Advice and tips for Early or Regular Retirement at age 65

4X4GUS

4X4GUS

Active member
Best advice I can give you. If you're ready to retire and feel confident in your financial situation, do it. I retired three years ago at 63 and haven't looked back. We have since spent a total of three months traveling Europe, driven countless miles in North America in our van. Had a new 4,000 square foot home built on an acre of land in Northern Nevada and, just have really enjoyed life. Today we have more money in the bank than when I retired thanks to being able to pay much closer attention to the market and make wiser decisions.

Biggest concern we had was health care and it still continues to be a concern. Plan to spend no less than $15,000.00 per year on health care. And yes, that includes your Medicare. It's not free. On top of Medicare you need to buy a supplemental health plan. We opted for a no deductible no co-pay plan. Costs more up front but, we go to whatever doctor we want and don't pay another dime out of our pocket. Dental is the next big issue. Medicare does not cover Dental. That is another $2,000 per year to get a good plan. Yes you can spend less on your supplemental health and dental but, then you loose all your choices. Oh and, you need glasses... Well that is another whole cost. We have no insurance for eye care, we just pay out of pocket.

All of this is no reason not to retire, you just need to plan for it.
 
MyOtherCar

MyOtherCar

Well-known member
4X4GUS said:
Best advice I can give you. If you're ready to retire and feel confident in your financial situation, do it. I retired three years ago at 63 and haven't looked back. We have since spent a total of three months traveling Europe, driven countless miles in North America in our van. Had a new 4,000 square foot home built on an acre of land in Northern Nevada and, just have really enjoyed life. Today we have more money in the bank than when I retired thanks to being able to pay much closer attention to the market and make wiser decisions.

Biggest concern we had was health care and it still continues to be a concern. Plan to spend no less than $15,000.00 per year on health care. And yes, that includes your Medicare. It's not free. On top of Medicare you need to buy a supplemental health plan. We opted for a no deductible no co-pay plan. Costs more up front but, we go to whatever doctor we want and don't pay another dime out of our pocket. Dental is the next big issue. Medicare does not cover Dental. That is another $2,000 per year to get a good plan. Yes you can spend less on your supplemental health and dental but, then you loose all your choices. Oh and, you need glasses... Well that is another whole cost. We have no insurance for eye care, we just pay out of pocket.

All of this is no reason not to retire, you just need to plan for it.
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Dental one more thing to add to my todo list. After 31 yrs I gave my two weeks notice today.
 
4X4GUS

4X4GUS

Active member
We have ours through Delta Dental/AARP at a cost of $2,000.00 per year. $250.00 deductible is all we pay. No charge for X-Rays, Two Cleanings per year, etc.
 
78YZ

78YZ

2019 144 4WD 3.0L
ECU said:
Cleanings cost less than $200. No insurance.
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Here is an FYI. Most community colleges run dental hygienist programs. At ours you can get a free cleaning performed by a student under close supervision by their instructor. 99.9% of the students in this program are young ladies. 😁
 
Green Maned Lion

Green Maned Lion

Der Unverbesserliche.
78YZ said:
Here is an FYI. Most community colleges run dental hygienist programs. At ours you can get a free cleaning performed by a student under close supervision by their instructor. 99.9% of the students in this program are young ladies. 😁
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... At Rowan College? Seriously?
 
H

hoosierrun

Well-known member
Retired at 65.5. Last 10 years at county government at pitiful pay but great retirement. Housing is biggest expense. Rents that were 1 K 12 years ago are now 3.5 to 4K and rising in Florida. If you own your home and it is paid for, you are probably good. For last 10 years, I have been living off IRA/401K funds. Health seems to be ok so delayed SS to age 70. Seems to be working so far. I am concerned about living over 90 if things keep going up like they are. If anything seems similar, you will be OK for many years.
 
78YZ

78YZ

2019 144 4WD 3.0L
Green Maned Lion said:
Why did I think where you are is in Burlington county? :doh:

Is it open to non county residents?
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I live in Cherry Hill, which is Camden County. I don't know if they take non residents. Give them a call. The funding for NJs community colleges is 1/3 County, 1/3 State, and 1/3 tuition. I doubt they can reject you because of where you live.
 
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