The Countdown to Retirement

[09 Red GT500]

I'm still a few years away from retirement, but I have friends that are close. The concerns that I hear from them are how to pay for medical coverage till they hit 65 and can get Medicare. Medical coverage from the company that I work for is very expensive. Has anyone out there found reasonably priced coverage?

[jnf]

^^^^ +1000000

I am self employed.

Never received a notice of increase from my health carrier and went online on 12/30 to pay the bill for January and the premium increased by 70%. And this for what they call a " bronze "plan.

Called the agent that I dealt with and was told to thank Obamacare.

WTF !!!

Would love to increase my prices by 70%, but I would be out of business in thirty days.

[gotoatz]

I'm still a few years away from retirement, but I have friends that are close. The concerns that I hear from them are how to pay for medical coverage till they hit 65 and can get Medicare. Medical coverage from the company that I work for is very expensive. Has anyone out there found reasonably priced coverage?

 

Subscribing to this......

Before Obamacare, I was grandfathered in at work, paying about 170 bucks a month for full medical, dental, and vision for a family of three. This was on the highest cost PPO. I might add. Now, beginning last year, my understanding is that Obamacare dictates that you cannot have multi level amounts of payments for employees. So, after 30 years at the same location, I now get to pay the same rate as someone that has been there for 90 days......My rate has now gone up to 520 dollars a month......That, along with a 17% pay decrease last year because of "Business struggles", and having been notified of no increases this year for Salary employees.

 

I'm 60 years old and want out. I have been working my butt off full time since I was 17 years old. But I have no clue how I would afford medical insurance until Medicare kicks in 5 years from now........WTF......

 

Mike

Edited January 1, 2015 by gotoatz

[Grabber]

I'm still a few years away from retirement, but I have friends that are close. The concerns that I hear from them are how to pay for medical coverage till they hit 65 and can get Medicare. Medical coverage from the company that I work for is very expensive. Has anyone out there found reasonably priced coverage?

Reasonable priced coverage ? Obama ed us all with his plan.

 

His thousands of pages and pages of healthcare reform bullsihit was just too much for the consumer to fathom. And remember he said "if you like your current plan...you can keep your plan". More bullshit

 

Everyone is subject to the same options and choices.

 

Our only hope is possibly the next administration can fix it. Let me look into the crystal ball

 

It's not looking very good.

 

The subject of what Obama did to our health care plans is a sore subject for me

[jnf]

I am waiting on a couple of return calls from a few agents that I know locally to see what they can offer.

Have a feeling that the responses will be universal, but am hopeful.

 

Not really willing to pay almost 15K per year for the next 12 years until medicare kicks in. But in 12 years that may be taken away too.

 

I keep hearing Obama say how the private sector is doing well and adding jobs and growing the economy.

With health care insurance costs are going up by 70%, he may have to change his tune.

 

And,,,," If you like your current plan, you can keep your plan ". Let me get my big bullshit shovel out !!!

 

Obama,,,,, the biggest mistake in this country's history.

Sorry to anyone who might actually like him.

[Grabber]

I am waiting on a couple of return calls from a few agents that I know locally to see what they can offer.

Have a feeling that the responses will be universal, but am hopeful.

 

Not really willing to pay almost 15K per year for the next 12 years until medicare kicks in. But in 12 years that may be taken away too.

 

I keep hearing Obama say how the private sector is doing well and adding jobs and growing the economy.

With health care insurance costs are going up by 70%, he may have to change his tune.

 

And,,,," If you like your current plan, you can keep your plan ". Let me get my big bullshit shovel out !!!

 

Obama,,,,, the biggest mistake in this country's history.

Sorry to anyone who might actually like him.

Jim - Does the 15K per year cover you and a spouse ?

[cobra 07]

How many of you voted for obama??? Why are you complaining - you got what you voted for.

"by the way he did not get my vote either time"

[Kevin Patten]

Nobama did NOT get my vote either time nor did I vote for Jerry Brown but I still have to put up with the shit they both come up with for me to pay out for. Plan on rescheduling your retirement more than once.

[Jopo43]

The worst two term president in history by far

[Grabber]

I voted for Mitt Romney so I can bitch. Not that it will do any good.

[jnf]

If I voted for him, I wouldn't be bitching !!

I know how to lie in the bed that I made.

Something that most in Washington cannot say.

 

Honestly, I don't understand how the guy is still in office.

