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Why did you decide to retire when you did?

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As I was nearing my 56th birthday, my DW came home from work one day (she was a Classroom teacher for over thirty years) and said "I have had it!"  She then told me she was going to retire that June (about 6 months away) before she strangled somebody (she was talking about the administration...not the children).  I thought about it for a few hours, did a review of our financial situation and said, Why Not"   The next morning I walked into my bosses office (she shares the same first name as DW), closed her door, and told her I was going to retire in June (giving her about 6 months notice).  We retired one day apart, and two days later were off on a long European cruise and driving trip.  We had spent our lives as active travelers, so we were not kids in a candy store.  Since retiring 13 years ago we have managed to travel (mostly internationally) for about 6-7 months a year including 75 - 110 cruise days.

 

Hank

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The first time I retired was in early '87. My wife and I were both in the military and both were deployable and it was becoming harder to provide care for our young son the way we wanted to, so since I was already able to retire I did so, even though I loved what I was doing. I turned into a house-husband and took care of our son. I ended up working at the school our son attended and did that until my wife got reassigned to another location a couple of years later. After 3-4 years there she was eligible to retire and we ended back in Washington state where we owned a home. Once there, I went to work for the USPS and she took a job at our church as the parish administrator. To make a long story short, I worked at the post office for 10 years and then saw an advertisement for a contract job in Kuwait and ended up going overseas three times in about a 5-year period, coming back home for about a year each time and working at a big box hardware store. After coming home the last time from overseas, I finally said "that's it" and became for all practical purposes, retired. About four years after that my wife and I both "fell into" a job working for a cruise line at a pier nearby. The pay wasn't the greatest, but the job was interesting as heck and we enjoyed the people we worked with and that we met at work. Four years later the cruise line stopped doing their own pier operations and a third party company took over the job and we went to them. Still work ther during the cruise season becuase it's still a fun job and we're still meeting lots of interesting people.  Plus, we now have a new pastime, cruising.  Will we ever fully retire?  Who knows!

 

Tom

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Barring anything catastrophic, my last day is May 29, 2020.  I am just tired of the grind.  I have Accounting skills so I am going to do temp work.  I will be able to afford to work when I want to to support my travel habit.  

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Spouse became ill, I became a caregiver. Hubby pasted, but now have a mother who needs a caregiver. Work and put family in nursing home, or retire and care for family. Retired.

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Those  who retired before 65 (Medicare eligibility), what did you do for health care? (That is the main reason I am still working at age 62)

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I retired at 63 and I kinda cheated on health care.  I used the VA.  It is the only benefit I got out of my paid vacation to sunny Southeast Asia almost 50 years ago

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7 hours ago, simplelife said:

Those  who retired before 65 (Medicare eligibility), what did you do for health care? (That is the main reason I am still working at age 62)

I retired from teaching at age 56. Now I am on my husband’s insurance. I feel very blessed to be on his insurance, since my only other choices were: substitute without pay 25 days a year to stay on school system health care or keep working. 

I could no longer take the rediculous counterproductive demands and was having health issues of my own. Now I work a bit for my husband, take care of our house and the health issues I was experiencing have disappeared!

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46 minutes ago, NSnJW said:

I retired at 63 and I kinda cheated on health care.  I used the VA.  It is the only benefit I got out of my paid vacation to sunny Southeast Asia almost 50 years ago

 

Thank you for your service!

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11 hours ago, simplelife said:

Those  who retired before 65 (Medicare eligibility), what did you do for health care? (That is the main reason I am still working at age 62)

Across the border we don't have any issues maintaining our Health Care. I retired at 55 and our only issue with retaining Health Care is that we must remain within our Province for a minimum of 5 months each year. We still receive Extended Health Benefits & Dental through our pensions.

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On 1/21/2019 at 11:04 PM, simplelife said:

Those  who retired before 65 (Medicare eligibility), what did you do for health care? (That is the main reason I am still working at age 62)

 

Health insurance was the main reason I kept working too! I retired in June at 64 and my insurance covered me until I turned 65 in September. 

 

I, too, am curious about this pesky detail! 

 

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I will never fully retire unless my health turns.   I can schedule my work time.  I tend to work very part time most of the year and take at least 2 months vacation a year.  I have enjoyed good health all of my life so I have no problem paying medical costs out  of pocket.   (Please do not nag me about all of the horrific possibilities, I am a grown up and can assume whatever risks I choose)

Edited by Mary229

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Yes, Mary, working does help pay for health insurance. That is for sure.

