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Why did you decide to retire when you did?

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3 hours ago, Go-Bucks! said:

 

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. 

 

Okay, my apology for what I misinterpreted. Concern was why I originally said what I said, to hopefully keep you from making what I thought might be a potentially disastrous and expensive mistake in an area that isn't the easiest one to interpret, Medicare. From what you've said you've done a really good job of going to the best place to find out about your future Medicare needs, Medicare itself and was my intent also but you had already done exactly the right stuff! :classic_biggrin:

 

And now the government is back on the job so you should have no problems getting to your port of embarkation (knock on wood!!!)  Hope you have a safe trip to and from your ports and a great cruise!

 

Tom

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Many years ago my wife and I decided we were going to retire at 55, our 2 children would be independent by then and we would have some time to save what we could. We would not have any health care worries as we live in a country that has a health care system for all. On approaching 55 we looked at our pensions and savings, we would never be rich but how much did we need. We decided to both take early retirement anyway, our monthly income dropped more than 50% but we soon discovered that our quality of life would go up more than 100%. About 6 years into retirement just after my 60th birthday I visited my doctor with what I thought was a minor issue, I had a blood test and 6 hours later was admitted to hospital. One week in hospital gave me plenty on time to reflect on the travelling we had done through Europe and North America and be grateful for the time and freedom retirement had given us.   Now with all that behind me we have had several more great holidays and in 6 weeks we are going on our 1st major cruise to India and Asia.  Retirement is not for everyone but it has been great for us.

 

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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)

 

So far those who retired before 65 (Medicare eligible):

 

1. military insurance (thank you for your service to our country. You deserve it!)

2. live in a country other than the US

 

Some who answered choose to work part-time, but I don't think that qualifies as retirement, per se.

 

 

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Posted (edited)
On 1/31/2019 at 7:38 AM, AnnieB925 said:

 

So far those who retired before 65 (Medicare eligible):

 

1. military insurance (thank you for your service to our country. You deserve it!)

2. live in a country other than the US

 

Some who answered choose to work part-time, but I don't think that qualifies as retirement, per se.

 

 

3. Worked for a school district that allows me to pay into their insurance at the same low rate I did when I was still teaching.  Retired at 58.  My husband also worked for a school district  that provides free insurance  for all employees (not family members) and retirees until age 65.  He retired on his 62nd birthday.  We are incrediably fortunate.  BTW, if the US had universal health care like all other developed countries it wouldn't be an issue! 

Edited by brucefann
spelling

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My wife retired the first chance she had, because of changes and the environment at the last company where she worked.

 

I retired in 2016, at age 72, having spent the final 14-plus years of my working life traveling 30-plus weeks a year for a European company that had a mandatory-retirement-at-age-65 policy. That is deemed age discrimination in the US, so I was, and will likely forever be, the oldest employee in their history. So, why did I retire? I had had a heart attack the year before – while on vacation! – and had returned to work. They finally convinced me that I should retire while I (and my wife) were still healthy enough to do the things we enjoy. Which is what we have been doing ever since.

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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 had the full old fashion 'gold watch' pension which allowed me to keep my health insurance until I reached 65. That was a really good deal since I retired at 51 after 31 years with a large corporation. The boss had a meeting to explain the 'one shot a it' retirement program. It took me about 3 days to figure it out....full benefits... and since a new way to calculate the pension amount...my pension increased a whopping 90%....no brainer. I continued to work in another related industrial engineering field for another 13 years while collecting my pension. I finally, at age 64,  gave it all up after 44 years of work. 

 

I do not regret retiring at all !! (even though the body now sounds more like Rice Crispies...snap, crackle and pop at age 73)

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I now have almost 34.5 years in the education business.  I must admit that I'm weary of the constant paperwork, constant stress, and many students needing mega amounts of attention.  I feel I cannot take it anymore.  I am 56 years old with no mortgage, little debt, a good pension, and retirement savings. Also my health is good.   I can stay on the health insurance plan until medicare.  Logic tells me to stay for at least 35 years, but my sanity tells me otherwise.  In a few weeks, I have to let the school district know of my decision.  I think I know what my decision will be... Life is too short!   

 

I don't want to be my high school guidance counselor who worked until she was 71.  Finally when she did retire, she lived for less than a year after having a heart attack.  

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I too, was an educator. I retired at 53. My husband was already retired from construction and I saw too many of my colleagues wait till 65 or so. They then spent a couple years caring for their husbands who then died and now they are alone in retirement. I didn’t want that to be me, so I quit when I was financially able. I’m 57 now and have been on four cruises and numerous other vacations that I wouldn’t have been able to do if I were still working full time. I currently substitute teach, which I love. I work as much or as little as I want, and am free to vacation whenever! And no more dealing with all the school stuff, like paperwork, lesson plans, parents, etc! Only drawback is that I have to pay for our own health insurance, which costs us a fortune!

