Question For Members 62 to 65

[Ken N Tx]

In January i will turn 62.

I can semi-retire at this age. I would take some time off first and then get a part time job and work only maybe 3 days a week.

The reason for the part time work is

#1. Get out of my wife's hair

#2. I will need Medical Insurance.

I can not carry over my medical insurance from my job!


Here is the question for 62 to 65 what medical insurance do you have and what is the cost per month??

[Mickey]

A couple things Ken. One option I think you have is COBRA it's a program that let you keep your current med coverage until you get something else. Think you can use it for up to 18 months. Sorry I don't know what Gov agency runs this program. I know it was offered when the Co div I was working at relocated to another area.

Personally, I have my health coverage through Kaiser Permanete. Don't know if they are in Tx but are the biggest HOM in the West and I think was the country's first HOM. One can join Kaiser as an individual but I'm not sure what the months cost is as my former employer pays part of this. Come 65 they have their Senior Advantage program where you assign over your medicare coverage + about $90/mo for coverage. Covers about everything one could need except dental. The down side is you have to use their facilities except when traveling.

[Durwood]

The health insurance is the kicker. My wife went to work mainly so we could have health insurance. With me being 50 now and a diabetic no way i could afford to pay it all out of my pocket. I'll be retired when they pry my cold hard fingers off the steering wheel of my freightliner. Sad, but true.

Dur

[old_nodaker]

I have Blue Cross - I think it's around $350 a month. I turn 63 next month, just signed up for SS, but I plan on continue to work, mainly just because of the insurance as it's paid for me. If I had to pay for it, it would be after tax dollars besides. I'll lose ss from excess earnings, but it will take a good 7 or 8 years for it to catch up to waiting.

[USN_ED]

COBRA is very expensive and as "Mickey" said, relatively short term. Part-time jobs normally do not provide health insurance benefits. Start checking various insurance companies now and get all your ducks in a row.

I'll tell ya right now that if ya don't have insurance that will cover the cost of prescriptions except for a small co-pay, you're in for a real shocker and eye-opener.

[Ken N Tx]

COBRA is very expensive and as "Mickey" said, relatively short term. Part-time jobs normally do not provide health insurance benefits. Start checking various insurance companies now and get all your ducks in a row.

I'll tell ya right now that if ya don't have insurance that will cover the cost of prescriptions except for a small co-pay, you're in for a real shocker and eye-opener.

Thanks Ed, i know the part time work does not have insurance.. I should be okay with my SS and 401K plans. The part time was to help pay for the added insurance until medicare kicks in.

[Wingnut]

Ken I'm not 62-65 years of age. You might want to see about school bus driver, full benefits with part-time work and summer are free!

[Ken N Tx]

Ken I'm not 62-65 years of age. You might want to see about school bus driver, full benefits with part-time work and summer are free!

Yes, i have thought about that..Holidays off, summers off and $11 an hour..

Our area is always looking for drivers!

[USN_ED]

Ken I'm not 62-65 years of age. You might want to see about school bus driver, full benefits with part-time work and summer are free!

Do ya really want yer kids riding around with Ken?? :fing20: By the end of the day, they'd all be sitting at attention and have a bar of soap and a tooth brush in their hands. ROF Not to mention a zipper stapled to their lips. ROF

[Wild Bill 83]

Do ya really want yer kids riding around with Ken?? :fing20: By the end of the day, they'd all be sitting at attention and have a bar of soap and a tooth brush in their hands. ROF Not to mention a zipper stapled to their lips. ROF

KEN FOR BUS DRIVER :fing32: :fing32:

Also ED is -right on- about COBRA being expensive...I have used it for my family when I changed companies, and had to wait for the new employers ins. to kick in........ It is d@mn sure not something you would want to be on very long.....Big $$$$!!

[Ken N Tx]

Ken I'm not 62-65 years of age. You might want to see about school bus driver, full benefits with part-time work and summer are free!

The only problem i see here is that i might make too much and lose my SS

Anyone know how much you can make before you lose the SS??

