<p>busdriver, well, the owner of the company has been VERY flexible about my hours and schedule since the kids were small, has rehired me twice, and working the past four years has kept us from borrowing for college, but the juice ain’t worth the squeeze any more.</p>
<p>Thanks for all the encouraging comments & feedback. In my business it’s not possible to work part-time or 4 days/week - it’s an all or nothing situation. The one saving grace is that I typically don’t do any work on weekends, although my interim boss thinks it’s perfectly acceptable to call me on my cell phone on the weekends if he feels the need, however he doesn’t check his blackberry if I need to reach him. </p>
<p>One question to those that have hit the exit button - what do you do about medical insurance? While we are a healthy family, we clearly need to retain coverage. Also, what about disability insurance and at what age did you start buying long-term care insurance?</p>
<p>^does your spouse have medical coverage, or were you always covered under your plan? IME, getting insurance through a group plan (if your spouse has coverage available) is much more affordable than getting it privately.</p>
<p>The easiest thing to do is to go on spouse’s medical insurance. If that is not an option, the next best thing is to go through a ‘trade association’ if you belong to one. Finally, most insurance companies sell individual policies. A lot of folks are moving to high-deductible HSAs which I think is a good option if the premiums are reasonable. My husband and his staff all now do a high-deductible HSA that pays 100% of all medical costs after a $2,500 deductible. They save a lot of money doing this. Also, you can often stay on your employer’s insurance through COBRA for about 18 months, though you have to pay the full premiums (this can often be cheaper than buying an individual policy).</p>
<p>My husband gets his life insurance and disability through his national trade association. I get mine through my employer but if I quit, I would get it through his (though I would really have no need for disability if I wasn’t working and we weren’t depending upon my income).</p>
<p>Long-term health insurance (there have been long threads on this here). My personal opinion is get it by age 50 or so. I’ve known too many people who didn’t and then couldn’t qualify for it. My husband was diagnosed with a progressive neurological disorder in his 40s and isn’t eligible for LT health insurance. A friend who is 54 recently developed a major condition and is now in a nursing home (probably for life) and she didn’t have it. If you wait too long and end up with certain major illnesses, you’re not going to be able to get it.</p>
<p>My friend has been unemployed for 10+ years. He gets his health insurance through Kaiser in California.
I’ve LTC through my employers.</p>
<p>I haven’t taken a USA roadtrip for 25 years and am set to take one across the states from coast to coast this fall. If I could retire yesterday I would do it, I would. But I am not made like that and I finish what I have begun and do what is expected of me. I have an insurance that I will take on to come home. If I was worried about insurances I would never move, never change, never do the impossible. But I have always been made to jump off cliffs. I discovered today that my ancestors jumped off a cliff to give their children the ability to attempt the impossible out of Dickens’ London to California. I follow in their footsteps and in awe of them.</p>
<p>You can get COBRA insurance coverage for 12 months.</p>
<p>COBRA is 18 months and it is expensive but the best option since it eliminates any issues of pre-existing conditions, limitations etc.</p>
<p>We are on DH’s excellent insurance, plus I have LTC through them. I am very thankful DH has a stable job that he loves, as my medical bills are insane. My life insurance is an individual policy purchased when I was pregnant with S2. Thank goodness, as I could not get a policy for love or money now. There is a small life policy and LTD coverage through my employer, and I will be giving those up. OK by me. I <em>will</em> miss the profit sharing contrib and the ability to run $$ through the medical spending account (DH has one, but we have more than $5k in OOP expenses).</p>
<p>ETA: I got LTC at age 41, but I had been diagnosed so that I knew LTC might be a relevant issue in the relatively near term. Got the max DH’s employer offered without going through the extended health questionnaire.</p>
<p>What do you do when you both retire in your 50s and before you are eligible for Medicare? H & I keep joking that we will retire by 55 and move some place warmer, but as I read this thread it makes me wonder about some things we take for granted like health insurance.</p>
<p>Not retire, or find a less-stressful job that has health benefits.
Pre-retirement health insurance went by the wayside in the early 90s when employers started realizing the huge liability that would be on their books for it.</p>
<p>NYCityBurnout-Here we go, I am in the process:</p>
<p>-Just turned 54, top 1% like yourself (not bragging, fact only)
-Two kids, one graduated and employed as a nurse, son is sophmore in private college
-Own two companies-just sold one (1) to my employees
-Like you own two homes (primary and vacation) mortgage free
-Own two commercial rental properties. (its like annuity income)
-No debt, kids college paid in full from savings
-Love being semi retired, getting ready to throw in the towel and retire full time.
-Wife is on board and really enjoying the time we are spending together with family and friends
-Yahooooooooooo, forget the stress and enjoy life, if things do not work out, who cares get another another job.</p>
<p>Key to a happy and secure retirement (my plan and opinion only)</p>
<p>-Are you ready to have a substantial amount of time on your hands
-Have a plan on what you want to do with your time
-Make sure your spouse is on board with your plan, it affects her life
-Have long term care insurance (in case of illness, and to protect your assets)
-Have relaible health insurance
-Have adequate life insurance in case something happens to you
-Have adequate savings to cover a couple years living expenses (emergency fund)
-Re-visit your investment risk profile and revise financial plan as needed
-Do not sell your primary residence and relocate to quickly (rent property in your dream locations, experience life style in different areas, some are not what you think.
