??? For the Older Guys... Retirement, What am I missing.

motordavid · #2 11-02-2013, 03:07 PM

Aha, the 'is it time to bail out & will I be OK' question!

From your brief review, it sounds as if the econ side is covered, in terms of your current needs and spending habits. And, you have another ~3yrs worth of income building/stashing, as I assume you are/will continue to work for another 3 yrs.

The part time idea from ~56 to ~62 is also good, though unless it is nailed down it may change or evolve, during the next few years.

The question of SS at 62ish vs 65, 66 or older, consumes Terabytes of storage on the net; fwiw, most of my Geezer buds all took it at 62, as none of us knows when we are checking out. The only ones that did not take SS at 62 were still employed, consulting, etc.

The health insurance issue is mainly a question of how well you are currently covered, and if any of your current plan would slide over, (other than COBRA), if you bailed at 56. I bailed at 53 in 2000, and we paid significant dough every year for BC/BS with a $5G major medical deductible. Didn't miss lunch because of the $6-$8Gs a year for our 'coverage', but it is a cost off the top or bottom. I hit Medicare last year, so our ins cost is down to $1300 a yr for me and $5Gs a yr for my CEO. But, health care costs are high, going higher by the day, and nearly unconscionable in this country, imo.

The med ins/cost/future cost is the only really vague part of your brief review...

I couldn't take another fookin day when I resigned; you may come to feel you want to work longer, a different gig, a less stressful gig, or that part time routine. My point is my CEO and I both had very good jobs, big dual income and saved like squirrels. But when we both walked early, the income stream came to a screeching halt after my resign contract was up. But, we were fed fookin up, with our careers...and 'part time' wasn't really a possibility for us.

13 yrs later, we are still fine/solid with a good sized portfolio, 2 houses, etc. But, it has taken careful planning, careful self directed investing, some luck and not getting sucked into boats, F Cars, et al.

The only surprises were 'adjustment', as in I used to be in charge of a $ Qtr Billion operation with a couple hundred people and suddenly I was 'in charge' of no one, esp the Boss of the house. And, there were some boring days along the way, even with lots of hobbies and activities...

Personally, I would do very little differently, and I am glad I have had these past 13 yrs as a RetiredBum. Hope to make another healthy 10, but as you know, none of us fookin know when our expiration date is up.

You have a good handle on your projections, but the med ins cost for the next few yrs , and then post job is a bit sketchy, (and maybe none of my biz), but Medicare is a long way off for you.

25 yr roof?! Now that is thinking optimistically!

My 50Cts...
Best Regards, mD