When will you be able to retire?

[Stumbles]

Also, it depends on where the kids decide to go to college. If the tuition rise hasn't corrected itself, and my kids want to go anywhere other than Case Western or another school in their faculty dependent exchange program, I'll have to rethink that.

 

[bozclone]

I'm 58. My daughter is in graduate school studying to be a PA and we are helping her pay for that. She will be done at the end of this year and it will feel like I got a HUGE pay raise. My plan is to retire at 63. My wife and I have both had parents that were ill and then passed the last couple of years. We really trying to enjoy life now and not just wait for retirement.

 

[cjclone]

I could easily retire at 65, but my wife has Parkinson's and will likely be in a nursing home this year or next. $120,000 a year in likely expense keeps me working. I would love to work part time, but that is not in the cards as of yet. I looked at nursing home insurance back in 2008, but it was cost prohibitive for what it would pay out with the preexisting medical issue and our income at the time. We will have to play it by ear at this time.

 

[dmclone]

I could easily retire at 65, but my wife has Parkinson's and will likely be in a nursing home this year or next. $120,000 a year in likely expense keeps me working. I would love to work part time, but that is not in the cards as of yet. I looked at nursing home insurance back in 2008, but it was cost prohibitive for what it would pay out with the preexisting medical issue and our income at the time. We will have to play it by ear at this time.

Damn that's tough. I've went through this with my mother, and they drained all of her money. It would be a lot more challenging for a couple.

 

[1SEIACLONE]

Your last part, medical, is why many retire before they want. There are many that say I’m going until 65 for Medicare. Then a medical problem arises and forces them out.

The opposite is also true, many stay in the work force because they need insurance, and would retire sooner, if they could get on Medicare at 60 instead of 65. I retired at 61.5 because I could get on my wife's policy and stay on her insurance until I turn 65. We were paying less than $200 a month for the both of us, until my wife, who is older, turned 65 at the start of the year. I now pay $500 a month, which is still cheaper than what I could get anywhere else, until I turn 65 in 2027.
Insurance and retirement go hand and hand together.

 

[JP4CY]

I could easily retire at 65, but my wife has Parkinson's and will likely be in a nursing home this year or next. $120,000 a year in likely expense keeps me working. I would love to work part time, but that is not in the cards as of yet. I looked at nursing home insurance back in 2008, but it was cost prohibitive for what it would pay out with the preexisting medical issue and our income at the time. We will have to play it by ear at this time.

Was she diagnosed back in '08/before '08 then?
Hang in there, OK.

 

[dmclone]

One strategy our financial professional mentioned for a couple where one was still active and one was in a nursing home was a Medicaid Compliant Annuity.

 

[Remo Gaggi]

Retired for two months. I really appreciate the fact that the state of Iowa doesn’t tax my pension, 401k and social security.

 

[1SEIACLONE]

I could easily retire at 65, but my wife has Parkinson's and will likely be in a nursing home this year or next. $120,000 a year in likely expense keeps me working. I would love to work part time, but that is not in the cards as of yet. I looked at nursing home insurance back in 2008, but it was cost prohibitive for what it would pay out with the preexisting medical issue and our income at the time. We will have to play it by ear at this time.

You and your wife need to talk to a lawyer and a financial expert and look into the idea of ending the marriage. I am not saying this to be cruel, but I know if it was me with a disease like Parkinson's, I would hate the thought of our nest egg being drained and leaving my wife with nothing down the road, just to pay the nursing home bills for me. The nursing home only taking half of what you have built up would still allow her to have the other half for her future needs, if you separate. Just because you are legally separated, does not mean that you are still not still married, in your heart.

It's a horrible situation you are in, not only are you going to lose your spouse to this horrible disease, but it's also going to drain you dry financially in the process.

 

[dmclone]

You and your wife need to talk to a lawyer and a financial expert and look into the idea of ending the marriage. I am not saying this to be cruel, but I know if it was me with a disease like Parkinson's, I would hate the thought of our nest egg being drained and leaving my wife with nothing down the road, just to pay the nursing home bills for me. The nursing home only taking half of what you have built up would still allow her to have the other half for her future needs, if you separate. Just because you are legally separated, does not mean that you are still not married, in your heart.

It's a horrible situation you are in, not only are you going to lose your spouse to this horrible disease, but it's also going to drain you dry financially in the process.

There are alternatives to this method.

 

[dmclone]

The nursing home my mother is in had someone walk me through the whole process of qualifying for Medicaid. I have no clue how people do it on their own. This woman that helped me just wrote a book specific to qualifying in Iowa and I'd recommend it for anyone going through the process. Medicaid Action Planning is the name of the book on Amazon.

 

[drmwevr08]

The notion of planning took quite a hit when @ 33 the wife got cancer. She's now been battling it and related effects for over a decade. Between the stress, lack of a second income and medical expenses and eventual separation, I don't plan. Your best bet is to not get sick . In this country if that happens, you will get drilled. And we had decent coverage all along. We're still solvent and she's battled, but retirement has fallen off the radar completely. My guess is I'll work until I can't, or at least until she passes and the kids are all self sufficient (fingers crossed - a whole other thread!)