Have many more thoughts on this, but this not the place for them.

 

And, Rob, it covers my spouse as well. But is mediocre coverage at best with high deductible and no vision or dental.

I am just shocked over the 70% increase.

[Grabber]

Right now my wife and son are covered including dental and eyes. There is no monthly premium. We have to pay 20% of the bill until the $1,500 family deductible is met. Dental is different. We each get $2000 per year for check ups, x rays, cleanings and fillings. Crowns are not covered.

If I were to retire today and start paying my own premiums this is what the cost would be for My wife and I for Medical only as of today:

KP OR Gold 1000/20 (Kaiser)

Cost $925.00 monthly

The KP OR Gold 1000/20 plan has a $1000 individual medical deductible. While the medical deductible applies mostly to inpatient and outpatient ancillary and surgery services, many services have copays and are not subject to the deductible. All covered services contribute to the out-of-pocket maximum. Preventive care services, such as routine physical exams and mammogram screenings, are at no charge.
Individual plan annual deductible (subscriber only)$1,000Individual plan out-of-pocket maximum (subscriber only)$6,350Primary care office visit$20 Available only through Cover Oregon

Edited January 4, 2015 by Grabber

[Grabber]

My wife Tana & I are attending a 9 week class at our Church starting tonight.

Dear Friend at New Heights,

If you are in that life stage where the kids are leaving home, aging parents are a concern, and retirement is a current or soon-to-be reality, you may be interested in a new ministry at New Heights Church.

The Second Half will launch:
- Saturday, January 17
- 6:30 pm
- New Heights Main Campus: Upstairs Summit Room 1

So, what is The Second Half? It's a Saturday evening group for those of us in our 50s and 60s (roughly). It's a chance to connect with others who want to make the most of opportunities and face challenges in the company of friends. We'll seek to honor and serve the Lord together. We can pray for each other and share life's happy and tragic events. Our goal is to bring together Biblical truth and the experience of fellow travelers.

Over the first nine weeks, a series of fellow travelers will share their experience and insight on a variety of topics:
* Adjusting to this new life stage
* Rebuilding a social network
* Rediscovering your marriage partner
* Preparing for retirement
* Redefining your relationship with grown children
* Traveling for fun and ministry
* Determining your financial strategy
* Caring for aging parents
* Having fun - again!

Life is better when we face it with friends. Please come join us! If you have questions, feel free to contact us at 360.759.9337 or at SecondHalf@NewHeights.org.

Warmly,
John & Lois Kimber

©2015 New Heights Adult Ministries | 7913 NE 58th Ave. Vancouver, WA 98665

[Grabber]

Right now my wife and son are covered including dental and eyes. There is no monthly premium. We have to pay 20% of the bill until the $1,500 family deductible is met. Dental is different. We each get $2000 per year for check ups, x rays, cleanings and fillings. Crowns are not covered.

 

If I were to retire today and start paying my own premiums this is what the cost would be for My wife and I for Medical only as of today:

 

KP OR Gold 1000/20 (Kaiser)

 

Cost $925.00 monthly

 

The KP OR Gold 1000/20 plan has a $1000 individual medical deductible. While the medical deductible applies mostly to inpatient and outpatient ancillary and surgery services, many services have copays and are not subject to the deductible. All covered services contribute to the out-of-pocket maximum. Preventive care services, such as routine physical exams and mammogram screenings, are at no charge.

Individual plan annual deductible (subscriber only)$1,000Individual plan out-of-pocket maximum (subscriber only)$6,350Primary care office visit$20 Available only through Cover Oregon

The number that 2 people can make and get federal assistance went up a little. 2 people can make $62.919 and not a dollar more and get federal assistance now. I would get $194.89 off the Gold plan if I kept my income at this rate $62.919.

 

The Gold plan is $749.11 a month for 2 people.

[Grabber]

I went to a retirement workshop today put on by our Pension Trust administrator. I am so impressed by the professionals that run our Pension plan over the last 26 years. The close watch and adjustments over the years has kept it healthy to make sure our retirement is safe and funded for the life of our members. In fact it is doing so well that they are adding a few benefits to our healthcare credit.

 

I am going to be getting healthcare thru my pension trust until I reach medicare age. The deduction from my monthly pension check is going to be $500 bucks to cover my wife and I. Since I am allowed to work 480 hours a year and collect my pension, this will offset even more costs. For every 120 hours I work, I will get a month of health care that I do not have to pay for. So if I work 3 months out of the year, that will be 4 months of healthcare that is covered by my employer.