 

Hoping others will chime in about how they got health insurance if they retired before 65.

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7 hours ago, AnnieB925 said:

Yes, Mary, working does help pay for health insurance. That is for sure.

 

Hoping others will chime in about how they got health insurance if they retired before 65.

 

7 hours ago, AnnieB925 said:

Yes, Mary, working does help pay for health insurance. That is for sure.

 

Hoping others will chime in about how they got health insurance if they retired before 65.

My actual health costs are 5% of what premiums would be for a high deductible plan.  

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On 1/21/2019 at 11:04 PM, simplelife said:

Those  who retired before 65 (Medicare eligibility), what did you do for health care? (That is the main reason I am still working at age 62)

 

I too am curious about those of you who retired before the age of 65 and what you did for health care.

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On 1/21/2019 at 8:04 PM, simplelife said:

Those  who retired before 65 (Medicare eligibility), what did you do for health care? (That is the main reason I am still working at age 62)

I'm a retired Navy reservist so we're on Tricare as my primary insurance. As a reservist, the service member becomes Tricare eligible at 60 years old.  I retired both from the reserves and from my DoD job in the same year.

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On 1/21/2019 at 8:04 PM, simplelife said:

Those  who retired before 65 (Medicare eligibility), what did you do for health care? (That is the main reason I am still working at age 62)

 

Since both my wife and I retired from the military we both had Tricare since we were in our mid 40's which gave us a flexibility that most people don't have. Then we both ended up getting jobs which also provided medical benefits. I was with the post office and when I retired from that in about 2004 I still had Tricare to fall back on and started going overseas on contract work. Now we're both pretty much completely retired except for one seasonal job each which pays for most of our cruising. All of this due to a very lucky life much more than due to any good planning!

 

Tom

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On 1/21/2019 at 11:04 PM, simplelife said:

Those  who retired before 65 (Medicare eligibility), what did you do for health care? (That is the main reason I am still working at age 62)

 

I think my "plan" is rather unique, but I think it'll work out ok.

 

3 weeks ago, at 65.5 yrs old, I retired from my fulltime job that had medical, dental, vision and other good benefits.  I worked one day in January so that I could get my benefits until the end of January.  In 1 week (on Jan. 30) I'll be leaving on a world cruise that returns to the USA on July 11.  During the cruise I'll have free medical care on the ship and I bought a travel insurance policy for the entire cruise that has good medical, dental and evacuation coverage in addition to many other coverages.  When I return I'll apply and get on Medicare.  You have 8 months from the time your employer insurance ends (Jan. 31 for me) to get on Medicare without a penalty.  I had originally thought I would get on Medicare right after retiring, but then I would have to pay the Medicare premiums for 6 months while I'm on the cruise but would be unable to use it while overseas. 

Edited by Go-Bucks!

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3 hours ago, Go-Bucks! said:

 

I think my "plan" is rather unique, but I think it'll work out ok.

 

3 weeks ago, at 65.5 yrs old, I retired from my fulltime job that had medical, dental, vision and other good benefits.  I worked one day in January so that I could get my benefits until the end of January.  In 1 week (on Jan. 30) I'll be leaving on a world cruise that returns to the USA on July 11.  During the cruise I'll have free medical care on the ship and I bought a travel insurance policy for the entire cruise that has good medical, dental and evacuation coverage in addition to many other coverages.  When I return I'll apply and get on Medicare.  You have 8 months from the time your employer insurance ends (Jan. 31 for me) to get on Medicare without a penalty.  I had originally thought I would get on Medicare right after retiring, but then I would have to pay the Medicare premiums for 6 months while I'm on the cruise but would be unable to use it while overseas. 

 

According to Medicare " If you don’t sign up at age 65, and you then decide to enroll later, you may pay a lifetime late enrollment penalty, and you may have a gap in medical insurance coverage. There are exceptions, but play it safe, and ask your Medicare or Social Security representative about your personal situation. " Combine that with the fact that you should check and make sure that your shipboard medical coverage provides you with MEC (Minimum Essential Coverage) you'll want to make sure that you have sufficient coverage to prevent you getting hit with a Shared Responsibility Payment in 2020 when you file your 2019 taxes! I know you said you have 8 months etc, but unless you were talking to the IRS, you may have a surprise waiting for you in a year. Hopefully, that's not the case, but I would check with the Medicare people and the IRS people on that to ensure that you're going to be okay.

