I understand. If I could figure out the health insurance, I'd be right there with you. I assume you can COBRA or some such until medicare? If so, more power to you! I'll be thinking of you. Best!

Thanks rob333. I can use my current health care into retirement. I thought it would be more but it isn't, same price I'm paying now. I don't qualify for Medicare until I turn 65. I'm only 60.

I retired early. I had planned for a second career but due to vision/hearing issues that did not work, so I had to make do with a smaller retirement budget. The early retirement was totally worth it. As a single mom I had spent years working two jobs, and by the time the autumn years rolled around I was plumb wore out. Everyone has different plans for their retirement years, I am happy now with my life and that is what counts.

Lucille, yes, wore out is how I feel, physically and mentally.

I'm envious Kath! I'm in about the same boat as you. I turn 60 in February. My company is going through a M&A (we are being purchased and it should be finalized in 4 weeks). I've been working with the acquiring company for several months and don't much care for the culture.

I know they don't want me to leave until they are ready for me to leave as they have awarded me substantial retention bonuses that come due between April 2023 and April 2024 but nothing beyond that as yet. It will probably take at least 3 years to fully integrate the 2 companies.

I plan to stick it out until I turn 62 in February 2025 and we'll see after that. If they want me to stay longer and the $$$$$$ is right, I might stay until I'm 63 1/2 Y/O. Then I can take the maximum 18 months of COBRA to gap insurance until Medicare kicks in.

Kath...you've been talking about retiring for years........your ready! I see that and totally understand. It sounds like your doing everything in your power to get your facts straight. There's nothing I can think of to advise you on. Full steam ahead! Hope you make it out....like in a few weeks...🎄

My husband has two more years until he gets FULL social security, age 66 & 8 months. He's working part time......I don't know how he puts up with the rat race.

I left my profession in 2006 to move to the Netherlands with my DH for a site assignment with a NATO defense project he worked on for many years. I did not have a work Visa and did not speak Dutch. We moved back in 2008 and I was diagnosed with Stage III breast cancer. I was 57 years old. The years of surgeries, treatments and drug therapies left me flattened. I was never able to return to work and I opted to take Social Security at 62. I didn't know how long I would live. We continued our health insurance coverage through DH's employment until we were eligible for Medicare at 65. He's retired now, too. 70th birthdays this year.

Nicole, I know lol. Dreaming I suppose. It is time!

Seagrass, I have thought about continuing my health insurance after getting medicare. BCBS basic (which I have) gives you back a portion of your costs once you sign up for Medicare. Does Medicare fully cover you for everything you need?

BCBS has a Medicare supplement policy that covers what Medicare does not. We're looking at Kaiser. It gives back money "and" has a dental plan....same as BCBS...right? In February my husband will have Medicare.

Medicare and BCBS supplement covers everything I have ever needed.

Congratulations. You have shared so much about the negative atmosphere of your job.

You know, as a nurse, you can possibly work part time at place you enjoy.

The BCBS that I have isn't part of Medicare, it's through my job, not a supplement. It's doesn't cover dental unless I add it.

Eld6161, I don't want to work in healthcare anymore. I want to putter in my garden, go to movies occasionally, travel, hang out with friends and read. I may later on do something like Meals on Wheels or volunteer for the Honor Flight program, which is something I've wanted to do for a long time now.

I loved my job, but I drove 50 miles round trip in all kinds of weather. I was responsible for a half million dollar budget, 32 patients and 22 employees. One day I realized that I had worked 20 years without getting involved in any kind of legal action like I had seen happening to others in the medical field. Within 3 months I had researched SS and retirement benefits and calculated my future financial needs. Zip! I was gone. Never regretted it. GO FOR IT. Get healthy, sleep late, make new friends, find new interests, look for projects.

You sound ready. I knew it was time to retire when during a meeting where nothing knew was being discussed, I thought, "Enough. I just don't have the patience for this anymore." My husband and I had the option to continue with our employee health plan BCBS at a very reasonable cost after retirement. Medicare is the primary coverage, and BCBS is secondary. BCBS reimburses Medicare Part B up to $800 each. So far, Medicare has covered up 99.9% of our health expenses and the rest BCBS picked up. Only thing Medicare has not covered is A1C test quarterly, but BSBS has.

Happy2b, thanks for the information about medicare. That's is about what I heard about BCBS.

You're welcome.

When you turn 65 and become eligible for Medicare you will have to sign up for part B within a short time frame or you will pay penalties on it. Once you sign up Part B is automatically deducted from your Social Security. Currently Part B is 160.00 for next year. You also will need to add a supplemental insurance policy to cover what Medicare does not or choose a Medicare Advantage plan.

