do you wish you retired earlier?
I just did retire...I'm 54...I was forced to because of my health...now I'm trying to adjust to my new way of life....it's very difficult....I worked the last 22 years for siemens....temperature control guy....sales...niche market....I loved my job...I got sick in 2012 and it's been all down hill since then....I'm an outdoor guy....been divorced since 1988...now I can't do anything except sit in a chair and watch the brewers....no its not that bad but it's bad....psoriasis arthritis with a rare for of psoraisis....it's so bad they are giving me chemo. right now...Healthcare is a huge issue....I had great employer insurance but through cobra they wanted 926 a month for me....I just got security health plan 220 a month high deductible...high out of pocket....problem is I feel useless...I fixed people's building heating and Cooling issues and was Damm good at it...now I have to find some other way to feel important but at this point I'm not sure what that is....and then I gotta go and get the poison pumped into me and that makes me sick for 3-5 days after the infusion....I do love the slowed down part of retirement where I don't have to be balls to the wall...our world is very fast paced today and I think that's sad....so thanks for letting me vent here
Goons Den, I see your tongue in your cheek. . I did 3 years of college going year around for 2 years. Been working hard for 40 years. I've decided to slow down and have been working part time since April 1. I love my pt job and only have to give my employer my availability for the following week by Friday.
If you can financially do it, I highly recommend it. My wife and family say I'm a changed man and I feel like it.
Popper is right. So much has to do with how to pay for healthcare. I know our family medical costs are higher than our mortgage costs each year, and I have decent insurance. I can only imagine how much harder it is for others.
Worse, I can control all my other costs, but healthcare costs seem immune to just about anything unless you look really hard for deals. It took me hours to find out what my hip replacement would cost. Fortunately, the lowest cost also corresponded to what I believe was the best possible care. But how many people even know enough to check? And why should it be so hard? All the prices should be up front.
We need greater transparity regarding where our healthcare dollars actually go. But there are some very powerful special interests that don't want that because they have things pretty nice the way it is.
That alone costs each of us the ability to retire early.
Dave (g) is it time?
Colorado has a flat tax rate of 4.63%, one of the lowest. Retirement Income Exemptions. Taxpayers over 65 have a $24,000 exemption for pension and social security benefits (persons 55 to 64 years of age get a $20,000 exemption).
One thing to consider also is long term care insurance. I have seen it from both sides. My parents had it and when mom could no longer be cared for at home, she was able to live out her days at a "pay facility" and much of the cost was absorbed by the insurance. On the other hand, my girlfriend's mother required the same care, which quickly went through her assets, and then went on Medicaid for the duration of her life.
While it isn't cheap, I pay for the insurance since the last thing I would want to do is burden my siblings to care for my carcass.
I began my policy when I saw the benefit my parents experienced. There is no death benefit, though with this type of policy.