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Retirement Anarchy

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Hello Friends.....I need some input...its getting that time in my life to pull the plug on my working life...I am 64 receiving SS  but still working full time I feel obligated to my boss [ a honor to work for and with ] to keep at it because there is no quit in him he is 72... single ..ranch in Montana... a 44 ft. sloop... hot car...Harley...all the toys but still is hard at it ….the business that we are in is on a slow downward slide with the big guys taking over by being a slight bit cheaper ….by me still working I get health ins and we are making huge payments on the house ...but I am burned out...you know stick a fork in me...Iam done...if I was a butterball my thing is popped out....this is not the only man I know that wont give up working I got friends with no plan to retire...why? I get the guys saying …"I love my job"...but who is to say that you wont love trout fishing more?...do you guys know anyone like this?..are you like this ??? the business is at a point where I am using pto to make 40 a week and when we speak about work being slow he says " it will come back"...the youngest person at work is 60 and there are only 5 of us and he has told me he feels like he has a obligation to provide a livelihood for us..men like this are few and way far in between and I feel privileged to be apart in this company  ….have any of you guys been in this kind of situation?   what would you do??...any thoughts....Ideas???? Thanks....  Mike

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I got out at 57 and never looked back.

Your boss is the kind of guy who will get carried out on his desk.

If you can afford it, get out - NOW.

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Your boss sounds like a hell of a guy, but he ain't you.

Think of it this way. You're gonna die some day. It doesn't matter what you did last year, 5 years or 50 years ago. What matters is what you will do from here on out. If you want to work till you drop have at it. Nobody will care. 

One of my favorite movie quotes from The Shawshank Redemption, "Get busy living or get busy dying" 

Edit, for what it's worth I got out at 57 also. Living on a tiny public servant pension and loving it.

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GTFO.

I retired at 60. After just a couple years our world took a health turn. In retrospect I wish had had left sooner. I know several hundred guys who retired off my job (not exaggerating the number). NOT ONE wishes he/she still worked. 

GTFO

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Some people live to work, and some work to live.  I'm very much in the latter category.  

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Are you saying that financially you could retire now and live out your life the way you want? If so, then yeah GTFO!

But if you're not in a financial position to do that yet, then you should probably be thinking hard about your budget in retirement and working toward a date when you can cut the cord.

This is the category I'm in. I've got my potential retirement spreadsheeted out in great detail: assets, retirement income, retirement budget etc. But there's one nasty little box in that spreadsheet that has a big impact on everything: when I'm going to die. Depending on what I put in that box, I can either retire comfortably now, or I'll be working till I'm drooling on my desk.

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7 minutes ago, wristwister said:

Are you saying that financially you could retire now and live out your life the way you want? If so, then yeah GTFO!

But if you're not in a financial position to do that yet, then you should probably be thinking hard about your budget in retirement and working toward a date when you can cut the cord.

This is the category I'm in. I've got my potential retirement spreadsheeted out in great detail: assets, retirement income, retirement budget etc. But there's one nasty little box in that spreadsheet that has a big impact on everything: when I'm going to die. Depending on what I put in that box, I can either retire comfortably now, or I'll be working till I'm drooling on my desk.

You can't retire after you're dead. I went at 62 and haven't starved to death yet.

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Retired 2 years ago (at 53) and no regrets. Took a summer job getting paid to play on boats this year,  that doesn't feel like work. Do what feels right. If you can step out. Go play. I think the most surprising part for me was the peace that comes when you step away. A certain calm perspective settles in that you (at least I) never had before.

 

WL

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My wife's favourite aunt made a comment once that was words to live by.

She was visiting from Cali around age 57 and had just bought a very expensive coat - Vicuna or something. Her sister (my MIL) said "don't you think you should save that money for the future?"

Mary replied "This IS my future".

As it turned out she was right, she died of cancer about 7 years later.

We took her words to heart and made our potful as quick as we could and got out.

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I GTFO of the "GRIND" paying enough into SS and earning a Pension When I turned 40

needing to wait till 55 for the pension & 62 for SS/65 insurance helped put things in perspective (learning to live on Much Less)

I have a Masters in Fucking Off, Yet Still Work BUT on My Terms/Schedule (Driving 45' Limo Party Bus + Fun w a Camera/Boat

Do what you MUST only as long as you Need to - Then Do what you Like BUT DO NOT put off LIVING till Later Do That Now !!!

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I figure I am 3 - 5 years from retirement.  As soon as my nest egg hits the point where I am confident I can retire comfortably (never worked anywhere that had a pension plan), I'm done.  

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2 hours ago, bugger said:

I figure I am 3 - 5 years from retirement.  As soon as my nest egg hits the point where I am confident I can retire comfortably (never worked anywhere that had a pension plan), I'm done.  

I could spend whatever you think is enough

in less than 1 year

Better find something you like to do that will make you sum Koin when retired

keep you from going nuts and pass the time that you would have spent spending $$$$

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17 hours ago, White Lightnin' said:

Retired 2 years ago (at 53) and no regrets. Took a summer job getting paid to play on boats this year,  that doesn't feel like work. Do what feels right. If you can step out. Go play. I think the most surprising part for me was the peace that comes when you step away. A certain calm perspective settles in that you (at least I) never had before.