You are reducing your benefits by up to 30% by retiring at age 62 than you would get at age 70. You will not be eligible for Social Security at all unless you are proven disabled before the age of 62. Once on disability (SDD) you are stuck at that rate so in my opinion it is a last resort for those who really need it and are without other options. A lot can happen in the next few years. Be sure you have other retirement savings or funds to get you there and beyond. Don't count on Social Security to to survive on.

Some people feel ready to retire earlier than expected or planned and do. Many are ultimately happy having done so, some not and either remain retired or return to some form of work.

Others aren't interested in retiring when it becomes possible and prolong their work years. Some are glad to have made that decision, others not.

I wish you well and hope the coming years are how you hope and expect them to be and allow you to be happy that the decision you made was the right one, at the right time, for you.

Hurray for you, Kath. Sounds like you done all the research, so you will be fine. I I, tto to, have heard a number if stories of people who became ill right after retirement, including ine who was older when he retired and died the bery day after his last day on the job. Totally unexpected.

I stopped working at 63 and qualified for Medicare at 64, so only paid for insurance for a short time. I have a pension, SS and good savings plus a house that was paid for long ago. Ive been doing all the things you listed. Dont put off traveling because that becomes more difficult as you age. You have a lot of good years ahead.

Kathsgrdn - answering your question we pay for a private BC/BS supplemental as others have mentioned above.

Wildchild, I was planning on keeping my current BCBS when I sign up for Medicare. As for Social Security, I'm not worried about the reduced rate. I'll be getting a supplement from my employer until a month before I turn 62. It's a little over half of what I would get at 62 from social security. I also have retirement pay, which will also be reduced by, I think, less than $200 a month if I go out now. It's worth it to me. I also have a TSP retirement fund. Probably could've done better in that, but I have enough to do some things I want to do. Just waiting to get verification from work on the numbers.

Dedtired, that is one reason I want to go now, so I have the free time to travel when I want to. Now I can only go if I get those weeks off.

After not having stress from work in my life for so many years, it came back last Spring/Summer due to a new computer system and the massive training they were and still are making us do. That feeling is horrible and I know it's not nearly as bad as it was when I worked in the hospital, but it's bad enough.

I retired at 62, and took less money than at 65, but I have never regretted it. I have to watch my money of course. I would have had to watch it at 65 too. I see little health failings in myself, and glad I have retired and been enjoying life. Time goes so fast the older i get. The only people I have seen regret retiring are the ones that had no other life, and didnt know how to start one.

Congratulations! What a relief it must be for you to make that decision. Sometimes enough is enough isn't it?

I have a coworker who has finally decided to retire. He is the other night minion and is 75 years old. We chat a lot after midnight while I am walking. A few years ago our company offered a buyout to the people who were eligible to retire. He IMMEDIATLY refused. I never asked because its not my business but I thought perhaps it was a financial issue that kept him working well past an average retirement age. Come to find out that no, it was not. He was of the era that pensions still existed as a work benefit ,so he has that waiting for him, he and his wife both draw social security already, his wife works taking care of his elderly sister, and he has hundreds of acres of land worth a LOT. He also, as both a hobby and a side job gives school tours of Washington D.C. He does that on his off days from our job,and enjoys that enormously. When he revealed all this, I asked him WHY he was still working there. He told 2 reasons. One, he just could NOT make himself give up such a job that has the unique combination of being fairly low stress (most of the time) and well paying (for what it is anyway) and 2, He was not emotionally ready to retire. I do not know what that means specifically. I think he was afraid that he would retire and immediately fall into a feeble state and die shortly after. But this year I suppose he finally had enough. He hates our boss, a feeling that has only intensified over the years. Not many other people here care for him, as he refuses to do certain things that are a part of our job because he refused to learn how to do new things, so other people have to pick up the slack. So, as a result of this, obviously there is resentment towards him. So the work environment isn't as nice to him as it used to be. And finally, I think he just realizes that he does not want to work until he dies. I encouraged him to see if there were more opportunities for him to do those D.C. tours he enjoys so much for some extra cash, and he did and had several lined up for next year, as well as a few cruises and a couple other trips. I am happy for him. He did waffle a bit. his first retirment date was November 1st. Then he moved it until november 5th. Then December 1st. Then December 31st. Then finally January 2nd, as HR finally told him he could no longer put it off as they had already hired his replacement. He was irritated at first because he felt that he should be able to change the date as often as he wanted. But since they put their foot down, his attitude has changed and I can tell he is very excited to be done with it all.