[Michael]

Ken the Cobra coverage can be very expensive, I recently was on strike for 28 days and my employer was required to send out the cobra coverage forms. This is a high cost area but I am supposing the cost is maybe 10 percent less where you live. The actual cost for my wife and myself was $969.00 a month. That is in the Seattle area and did not cover dental or vision or precriptions. add another $330.00 month for that.

Those cost are what they are in the Seattle area and I live a hundred miles north of Seattle. My HMO doctor gets $90.00 a visit so it might be worth you investigating whether you might hold off on retirement for 3 years until you are 65 and can get Medicare.

Generally the rule is for every $100.00 you earn, you lose $10.00 but I would call the SS office and confirm it.

[old_nodaker]

You can make $12,747, then after that they deduct $.50 for every $1 you make. Also, they do the deduct up front based on your current or estimated earnings. In other words, if you expect to exceed the $12,747 earnings, you won't get any SS checks until later in the year. They don't want to try to get back overpayments.

As Michael said, check with your SS office, they will walk you through the whole thing.

[USN_ED]

"old_nodaker" is right on.

Call Social Security at 1 (800) 772-1213 and set up an appointment to go into the nearest Social Security Office to apply for Social Security. They will send you a follow-up letter to confirm the appointment along with a list of the things you need to take with you. I did this (had to travel 200 miles one-way) and it avoided sending forms back and forth to clear up questions, etc. and really helped a lot. They do not make Social Security payments retroactivly so you need to sign up as soon as possible so as to start drawing your money as soon as possible.

I know you want to retire as soon as possible but "Michael" had a point. The longer you delay applying for Social Security the more money you will get.

[old_nodaker]

Couple more things to think about. While it's true, you'll get larger payments if you wait, at your age, you don't get full payment until 65 years and 10 months or more. (Thats what it is for me and I'm a year older so it might be longer for you.) If you draw now and keep working, you'll be making payments to SS which might increase your payments down the road. Other factors to consider, if you draw now and invest it for big bucks it will possibly off-set waiting. I think accountants will usually advise waiting if you continue working, but it really depends on individual circumstances.

The SS office, at least here, will also do a phone interview if that's more convenient, but I'd recommend going in face to face if possible. They will have all your earnings data and can give you exact figures.

[Mickey]

I know you want to retire as soon as possible but "Michael" had a point. The longer you delay applying for Social Security the more money you will get.
To add to Ed's point, SS only adjusts or establishes benefits once a yr. Doesn't matter if you're birthday+1 day or birthday+360 days, your benefit will be the same when you apply.

You should have received something from SS by now reporting all your contributions throughout your working life, you employers contributions and an estimated benefit based on your age when you apply. With the info supplied you should be able to figure when best to apply and how many yrs the break even point is on taking SS as soon as you can Vs waiting until 65+ to retire. You do know the retirement age is moving up slowly. Since you not yet 62, you age for full retiremet is going to be something more than exactly 65.

For me I applied at 62 and the break even point was about 80. With that info I decided it wasn't worth waiting to 65 to apply.

[Ken N Tx]

First off, i want to thank all of you who have replied to this thread.

Getting this recent Hospital Bill (http://www.mytractorforum.com/showthread.php?t=13887) has been a real eye opener!! I say to myself what would have happened if i had been on early retirement with a lessor coverage on my medical insurance!! :omg:

FedEx has a great medical insurance and i have heard that they are working on a plan for employees thinking of early retirement. As of now, they do not have a retirement plan for employees at the freight division. All we have is our 401k that was carried over from our previous owners. Government restrictions and approval of all new pension plans is stopping FedEx from implementing a pension plan.

There is a difference of $400 a month on my SS from age 62 to 66. To me, that is not a biggy as i am sure that after being off for 6 months or more i would be bored and would be looking for something else to pass my time. Part time work would make up the $400 difference.

Again, the only thing holding up my discission is the medical aspect.

I am the top seniority driver out of 100 drivers at my center. The work is not hard and i pretty much have my choice on things. I get 4 weeks vacation which i take a full week if we have plans and take many 3 and 4 day weekends. Also have 5 personal/sick days a year that are also used for weekends.

