You might want to check on using HSA money to pay for premiums. Normally you can't.

Nobody needs a lot of money ... until they do
You can budget and be thrifty .. but crap happens

When that HSA deduction was started the rules were different. At the time, any monies put into an HSA was an annual thing. Any monies you did not use were forfeited to the govt. So, if you did not get sick and use the HSA money it just disappeared. Of course, retailers stepped I to fill the gap. Eyewear sellers were endlessly hawking for you to use your FLEX dollars on a new pair of glasses.

I gave that policy the middle finger salute and never considered it again. By the time the policy was amended I was too close to retirement to consider it.

We have a lot in common. I hate making monthly payments on anything other than utilities. If I don't have the cash, I don't buy. I was bending wrenches since before I could drive. I have never owned new car and never had the desire for a new vehicle.

My small house has served me well for 40 years. I paid it off in 1995. It has only gotten crowded since I got into the pin hobby

If your pension will pay for your health insurance, you possess a real nice benefit. My brother-in-law was able to retire at 55 because the company he worked for provides for retiree health care.

Be careful on pulling money from your 401K. Until you are full retirement age, you will pay a penalty for early withdrawal. You will also have to pay taxes on your 401K withdrawals.

I had to use Obamacare for a year after I retired. Monthly premiums were going to get boosted to $220.00 per month with a $6700.00 deductible. So, if you did not get sick, you were pissing away $2400.00 per year. If you did get sick, really sick, you would be out your $2400.00 plus $6700.00 for a total of $9,100.00 before the insurance company ever kicked in a dollar. If that happened to you in December and your medical issues extended into January, the deductible started over. So, one could be out $16,000.00 in 2 months time as the insurance company kept counting its stack of jack.

And the insurance companies only covers you with direct withdrawal from your checking account. No checks accepted.

I got hit with a surprise $2500.00 bill. I bargained (you can do this) with the hospital and said I would pay cash and got them to reduce the bill to $1500.00. And I kept paying the monthly premiums.

Luckily for me I will also be retiring July 31st.I worked a lot of overtime and saved up for the 16-24K healthcare hit for me and the wife.Then covid hit and my employer came out with a retirement package.Fully funded healthcare.Also as far as the 401K theres no penalty to withdraw if you are 59 1/2.Also if you were in your company plan for over 25 years and are at least 55 there is no penalty.A certain amount will be withheld for taxes depending on if its an IRA or 401K.It's also good to live in a state that does not tax retirement monies.

Living in NJ, it is comical to hear "boosted to 220 per month"! That is about a quarter of what I pay, and mine is only that cheap because my previous employer pays 65% of my premium. Granted, that deductible is ridiculous. I need to move.

I will be probably be retiring from my part time job (National Guard) in one to two years. There is a pension associated with this that will start at age 59 for me, but one of the best benefits is health care coverage (Tricare) that converts to Tricare for Life at age 60 and is essentially free to 65, then becomes a wrap around with Medicare part B (have to pay the part B premium). Between the time after I retire from the Guard and 60, I can have the same coverage but it will cost more than my civilian job - I'll switch to that for a few years.

I think retiring from the Guard will FEEL like a full retirement, so I plan to keep working my one job and get back 20+ hours on average a week ...

My brother-in-law did 20 years with The Guard. He gets Tricare. The company he worked for pays for full retiree health care. And he gets Medicare, as well.

He is covered nine ways from hell. But yet, when I talk to him about some sort of Nat'l health care plan, he says it won't work. His attitude is "I've got mine. Fuck the rest of ya. "

Thankfully I will qualify for what they call the 55 plus rule and I wont have to pay a penalty. The way I have everyth8figured up I also wont have to dip into my 401K but I think that I will a little bit anyways just to live a little better. Remember I also get social security at age 62 so that's going to be a nice raise also.

I retired at 62 and started SS at that time. I have SS and two pensions live on. I make less than $30K per year. But 85% of SS income is not taxable income. Only 15% counts as taxable income. I can make up to $36,000 per year before I have to pay Federal Tax. I figure that little tax benefit makes < $30K per year feel like I am making $50K and paying tax.

So, I can only make about $8,000.00 per year before I have to start paying taxes. This is one reason I have never bothered to look for a part time job.

And with the new 1040 tax rates, I can take $8,000.00 from my IRA and not have to pay any taxes. So I am busy drawing it down by $8K per year in an effort to have the IRA stripped clean a few years down the road without having to ever pay any taxes on withdrawals.

That's the way to do it sounds like Cotton. Not sure what kinds of things you can do but cash jobs are certainly nice also.

Already did it’s a go

Yep new rules now it carries over from year to year

been following this with interest. i could of retired last year (54 and 9 months) but just not ready.

fortunate that i work for the australian defence force (navy) and we have an excellent superannuation scheme.

my daughter and husband and their 2 young children live in perth, which is a 5 hour flight west. they are looking at moving back.

once they do, that will be the time. would love to be a fulltime grandparent.

Jack of all trades. Cash jobs would be nice. But I have not developed any contacts.

I semi retired in 01, but I kept my business for supplemental income. I only work about 20 hrs a week certain months out of the year. Sometimes I have to work a bit more to get a job done. I had to work more last year because I paid everything off. Now I am trying to reinvent myself so I can stop doing excavation altogether and pass it on to the son. I have my third home for sale and that will generate the nest egg I will need to step away from it all. My second home I will continue to rent. That will pay the bills and the nest egg will stay in the market. I will most likely syphon off about 50k to play around with. (I like to flip things. No not pinball, other things.) I have been playing around with ETFs in the stock market and I haven't lost my shirt yet! Actually doing pretty well. I am up 10% so far this year already.