All I know is, the very second I can retire, I will. Enjoy your freedom!

i retired at the end of February 2020 (!) I had planned on a part time consulting job that was offered to me but Covid took that company in another direction. I easily adapted to being retired and decided to stay fully retired even after things opened up. We have a lot of traveling to catch up on.

Congratulations!

I retired very early and was very glad I did. It's been the best career move ever. When you're ready, you know it. Fortunately for us, finances have not been an issue. I've been retired for 12 years now (DH for 22) and we are both very happy with our choice.

Medicare covers 80% of costs, but you need a supplement to cover the other 20%. The cost of medicare is means tested so the amount you pay can be affected by your overall income level. I was fortunate that the company allowed me access to their healthcare plan until I hit 65 and went on medicare. Health insurance is expensive so you want to make sure you have a good handle on those costs. (The others for us being taxes and utilities.)

If finances are at all a concern, there are places/people such as professional financial planners you can go to who will run through the cash flow for you of your income sources, projected expenses and see how it all shakes out.

@Kathsgrdn - you said you plan on "keeping my current BCBS when I sign up for Medicare." Medicare is always primary, so you will need to change your BCBS policy from the Basic plan to a Supplemental Plan. As others have said, Medicare has an annual deductible and then pays 80% of the fee they determine to be reasonable (as do most insurances). The Supplemental policy will pay the deductible as well as the 20% that Medicare doesn't pay.

I highly recommend the book Medicare Demystified (2022 edition) that you can buy on Amazon (and I'm sure you can also find it elsewhere). It's written by a doctor and really explains all of the ins and outs of Medicare coverage. I bought this book (an earlier edition, of course) back in 2015 and was really impressed by the way the author explained everything.

While you're waiting to receive the official numbers from your HR retirement office, you can do a little quick arithmetic. When you retire, you will no longer have quite a few things deducted from your pay. You will no longer have deductions for Medicare and for Social Security taxes. Even though you won't be collecting SS right away, it's earned income that has those taxes deducted, not pension benefits. If you pay union dues, those will no longer be deducted, unless you join the retirees union, and those dues are nearly always much, much lower than dues on your monthly salary (mine went from $100 per month to $9 per month). You also won't have a deduction for the contribution to your retirement pension, because you'll be collecting pension payments. Many people are really surprised to find out that they actually have a higher net income after retirement than they did when they were working full time, even though their gross income is less.

A wise person told me that I would know when it was right. Good luck on the decision.

Something to be aware of for when you reach 65 and have Medicare. Your government health insurance will no longer be "Primary" as in charged first but "Secondary". Until then your regular insurance will be billed as "Primary".

There is no need for any other plan than your employee health insurance. People who are not aware that some employer's continue health insurance to their retirees think everyone has to switch to some type of Medicare plan. I did have to switch to a lower cost plan but then in this state I have the option of over twenty different ones. I have often wondered how many federal workers could afford the $1+K a month my old plan is now costing.

Do keep the letter each year that is sent stating the coverage is as good as Part D. Congress seems to want to switch retirees to private insurance. If that happens you may need the latest letter to prevent being surcharged because you had not signed up for D when you first became eligible at 65.

Do not be surprised if your pension is less than your ss supplement. I too took early retirement and without SS my pension was less than $1,000 a month after 23 years.

Maifleur, there is a website that lists all federal employee benefits and what they will be projected to get after retirement. I also did the math, which is close to what is listed on that website (GRB platform). I just want a confirmation before I do anything. My pension will be over twice the ss supplement. I did buy back my military time when I was first hired so that helped.

When ss starts I'll probably bring home nearly as much after taxes and other deductions that I bring home now. I now pay state, federal and local (Lexington) taxes, even though I no longer drive to and in that city for work, which really ticks me off.

For less than 2 years I won't be bringing in a lot, but if something happens will have my annual leave bonus and tsp to fall back on. I think I'll be okay. I can eat from my garden all summer and fall and even part of the winter. I still have frozen green beans, dried black beans, dried celery and a few potatoes from the garden. And my pantry and freezer are nearly full. I need to start eating out of it like others said they're doing on the other post. I've been trying this last year not to throw out any food. It's hard when you live alone and get tired of eating something, get busy and forget to freeze leftovers. I am doing better though. I need a good black bean recipe and think I will make another post. I made some black bean soup with just what I had on hand and it wasn't great.

Congratulations! You will not regret retirement for one second. It sounds like you’ve thought through all the things necessary to be successful in retirement, so now just pick the date and get ready. Sleep late, enjoy good coffee/tea, do what moves and pleases you, and breathe!