 

All the numbers sounded great today and this is the 4th year I have attended this workshop with my wife Tana. She is now on-board for me to retire. I am looking forward to the nine weeks of sat. nights at our church learning some more about this 2nd phase of my life.

Edited January 17, 2015 by Grabber

[HARALD KELLEY]

I went to a retirement workshop today put on by our Pension Trust administrator. I am so impressed by the professionals that run our Pension plan over the last 26 years. The close watch and adjustments over the years has kept it healthy to make sure our retirement is safe and funded for the life of our members. In fact it is doing so well that they are adding a few benefits to our healthcare credit.

 

I am going to be getting healthcare thru my pension trust until I reach medicare age. The deduction from my monthly pension check is going to be $500 bucks to cover my wife and I. Since I am allowed to work 480 hours a year and collect my pension, this will offset even more costs. For every 120 hours I work, I will get a month of health care that I do not have to pay for. So if I work 3 months out of the year, that will be 4 months of healthcare that is covered by my employer.

 

All the numbers sounded great today and this is the 4th year I have attended this workshop with my wife Tana. She is now on-board for me to retire. I am looking forward to the nine weeks of sat. nights at our church learning some more about this 2nd phase of my life.

So when will you pull the trigger?

[Grabber]

So when will you pull the trigger?

Not sure yet. I could do it today if I wanted too. However.....

 

My mind keeps over thinking things.

 

July 1 is the end of my current pension plan year. Could do it then. Or if I get 500 hours after July 1, I get another 1/2 credit for my pension. The more credits....the more my pension check per month will be. That would mean I would work until November. If I was going to do that, I might as well work until December 30th when I turn 55 because my pension check would be a little bigger using age 55 as my age factor instead of 54.

 

I am fortunate to be in the drivers seat at such a early age.

 

2 months from today I will be in Hawaii for 2 weeks with my lovely wife.

[HARALD KELLEY]

It's a nice feeling knowing you can go any time. It really sound like you are not ready and are enjoying your work. After 32 years in the fire service I felt it's time. A small department where I have to be on a pager what seems like 24/7 I need to start enjoying more quality off time. It's was not getting any easier. It's bitter sweet but at the end of the day, I could have stayed longer and gained some more credits but a friend told me that life is short and don't get greedy. That really set in with me after my brother in-law was diagnosed with cancer at 50 a few months ago. All that said, I am now the interim chief for about 30 to 60 maybe 90 days max. What I can share is that I have been putting almost the max each year in my deferred comp and never really lived off a full check that when I retired, my retirement check only changed very little. Good luck. Are you going to the Bash Rob?

Edited January 19, 2015 by H0050

[Grabber]

Harold,

 

You have some darn good points about not getting greedy about additional pension credits and life being short. I have a additional full credit accrual sometime in February. Our company hands out bonuses the first week of March. I have seen some people leave prior to bonus payouts and they missed out on that check. I am only working a partial month in March because of our trip to Hawaii. After we come back from Hawaii April 1st I should pull the plug.

 

As for the Bash, I am not planning on attending due to our March Hawaii trip.

 

Edit: As far as enjoying my work. Some days I love my job and other days I hate it. Some days it feels like adult daycare. The reason I feel more ready now....Is my wife is now on board.

Edited January 19, 2015 by Grabber

[HARALD KELLEY]

Harold,

 

You have some darn good points about not getting greedy about additional pension credits and life being short. I have a additional full credit accrual sometime in February. Our company hands out bonuses the first week of March. I have seen some people leave prior to bonus payouts and they missed out on that check. I am only working a partial month in March because of our trip to Hawaii. After we come back from Hawaii April 1st I should pull the plug.

 

As for the Bash, I am not planning on attending due to our March Hawaii trip.

 

Edit: As far as enjoying my work. Some days I love my job and other days I hate it. Some days it feels like adult daycare. The reason I feel more ready now....Is my wife is now on board.

Public sector does not get bonuses. That said, March is only a few months out. Take advantage of it especially if it adds to your highest average single or 3 years or what ever formula you have. Good luck and enjoy the Hawaii trip. I am going in June. My niece graduates from high school so I plan to do this for her graduation. Having the wifey support is huge & a must. I also had that support as she keeps our finances straight. Former bank auditor.

