One Week to Retirement

[Mosbonian]

Good afternoon fellow Planeteers!

Exactly one week from today I will log off my laptop, gather what is left of my belongings at the office, hand in my equipment and turn in my badge.

After almost 48 years in my selected occupation I decided that the end of March is my retirement date. I've met many good people in my line of work and made a great deal of life long friends....(some of them Chiefs fans too)

Without getting too sentimental.....I think I have run my race and done the best I could to always be at the top of my game.

Now comes the next stage of my life....and I do have plans. But it would be nice to hear from any of the rest of you who are retired as to what happened after you retired......did you take a few weeks off before just moving to something part time or volunteer work? Or did you just hit the ground running.

Any retirement wisdom is greatly appreciated.

(And no....I am not taking a trip to Belize nor will I be drinking any anti-freeze)

[Chief Roundup]

Congratulations!!!

[Buehler445]

Congrats my man. That is the goal.

I don't have any great advice, other than take care of yourself. That's a holistic statement. Mentally, physically, emotionally, financially.

Both of my grandpas worried about money shitload after they retired because they both said after a certain point they can't go earn any more.

Both of them ended up in the rest home and needed a fair bit to sustain them.

Interestingly, my paternal grandpa was in and died in 08 (pre-Obamacare) and the cost was like 2500 a month. My maternal grandpa is in now and it's 10K a month. NO financial professional expected that back in 08. So make sure you are prepared for some unexpected shit. If you're 65 (ish) now there is a pretty good probability either you or your wife has 30 years yet, so it is important to have quite a bit more than you need right now.

My advice is to educate yourself. I have no problem seeking the advice of a professional, but double check everything and look up as much information as possible.

I'd also recommend not putting off any procedures any longer than necessary. My dad has had several procedures (mostly orthopedic related) and I've noticed he doesn't bounce back as quick as he used to. Life comes at you fast.

Enjoy it. Your position now is why I do what I do.

Originally Posted by notorious

I'd go crazy if I retired.

We will see in 10 years if I feel the same way.

Enjoy it, man. My father retired years ago and he's handling it great. Has a lot of hobbies, keeps occupied. My mother, not so much.

**** your stupid face. I'd retire today if I could ensure financial security. I'd pay real money to take a step away from the grindstone.

[BigRedChief]

Also for those who don’t know, Medicare A&B is usually free. But there are a lot of holes in it. You’ll need to buy a “g” or “n” plan.

Do not under any circumstances get what’s called a Medicare advantage plan. They are usually free and have 0 co-pays. Sounds good right?

Think HMO’s in 90’s. All they do is deny you care. Testing etc. and if you select those crappy plans when you have had enough of the shitty care, you have to be approved to change to the good plans. You have anything that’s expensive to cover, they can deny you.

If you get a “g” plan you can always go to the advantage plans in the future. There’s a reason that 80% of all people select the “g” plan.

[Buehler445]

Originally Posted by notorious

I'd go crazy if I retired.

We will see in 10 years if I feel the same way.

Enjoy it, man. My father retired years ago and he's handling it great. Has a lot of hobbies, keeps occupied. My mother, not so much.

Originally Posted by BigRedChief

I was totally surprised that Medicare was so good. I always heard it was shit.

Nah, you want Medicare My parents (self employed) got on as soon as they were old enough even though they weren't getting social security and paying the monthly premium because it is good. Still have to buy the supplemental insurance, but yeah, it's what you need.

[BigRedChief]

Originally Posted by Buehler445

Nah, you want Medicare My parents (self employed) got on as soon as they were old enough even though they weren't getting social security and paying the monthly premium because it is good. Still have to buy the supplemental insurance, but yeah, it's what you need.

I’ve been telling everyone that if you are 65 and paying more than $175 a month for insurance through your work, you are overpaying. Almost every doctor takes Medicare and the “g” plans these days.

[GloryDayz]

Originally Posted by Stewie

How in the world do you think SS is beer money? Are you just getting the minimum?

I paid into the system for 45 years and get a substantial amount every month. It covers all taxes, all insurance and all living expenses with about $1200 left for discretionary spending each month.

That being said, I have no debt, but may buy a new vehicle in the future.

I paid in for 49 years, but it's not really all that much when compared the payouts I'm getting from the rest of my portfolio, so I like to think of it as "beer money"/"a dive trip a month" slush fund when I decide to take it. As long as it can pay the price of a good liveaboard each month, and it should, I'm happy.

