Tired...Anyone retired this year, how has it been, any issues. Looking at 3 more yrs.

[JESSE1]

I plan to retire at the end of the year. Been with the same company for 32 years, all shift work. Good company and good working conditions but I'm burned out and tired of it. With my 401K and company retirement I can make about what I'm making now. Between taking care of cows, land, home and my antique truck hobby I'll stay plenty busy. I would like to find some kind of part-time work just for some extra spending money.

 

[Uncle Doug]

I offically was retired by my industrial employer about a year ago. I had been on short term disability for a year and they would not let be return with the medical restrictions I have. As I was retirement age they involuntary retired me onto long term disability of about 45K a year. I have not actually drawn my retirement benefits as it will reduce my disability payments. They have hired a lawyer firm to try to get me on social security disability and we are still working that issue. The seperation did allow me access to my company savings plan and 401k which I rolled over to an IRA. Some of it was tax paid so I do have access to those funds if needed. I was able to keep my company medical insurance but pay about 380 a month. This is less than I was paying as an active employee.

One of the things I have to watch as a newly retiree is my spending. We all have wants we put off until retirement and I have done some of that within limits. We have done some traveling and plan on doing more while we are able. Our properties and all but 1 auto are paid off so we are in good shape there.

I have helped one grandson with buying a used truck but make him work some of it off around the place. Both my sons have good jobs so I have not needed to assist them in many years. Our daughter is on SS disability and we did help her get a trailer and set it up on our property but other than that she is self supporting.

I retirement I need to be a better time manager. I tend to spend to much time on the computer and not enough time outside.

 

[MacLawn]

Helpful info here, boys. I'll be 65 in a few months, any advice on Medicare supplemental insurance mess?

 

[sfloggie]

Mac, I am just starting to study this (Supplemental) so I do not know alot for now. I do know my Mom received SS and VA (Father was 100% and died with heart)plus she had Medicare and paid for a gap (Supplemental) insurance. It help a lot as Mother did not pay the deductables or othe items. But note the Supplemental will only pay if Medicare authorizes the medical procedure or visit. Thus Medicare authorized and paid an amount or none (at times) and then the gap paid the balance. Jim

 

[MacLawn]

Yeah, flog, that's the kind I'll need, supplemental. I think. Actually, I'm service connected high % disabled Vietnam vet, so can get all me medical care at VA hospital, but I guess I still need this Medicare gap stuff. I'll study it more to see what I can learn, if me old haid can take it in.

 

[QRTRHRS]

Helpful info here, boys. I'll be 65 in a few months, any advice on Medicare supplemental insurance mess?

You need to evaluate your medical needs. IE; if you doctor alot or not.

You hear alot about "advantage plans". These would include prescriptions but not dental or eye care but I may be incorrect on that. With these, you co-pay. My wife, who doctors alot has an "F" plan. More expensive at 118/month for the one she has. No co-pay but no dental or routine eye care or prescription plan. But when you consider co-pays running 2-3 grand a year (as I said, she doctors alot), the extra is worth it.

She has a prescription plan that runs 18.50/month. As with most seperate prescription plans, the yearly deductable is 310 and of course starts off the new year. We have had a little hassle getting a non generic medication approved but we did win out on that.

The hard part is that providers cannot legally explain all of the in's and out's with all of these plans. You can glean some info from local senior seminars and by talking with others but mostly, it takes hours of pouring over the plan explainations and looking at your needs.

 

[MacLawn]

Thanks, quarterhorse. Whew, I was afraid it would need a lot of study! Much studying is a weariness to the bones, but gotta get on it!

 

[ultrarunner]

I know spending is supposed to go down in retirement...

Those I know say it goes up because you have the time to do the things you put off.

Took a few days off recently... company has a new policy... take vacation or you won't accrue more time off.

I've been working on some projects out back and my spending is way up buying materials that I would otherwise not have had the time to use...

Others I know got into trouble buying a motorhome or cruises/vacations...

 

[Travelover]

I know spending is supposed to go down in retirement...

.

My spending went way down. I was saving 40%, was paying high taxes and had a mortgage. All that is gone now. Medical spending is up.

 

[RalphVa]

Have enough resources to retire with about the same income that you were spending when working. The key is "spending". You'll spend essentially the same when retired as when working. Medical expenses will go up when you get older, but other expenses will likely go down. For instance, we cannot eat out now because wife is non-gluten and I'm no sodium. Almost impossible. Saving money that way, but doctor and hospital fees are up.