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Any retirement advice?
Posted: Thu Apr 18, 2024 5:36 pm
by mikehardware
As of today, I ‘m no longer employed, not really voluntary on my part. I’m almost 66, so I probably need to start up Social Security and Medicare, figure out how to start withdrawing from the IRA (and the tax situation), then look for any job I can find. Not exactly the transition I would have liked, but we’ll make it.
Re: Any retirement advice?
Posted: Thu Apr 18, 2024 6:05 pm
by Bob78164
mikehardware wrote: ↑Thu Apr 18, 2024 5:36 pm
As of today, I ‘m no longer employed, not really voluntary on my part. I’m almost 66, so I probably need to start up Social Security and Medicare, figure out how to start withdrawing from the IRA (and the tax situation), then look for any job I can find. Not exactly the transition I would have liked, but we’ll make it.
No matter what, register for Medicare ASAP. You want to do that even if you don't yet plan to use it, because it freezes your rate for when you do start using it. Ideally you would have done this when you turned 65, but if you didn't, better late than never. --Bob
Re: Any retirement advice?
Posted: Thu Apr 18, 2024 7:47 pm
by tlynn78
mikehardware wrote: ↑Thu Apr 18, 2024 5:36 pm
As of today, I ‘m no longer employed, not really voluntary on my part. I’m almost 66, so I probably need to start up Social Security and Medicare, figure out how to start withdrawing from the IRA (and the tax situation), then look for any job I can find. Not exactly the transition I would have liked, but we’ll make it.
Holy cow! That's awful. I hope you land on your feet.
Re: Any retirement advice?
Posted: Thu Apr 18, 2024 7:58 pm
by BackInTex
Dang! Didn't we go through this a just a few years back?
I'm sorry this is happening to you, or anyone our age.
Re: Any retirement advice?
Posted: Thu Apr 18, 2024 8:55 pm
by BackInTex
I started to register for Medicare last year when I turned 65. I didn't need to since I have a covered plan and the penalty won't start until I'm not covered, but I wanted to go ahead and get registered. I got halfway throught he process and then something happened and the website couldn't verify my identity or something so I logged off. I never went back. I need to. Thanks for the reminder, Bob.
Re: Any retirement advice?
Posted: Thu Apr 18, 2024 11:58 pm
by silverscreenselect
mikehardware wrote: ↑Thu Apr 18, 2024 5:36 pm
As of today, I ‘m no longer employed, not really voluntary on my part. I’m almost 66, so I probably need to start up Social Security and Medicare, figure out how to start withdrawing from the IRA (and the tax situation), then look for any job I can find. Not exactly the transition I would have liked, but we’ll make it.
I'm sorry to hear this and hope you find something soon. You should know a couple of things. If you were born in 1958, your "full retirement age" is 66 and 8 months. That means if you start taking social security now, the SSA will deduct $1 in benefits for every $2 you earn above $22,320. In 2025, when you reach full retirement age, a higher limit applies to the earnings ($59,000+) and they deduct $1 in benefits for every $3 you earn above that figure. That money isn't lost; they will adjust your benefits after you reach full retirement age to add the deducted money back in. But the earlier you start taking social security benefits, the smaller your monthly benefits are.
Re: Any retirement advice?
Posted: Fri Apr 19, 2024 12:05 am
by silverscreenselect
BackInTex wrote: ↑Thu Apr 18, 2024 8:55 pm
I started to register for Medicare last year when I turned 65. I didn't need to since I have a covered plan and the penalty won't start until I'm not covered, but I wanted to go ahead and get registered. I got halfway throught he process and then something happened and the website couldn't verify my identity or something so I logged off. I never went back. I need to. Thanks for the reminder, Bob.
When you register for Medicare, you are enrolled in Part A (no premium) and get a card. That pays some benefits and may be available as coinsurance in the case of a hospitalization or certain other types of nursing home or home health care. (There are deductibles so it probably won't pay much but it never hurts to try if you are hospitalized.) And if you have a high deductible health plan with an HSA at work, check with your HR about registering for Medicare because there are some different rules that apply.
Re: Any retirement advice?
Posted: Fri Apr 19, 2024 5:07 am
by vettech
Bob78164 wrote: ↑Thu Apr 18, 2024 6:05 pm
mikehardware wrote: ↑Thu Apr 18, 2024 5:36 pm
As of today, I ‘m no longer employed, not really voluntary on my part. I’m almost 66, so I probably need to start up Social Security and Medicare, figure out how to start withdrawing from the IRA (and the tax situation), then look for any job I can find. Not exactly the transition I would have liked, but we’ll make it.
No matter what, register for Medicare ASAP. You want to do that even if you don't yet plan to use it, because it freezes your rate for when you do start using it. Ideally you would have done this when you turned 65, but if you didn't, better late than never. --Bob
If you were covered under a health plan at work, you'd still be in your SEP (special enrollment period, which IIRC lasts 8 months) and can sign up without penalty, no matter your age.