 

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Kudos to you for substitute teaching!  A good friend of mine  tells me this is the thing to do!  I don't know...I need  to take a break from the chalkboard jungle right now.  So maybe a year or two from now.  Also, my pension limits the amount of hours a retired teacher can sub in school (state teacher pension fund).   I know I don't have to keep my license/certificate up to date to sub.  The state requires someone with a BS degree for short term subbing.  

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Retirement is a few years off for us, but we're in a better position to plan more carefully. My husband's retirement pension starts when he's 60, so that's a big thing right there. 

 

DH and I are both totally fed up with the pc atmosphere in most workplaces anymore. I'm in the process of selling or getting rid of things we probably won't ever use again. We live in a nice townhome right now, and God willing this will be our last stop before retirement. Right now we're in eastern Missouri to take care of my mil. Depending on how things go with her we can't wait to go back to South Carolina. If you live in the Midwest and like it, good for you. It's too cold for me and people aren't very friendly here. 

 

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I keep moving my retirement date.  I'm 66, turning 67 at the end of November.  I work for the State, and will have 20 years in next year.  

 

Back in 2015/2016 we went through a so-called "reorganization" that was basically a way to put a target on the back of every older employee with experience.  The philosophy seemed to be that the Millennials know everything, and we had nothing to teach or offer them.  I somehow survived the purge, but got relegated to a position that was one step above entry level, even though I'm a college graduate with a professional certification and 40+ years of experience.  My personal and professional confidence was shattered.  I felt worthless, used, and overworked.  

 

I was going to retire late last year when I turned 66, my full retirement age for SS.  Out of the blue I was approached by another Division, and was offered a lateral move.  I had to take a pay cut, but feel valued and appreciated for the work I do.  I decided to push my retirement to November of 2020.  Now I'm rethinking that.  I work with several people who are 70 and over, and they show no signs of quitting.  Barring any health issues, I see where I can make it to 70 and increase the amt. of SS and pension I get.  

 

The only drawback is my cruising life. 😉  However, I'm taking b2b cruises at the end of this month that will have me out of the office for 2 weeks, and I'm booked on a 2-wk. Panama Canal cruise next February.  Unlike my previous job, I have back-up on this job so I don't have a mess waiting for me when I return to the office.

 

To me the decision to retire is a balancing act between deciding what you want to do in retirement and having the funds to do it.  I'm willing to work longer in order to have an easier financial life later on.  But it's nice to know if I have to retire due to unforeseen circumstance, I'm old enough and have enough time in the system to draw SS and a pension, besides my retirement savings.

 

To those of you who have already retired, happy cruising! 🛳️

 

Roz

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I too retired from State Government,  and at 55 with my Maxed-Out pension because I had a full 32 years in.  I turn 65 in 3 weeks so I have been drawing it for 10 years now.  Why would I even think of staying when I retired with 80% of my salary and NO State Income Tax, no more Union Dues, and an automatic 3% raise every year !  Plus free insurance till 65 then my State Insurance becomes my Part B for free.  It’s so nice being able to Cruise, Come, Go, and do as you please 👍😎

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I retired in December 2014, when I was 54.  My husband retired at the same time. He's eight and a half years older than me, and we had always planned to retire together.

 

We had originally planned to wait a couple more years at least, but I was ill in the summer of 2014, and it makes you re-evaluate your life.  We crunched the numbers, and decided it was possible to retire sooner rather than later.

 

Nearly four and a half years later we have no regrets - we've done some long cruises we never had time to do while we were still at work, and everyday seems like an adventure.

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On 4/5/2019 at 2:38 AM, Sauna4me said:

I now have almost 34.5 years in the education business.  I must admit that I'm weary of the constant paperwork, constant stress, and many students needing mega amounts of attention.  I feel I cannot take it anymore.  I am 56 years old with no mortgage, little debt, a good pension, and retirement savings. Also my health is good.   I can stay on the health insurance plan until medicare.  Logic tells me to stay for at least 35 years, but my sanity tells me otherwise.  In a few weeks, I have to let the school district know of my decision.  I think I know what my decision will be... Life is too short!   

 

I don't want to be my high school guidance counselor who worked until she was 71.  Finally when she did retire, she lived for less than a year after having a heart attack.  

 

Sounds like it is time to retire.  Enjoy!

