Work as long as you need to to secure your future. I wanted to leave when i was ready but that was taken from me by health issues. I was able to qualify for disability due to health but by the time medicare type C taken out i only bring home about a third of what was making working.
I am aiming for early retirement in a few years. My big concern is of course Medical Insurance. Any early retirees with good advice on this?
I retired at 64. I got pissed off at how poorly my students did on end of semester tests, penned a two liner, turned it in all during my planning period. Never looked back. I think medical, regardless of your health needs to be your first 10 priorities. I have several friends who were millionaires and they had to work to 65 (Medicare) since they both had "conditions" and could not risk catastrophic expense. And could not get a policy they felt good about. Another friend took an early out, was given a lump sum of $100K for future medical, and ran through that in 2 years. I am fortunate to have two insurance programs (I earned them). Pretty much everything is free. I’m stunned when I see prescriptions costs. My first year of retirement was great, fished, did some wood work, did a bunch of tile mosaics, went to the range frequently. Then, at about the one year point, my doctor put me on statins. I pretty much ground to a halt until I finally found the right statin. then Covid. I know that is not directly related to your retirement I can’t emphasize the impact that medical bills can have on a retiree. Having said that, Good Luck. RETIREMENT: Every day is a Saturday! Edit: (1) Health Insurance for pre-65s is expensive. Even COBRA rates are somewhat humbing. (2) Most of my friends are now retired. Many, and I mean many have moved to their kids to be near grandkids and kids. If that’s an itch scratch it early. My daughters are in Iowa and NYC. I’m not moving there under any condition!
Medical is what gives me the biggest pause. I've got decent health insurance now. The minute I retire it's gone. COBRA is an option but I think its about $1600 a month. That's a big chunk but I think I need to get used to spending more on health related items and issues as we age.
