Pros and cons of retiring and working

RobinMauro said:
We are very happy taking SS early since it's allowed us to work less and cycle more. We are poor in the world's eyes but we feel health is #1. Retired early enough to be fit enough to actually enjoy life. I work as a Caregiver yet 11 hrs of the 24 hour shift, my client is asleep so there is plenty of downtime to watch Direct TV or go online. I will be Semi-Retired forever as Caregivers are in demand in this area. Husband is fully retired yet he grows much of our food so he keeps fairly busy too. We have about 75k cash savings, that's it. No debt. Very minimal expenses. Still saving for our retirement
Click to expand...
Like all of us. Were you prepared to face the future with what you had stored up or not? Reality check!
Don't be upset. Most of us encountered the same issue. Answer in most cases was no.
Okay, what to do, where to go?????????
First, settle back from your emotions and be realistic. Think about your circumstances and determine your options.
ope this helps.
 

My husband is 77 and still works; part time. He took social security early, but did not retire.

The access to insurance is more important than the money; as he has other sources of money. He gets a very small salary but the health insurance is good. It used to be great, but with the rising costs of medication and doctors and hospitals, the insurance is not as good as it was. Still, it’s better than Medicare alone.

We pay for private insurance. We also pay for Medicare. Private insurance has a 7000.00 deductible (This is a standard amount, I think. Our insurance, my daughter’s insurance, and my son’s insurance, all different companies, have this deductible.).

Medicare is not a good insurance, and not enough to cover rising hospital costs. You need money to pay the high deductibles. We do not have part D, we get our medication through the private insurance. Co pays for drugs are 10 to 40 dollars. Since Medicare is not good, people buy gap insurance, that’s why you see all those ads on TV for Medicare gap insurance.

It you meet the poverty levels in your state, you can have Medicare (once you are the right age) and Medicaid. But then you are extremely poor. And your family cannot help you, there are rules about that.

As most everyone has said, you should have a high level of savings If you want to retire early. Something we never had and still don’t. Sounds like you don’t either since you want a part time job. Most part time jobs don’t have insurance.

You have to do you, of course. But life always holds surprises so unless you have real wealth, you should probably stick it out. Or get another job, and good insurance, and stick it out at the new job. Just my opinion.
 
I have no idea what this insurance with a $7K deductible might be. Is this one of the Medigap Plans needed with Traditional Medicare?

It sounds like one of those "Get it right the first time at 65, you can't easily switch to a better one later" deals to me.

Medicare Supplement Insurance (Medigap) is extra insurance you can buy from a private insurance company to help pay your share of out-of-pocket costs in Original Medicare.
Click to expand...
Sounds pretty scammy. You pay a $7000 deductible for help paying your other deductibles and costs???
 

brian said:
Hello everyone,

New to the forum and I thought I'd post my first question.

I am 63, 64 in May 2025 and have been working in the same industry for 46 years and burned out with it.

I'm thinking of taking social security early and try to find a part time / 32 hours job with medical benefits.

Would this be a wise move? I know I would get dinged by SS over a certain amount of income in the year.

Has anyone made this move and did you regret it or are you happier?

Thanks
Click to expand...
Hi Brian,
My last job of almost 24 years sucked. I liked my job, but the employers sucked. Burned me bad. I took SS at 63 and now work about 20 hrs a week doing light delivery work. (paint shop supplies) I was a warehouse manager and stuck in what I call a cave. Dark and dreary cave all day. Now I run all over and see so much more daily. With SS and my paycheck I am taking home about $300 less a month but really enjoy doing what I do. I deliver paint supplies. That gets me into some cool hot rod shops, custom boat shops, and Amish cabinet maker shops. Meeting new people everyday and seeing something different everyday.
 
Last edited:
dilettante said:
I have no idea what this insurance with a $7K deductible might be. Is this one of the Medigap Plans needed with Traditional Medicare?

It sounds like one of those "Get it right the first time at 65, you can't easily switch to a better one later" deals to me.


Sounds pretty scammy. You pay a $7000 deductible for help paying your other deductibles and costs???
Click to expand...
This is for private insurance. You work for a company, you take their insurance, you pay the first 7000. That is broken up with doctor visits, hospital visits, and medication; but you pay the first 7000 of medical bills. It’s not a scam. All the insurance companies are pretty much same.