[Grabber]

What I can share is that I have been putting almost the max each year in my deferred comp and never really lived off a full check that when I retired, my retirement check only changed very little.

Harold,

 

I have been doing just like you since 1997 and never collected a full paycheck. The Carpenters Union has a self directed 401K plan that we can elect to contribute to. It is not mandatory. I chose to put my contribution into Vanguard Target Retirement 2015 Inv http://quotes.morningstar.com/fund/VTXVX/f?t=VTXVX .

 

I started off putting 2 bucks and hour in. Then upped it to 5 bucks a few years later. Then upped it to $10 bucks sometime in 2000. I have been maxing it out the last 4 years. I plan on using this money to supplement my retirement as needed after I turn 59-1/2 since it is not available until then (or pay a early withdraw penalty). So Like you, my retirement monthly income will not change very much.

 

The SS website has a calculator where you enter all the money you made each year in a different year box. Then you tell it when you will stop working. Then it gives you an accurate calculation of how much you will receive at age 62 from SS. I plan on getting my SS at age 62 and I now know how much that will be which is about $1,721 per month.

 

Since our wife's are soul mates for life, it is so important to be on the same page, or grow to get on that same page. My goal over the next 9 weeks is to grow with her at the class / study our church is having called "The Second Half".

[Blown Away]

Great job on planning for retirement Rob!!

 

I, myself , can go in 2 1/2 years(I'll be 50), but will probably do it in 5. The house and everything else will all be paid for by then. But then again, the plan is to sell and move out of state. Love the California climate, just won't be able to afford the politics...

 

Like Harald, I don't work for the private sector and do not get bonuses. I guess having a job every year is the bonus. With our new pay reform that was just passed and signed by the President, I've probably already hit my high 3. I have no idea how long it will take to be enacted or if it even will, it's as about as confusing as obamacare.

 

We have a 3 tier retirement system. First part is our retirement, 2nd is we get a SS stipend since mandatory retirement is 57, and 3rd is a 401K like program called Thrift Savings Plan or TSP. Luckily with TSP, we have different funds we can partake in and shuffle our funds around. Right now with the market taking a beating I have shifted everything out and put it in the G fund (a government securities fund). Payout is not high, but you don't lose anything. I'll just wait until the market corrects itself and then jump back into the more volatile and higher earning funds. Oh, I'm maxing out the TSP contributions.

 

Dan

[HARALD KELLEY]

Great job on planning for retirement Rob!!

 

I, myself , can go in 2 1/2 years(I'll be 50), but will probably do it in 5. The house and everything else will all be paid for by then. But then again, the plan is to sell and move out of state. Love the California climate, just won't be able to afford the politics...

 

Like Harald, I don't work for the private sector and do not get bonuses. I guess having a job every year is the bonus. With our new pay reform that was just passed and signed by the President, I've probably already hit my high 3. I have no idea how long it will take to be enacted or if it even will, it's as about as confusing as obamacare.

 

We have a 3 tier retirement system. First part is our retirement, 2nd is we get a SS stipend since mandatory retirement is 57, and 3rd is a 401K like program called Thrift Savings Plan or TSP. Luckily with TSP, we have different funds we can partake in and shuffle our funds around. Right now with the market taking a beating I have shifted everything out and put it in the G fund (a government securities fund). Payout is not high, but you don't lose anything. I'll just wait until the market corrects itself and then jump back into the more volatile and higher earning funds. Oh, I'm maxing out the TSP contributions.

 

Dan

Dan, I worked for the feds and was in the thrift saving plan during my employment. When I worked there they would match up to 5%. This was a good deal. I also went to a more conservative fund as I got closer to retirement. More like a savings account but at least I am not losing like I was earlier when things went south.

Edited January 20, 2015 by H0050

[HARALD KELLEY]

Harold,

 

I have been doing just like you since 1997 and never collected a full paycheck. The Carpenters Union has a self directed 401K plan that we can elect to contribute to. It is not mandatory. I chose to put my contribution into Vanguard Target Retirement 2015 Inv http://quotes.morningstar.com/fund/VTXVX/f?t=VTXVX .

 

I started off putting 2 bucks and hour in. Then upped it to 5 bucks a few years later. Then upped it to $10 bucks sometime in 2000. I have been maxing it out the last 4 years. I plan on using this money to supplement my retirement as needed after I turn 59-1/2 since it is not available until then (or pay a early withdraw penalty). So Like you, my retirement monthly income will not change very much.

