Can I retire yet?

Didn't you notice the conversation had turned productive while you were away? You've been proven wrong $4M boy. Bye

 

I don't like beer. Is there anything else there? I'm still considering Ashevile, but I don't like cold. They get some cold weather.

 

I don't want to be frugal when I retire!!!

 

Worried abt having to pay Healthcare if retiring @ 61. Own 3 properties clear and free. Make $8,000 rent income. $2M in 401k. Better to wait for severance or time to say bye bye to this nonsense. Thoughts?

 

Retired at 57 with $5M (spouse with large amount of stock options while gainfully employed helped greatly with early retirement). Healthcare is a huge issue! Plan on $1100/month for just average coverage nothing great. Healthcare costs are the biggest fraud in the country. Should be considered illegal what insurance companies, pharmaceutical companies and doctors/HCPs charge to patients! If you think a severance is just around the corner definitely wait for that...why not? You deserve it!

 

Congrats to you for being 57 and having 5 m. I'm almost 59 and have 4.8 (wife and I). We are hoping to retire in a year and a half or so, Are you taking SS at 62 or waiting?

 

2 million is not enough at your age. You need 3 million.

 

Unless you have a health condition, I would definitely recommend waiting until later to take SS.

 

If you have to ask then "no" you cannot afford to retire.

 

No way, I'm taking mine right at 62. I want something rather than nothing. I want to be assured to get something.

 

I’ve been advised to start taking it along with two pensions at age 62. FP says that’s best & waiting would be gambling away my own money. Don’t quite get that analogy but will do as they advise.
Good luck to you! A year or two will go quickly.

 

I agree about the ridiculous fraud of healthcare costs. If you retired at 57....why at 58 or 59 could you not get a major medical policy for far less money? You'd not have any income if you didn't work for a year--so say 58.5 or 59 getting a policy for 400 or so. I've heard that is an option as they only go on your last year's income. Wait a year after you retire, then you have no income...cheaper.

 

Thanks for your advice! Have researched many options and those cheaper ones you mention are literally awful with $20K deductibles, networks with the worst providers & hospitals, and out of pocket costs beyond reasonable. Have to admit pharmaceutical companies offer fantastic health benefits however after retiring no longer eligible.

 

Property value is $1.5M on top of current $2M assests. Annual income on rentals $100,000. Takes us over $3M.

 

I do agree that pharmaceutical Companies offer very good health care. I don't think what you are saying is correct though. I don't want to appear argumentative, but in the midwest when my wife lost her job she found a plan for about $400 a month. Granted it had about a 3K deductible, but that's not bad. She shortly found a job so we did not have to resort to that. I'm not sure where you live, but I've heard that due to this Obamacare stuff, they go on your last year's income. Wait a year, little income and one should be ok. I need to research this further. My wife found this policy one month after she was laid off as we didn't want to pay cobra for her.

 

Thanks! I can't wait until then. I'm definitely taking mine at 62. I want to make sure I get what I've worked hard for. Hopefully I live a long and healthy life, but one never knows. Of course the govt. wants people to wait as long as possible. They are hoping these people die off before they have the opportunity to get any money! NO WAY

 

I'll be 62 later this year. Retired from pharma 6 years ago. Still working a second career job so I won't be taking SS when I hit 62. My plan is to work a little longer and take SS at full retirement age. Its a gamble either way regarding when to take SS. No right or wrong answer.

 

#456 I retired from another large pharma company with 35 years of service. My medical from age 62 to 65 (to Medicare) was $1,200 per year so it was a great deal. Medicare costs me at 55 $1,600 a year. I will take social security next year when I turn 66 at full benefits.

 

What's your second career? I need to figure out something else to do for a few years. I am tired of the stress with Pharma--metrics and sales #, and all the crap that now goes with this job and in this industry. I want to take my SS at 62 like the other person stated as I want something. IT is a crap shoot and there's no right or wrong answer. I do need to find another job somewhere, but I need ideas. What are you doing?