Medicare has a deductible as well. I am not sure what those are currently, but I think on a hospital stay is around 2000 or so. I think Medicare is an 80/20 plan, so you pay 20% and Medicare pays 80% except there are things Medicare doesn’t pay for, then you pay 100%. I looked it up the part A deductible is 1632 for hospitalization under Medicare.

So on a 100,000 dollar doctor bill, you would owe 20,000. But it’s very complicated and I could be wrong.
 
My son-in-laws first hospitalization for 7 days was over 200,000. They had to pay the deductible which was 7000. Then the plan was 80/20. But my daughter is very smart and she took an extra policy that paid the other 20%. But they still had to come up with the 7000. which I helped pay.

It used to be if you both worked you could each buy the insurance through your individual companies and be doubled insured. That is no longer permitted.

So many people are in medical debt that they will never get out of, a law was passed that medical debt can no longer be counted against your credit score. My son in law has been hospitalized 3 times, the medical debt would be horrific if she hasn’t paid for the extra plan. It’s like AFLAC.
 
Anybody with regular Medicare knows you need to also buy medigap insurance to cover the other 20%. My deductible is 240/year. If you take a high deductible medigap plan then the deductible is 2700/year on the 20 percent they pay only. It’s not cheap but it pays for most everything.

I usually don’t have to pay anything since getting on Medicare except the 240 yearly deductible. My part d is free the past two years through WellCare and I pay anywhere between zero-15 for 3 months supply of prescriptions.
 
rbtvgo said:
retirement is a myth. we are who we are and we try to hold on to what has mattered to us all our lives. No one wants to look at the pasture of retirement and see it as a place of peace. It is not. The BS myth of retirement, the gold watch, set of golf clubs. retire to Florida yada, yada, yada is a 59's and early 60's conception. Point in fact is that those who grabbed it then certainly questioned it after the celebrations.

We travel different roads after we call it quits to our life routine. I went back to work as a contractor. Alot of folks did the same. The difference is that we determine our hours, and establish what we will do and not do. The payback is that these companies, in a rush to resolve their higher paying positions got rid of the expertise that they still needed. Oh sh_ _! who can deal with this issue?

Oh Sh--! we let them go. Hence retired people are a commodity to the companies that let them go in the first place.
Their problem, not ours.
Our problem is dealing with the "pasture" of a hard worked life and your remaining years. There in lays the issue for all of us.
Don't have answers but understand the issues.
Click to expand...
We are much more more prepared than the majority. Being self sufficient... not needing middle men for much, it surely solidifies a more secure retirement. We have a very nice RV in the garage we could sell/rent out but if the world goes to pot again (think COVID) people may not have $ to even pay for rent. My husband is a painting contractor so that helps too, he's quite handy and his 4 close friends, two are younger and are builders. He retired a year ago but could always go back p/t. We live quite well still saving $ for retirement. If we never save a dime more, we'll be fine.
 
Last edited:
dilettante said:
I have no idea what this insurance with a $7K deductible might be. Is this one of the Medigap Plans needed with Traditional Medicare?

It sounds like one of those "Get it right the first time at 65, you can't easily switch to a better one later" deals to me.


Sounds pretty scammy. You pay a $7000 deductible for help paying your other deductibles and costs???
Click to expand...
Regular Medicare has a $240/year deductible unless you buy a high deductible plan which is still only 2700. The supplement pays 20% after Medicare pays their 80%. I know a few people with advantage plans that have a 7k deductible if they are hospitalized. I also know a few people with advantage plans with small deductibles. There is a separate deductible for hospitalizations around 1600.

The person posting about such a large deductible doesn’t have Medicare or is very misinformed. This is the best insurance I have ever had. The downside of course is having to pay for parts b, d and the supplement plan. Some people can’t afford it so take MA plans which are often free.
 
Last edited:
We are on Medicare. SO's spinal surgery and implants in October 2023 was billed with 120k. Then regular follow ups, xrays/MRIs, physical therapy 3x/week for six months. Between Medicare and Tricare for Life nothing was left but a medical corset which the surgeon's office charged it off.

Aneeda72 may want to review the policy with the respective subject matter specialist in HR and potentially make adjustments.
 