-Stay healthy, spend time keeping your body, mind, and spirit healthy, workout, play golf, tennis, walk, meditate ect…make yourself and others around you happy !!</p>
<p>Life is short, you made it (whatever that is), the hardest part for most is trying to figure out how to enjoy it. Good Luck.</p>
<p>MJP2558 or others - if you are retired and have enough assets to be retired, why the need for life insurance? Why not just be “self-insured”?</p>
<p>I am getting to the point where I am considering quitting my job. It’s not even stressful - not like rocket science or being a surgeon stressful. Just busy and demanding and even though I have loved it, I am tired with how we keep getting cut back in hours without any slack - same expectations as before. It’s only a part time and I have a business to fall back on - but they are hiring back someone I simply do not work well with, and I just don’t know if it’s worth it. She is a slacker and been off the payroll for years - it was good riddance then, now her being there just might make me lose it. </p>
<p>And then I remember, I have another kid going to college in the fall and I keep remembering that this will help pay for books and tuition and room and board and airfare.</p>
<p>Still - if I hit lottery this week…I am done.</p>
<p>When my job ended I was really worried about health insurance and paid my COBRA, which was 1200 or 1300/month… can’t remember. As it began to run out we explored self pay options and found a Blue Cross Blue Shield of NC high deductible plan that seemed ok. It was less than $1000/month and has been far better than “ok”, in fact made me wonder why I hung on to COBRA for so long and wasted a lot of money. The $2500 deductible only applies to hospital stays, so virtually everything else, which includes doctors visits for annual routine checkups and blood workup, illness, 2x yearly visit to urologist (now 1x year) colonoscopy, mohs surgery for basal cell carcinoma, 2x yearly derm appointments for routine skin exam,… prescriptions, “you name it” is a $25 or $30 copay, just like my former high priced plan. Most doctors participate (BCBS has a huge market share in NC) and the quality of the doctors we have seen has been exceptional. Annual increases so far have been bearable, but of course my remaining fear is that premiums will soar and it will become a huge financial burden. At the moment it has been a very pleasant surprise.</p>
<p>BTW, just spent the entire day, from 7am wakeup this morning until 6:30 pm back home this evening on my volunteer work, mostly 2 long meetings. Told my wife, gee, this was like being back at work! :D</p>
<p>This year I changed jobs- downsized- and I’m so much happier. My twins are graduating in May. My spouse (we’re gay) has benefits that cover me and the kids- her job is a killer, but one in the family is enough!. My work motivation is no longer status or money but satisfaction and allowing me to exercise and prioritize my friends and family (eg. my 90 yr.old mom). I am working 18 hrs for my employer (of 22 yrs) and have started a new private practice. I’m 55 and I see this practice as something I can eventually semi-retire and continue with, even if we relocate. Good luck to all of you- all my planning (it took several years to accomplish) paid off!</p>
<p>
</p>
<p>To cornmuffin and all other posters who have been able to transition to a happier place: </p>
<p>Congratulations!</p>
<p>:)</p>
<p>NYC - for healthcare he is what we’re contemplating - take cobra for the 18 months or go with usaa which has some pretty inexpensive options that are more like discounts, but no lifetime limits or we’re thinking we could start another company and just buy a group plan again. All you need is a tax id, you don’t actually have to make money at it.</p>
<p>Healthcare is the number one concern I have about retiring. We’ll both retire, not just one of us since we ran the company together. </p>
<p>As far as self funding - yes, even with millions in the bank you could go through that with a big illness, injury or something unexpected. </p>
<p>I hear 50 is the best age to get ltc insurance. We have a few years to look into it, but I’m not sure if it’s worth it or not yet.</p>
<p>Health insurance is our big roadblock too. DH has thirty years in with his company and would love to quit but there is no insurance benefit if he quits before age 55 (he’s almost 53). Even then, the insurance benefits aren’t great. I work a p/t/ job that doesn’t have benefits.</p>
<p>We have already built our retirement home (opposite end of the state fr. where we now live) and are anxious for him to be able to quit his stressful job and look for something near our new home that would provide some income and benefits but not be as stressful. </p>
<p>We are taking the first step toward that goal this week. We are putting our current home (paid for…been in it 23 years) on the market in hopes of selling it/ paying off the new smaller house and moving to an apartment while contemplating the next move.
It’s both exciting and scary.</p>
<p>Doschicos-The amount of life insurance you keep is really relative to your situation. I had purchased three 20 year term policies that expire at various ages 50 (1 million), 60 (500 K),and 70 (250K). After that age my need for insurance is nil. The strategy is my coverage and premiums change automatically with my my financial needs or situation. I am 54 so the first just lapsed, my last kid graduates college in 2014, then the next will lapse and so one.</p>
<p>My feeling is that long term care is the most important thing to buy (long before) you decide to retire. Unless your are very wealthy (thats a relative term) you can self insure. I have whats called a 10 pay plan for my wife and I, it is paid in full over a ten year period (started at 47) and has a built in inflation factor of 6%, a 180 day waiting period, and allows a very ample benifit for at home care by a self directed caregiver or choice of facility when needed. </p>
<p>Please note that the laws allow that if you own a business you can purchase the coverage for both husband and wife with the company paying premiums and writing off the cost in full. Great tax benifit if you own a business.</p>