 

Good luck, my friend.

 

Tom

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7 hours ago, Go-Bucks! said:

 I had originally thought I would get on Medicare right after retiring, but then I would have to pay the Medicare premiums for 6 months while I'm on the cruise but would be unable to use it while overseas. 

 

Your plan is unique and should work as described. 

I am curious...how do you have free medical on the ship?

Edited by thinfool

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18 hours ago, thinfool said:

 

Your plan is unique and should work as described. 

I am curious...how do you have free medical on the ship?

Oceania offer free medical coverage on board during their World Cruise

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On 1/25/2019 at 2:07 AM, Pierlesscruisers said:

According to Medicare " If you don’t sign up at age 65, and you then decide to enroll later, you may pay a lifetime late enrollment penalty, and you may have a gap in medical insurance coverage. 

 

Your scenario only applies to 65 yr olds who have not had employer provided health insurance. You do not need to have Medicare as long as you keep employer provided health insurance. I went to the Social Security and Medicare office to discuss it with them. I have employer provided health insurance for 4 more days. After that insurance ends, I have 8 months to sign up for Medicare without incurring a penalty. My employer's HR dept said they will give me a letter verifying the end date of my employer insurance to give to the Medicare people. You may want to check with the Medicare office yourself to get correct information. 

 

Thinfool: one of the amenities included in our 2019 World Cruise cruisefare is unlimited medical care on the ship! If I'd need more extensive care, I have a good travel insurance policy.

Edited by Go-Bucks!

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2 hours ago, Go-Bucks! said:

 

Your scenario only applies to 65 yr olds who have not had employer provided health insurance. You do not need to have Medicare as long as you keep employer provided health insurance. I went to the Social Security and Medicare office to discuss it with them. I have employer provided health insurance for 4 more days. After that insurance ends, I have 8 months to sign up for Medicare without incurring a penalty. My employer's HR dept said they will give me a letter verifying the end date of my employer insurance to give to the Medicare people. You may want to check with the Medicare office yourself to get correct information.

 

4

 

I'm glad that you have that much flexibility with your Medicare and wish you well. I was not aware of your somewhat unique situation and wanted to make sure that you had checked into it thoroughly so you didn't end up with a problem when you returned from your cruise. There was no need for the snarky comment at the end as I just trying to help prevent a possible problem.

 

Hope you have a great cruise.

 

Tom

Edited by Pierlesscruisers

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4 hours ago, Go-Bucks! said:

 

Your scenario only applies to 65 yr olds who have not had employer provided health insurance. You do not need to have Medicare as long as you keep employer provided health insurance. I went to the Social Security and Medicare office to discuss it with them. I have employer provided health insurance for 4 more days. After that insurance ends, I have 8 months to sign up for Medicare without incurring a penalty. My employer's HR dept said they will give me a letter verifying the end date of my employer insurance to give to the Medicare people. You may want to check with the Medicare office yourself to get correct information. 

 

Thinfool: one of the amenities included in our 2019 World Cruise cruisefare is unlimited medical care on the ship! If I'd need more extensive care, I have a good travel insurance policy.

 

For anyone looking for more information on signing up for Medicare after having been covered by a group health plan based on current employment, it is called a "Special Enrollment Period" You can find a description in Medicare and You under that term. (There are some exceptions, e.g. for those with End-Stage Renal Disease or, if the covered person is disabled and the employer has less than 100 employees.)

 

My husband and I signed up during the "Special Enrollment Period" when I retired. I was over 66 and he was over 70 and we don't have any late enrollment penalty. There isn't a lot of information about the process details on line. Medicare required a form CMS-L564 filled out by my employer for each of us to verify that I'd been covered by employee health insurance. We sent that in with the usual Medicare enrollment form. They also recommended that we write "Special Enrollment Period" on at the top of the Medicare enrollment form. 

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4 hours ago, Pierlesscruisers said:

There was no need for the snarky comment at the end as I just trying to help prevent a possible problem.

 

That was not a snarky comment....it was meant to show genuine concern that you know the correct information in regards to the Medicare rules. Please take it how I meant it (it can be difficult to interpret intentions in print media).

 

new_cruiser is correct,  the name of this situation is the Special Enrollment Period.  You could theoretically go forever without needing to sign up for Medicare as long as you have employer provided health insurance. When that ends, they give you 8 months to sign up for Medicare. Luckily this works out in my time frame. 

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