So in a nutshell, i am leaning towards staying a little longer and see what developes. It is reassuring that after January i can pull the plug and semi-retire. My SS and 401k will be increasing and i can explore the medical insurance problem. My luck, i would take an early retirement and FedEx would make changes after i left! :banghead3

Again, thanks for your replies and they all have been great.. :fing32: I will keep you all posted. Ken N Tx

[Ken N Tx]

RETIREMENT HOME ALTERNATIVE
~~~~~~~~~~~~~~~~~~~~~~~~~~~~~
There will be no nursing home in my future.........

When I get old and feeble, I am going to get on a Princess Cruise
Ship. The average cost for a nursing home is $200 per day. I have checked
on reservations at Princess and I can get a long term discount and senior
discount price of $135 per day. That leaves $65 a day for:

1. Gratuities which will only be $10 per day.

2. I will have as many as 10 meals a day if I can waddle to the
restaurant, or I can have room service (which means I can have breakfast in
bed every day of the week).

3. Princess has as many as three swimming pools, a workout room, free
washers and dryers, and shows every night.

4. They have free toothpaste and razors, and free soap and shampoo.

5. They will even treat you like a customer, not a patient. An extra $5
worth of tips will have
the entire staff scrambling to help you.

6. I will get to meet new people every 7 or 14 days.

7. TV broken? Light bulb need changing? Need to have the mattress
replaced? No problem! They will fix everything and apologize for your
inconvenience.

8. Clean sheets and towels every day, and you don't even have to ask for
them.

9. If you fall in the nursing home and break a hip you are on Medicare. If
you fall and break a hip on the Princess ship they will upgrade you to a
suite for the rest of your life.

Now hold on for the best! Do you want to see South America, the Panama
Canal, Tahiti, Australia, New Zealand, Asia, or name where you want to
go? Princess will have a ship ready to go.

So don't look for me in a nursing home, just call shore to ship.

PS And don't forget, when you die, they just dump you overboard at no
charge.

[Mickey]

Sounds good BUT, can you take your tractor with you on the trip? If so, what they got you can use it on?

Gotta keep all opts open.

[USN_ED]

Ken -

Here is something to consider.

If you take SS at age 62 as I did, you will get a set amount each month with NO decuctions for anything. You will get a cost of living raise each year. When you turn 65 you will be eligible for Medicare parts A and B and SS will automatically deduct the cost of part A medicare. About $78.00 to $l00.00 of the $400.00 difference between drawing SS at 62 vice 65 would pay for your Medicare. As always, you've got to consider all the angles when retiring.

I am very fortunate in that I draw a pension from the U.S. Navy and the power company I worked for after I left the Navy. Now I also draw SS on top of those two pensions. Luckily, I also have full medical insurance and prescription insurance from the Navy.

I'll tell ya this. If you've got any second thoughts about retiring just yet, you maybe ought to look over all your options again. Yes, I'll bet that hospital bill was an eye-opener. Lastly, the cost of prescription drugs could darn near break you if you don't have insurance to pay for them and private prescription plans are expensive.

Jeez, please don't think I'm trying to get too personal or that I'm trying to tell ya what to do. I just can't over emphasize looking into all options before you retire.

To sum it up --- You could easily spend almost all if not all of your SS each month just paying for private health insurance and prescription insurance before you turn 65 and become eligible for Medicare Health Care and the Medicare Prescription Plan.

[Michael]

Generally the rule is for every $100.00 you earn, you lose $10.00 but I would call the SS office and confirm it.

I am sorry that is what they will be deducting from SS when I retire due to the fact that I will also be collecting a federal pension from my Reserve duty I did. I wasn't sure of the limits and it has been awhile as my father never work a full time job after he retired from Sears and I never had to help him on the money end.

[chrpmaster]

I always heard that AARP had a reasonably priced health insurance plan available. just another option. Good luck making your decision.

Andy

[USN_ED]

I always heard that AARP had a reasonably priced health insurance plan available. just another option. Good luck making your decision.

Andy

That would depend on what you call reasonably priced. I have secondary insurance to pick up what CHAMPUS (Navy insurance) doesn't pay and I looked at about 7 isecondary insurance options. AARP was NOT my choice. They were about the third most expensive.

[Ken N Tx]

That would depend on what you call reasonably priced. I have secondary insurance to pick up what CHAMPUS (Navy insurance) doesn't pay and I looked at about 7 isecondary insurance options. AARP was NOT my choice. They were about the third most expensive.

