy trails, and God bless!


Happy New Year!
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Old 01-06-2018, 09:26 AM   #7
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We semi retired early , we ar now full time rvers/workampers.
We have our insurance thru ACA, so far so good.
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Old 01-06-2018, 08:52 PM   #8
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In my opinion, as others have mentioned, this is something that needs to be discussed and decided on together. My wife and I had planned to retire at 62, but an extremely traumatic incident made it difficult for both of us to continue in the high stress demanding jobs we had. We discussed it in depth, and ran the numbers multiple times prior to asking our financial planner what he though of us retiring at 58. Only when we had his confirmation that our numbers were good, and our calculations probably quite conservative did we make the jump.

As far as health insurance, I'm retired military, and thus have insurance through tricare that I utilize as a second payer to supplement the insurance I was able to keep until 65 from a later employer. We're actually somewhat over insured, but having dealt with being the exact opposite in my early years and suffering severe financial consequence I've been much more cautious in later life.
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Old 01-07-2018, 06:11 AM   #9
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We made the move early and highly recommend it if you can make it work for your situation.

Best thing we did to plan was attended a preretirement planning course. One exercise was to figure out where all your income was being spent. Then to figure a retirement budget including things that would increase, decrease, stay the same, and some new ones.

Then the tough part... What will future inflation do... especially for big ticket items that don't follow general inflation... like medical???

A good financial planner can easily run several scenarios to show you the confidence level of being able to do what you want or not.

No one answer will work for everyone... Don't be afraid of some part time work to add to the bottom line it can sometimes provide a welcome break and or social aspect.

Good luck w the next chapter
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Old 01-07-2018, 04:47 PM   #10
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Old 01-07-2018, 04:55 PM   #11
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If you retire before 65 you will not be eligible for MediCare and will be forced to get your own health insurance. If you purchase health insurance thru the ACA Exchange it will only be for coverage within your network in your domicile State (except for emergencies which are covered everywhere). If you purchase insurance on the open market it will be very expensive and may also be restricted to a network.
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Old 01-07-2018, 05:11 PM   #12
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Originally Posted by TXTiger View Post
If you retire before 65 you will not be eligible for MediCare and will be forced to get your own health insurance. If you purchase health insurance thru the ACA Exchange it will only be for coverage within your network in your domicile State (except for emergencies which are covered everywhere). If you purchase insurance on the open market it will be very expensive and may also be restricted to a network.
Not true. OP lives in FL which has BCBS EPO plans that offer out-of-state coverage.

However, the cheapest BCBS EPO plan for a 61-year-old (OP wife) costs $671 per month. That's w/o a subsidy. If OP qualifies for a subsidy, then the cost could me much less.
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Old 01-07-2018, 10:51 PM   #13
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We retired in 2014. We pay $90 per month for both of us for Kaiser. Office visits are 5. Specialists are 10. 30 day pills are almost always 3.

I hit 65 this July and will start medicare. Costs will increase.

THANK YOU OBAMACARE.

If it were not for Obamacare we would have spent 1200 per person per month for Kaiser coverage that was not as good.

I have no recent experience with any other plans.
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Old 01-08-2018, 12:00 PM   #14
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We pay $3,700 per month for Florida Blue 1431 Blue Options PPO, age 62. We don't qualify for subsidies. It is very good insurance, accepted out of state and by most providers. $5k deductible. It paid out $371,000.00 on my wife's 4 hospital stays in 2017. Needless to say, I am happy with the coverage. When we retired at 60, I was told to not buy cheap health insurance and that decision paid off big time. 2017 premium was $2100 per month. Hope this helps.
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