OT: Is it time to retire

[Hsim]

I just found out I will probably have to return to the office in 3 or 4 weeks. I have to admit the thought of returning has me in a bit of a panic. I was planning on retiring by the end of the year anyway, I just wanted to have a solid year of earnings to build up my social security benefit and save so we can relocate to California. I sent an e-mail to the HR rep to see if there were any accommodations given for people over 60 and she replied no, not for anyone.

I would like to know your thoughts. Do you think it's foolish to return and possibly risk my health?

[bubbles76]

I want to quit right now, but I have at least 15 more years till I can . Have you crunched all the numbers? Would you feel comfortable sticking it out another six months if you made your own preparations (masks, hand sanitizer, etc.)?

[Joni O]

I retired when I was 58. I was a bit concerned about all the AARP, etc., articles and calculators advising how much you need before you retire. Not sure what those people are spending their money on, but I’m spending a lot less than when I was working!

[Usia]

Originally Posted by Joni O

I retired when I was 58. I was a bit concerned about all the AARP, etc., articles and calculators advising how much you need before you retire. Not sure what those people are spending their money on, but I’m spending a lot less than when I was working!

If for whatever reason they retired before 65 and don't have health insurance through their spouse, they most likely spend their money on health insurance until they're eligible for Medicare. In my case it's almost $1000 per month. Other than that, I too am spending less than when I was working. I'm planning to throw myself a big "Welcome to Medicare" party this December!

[adawn]

Originally Posted by Usia

If for whatever reason they retired before 65 and don't have health insurance through their spouse, they most likely spend their money on health insurance until they're eligible for Medicare. In my case it's almost $1000 per month. Other than that, I too am spending less than when I was working. I'm planning to throw myself a big "Welcome to Medicare" party this December!

I bet December can't come soon enough!

My sister-in-law and my brother finally got married last year (they've been in a happy, monogamous relationship living in the same house for about a decade). Part of the marriage discussion/choice was because she wanted to retire early at age 62 and needed health coverage for the 3 years until she reached 65. The industry my brother is in normally provides health coverage to domestic partners/significant others but the current company he works for (which is otherwise a fantastic company) does not cover partners/significant others unless you're married. Anyways, between the health coverage and the apparent tax benefits, they finally got (happily) married last year. Each had gone through a divorce in the past; not sure if that is why they never bothered getting married until the early retirement health insurance issue came up.

[bzar]

also - shop around regarding Medicare coverage. apparently, there are a number of authorized medicare plan "dealers" with different packages. If you have medical coverage in retirement from your employer or your spouse's employer, you'd need to coordinate coverage with your medicare plan to optimize your benefits.

[Joni O]

Originally Posted by Usia

If for whatever reason they retired before 65 and don't have health insurance through their spouse, they most likely spend their money on health insurance until they're eligible for Medicare. In my case it's almost $1000 per month. Other than that, I too am spending less than when I was working. I'm planning to throw myself a big "Welcome to Medicare" party this December!

I had health insurance through my company for a few years after retirement, then they did away with it and I paid $900 a month for a few years. Lovin’ Medicare now!

[Taramisu]

Originally Posted by bubbles76

I want to quit right now, but I have at least 15 more years till I can . Have you crunched all the numbers? Would you feel comfortable sticking it out another six months if you made your own preparations (masks, hand sanitizer, etc.)?

Oh amen to this...I so wish I could just retire right now, but I probably have 10-13 years left.

Either that or I need to consider a different field or something....need to figure it out I guess.

To the OP, I would crunch the numbers as others are suggesting and see if you can pull it off. Good luck....

[annette]

I am in somewhat of a same situation. I've been furloughed since mid-April with a return date of July 25th. My first return date was May 31 but was extended.


Before all this happened I also was considering retiring at the end of this year as I'll be 62 in December and am just DONE!! I absolutely love being home and having the time to do things I want to do. At the end of the furlough I hope the company lays me off permanently because even before all this my responsibilities were decreasing due to several operations changes and I just wasn't busy enough. Also, there was an issue with a disagreeable co-worker who (whom? - I can never keep this straight) if I never see again it will be too soon.

If they do make it permanent the decision will be made for me. If I get called back I will most likely quit. The thought of going back makes me want to cry.

To answer your question - in my opinion, if you can financially be OK, don't go back. It sounds to me like you really, really don't want to.

[summer breeze]

I am also in the don't go back camp. I "semi-retired" when I turned 62 and just stayed at my job part-time for the extra money. But now after 3 months off I really doubt I will go back even if they do re-open. ( I worked in a restaurant so re-opening is very iffy at this point.) I just don't want the hassle anymore and exposure to the virus.

DH was going to retire in September when he turned 66 but decided to do it a few months earlier because the thought of going back wasn't appealing to him either.