6guns, congrats! I hope you can retire and enjoy it. I just turned 62 and wish I could retire. I’m ready now, lol. Main worry is of course, the insurance aspect, if I retired early.

Good luck to you.

Happy Birthday!

This is a good time to be looking at retirement. I can't imagine how difficult it would be to still have to go to work every day with the current state of the nation (and world). Retirement provides some insulation from the madness.

Happy Birthday plus a day! More time for painting and guitar!

Happy belated Birthday 6guns. Hope you enjoy many more.

Happy BDay 6

Thanks again, guys!

I wanted to mention something brought up; health insurance. That too is my biggest concern. I plan to use some of my severance package to help pay for COBRA. I'm not sure I'll stay on it the entire 18 months I'm able though. I do have a line on a comparable plan that is about $200 less/month. I'll see how that shakes out, but regardless, I'll be very close to 65 when that 18 months is up should I continue to use COBRA. I understand that policy will be ~$800/month.

Happy BDay 6guns. And good luck on the retirement, whenever it happens.

I'm about one month into my retirement now, and will be 63 in about 3 weeks. Like they say, you just know when it's time to move on. I'm really enjoying it, but still figuring it out as well. Best wishes.

6guns, $800/month? I'm glad when I was tossed from USAF after 15 years (didn't get promoted to Major) I decided to enlist for 5 more years and earn my retirement as a Captain. With Medicare Part B and Tricare For Life I don't have a really big health insurance payment for pretty good coverage.

flashguy

Happy Birthday!!!!

Happy birthday, belated.

I considered retirement when I turned 63 last year, health insurance was also a big deciding factor.

I'm 64 now and want to retire but haven't pulled the trigger on it yet. My body is pretty worn out from the physical nature of my work. I know it's time to go, just a question of when.

I'll probably stay on Cobra until it's time for medicare.

Quite a few of coworkers that have retired stated they love retirement, no more stress!

They tell me I'll love it. I'm sure you will to!

Happy Birthday and Congrats!

I thought I retired, turns out I now work for 2 dogs, a cat and a parrot.

I started Social Security in July at 62. I was a little hesitant at first, wondering if I should wait a couple years, but it turned out to be the right decision. Not fully retired, though, and will still run Accu-strut for the time being.

quote:

63 today and very close to retirement....I think

Same age (I'm older by 2½ months) and situation here.

Happy birthday! Enjoy it, maybe we can find some time to go shooting!

Happy birthday and congratulations.

I've known at least 3 people who hang on because they were waiting to be laid off. They did get laid off with severance packages.

quote:

Originally posted by Flash-LB:
The trouble with being retired is that you never get a day off...

Today, the Mrs asked "Where you going?" "Why?" "You put on long pants"

quote:

Originally posted by RoboV:


I'll probably stay on Cobra until it's time for medicare.

I suppose you don't have long to wait for Medicare but if you're going to stop working before you're 65, DO NOT start on Cobra. You would get a better deal going to your state health marketplace also known as Obamacare.

If you can control how much income you'll recognize (as in you have enough cash to live on without pulling from your 401k, quit in January, apply for obamacare, as part of your application, you just have to fill out a form how much you expect to earn for the year. Submit that you'll make $25,800 for the year. This will qualify you for the maximum obamacare subsidy which I consider a refund of the taxes we've paid. $25,860 is the next level in subsidy and this is for a household of 2 for 2021. Make sure you actually don't exceed $25,860 for the year as you'll have to return back some of your health insurance subsidy.

If you start on COBRA, you won't be allowed to apply for Obamacare until your eligibility ends; not just if you stop paying premiums.

I am 64, I had to commit 2 more years with my job status upgrade. Financial planner also suggested to wait 2 more years. I can hardly wait, having 2 surgeries next month. My wife however is retiring mid November and is looking forward to it.
Congratulations and enjoy retirement. Now you have time to do what you want.

Rey HRH, correct me if I'm wrong, but doesn't the obamacare exchange base your income off the previous year, not just the estimate of what you expect to make in the current year?

quote:

Originally posted by 6guns:
Rey HRH, correct me if I'm wrong, but doesn't the obamacare exchange base your income off the previous year, not just the estimate of what you expect to make in the current year?

If your previous tax return can support your low income, then that's all you need. But if you've been working then you stop working, there's a process to submit a piece of paper that is on the state's website (if your state has its own marketplace) or the federal where you upload a form that says how much you'll make for the year and your subsidy, if any, will be based on that. It's called an affidavit but you don't have to get it notarized.

It's risk-free for the government because if you make more than what you said you will and they gave you a subsidy, when you submit your tax returns, you'll pay back a portion of your subsidy to coincide with what you actually made.

Eligibility By Poverty Level

The link is for California (only because they do a nice graphic) but it applies to the national probram (except California has a more generous subsidy program by adding to the Federal).

The most subsidy you can qualify for is above 138% of Poverty Level and below 150% of poverty level. If you declare 138% or below, you'll get kicked into Medicaid. If you declare 150% or more, your subsidy will decrease. I think the subsidy completely goes away at 400% of poverty level at which point, the limit you'll pay is 8.5% of your income. But I'm just reading the latter part from the link. I just know the sweet spot between 138% and 150% gets you the max subsidy.