Teacher Terry said:
Regular Medicare has a $240/year deductible unless you buy a high deductible plan which is still only 2700. The supplement pays 20% after Medicare pays their 80%. I know a few people with advantage plans that have a 7k deductible if they are hospitalized. I also know a few people with advantage plans with small deductibles. There is a separate deductible for hospitalizations around 1600.

The person posting about such a large deductible doesn’t have Medicare or is very misinformed. This is the best insurance I have ever had. The downside of course is having to pay for parts b, d and the supplement plan. Some people can’t afford it so take MA plans which are often free.
Click to expand...
If you mean me, 😂, I was talking about private insurance which has sometimes, as you agreed, a deductible of 7000. I do have Medicare, but my private insurance pays first, then Medicare . Medicare does have a 240 or whatever deductible, but there are a lot of test Medicare doesn’t pay for and you must pay for those out of pocket. I said I was not a Medicare expert.

If you are, then good for you.
 
Twostep said:
We are on Medicare. SO's spinal surgery and implants in October 2023 was billed with 120k. Then regular follow ups, xrays/MRIs, physical therapy 3x/week for six months. Between Medicare and Tricare for Life nothing was left but a medical corset which the surgeon's office charged it off.

Aneeda72 may want to review the policy with the respective subject matter specialist in HR and potentially make adjustments.
Click to expand...
Nope, but thanks for the suggestion. I now have VA medical benefits as well so I am well insured.
 
A large majority of baby boomers have survived to pension age, with most reaching the current state pension age of 66 in the UK, according to Dunstan Thomas. In the UK, a significant number of baby boomers, around 682,331 in 2019, reached the state pension age of 66. While many plan to retire at or after this age, a substantial portion are also choosing to work longer, either full-time or part-time, for financial reasons or due to enjoyment of work.
Many baby boomers are choosing to work beyond the state pension age. A significant portion (23%) intend to stay in full-time work by 66, and a further 9% have no intention of retiring, according to Audley Villages. This trend of working longer is often driven by financial factors, such as the need to supplement retirement income or the desire to maintain a certain lifestyle.

In the UK, a large number of baby boomers have reached the state pension age of 66. For example, in 2019, 682,331 UK boomers reached this age. Many baby boomers are choosing to work beyond the state pension age. A significant portion (23%) intend to stay in full-time work by 66, and a further 9% have no intention of retiring.

Work gave me a sense of purpose and identity, and its absence in retirement left me feeling lost or without a clear direction. The lack of routine and social interaction were missed more than I had anticipated. Many engage in charity work or have a hobby that occupies much of their time. I went back to work.
 
brian said:
Hello everyone,

New to the forum and I thought I'd post my first question.

I am 63, 64 in May 2025 and have been working in the same industry for 46 years and burned out with it.

I'm thinking of taking social security early and try to find a part time / 32 hours job with medical benefits.

Would this be a wise move? I know I would get dinged by SS over a certain amount of income in the year.

Has anyone made this move and did you regret it or are you happier?

Thanks
Click to expand...
Any chance your current employer would let you throttle back to 32 hours per week while keeping benefits? Then wait till at least full retirement age for SS.

P.S. working 32 hours per week is not retiring. It is still working. Retiring means no longer working for a paycheck.
 
Nope, I had to work 36 years before I could retire, but still fortunate to retire at 55 and not thinking about working again, even part time.
 
Last edited:
brian said:
Hello everyone,

New to the forum and I thought I'd post my first question.

I am 63, 64 in May 2025 and have been working in the same industry for 46 years and burned out with it.

I'm thinking of taking social security early and try to find a part time / 32 hours job with medical benefits.

Would this be a wise move? I know I would get dinged by SS over a certain amount of income in the year.

Has anyone made this move and did you regret it or are you happier?

Thanks
Click to expand...

I retired at 60 and lived as a self funded retiree until I received the state pension at 65. I wish I had retired earlier, I just travel and enjoy myself, am so busy I sometimes wonder how I ever found time to work!

Am slowing down a bit now as I near 80 but don't regret my retirement for a second. I can live very comfortably on the state pension and my super, best do it before you get too old to enjoy it.

OZ Camper Travels
 

You must log in or register to reply here.

Back
Top