I’ll have to ask again. My HR told me 2 years ago I could.if not shouldn’t be a problem social security 2 pensions and 401k is enough

I'm 62 and still working strong!

With that said; I'm intrigued with what other pinheads are doing, during their later years.

We (wife & I) are blessed with our amazing home, investments and 3 incredible adult sons and 2 beautiful granddaughters

Financially, we are very comfortable and happy! However, we should/need to look closer at switching gears into the "retirement" direction. We have gone to a couple seminars on this, but "I" feel they are self serving in their offerings, my wife feels different.

Anyone have any thoughts or comments on this?

Let us older timers know.
Thanks
Kerry

Not at all. Your life only sucks if YOU think it sucks. You seem to be doing quite well to me and you seem happy.

You appear to have things figured out so why change? Your time spent here on Pinside would indicate a balance in your life.

I personally enjoy your topics and your "rapist wit" is very entertaining.

QSS

Nice. OK mods, close up the thread we're done here!

Yeah, gotta be careful with those seminars. They are just an ad so you will sign with them. Lucky to have one of my best friends and fellow Cigar Club member who is a financial consultant. (you will need a good one)
In one way we're lucky....no kids. (BIG money saved) ..in another, not so lucky. When you marry a younger woman who's in Real Estate, medical is a killer. She pays $900 a month and it's going up. We will probably move up to the house in the country (PA) as our NJ taxes, etc are crazy. In N. NJ (Saddle River, Park Ridge, etc) half a million is a "fixer-upper" and taxes are incredible.
Still....nothing a good cigar and tequila can't fix.....

Touche`

Damn I'm starting to second guess this retirement thing. The gf has about 50 f'ing home improvement jobs lined up for me already.

I sent the letter to HR and the boss yesterday. Retiring December 31 after 41 years in engineering, all of it in new product design for various companies.

The stuff I designed for them has made them many hundreds of millions of dollars. Hope my meager preparations will last, but I always said I would retire while I could still break down or set up a pin by myself.

Don't wait too long, folks.

Don C

Oh it's so good. I got so much work done when I was at home and didn't have a lot of work; a ton.
I could of got a lot more done but seems like everyone else was home from work and school as well

It actually made me feel like I was retire to collect my checks at home

True, the rampant drinking has to be relaxed a bit

Ahh yes the rampant drinking.After 4 years in the Army and 33 with the Airlines I'm ready to change my pitch up.No more drug tests for me.Legal high quality potent weed.And so many flavors

.

You've earned it!

Ahhhh...yessssss. The joy of never having to pee in a cup again. Are the bars going to go broke with your new directions?

35 days to go

Wow no shit man. So how are you feeling aboot it?

I can identify with this. I worked at the same employer over 30 years. Then came a change of ownership. It became clear that they wanted me out for cheaper staff, but were quite happy for me to train said staff but didn't want to pay me to do it. So 1 year to the day I gave my month's notice in.
So fast forward 12 months and despite a global pandemic, the last year has been the best of my life. Because it is MY life now, they did me a favour.

Nice. Kick back, relax, & enjoy.

My wife lost her job of over 39yrs with Anthem during the early stages of the pandemic and has since been diagnosed with stage2 emphysema and really can not re-enter the work force unless she works from home as she had for over 15yrs. I had actually semi-retired at 62 some 3yrs prior and was scheduled to file for my SS in December 2020 but with her diagnosis health insurance sky rocketed so I have went back to work for at least 3yrs when she'll be able to retire early. Her insurance alone went to 1,800 a month with an additional 1,500 when she enters stage 3 for oxygen tanks so I know how tuff things can get retiring. Sad really because we both have very good 401's and she has a pension to boot but insurance and just living life expenses at that rate would break us somewhere near the 8-9 yr mark.

Should be another stimulus check soon with the incoming administration.

Maybe you can help me do some work on my 04 Camry! It should look familiar. I think this one is almost the same as the one you fixed up after your family member (daughter?) crashed it. I bought it new, but it was gone from 2012 until this year with my son, including 5 years in Maryland. Now I've got it back and am fixing it up, it has 135,000 miles and my goal is to double that at least.
right side (resized).jpg

A year ago July I left after 40 years. I felt abused by my employer’s new manager and walked. I had a healthy severance package and thought I’d go back to work once it was about to expire. The pleasure of not having the constant work pressure, stress, and deadlines was too much. I’m proud to say I retired at 62.

Next time I see my employer’s new manager I need to remember to thank him.

Currently, restoring the Pinbot I bought about four years ago that needed work. Next up is a pitch and bat I’ve owned for more than five years with mangled pitching and batting mechanisms and burnt wiring.

Enjoy it brother life is so short! Ironic you work on and worked in the car industry as that's what I do now, I manage an Auto Zone store. I don't make what I did over my previous Mgmt career but it's easy and I'll only be doing for a 2-3 yr stretch. Funny cause I really don't know shit about cars but I have a computer and many around me that do lol. I do know business and budgets and can meet or exceed any ROI benchmarks given the proper resources and a good team under me.