 

The SS website has a calculator where you enter all the money you made each year in a different year box. Then you tell it when you will stop working. Then it gives you an accurate calculation of how much you will receive at age 62 from SS. I plan on getting my SS at age 62 and I now know how much that will be which is about $1,721 per month.

 

Since our wife's are soul mates for life, it is so important to be on the same page, or grow to get on that same page. My goal over the next 9 weeks is to grow with her at the class / study our church is having called "The Second Half".

You did good. Our deferred comp plan allows you to start taking money once you retire, no penalties. That said, no need now but good to know. I have some young employees that do not contribute and I am telling them they will be sorry.

[Grabber]

When the market crashed in 2007 I left everything in my 401K alone. It was all in the Vanguard 2015 retirement fund. I even bought 3K worth of shares at the bottom of the 2007 low point. Then I stopped contributing for 3 years and worked on paying my house off because the market was so scarey. After I became debt free in 2010, I began maxing my contributions out again. The market has made a wonderful recovery and every week I continue to contribute the max.

 

All this saving gets one used to living on less, so when retirement comes it will be the same lifestyle, which is good.

Edited January 20, 2015 by Grabber

[MY500SS]

When the market crashed in 2007 I left everything in my 401K alone. It was all in the Vanguard 2015 retirement fund. I even bought 3K worth of shares at the bottom of the 2007 low point. Then I stopped contributing for 3 years and worked on paying my house off because the market was so scarey. After I became debt free in 2010, I began maxing my contributions out again. The market has made a wonderful recovery and every week I continue to contribute the max.

 

All this saving gets one used to living on less, so when retirement comes it will be the same lifestyle, which is good.

 

 

Well done Rob and Tana. Good things happen to good people...............that and sound planning with dedication.

[Grabber]

Tana & I went to our second fellowship class at our church last night. The topic was "Rebuilding a Social Network After the Kids are Gone". We went out to Wendy's with some of the group after the class again. We met some cool people and are going hiking up at Lucia Falls today with them and a few of the others from the group.

 

We are also looking forward to the up coming classes:

 

January 31, 2015: Rediscovering Your Marriage & Marriage Partner
February 7, 2015: Preparing for Retirement
February 14, 2015: Determining Your Financial Strategy
February 21, 2015: Redefining Your Relationship with Grown Children
February 28, 2015: Traveling for Fun & Ministry
March 07, 2015: Caring for Aging Parents
March 14, 2015: Enjoying Life & Having Fun (Again!)

Edited January 25, 2015 by Grabber

[joebob948]

The worst two term president in history by far

I think I would have to put George W. Bush into that category instead !!!!!!!!!!!!!!!!!!!!!!!

[Rattlesnake]

Someone voted for Mitt Romney ? His dad was a governor here in Michigan and when he said to let the automotive companies go on their own he lost all of this state (Michigan) and probably the election.

He makes so many silly mistakes, Not saying everyone doesn't make mistakes but to repeat the same thing over and over and to expect a different result ?

Well I think you know what that means..

You guys are doing well to plan ahead and save some money in a 401 plan.

I retired at 57 and have been doing ok since, lots of medical test every year so I get them done first.. Helps with my medicare deductible.

Just had lots of test done on my thyroid.. not painful but an experience. And now for the rest of the year my deductible has been met.

Medicare will allow you to have one other insurance. I had two others, so when I turned 65 I had to drop one. Hope it was the correct choice.

By the way, to supplement my 401 I have invested in stocks and done ok. Disney has done well, Coke, oil companies until lately, among others. I like using Sharebuilder on line and only paying a few dollars per transaction.

 

You are wise to plan ahead and to cut back on expenses and to see if you can get by on a lesser amount for awhile.

I was in Vegas back in December and getting ready for another trip out west in a couple of weeks. I keep thinking I will win the lottery and buy another Shelby Mustang.

[Grabber]

This is a simple calculator for simple people like myself. It will give you an idea if you are going in the right direction or not.

The AARP Retirement Calculator can provide you with a personalized snapshot of what your financial future might look like. Simply answer a few questions about your household status, salary and retirement savings, such as an IRA or 401(k). You can include information about supplemental retirement income (such as a pension or Social Security), consider how long you intend to work and think about your expected lifestyle as a retiree. The tool will help you determine the amount of money you’ll need to retire when – and how – you want.

http://www.aarp.org/work/retirement-planning/retirement_calculator/