Re: Any retirement advice?
Posted: Fri Apr 19, 2024 6:12 am
by Ritterskoop
For the job, once you start collecting SSA, give yourself the grace to let this be a job you like rather than one you must do. Part-time at a hardware store or library, for instance. Or walk dogs.
Re: Any retirement advice?
Posted: Fri Apr 19, 2024 7:01 am
by vettech
This is my retirement gig. Love it!
Re: Any retirement advice?
Posted: Fri Apr 19, 2024 9:29 am
by mikehardware
Dang! Didn't we go through this a just a few years back?
Yeah, looking back through the resume brings back lots of memories. Some great, and others the reason I usually win when the water-cooler conversations turn to crazy workplaces. I have way too many stories.
Re: Any retirement advice?
Posted: Fri Apr 19, 2024 11:47 am
by Bob Juch
What do you do for work? There are hundreds of jobs where you can work remotely.
When you get Medicare, be sure to get a Medicare Advantage plan instead of Part B, Part D, and another part. I had been incorrectly told that the Medicare Advantage plans were rip-offs, but I found the maximum yearly out-of-pocket cost was less than I had been paying for the premiums for the various parts. They have a lot of additional coverage, too. I'm with Cigna and they fully covered the cost of my hearing aids. They have eyeglass coverage that could fully pay for a pair. I want more expensive ones, but their contribution to them cuts my cost. I've used their free transportation for medical procedures that I've had where I can't drive afterward.
Good luck.
Re: Any retirement advice?
Posted: Fri Apr 19, 2024 1:39 pm
by BackInTex
Bob Juch wrote: ↑Fri Apr 19, 2024 11:47 am
What do you do for work? There are hundreds of jobs where you can work remotely.
When you get Medicare, be sure to get a Medicare Advantage plan instead of Part B, Part D, and another part. I had been incorrectly told that the Medicare Advantage plans were rip-offs, but I found the maximum yearly out-of-pocket cost was less than I had been paying for the premiums for the various parts. They have a lot of additional coverage, too. I'm with Cigna and they fully covered the cost of my hearing aids. They have eyeglass coverage that could fully pay for a pair. I want more expensive ones, but their contribution to them cuts my cost. I've used their free transportation for medical procedures that I've had where I can't drive afterward.
Good luck.
I sat through a couple of online courses provide by folks selling such plans. When I found out I didn't need them yet I sort of let that knowledge slip away. Now seeing this, what you are saying is contrary to what I
think they were teaching. It could be just the other way around. I know one path looked better but costs could increase each year and the out of pockets were a ticking time-bomb. I'll have to go through my notes or watch stuff when that time comes.
If my wife would get a job that had coverage for he, I could go on the full Medicare plans and scrap my company's plans. I pay quite a bit more than the Medicare plans would cost and my deductables, co-pays, and out-of-pocket maximums are much higher than Medicare.
Re: Any retirement advice?
Posted: Fri Apr 19, 2024 4:09 pm
by Bob Juch
BackInTex wrote: ↑Fri Apr 19, 2024 1:39 pm
Bob Juch wrote: ↑Fri Apr 19, 2024 11:47 am
What do you do for work? There are hundreds of jobs where you can work remotely.
When you get Medicare, be sure to get a Medicare Advantage plan instead of Part B, Part D, and another part. I had been incorrectly told that the Medicare Advantage plans were rip-offs, but I found the maximum yearly out-of-pocket cost was less than I had been paying for the premiums for the various parts. They have a lot of additional coverage, too. I'm with Cigna and they fully covered the cost of my hearing aids. They have eyeglass coverage that could fully pay for a pair. I want more expensive ones, but their contribution to them cuts my cost. I've used their free transportation for medical procedures that I've had where I can't drive afterward.
Good luck.
I sat through a couple of online courses provide by folks selling such plans. When I found out I didn't need them yet I sort of let that knowledge slip away. Now seeing this, what you are saying is contrary to what I
think they were teaching. It could be just the other way around. I know one path looked better but costs could increase each year and the out of pockets were a ticking time-bomb. I'll have to go through my notes or watch stuff when that time comes.
If my wife would get a job that had coverage for he, I could go on the full Medicare plans and scrap my company's plans. I pay quite a bit more than the Medicare plans would cost and my deductables, co-pays, and out-of-pocket maximums are much higher than Medicare.
Those online courses may have been from those selling the traditional plans; a salesman fooled me. Cigna's cost is exactly what Medicare Part B would cost. That has gone up each year, but a traditional plan would have the same increase PLUS the increases to the other parts, such as D (for prescriptions). My copay for specialists has declined by $5 each year.
I have to pay for medical insurance for my wife and her daughter, which is over $1000 a month. That's why I'm a proponent of "Medicare for all."