J&J Health Insurance in Retirement

Discussion in 'Johnson & Johnson' started by anonymous, Apr 16, 2020 at 9:38 PM.

  1. anonymous

    anonymous Guest

    Does J&J provide health insurance in early retirement (before age 60)?
    How much does it cost and how is it calculated?
     

  2. anonymous

    anonymous Guest

    yes

    before 62

    ??? Other threads have cost info

    ???
     
  3. anonymous

    anonymous Guest

    Healthcare for retirement begins at age 55 and it is calculated on years of service.
     
  4. anonymous

    anonymous Guest

    I left in '15 at 55 with 12 years. Cost me and the wife $665/month.
     
  5. anonymous

    anonymous Guest

    what kind of scratch you need saved to retire at 55? 3 mil? 5 mil?
     
  6. anonymous

    anonymous Guest

    That’s actually very good considering what the open market would be....
     
  7. anonymous

    anonymous Guest

    I have about 1.8 million, no debt, 58 and plan to retire in 3 years. Low cost of living here and all kids out of college. Had 2.5 until Corona crushed me.
     
  8. anonymous

    anonymous Guest

    I’m 51 and wanting to hang on until 55 when I’ll have about 24 years of service. Health insurance is the biggest variable in the equation.

    I have about 900k in my 401k as well as about 1.5 million in our brokerage (my spouse has a good job as well), and we have about $700k in cash value in a universal life insurance policy. Will look to leave NJ and move to Florida to reduce taxes and expenses. Pension will be about $4k per month and SS will be $3700 per month for both my wife and myself so after age 65 we’ll have over $11k coming in per month.
     
  9. anonymous

    anonymous Guest

    I retired recently With 27 years and my total health insurance is less than $400 month (self and wife). This includes health, dental and eye. There is only one choice for health coverage which is the high deductible plan you have Available while working. Dental there are two choices: one that is pretty good unless you need major dental work and the other is extremely low cost with very limited coverage. Eyemed is a fully optional choice and worth it for $25 a month if you or spouse wear J&J lenses because they are free each year with EyeMed. The health care costs come out of your monthly pension check.

    keep in mind that once you are 65 you will go to Medicare and those monthly costs are coming out of your SS check monthly. based upon your note above, it sounds like you anticipate taking SS at full retirement age, so you have that gap to cover until age 66+.

    the jnj shared services help centers Tampa in the US are worse than useless. I called many times, to get clarity on insurance, notices I was receiving, etc, I had many different answers or I had a clerk reading from a script. It was really pathetic and so unacceptable that a company like J&j would dismantle assistance to employees and retirees like they did. My best and most accurate information came from other retirees who also had to find Their way to learn this information. Don’t rely on the help center they are wrong more often than not.

    the other advice I can offer is to get afinancial advisor to help you put assets into places that you can guarantee streams of income that would protect you from market fluctuations. The JnJ 401k has a lot of hidden costs so I was quick to move out as soon as I could. You also want to be sure you have help with minimizing taxes too.

    good luck.
     
  10. anonymous

    anonymous Guest


    And Alex will make $ 26 million while we struggle.
     
  11. anonymous

    anonymous Guest

    The JnJ 401k has a lot of hidden costs so I was quick to move out as soon as I could. You also want to be sure you have help with minimizing taxes too.


    These 2 sentences are spot on. Besides the hidden costs, the JNJ investment options are pretty weak quite frankly. Move your money to vanguard or fidelity and you’ll have a much more diverse choice of funds, plus the option to put some of your money directly into stocks. If you want guaranteed income put some (not more than 30%) into an annuity. I don’t use a financial advisor, they’re only job is to put your money into the product that gets them the best commission.