You can get some idea of income, but there may be surprises in expenses. Newly retired people often spend on leisure activities and travel, but medical expense start creep up with age -- as your ability to garden, do for yourself, decreases. Your work shows you what happens with age.

Medicare alone may be sufficient at first for many healthy people. Once Medicare reduces provider charges and pays 80%, your 20% may be peanuts for quite a while.

DH and I have had BCBS supplements (Plan F, that pays *everything*). We each had the high deductible plan at first ($1000/year). I took the non-high-deductible last year ($3600/year). Mistake; it never paid anything near that *because* Medicare paid almost everything!

One of our biggest expenses became prescription meds. There's 'talk' of Big Phama reform, but not for years yet.

I hear that you hate your current job, but...is there any other work you could do for a few years...until Medicare...while fattening your retirement kitty? You may be living on this fixed income for 30+ years.

Kathsgrdn, I retired at 62 from the VA. My hubby and I have the BC/BS FEP until death. I only pay the employee rate. I assume you have the same. When you are old enough for MC part B you really have to stress at the doctors office that BCBS is secondary. They want to bill it as primary. Once on MC part B BCBS pays all the deductibles, co-pays, etc if it is a MC and/or BCBS covered service. We have had to pay $0 out of pocket since, except for my hubby's hearing aids. MC doesn't cover hearing aids and BCBS only gives you a $2500 allowance. Also BCBS will reimburse you $800 per person a year if you have MC part B. You have to request it through their website. It isn't automatically sent to you.

Have a happy retirement.

functionthenlook is correct about health insurance as it applies to Federal retirees and has stated the information clearly and concisely. FEP offers quite a few plans. DH and I have FEPBLUE which provides very good coverage at an affordable price.

happy2b…, yes quite a few plans. It is overwhelming as a new hire to choose one.

Something that is on a state to state basis but some states when you file income tax have provisions for not taxing public pensions up to a certain income level. This includes any withdrawal from your TSP. While most tax preparers should be aware of this some will fail to mark it as a public qualified pension. If not marked as such it can be taxed as straight income. I was not aware of this when my FIL asked me to look over his taxes because they were double what they had been.

Buying back which many dismiss as non-important can really help. While not military my agency did not count the first six months after I was hired and I had to buy it back.

You mentioned you were going to an orthopidic doctor for your should pain. Something I was not aware of until I went to schedule shoulder replacement surgery. Neither my regular doctor nor the orthopedic surgeon I was referred to mentioned that after the cortisone shots unless there is an emergency, surgeons do not like to do surgery for 3 months after the shot and prefer to wait 7 months. I found a new surgeon because of this. But talk to the person that you were referred to.

Maufleur, I sure hope it doesn't come to having to have surgery. I also didn't know about the not taxing public pensions. Will have to look that up for KY. I just assumed it would be taxed. I know SS isn't taxed in my state.

Kath, if you have a pension from work that wasn’t subject to paying into SS (federal job, for example) you might be subject to your SS being reduced by the WEP, Windfall Elimination Provision. If you’re not familiar, you’ll want to find out about that as you dont want to have a surprise when you start drawing SS, that its lower than anticipated.

Here’s a link that might help, if you need more info:

https://www.ssa.gov/benefits/retirement/planner/anyPiaWepjs04.html

BeeOhio, that doesn't affect me. I'm under FERS not the old system.

That’s great you’ve checked into it & you’re good.

Happy retirement! I pulled the plug at 56 & I’ve enjoyed mine. The beauty is that you could pick up a side hustle nursing job if you felt inclined. But it sounds like you got a good plan to keep life interesting. Best wishes!

Physical therapists can do wonders for, if not fix, your pain. Corti is a GREAT bandaid, but will eventually not work.

Congrats on your decision to retire! Sounds like you will have plenty interests to keep you content.

Congratulations Kathy! I am happy for you. You will be free as a bird very soon!

Congratulations. Sounds like you have things pretty well figured out and you’ll do well.

You are prepared, and will adore being retired. Let us know when you've picked The Date!

I was so ready to retire when I did......we were moving, I was turning 65.... and I've never had one second of regret. Of course, then covid came so that was a bit different being somewhat newly retired-- but you will love it.

We don't travel a lot but we do travel and are even more inclined to just do it because who knows what tomorrow brings.

Happy retirement!

Congratulations, Kathsgrdn! I am so looking forward to retiring! I think a little less that 2 years when I hit Medicare eligibility. I have a new work assignment that may cause me to change that to an earlier date, but we'll see. Enjoy!

So happy for you! Here’s (Cheers!) to counting the days…