And I'm with you, we have very few bills so retirement is looking good, and SS is going to make it even more fun.

[Mosbonian]

Originally Posted by BigRedChief

I was totally surprised that Medicare was so good. I always heard it was shit.

The only downside to Medicare is that if you tend to get booted from the hospital quicker than if you have company paid insurance.

But yes....like you I was surprised about how good it is.

But I will say that once a person decides to retire and switch to Medicare, start the process 6 months ahead.

Trust me...you will be glad you did.

[Mosbonian]

Originally Posted by BigRedChief

Also for those who don’t know, Medicare A&B is usually free. But there are a lot of holes in it. You’ll need to buy a “g” or “n” plan.

Do not under any circumstances get what’s called a Medicare advantage plan. They are usually free and have 0 co-pays. Sounds good right?

Think HMO’s in 90’s. All they do is deny you care. Testing etc. and if you select those crappy plans when you have had enough of the shitty care, you have to be approved to change to the good plans. You have anything that’s expensive to cover, they can deny you.

If you get a “g” plan you can always go to the advantage plans in the future. There’s a reason that 80% of all people select the “g” plan.

This × A billion....all those advantage plans you see advertised are useless for most people.

My wife and I were lucky that there was a guy at church who helped retirees like us to pick the best plan based on our health needs.

[Rain Man]

Originally Posted by Mosbonian

The only downside to Medicare is that if you tend to get booted from the hospital quicker than if you have company paid insurance.

But yes....like you I was surprised about how good it is.

But I will say that once a person decides to retire and switch to Medicare, start the process 6 months ahead.

Trust me...you will be glad you did.

I just learned that the lookback period for Medicare income-based surcharges goes back two years, so you should start planning two years ahead of time. I had no idea of that.

I did a notable Roth conversion this year, and it's going to end up costing me a Medicare surcharge, which really stinks. I ran the numbers and I'm still ahead of the game to do the conversion, but the surcharge bites into my advantage.

[Mosbonian]

Originally Posted by Buehler445

Congrats my man. That is the goal.

I don't have any great advice, other than take care of yourself. That's a holistic statement. Mentally, physically, emotionally, financially.

Interestingly, my paternal grandpa was in and died in 08 (pre-Obamacare) and the cost was like 2500 a month. My maternal grandpa is in now and it's 10K a month. NO financial professional expected that back in 08. So make sure you are prepared for some unexpected shit. If you're 65 (ish) now there is a pretty good probability either you or your wife has 30 years yet, so it is important to have quite a bit more than you need right now.

Without going into greater detail I am comfortable in saying that I do not have 30 years left...if I live to 80 I will consider it a great victory.

But I have planned for my wife for beyond my passing.

[Mosbonian]

Originally Posted by Rain Man

I just learned that the lookback period for Medicare income-based surcharges goes back two years, so you should start planning two years ahead of time. I had no idea of that.

I did a notable Roth conversion this year, and it's going to end up costing me a Medicare surcharge, which really stinks. I ran the numbers and I'm still ahead of the game to do the conversion, but the surcharge bites into my advantage.

You are correct...planning for the surcharges should be 2 years....

I was talking about the actual process of applying...because if you are working and have company insurance, there is a form you have to turn in with your application that shows you had coverage from your employer the prior year....and even when you do turn in your paperwork you can still run into snags...

[BigRedChief]

Originally Posted by Rain Man

I just learned that the lookback period for Medicare income-based surcharges goes back two years, so you should start planning two years ahead of time. I had no idea of that.

I did a notable Roth conversion this year, and it's going to end up costing me a Medicare surcharge, which really stinks. I ran the numbers and I'm still ahead of the game to do the conversion, but the surcharge bites into my advantage.

I wasn’t thinking of getting Medicare any time soon. So no planning. Now, I guess they are going to whack me for two years.

[kcbubb]

How did his retirement get turned into a Medicaid discussion?

[R Clark]

Originally Posted by kcbubb

How did his retirement get turned into a Medicaid discussion?

They kinda go hand in hand ,when you turn 65 perhaps you will understand.

[GloryDayz]

Originally Posted by kcbubb

How did his retirement get turned into a Medicaid discussion?

Originally Posted by R Clark

They kinda go hand in hand ,when you turn 65 perhaps you will understand.

100%

Along with many conversations, consultations, and research, all of these topics and points are things that people need to think about along their life journey. It gets more real with each passing year, especially topics like Medicare and other such topics, but many of the items need to be occasionally brought to the frontal lobe even in your 20s.