What do you folks that draw before age 65 do for insurance?
This thread made me realize that the longer I work the more my exs SS check will be when she retires.Lots of very good advice in here. Next thing for us to figure out is when to start my wifes social security?
I didn't notice the problems until the last 10 years. Otherwise our story is about the same.Then consider yourself a very lucky man and that many of us here are envious.
My experience was a little different, I started hating my job while I was filling out the application for employment, the job itself sucked, but that's why they call it work. It was good pay, benefits, retirement plans and job security.
34 long years later, retired at 55.........................that's right, suck it government.
We met and sat beside you at the NWI meet last Fall. You seemed like a person full of energy that would enjoy retirement. Appears you've found the pathway. Do you like to travel? DM me anytime, I'll give you reasons to retireI’m struggling with this right now. I was laid off a year ago at the end of the pandemic and I am now 60 1/2. No Debts other than the mortgage. My wife passed in 2014 from cancer at the age of 51.
Other than the mortgage, insurance is my biggest bill. But I recently found out I could draw on my wife’s Social Security since I became 60 (widowers benefit). This may save me from having to go back to work since I can draw on hers until my full retirement age and then take mine which will be significantly more. If I wait until 70 I can get even more, I’ve been told it goes up about 8% every year over your retirement age you wait.
Both parents lived until 82.
This was one factor that I am trying to figure out. Instead of a traditional 401k, I payed into a Thrift Savings Plan through my federal employment. Some web sites says that withdrawals from TSP count as "income" and some don't, in regards to Social Security. Most web sites recommend that I take a higher monthly TSP payment until I reach full retirement age and take Social Security. This helps me avoid paying taxes because of all the Social Security rules.Didn't see this mentioned, but if you are withdrawing from your 401k this will most likely count as income and your social security will be taxed.
On one hand what you said, on the other I think I might just keep working and die at 65, sooo much easier!This was one factor that I am trying to figure out. Instead of a traditional 401k, I payed into a Thrift Savings Plan through my federal employment. Some web sites says that withdrawals from TSP count as "income" and some don't, in regards to Social Security. Most web sites recommend that I take a higher monthly TSP payment until I reach full retirement age and take Social Security. This helps me avoid paying taxes because of all the Social Security rules.
But then I discovered that waiting to take Social Security causes a future issue with Medicare payment rates. Reading Level 3 of the below article was a real eye opener.
Bottom line...
View attachment 212644
If any young guns are reading this thread, the post quoted above is a reason why a Roth IRA can be a good idea under certain circumstances.Didn't see this mentioned, but if you are withdrawing from your 401k this will most likely count as income and your social security will be taxed.
I have insurance from my first employer that I retired from. I’ll ride that until 65 if they don’t take it away by then. It’s difficult to set plans and not have them change before you get there.What do you folks that draw before age 65 do for insurance?
I was on my wife’s plan thru her work for 30 years. She didn’t retire until 67 ( I was 66 ). I was always self employed so it was much cheaper thru her.I have insurance from my first employer that I retired from. I’ll ride that until 65 if they don’t take it away by then. It’s difficult to set plans and not have them change before you get there.
Everyone is on their own path and decides for themselves when they can retire. The problem I see may be societal or government influenced. The story goes that one needs health insurance, the American dream home, fancy cars (I do like those ), and the list goes on. My outlook the last decade was I was going to find a way to not be stuck in the game and I planned accordingly. My life experience seeing people I care about not retire due to waiting on health insurance coverage influenced me greatly in the Houdini escape plan. I greatly wish they had more time to do things for themselves, travel, see family, etc, and I'm uncertain if not having health insurance would have changed anything. There's workarounds for that also but I think it's all a setup to keep people from retiring to a large degree.Okay, it appears some of you have a work around to the insurance issue. If I had to retire before 65(or 67), and my wife stays with the school system, we could utilize her plan.
But it would have to get really bad at work or getting terminated before I would even think about retiring.