Thats all i have seen is secondary insurance.. I am still looking for primary coverage until Medicare.

[levalen2323]

All I know is that I'm 62 and I immediately took my SS benefits after they (at SS) told me I would have to live to 78 to start to benefit from the "break even point", by taking benefits after waiting to reach 66 (my full retirement age). I'm no genius, but numbers don't lie. My brother in law waited until 65, got one check and then died. Hmmmm....do I feel lucky or not is the question.

[lb59]

My brother in law waited until 65, got one check and then died.
.

Same thing happened to my dad in 1980

[Mower_Man42]

If you had your own business you can keep what you make under the allowed limit, Only problem is you have to spend some of the money, to keep it there. But there are lots of stuff you can claim as a expenses. To bad you couldn`t keep your insurance,that is really important to have. One stay in the hospital can wipe you out. If the premium was taken out of your retirement you could claim it. So if it cost you $500.00 a month, time 12 that equals $6,000.00 you can claim that, it a big help. I can`t claim my wifes insurance because it comes out of my pocket. One thing this year we got a letter from her insurance Company saying they would be lowering her premium $50.00 a month not her coverage. :omg: Most of the time it goes up not down. that`s a big $600.00 that knocked off and a big help. My business for 2004 I spent $1,100.00 just on fuel that a write off, this year will be alot more. Good luck in what you chose to do.

[jdkubotamurray]

Our auto insurance company in AL (ALFA) has a BC/BS has a hospital type insurance program here for about 299/mo, or a full family plan (with perscription drugs) for around 700 for 50-60 year olds. I have also check on small business insurance for consultants. Aslo numerous self employed plans available. Check self employment member websites.

[gonefishin]

Ken, being 71, I am a little outside the criterion that you set. However, I do have a little experience that may or may not be helpful. After two previous careers, I went to work as a Rural Carrier for the U.S.P.S. and put in 12 years to get a tad of retirement from them, but the main thing was the insurance and the thrift savings plan. I started to retire at 62 and applied for Soc. Sec. then decided to work on till I was 66, double dipping during those years. When I retired, the P.O. quit paying their part of the insurance, my payment went way up, but was still in the groupe plan. So I have that plus Medicare A and B. With all the health problems over the last couple of years, I would be defunct if not for all that. Doctors, hospitals and clinics charges are unbelievable, so is prescription prices. My Life insureance is very reasonable, but health insurance is now close to $400. per month. Perscriptions would be more than three times that if I did not have the insurance, but the co pay is very low, and visits to Dr.s and operations, sonograms, MRI's, X rays and having my gall bladder removed has not cost me a cent out of pocket. And I think that I am probably facing another operation soon. I am very thankful that I have it. HMO Texas blue pulled out on all Govt. workers and retired Govt. workers in north Texas a couple of years back and I had to find another company. Wound up with GEHA which is Government based, so I do not think that they can dump me.
I make too much to qualify for Medicaide, it would be great if the new Government based prescription plan would be anywhere near as good as what I have now, but I have serious doubts that it will have. I have two or three months to check that out, am going to, but have no real optomism that will suffice.
You have to look at what may be available to you, as stated above, Cobra is extremely expensive and only temporary, then decide what would be best of what is available to you, insurance wise as well as when to start drawing Soc. Sec. They keep raising the age of elgibility, and methinks that many who wait to get the maximum may never get much of their money back. Something to think about.
All that to say, that if you can get any kind of a Government job that you can live with, it might be worth considering for potential benefits, because some of the Federal, Cities, Counties, States as well as School Districts etc. have some pretty good perks, that might make it worthwhile. How bout airport screener, or Marshal on an airline ? I have known a few people that drove school buses, the best were the little buses for handicapped kids. Them dammed healthy kids out of controll would probably drive me up the wall, and every now and then you see some bus driver that has lost it, recently a stout, or full figured woman on the T.V. news throwing some of them kids around like cord wood. ":^) I know that sympathies are with the kids, but before they file all them suits, perhaps they should drive a mile in her seat. Many parents give them no direction or discipline. Even a maintainence worker, grounds keeper or custodian would suit me better, I think.
