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RE: I got laid off at 51...

I recommend maximizing SS at least to 66 before taking that. The difference can be significant. I am retired at 68 only because I ran out of work. My wife is still working, but is 7 years younger and wanting to hang it up. I keep encouraging her to keep working to maximize her SS and pension.

I have a significant 401K, but like SS, pensions and everything else, I am holding off any withdrawals until I am 70.5 and have to.

I was lucky to retire from one company I worked for for 30 years. I have medical and dental through that unless I ever let it go. That has worked so far. At 65, you have no choice but to go on Medicare. I pay for both Medicare and insurance for my wife which is taken out of my pension. When she is 65 and has to go on Medicare, we may have to reevaluate our insurance situation.

My first few years on Medicare, I was still working. They made me pay extra (about 50%) because of our income. I still had to pay the same premium for my wife as before. For two years I paid more for Medicare and insurance than before I was 65. Thankfully, congress passed legislation to stop Medicare from upping our premium due to our income. What kind of retirement deal is that? You get on Medicaid and pay more than before you were on it.
That's water under the bridge at this point.

The scary part about retirement to me is inflation. I watched my dad retire early and get poorer and poorer due to inflation. I'm trying not to be in that boat, but once you hang it up, who knows what inflation or the stock market will do?

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  • RE: I got laid off at 51... - srdavis2000 14:01:26 07/10/17 (0)


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