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After spending 42 years as a high school teacher, I was ready to leave teaching.  I had a great time in the classroom, but  I was also sure that retiring was the right thing to do at the time. And, still glad I did it.   I decided not even to substitute, just moved on to my "new normal".  I must admit that I enjoy retirement a whole lot more than I thought I would. Being a grandparent, traveling, discovering cruising, and just learning to live in the moment are my top priorities.  

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Posted (edited)

We went at 58.  We are coming up to nine years of fabulous retirement.  Lots and lots of independent travel.

 

We are fortunate that we have universal health care so this never entered our retirement decision making process.    My pension covers us for 60 days out of country.  We usually limit our trips to 58 days because of that.  OR buy some add on insurance.  As we age that add on insurance is becoming more expensive, compounded by health issues.

 

We do not want to be the richest people in the old folks home nor do we want to be sitting in our rocking chairs saying that we wished we had gone here or there, or experienced this or that.   We have already had some health challenges which have motivated us to get on with it as it were.   Our numbers could be up any time so we are making the most of it.  Why not???    We changed our lifestyle and accommodations to allow us to take advantage of last minute travel and elongated travel.  No pets, no plants, lawn and snow care, good neighbours.

Edited by iancal

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My days are now numbered and it's time to officially notify the powers-that-be. Did any of you feel any anxiety about this step...when it's officially public? I've had a unique career working with youth and non-traditional education and whoever takes my place will do it their way. And that's fine. Everyone is replaceable. I'm proud of what I've accomplished but....I see the new programs coming up and thing "those are great but I don't have the energy to figure that all out any more". I'm looking forward to traveling, visiting grandchildren and helping out  my 94 year old mother (which is why we  buy cruise insurance!) 

 

It's a odd feeling - working through our last few busy months but not planning beyond that. Anyone else feel that way?

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10 minutes ago, amypete said:

My days are now numbered and it's time to officially notify the powers-that-be. Did any of you feel any anxiety about this step...when it's officially public? I've had a unique career working with youth and non-traditional education and whoever takes my place will do it their way. And that's fine. Everyone is replaceable. I'm proud of what I've accomplished but....I see the new programs coming up and thing "those are great but I don't have the energy to figure that all out any more". I'm looking forward to traveling, visiting grandchildren and helping out  my 94 year old mother (which is why we  buy cruise insurance!) 

 

It's a odd feeling - working through our last few busy months but not planning beyond that. Anyone else feel that way?

I identify with that.  Once you've told people your plans, it feels that there's no going back.

 

Although my husband and I were completely sure we wanted to stop working, it was still a big step to give up our perfectly good jobs. But it felt as if a weight had been lifted from our shoulders once we had informed our bosses.

 

The last few months were great - I was completely de-mob happy, sorting out my desk and getting rid of junk that I'd had for years, and working on things that I knew I wasn't going to be around for, when the next review was due.

 

It was very liberating. 

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No.  I was ready to go two years earlier but waited for a package...which did arrive.

 

Like the OP, it was so liberating.   I knew two weeks prior that the transition package would arrive, then I would have another month.    Friends noticed how much better I looked six months later.  Stress takes it toll.   I used that six weeks to wind down and to do some solid retirement and travel planning.

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6 hours ago, amypete said:

My days are now numbered and it's time to officially notify the powers-that-be. Did any of you feel any anxiety about this step...when it's officially public? I've had a unique career working with youth and non-traditional education and whoever takes my place will do it their way. And that's fine. Everyone is replaceable. I'm proud of what I've accomplished but....I see the new programs coming up and thing "those are great but I don't have the energy to figure that all out any more". I'm looking forward to traveling, visiting grandchildren and helping out  my 94 year old mother (which is why we  buy cruise insurance!) 

 

It's a odd feeling - working through our last few busy months but not planning beyond that. Anyone else feel that way?

 

You know it is time to go when you don't have the energy to figure things out. There was some anxiety about announcing that I would be retiring, because I knew I would be a lame duck as soon as the announcement was made.  And I was.  And I didn't like the feeling of being minimized.  But I got over that when I could step out of my role, focus on handing things over to my successor, and really enjoy the last period of time I had at the job without responsibility.  And retirement is more fun than I could ever have imagined.  I've never looked back (other than to say, "Bye bye"!).

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Well owning businesses working 14 to 16 hours 7 days a week finally got old. If I knew retirement was this much fun I would have done it long ago. Got hooked on cruising and now 4-8 a year. 

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Getting ready to retire soon, the end of the month. What I will miss most is the other nurses as they become family. I am excited for new adventures. 

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At first you will miss everyone you were friends with at work. it goes away. I sincerely hope you enjoy it. At first it will be a totally new experience. Keep busy, do not buy a rocker😎

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