Just a few random thoughts off the top of my head.
Bill P.

[Ken N Tx]

Gonefishin, jdkubotamurray and Mower_Man42, thanks for the replies!! :fing32: ( sorry if i missed others)

Gonefishin, are you in N.Texas ??

[gonefishin]

Yeah Ken, over on the S.E. Side of the Metroplex, in a little (ustabe) semi rural area called Balch Springs which is now surrounded by Dallas and Mesquite, just a couple of miles S. of the Mesquite Rodeo Arena (Now the Resistol Arena).
My friend Cowboy, who was still ropin at 76 years of age, just sold his 3 1/2 acres with a ropin arena and moved on out further in the country. My kids want me to do the same, but Ibinhere over 30 years and there are a million memories here. Sometimes I am tempted, and keep getting offers wanting to buy my property frequently, but thus far have not caved in.
One son and DIL that live on the water front down at Cedar Creek lake want us to come live with them, have plenty of room and all that, and while in some ways that would be great, it ain't home. I was born and raised in that area, and helped him buy a shop on 2 acres there a few years back, so it ain't like a foreign country, I just have lots of roots where I am now. Are you up at Crum?
You really didn't expect all that, now didja ? ":^)
Bill P.

[Ken N Tx]

Are you up at Crum?
You really didn't expect all that, now didja ? ":^)
Bill P.

Know your area, yes, i am in the outskirts of Krum..20 miles Northwest of Denton..Work in FTW area..

Texas needs your help!!! CLICK HERE (http://www.mytractorforum.com/showthread.php?t=16267)

[Mower_Man42]

Hey Bill ,good to see your post, Good info. My sister drove a school bus for the handicapped, here in CT. for 5 year. They have an aide that rides the bus with the kids so the driver isn`t distracted, I don`t know how she can stay so calm, just her nature, I guess. I worked with a friend and also retired the same time he did, We had health insurance through our employer it started out at around $250.00 a month but started going up a little each year, until after 9/11. They said that us old folks cost to much to keep going. But we all know the real reason was the hard hit the insurance company took after 9/11. After that the jump in price was close to $500.00 more a month, totally nuts, over $950.00 a month taken out of my retirement benefit. Which didn`t leave me with much. Well at least I had my business to help pay the bills and put food on the table. But still had to take out a early benefit from Soc.Sec. at 62 which helped a lot. I didn`t want to start punching a time clock again. I like being my own boss and the only people I have to answer to are my customers. I like driving my own bus (so to speak) It`s so much better then being a passanger if you know what I mean. The insurance that my wife got was from the same place I worked at. She was dropped from my insurance when she turned 65. That where we met and the rest is history. But the insurance was through Athem and a one time deal because she retired from that job where we met. She turned 65 last Jan. the co-pay for prescription drugs is higher but better then having to pay straight out of the pocket. I would check Athem out if you have that insurance Co. where you make your home. Most state and towns use then as a heath care provider, so that should tell you something. In two more years I`ll be 65, and I hope I get the chance to switch to their health coverage when my heath insurance ends with Heathnet. I`m surprised that your employer didn`t offer you with a insurance carrier to get coverage with other then dumping you with just a short term Cobra plan, after all you made money for them for all the years you worked for them. It would have been a nice thank you from them, to help you find a low cost health insurance provider.

[Ken N Tx]

I work for FedEx and they have been "Talking" about an insurance plan for early retirees, but have yet to come up with one!! They do not have a company pension plan and have run into government restrictions on forming one.. I do have 401K with them.

I do get 20 days vacation and 5 days personal/sick days that i can take. I have been taking these days to make 3 and 4 day week ends at least once a month..These are all paid days off..Also when our freight is slow and they ask who wants to be off or go home early, i am on top of the list!! During these times, i do not take the pay for them. I could look at this as semi-retirement!!

So i guess that i could stick it out for awhile and see if FedEx gets anything new for the early retirees..

[Mower_Man42]

Your saying you could still work at Fed Ex on a part time basis and still have your full benrfits and just wait and see what they come up with for early retirement. That would be the best way to go. Trying to find a part time job at age 62 isn`t easy, most employers want young people over us old guys even though it`s against the law.