Whew. Thanks CF, what do I owe you for the session?

 

[ImJustKCClone]

Your last part, medical, is why many retire before they want. There are many that say I’m going until 65 for Medicare. Then a medical problem arises and forces them out.

This was us. I loved my job and planned to work to at least 65, and maybe a little bit beyond. Spouse also was planning to work until at least 65. Then in the summer of 2017, he went through a whole battery of doctors and tests...primary result was histoplasmosis, but there were a couple of other things that showed up in the testing that were not symptomatic. We were both 63; he would turn 64 in October, me in January. And the job that I loved for so many years was increasingly tainted by the boss from hell that had made my life miserable since she took over in 2010, causing high blood pressure and frequent stress headaches.
After his diagnoses, we sat in the parking lot and looked at each other, and I finally said it: Are we really going to stay in these jobs that are killing us? We can manage with where we are. We'll figure it out.
Net result, the next day I put in my 5 weeks notice at ISU. I've never regretted the decision, and neither has he.

But everyone's story is different, everyone's cash flow is different. To all of you considering retirement, I wish you the best. I hope it becomes everything you've worked for!

 

[clonedude]

Probably never. Hoping so.. but not counting on it.

 

[Joe4Cy]

Still working the mortgage, have a son who just finished Y1 at Wisconsin and another graduating high school next year (more than likely going to ISU - at least I raised 1/2 right!). I'm looking at 14 more years, so around 71 or 72.

That being said - I love what I do and those years are going to fly by!

 

[EnkAMania]

I plan to retire a little under two years. The start of this year has been brutal, but I did a deep dive and think I can still make it.

 

[cjclone]

You and your wife need to talk to a lawyer and a financial expert and look into the idea of ending the marriage. I am not saying this to be cruel, but I know if it was me with a disease like Parkinson's, I would hate the thought of our nest egg being drained and leaving my wife with nothing down the road, just to pay the nursing home bills for me. The nursing home only taking half of what you have built up would still allow her to have the other half for her future needs, if you separate. Just because you are legally separated, does not mean that you are still not still married, in your heart.

It's a horrible situation you are in, not only are you going to lose your spouse to this horrible disease, but it's also going to drain you dry financially in the process.

I have talked to an elder law attorney. We already have a trust but are in the process of revising it some. Divorce would no help the situation and might actually hurt in my situation. Cash flow wise I won't go backwards if I keep working and hopefully the investments will continue to grow. My biggest issue is time off. I don't really get any. The kids help, but she needs someone around. Since I wrote my initial post this morning, the better of the two that come in part time to take care of her gave me her notice. I don't blame her since she is going to take care of her sister, plus she is 73. I have contacted an agency she used to work for and they are supposed to be contacting me today to set up a home visit.

My parents are in their mid to late eighties and live frugally. My dad told me about how much I should get so that is helpful. Work is enjoyable and cash flow is the best it has been so it that way it isn't a sacrifice to keep working. There are a lot of things I used to want to do, but have no desire to do now. I still have a bucket list and hope to be able to go see a music group I have wanted to see for over fifteen years.

We will see what happens, it keeps changing from month to month or week to week.

 

[Pope]

I poured so much of my life into ISU with a long career that included lots of very long hours and many forfeited vacation days, but it never felt bad because I was passionate about my work and truly loved the University I was working for (ISU really is a special place).

Retirement was never even close to my radar until COVID hit. For the first time in my life, I was forced to work from home and the 40 hour workweek that accompanied it felt like a part-time job. Between the dramatically reduced hours and the elimination of my 90 minute daily commute, I suddenly rediscovered life outside of work.

Several months later, it was announced we'd all be returning to the office and I'd be taking on lots of added responsibilities related to ISU implementing a whole new enterprise system (Workday), so I knew I'd be going back to the world of ridiculous hours. At the same time, though, the University was offering an early retirement incentive option that would cover all my health insurance until I was Medicare eligible.

As much as I loved my job, doing the early retirement option on my 63rd birthday was a no brainier. To say it's been a good decision would be an understatement. I still stay connected to my work by doing some consulting, but it's more like a hobby than a job.

My wife retired several months after me and we've been providing grandchild daycare for two of our adult children. It feels so good to help our kids and their spouses by eliminating their childcare expenses, plus I've grown so much closer to our grandkids.

My wife and I are blessed beyond what we deserve. We're so fortunate we got to retire happily on our own terms. I know that is not the case for so many and I feel a lot for those of you who might fall into that category. Hang in there, everyone.

 

[RoseClone]

For those of you who retired before 65 and without a health care package from your employer, what are the best options for purchasing insurance yourself? How expensive actually is it?

 

[1SEIACLONE]

For those of you who retired before 65 and without a health care package from your employer, what are the best options for purchasing insurance yourself? How expensive actually is it?

It's pricey, most go through ACA, which uses your income as a base for how much it is going to cost. So how much would totally depend on how much money you show you make on your tax returns after deductions. I know some, with few options to write off their income, paying $700 a month or more, while others that are self employed are paying less than $100 per month under the same program.
I pay $500 a month to stay on my wife's policy, and was told by our pharmacist that I would never get close to the policy I have on the exchange, and it would cost me more.