At what age will you retire and with how much?

[Anonymous]

Anonymous wrote:you have to be really rich to retire before 65. My health Obamacare health insurance is $2,000 a month.

Or have inexpensive health insurance for the rest of your life, like fed govt retirees

[Anonymous]

Anonymous wrote:you have to be really rich to retire before 65. My health Obamacare health insurance is $2,000 a month.

? where? how old?

Ours is $1300/mo family of 4, high deductible plan in MD - we are in our 50s.

[Anonymous]

Anonymous wrote:

Anonymous wrote:
Unless you have serious health issues, don't do cobra. That's really pricey. Depending on what state you live in, private health insurance for a high deductible plan would probably be about $900/mo or so depending on the age.

You shouldn't make a flat statement like that. I'm still working but have checked my marketplace options. Around $900 is about right for a HDHP on the marketplace, but those all come with pretty serious limitations. I pay full frieith for my work health plan for about the same price, and it's a vastly better plan. COBRA can only add on modest administrative charges, so I expect it will be a much better deal.

? like what kinds of "serious limitations"?

I have HDHP, and we don't have "serious limitations", so far.

So, what are you referring to?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Unless you have serious health issues, don't do cobra. That's really pricey. Depending on what state you live in, private health insurance for a high deductible plan would probably be about $900/mo or so depending on the age.

You shouldn't make a flat statement like that. I'm still working but have checked my marketplace options. Around $900 is about right for a HDHP on the marketplace, but those all come with pretty serious limitations. I pay full frieith for my work health plan for about the same price, and it's a vastly better plan. COBRA can only add on modest administrative charges, so I expect it will be a much better deal.

? like what kinds of "serious limitations"?

I have HDHP, and we don't have "serious limitations", so far.

So, what are you referring to?

Mostly, no care other than emergency care outside of your home state. Very, very restrictive in a multi state area like the DMV. Also higher deductibles, co-pays and out-of-pocket limits.

[Anonymous]

Anonymous wrote:DH will be 63.5 so we can do COBRA until he turns 65, then it will be just me on the ACA until I turn 65. This is in 17 months. We have about $5m including house ($1m). No pensions, will wait a bit to get SS. Hopefully the ACA is still up and running.

Confused? How will you qualify for any ACA subsidies if your net worth is $5m? You have a low income? Or are you believing the ACA as structured is keeping health insurance costs down?

[Anonymous]

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

To generate 100k someone would need $2.5 mil (at a 4% withdrawal rate).
You likely will get about $60K in Social Security as well. That's another $1.5 mil.
You likely have some money in a brokerage as well.

Even if we assume a 6% annuity rate, that's about $2.6mil. Add in the top notch healthcare, you are golden! You have far more than most people around here.

You are missing something with your scenario. The $2.5 mil has been accumulated in their careers, both tax deferred and taxable accounts. By itself it is generating interest and dividends. Those funds are reinvested while working and then if needed in retirement could be tapped. The 4% withdrawal rate could be nearly what those funds are earning. My point is that its important to start early and have different types of accounts for savings.

Especially if you are not receiving a pension, although all workers will receive SS which is an annuity payment. I started in my mid 20s, bought stocks, mutual funds, and some ETFs. Build the wealth slowly over time, takes a few decades.

[Anonymous]

Anonymous wrote:

Anonymous wrote:DH will be 63.5 so we can do COBRA until he turns 65, then it will be just me on the ACA until I turn 65. This is in 17 months. We have about $5m including house ($1m). No pensions, will wait a bit to get SS. Hopefully the ACA is still up and running.

Confused? How will you qualify for any ACA subsidies if your net worth is $5m? You have a low income? Or are you believing the ACA as structured is keeping health insurance costs down?

DP. I don't think PP is expecting subsidies. They just want a reasonably priced health insurance option available. As to your last question, the answer is yes. Obamacare is a gift to early retirees. It's also a gift to people who don't make a lot of money, thanks to the subsidies and does keep health care costs down as a society.

[Anonymous]

70. Maybe 10 million.

[Anonymous]

Anonymous wrote:you have to be really rich to retire before 65. My health Obamacare health insurance is $2,000 a month.

For one person?? My individual ACA plan is $500 per month.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

70k a year spending sounds low for people in this area to maintain their current lifestyle
It really wasn’t meant to be a humblebrag. As I said, my impression was that we’d be well off, mainly because of the pension. But I just don’t understand how so many people have saved so many millions and some still don’t think it’s enough.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

GTFOH with this humblebrag. $100K in pensions alone is all you'll ever need. Even for high-net-worth individuals, the median amount spent in retirement is $70K (assuming a paid-off house) - your pensions alone give you that after taxes. The extra $2M will likely never be touched and grow to a $16M inheritance for your kids.

70k a year spending sounds low for people in this area to maintain their current lifestyle
It really wasn’t meant to be a humblebrag. As I said, my impression was that we’d be well off, mainly because of the pension. But I just don’t understand how so many people have saved so many millions and some still don’t think it’s enough.

70k a year spending sounds low for people in this area to maintain their current lifestyle

[Anonymous]

My wife and youngest kid will be on my medical plan till my youngest graduates college when I am 67. She may do grad school so that could be 70. So maybe 70.

[Anonymous]

Will retire around 70, maybe. Already working part time ca 20-30 hours a week, taking 2-3 months off a year and have for years.
Since it's darn good life, I don't have a reason to dream about retirement. I should have several millions by 70 from the investments I have now.
Healthcare - I have bare minimum. I check in with the doctors abroad visiting family and friends. Love going to dentist there, also physical,and skincare.

[Anonymous]

Anonymous wrote:I’m shocked at how much money everyone has saved for retirement! Good for all of you (seriously, not being sarcastic).

We’ll be retired in 8-10 years. As a married couple, we’ll have:

- $100k/year in taxable pensions
- Maybe $2M in retirement accounts (50% traditional, 50% Roth)
- A paid off house with around $700-900k in equity, depending on the market at retirement.
- Medicare + FEHB, which is surprisingly expensive

I thought this sounded really well off, but not compared to most of you!

When you have FEHB, you do not have to purchase Medicare part B (which is the expensive part if you are a high earner), you can continue to use your FEHB plan. The insurance companies love when you buy Medicare too, and some of them cover part of all of the cost, but that is the advantage of FEHB. You will always have Medicare part A. FEHB costs the same as when you are employed except it is not paid pre-tax.

[Anonymous]

On this website this is what a prepared retirement is on last day of work.

Two paid off houses. Primary and vacation home.
Fed Health Insurance
Fed Benefits
Two brand new cars in Driveway.
5 million 401ks
5 million after tax

And that is bare minimum