 

WL

^This, and what Woody said.  Retire, but don't quit working -- totally dial it back, and do something you'd rather do and at a schedule that is more relaxed.  I'm shooting to do this and not work full time at the job I'm at until 65-67.  I couldn't do what I do for that much longer.  I'm getting tired of it.  ;)

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I’ve got to get the kids into college, and live in a back breaking high cost area. 5 years, if I live that long....

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from your explanation - you and your boss feel obligated to each other for various reasons, yet you both know that everything about the business is on the slide. If you walk now your boss will not lose any respect for you and will probably appreciate the reduction in his costs.

As everyone else has said - if you can afford it, get out and start living the life you want.

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Retired to the mountains at 27 and have continued to work to stay retired. Work from home now, living on less, traveling by air very rarely now which I love.

If it were not for a hefty trust left by my dad I would still be paying down my house. Now that it is paid for it is much easier to relax some. 

Get out and enjoy the quality of life. Great company to work for but as earlier stated, you're not you boss. 

Grab a pole, go fishing.

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63 and failed at retirement twice. It’s a big change. Second time, I went back to work for a small business at about 1/2 of what I made in the previous job but made it up in quality of life. No more 3 weeks of the month on the road and 80 hours a week on the job so really a net gain.

Thinking  about pulling the plug again in 3-4 years or so when SWMBO becomes eligible for early SS. Nest egg and pensions will support our lifestyle but dumping money into the mortgage means it gets a little better each month and will be paid off in 5 years. If we had to, we could sell the current waterfront place and write a check for someplace else out of the equity but we really love living where we do despite Maryland taxes. 

If you are done, the talk to your boss about scaling back to maybe 3 days a week and dip your toes in the more time for yourself lifestyle and then transition that to retirement. Don’t underestimate the cost of medical insurance as you get older. Easy to be surprised with a “million dollar disease” at our age. Medicare at 65 is a pretty reasonable offering, especially if you get a decent supplemental to soften the edges  

My mistake was my wife was still working when I made my second try and I spent a lot of time on the honey do list. When I got bored and I was asked to “consider a new challenge”, I got back into the pool. 

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I'll second the situation with retiring and the wife still working. Caught an edge there. She has two more years to get Medicare and then she can pull the trigger. Not reasonable to pay two years of medical insurance with her not working.

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I am at the point where I could pull the trigger...   I like and enjoy what I am doing and go to work everyday with a smile on my face...  The people that I work for know this and leave me alone so long as the numbers are there... 

 

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6 minutes ago, nacradriver said:

I am at the point where I could pull the trigger...   I like and enjoy what I am doing and go to work everyday with a smile on my face...  The people that I work for know this and leave me alone so long as the numbers are there... 

 

Pretty much where I’m at. My boss knows I’m not looking for a promotion and can go anytime I want so this is somewhat of a hobby job. Good employees that I picked and a good customer base. Went from an empty building to 25% of the company’s revenue in a few years. I deliver great and growing numbers from the location I set up and run and nobody bothers me. 

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1 hour ago, bplipschitz said:

^This, and what Woody said.  Retire, but don't quit working -- totally dial it back, and do something you'd rather do and at a schedule that is more relaxed.  I'm shooting to do this and not work full time at the job I'm at until 65-67.  I couldn't do what I do for that much longer.  I'm getting tired of it.  ;)

A lot of guys from my field do something related to the job when they retire. Teaching, Fire Marshall etc. I wanted to do something completely different. I enjoyed the heck out my career, but I didn't want to "hang around". I wanted something fun and interesting that kept me outdoors. I did take 2 years to make sure I really wanted to do something again. The Mrs still isn't happy that I went back to work, but likes the idea of college loans being paid off when she gets to pull the pin in 3 more years.

 

WL

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22 minutes ago, White Lightnin' said:

A lot of guys from my field do something related to the job when they retire. Teaching, Fire Marshall etc. I wanted to do something completely different. I enjoyed the heck out my career, but I didn't want to "hang around". I wanted something fun and interesting that kept me outdoors. I did take 2 years to make sure I really wanted to do something again. The Mrs still isn't happy that I went back to work, but likes the idea of college loans being paid off when she gets to pull the pin in 3 more years.

 

WL

After 37 years, although I loved it, when I walked away I was completely done. Got some consulting offers.....no thanks. One tempted me, a wildfire planning group with guys I knew but......nope. So far as another unrelated job....once again, nope. I do volunteer in various pursuits but nothing I “have to do”. I am getting much more active in FF Cancer Prevention and Awareness at the state and national level. It’s getting pretty close to having to set an alarm clock again and put on closed toed shoes and long pants.....but it’s fulfilling......and the shoes aren’t Whites. :lol:

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I have enough money at 57 to retire but am concerned I will get bored.   Than again my job is quite boring.  I need a change.  No health issues....

 

 

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Health care cost a large fortune and is the only reason I am still hanging at 62 but I may have to bail at 63 and suck the cost for two years 

The actual cost is income/location based and for now low income is your friend 

In NY I am somewhat screwed outside of work as the plans kind of suck but in my retirement state of SC there is ONLY Blue Cross but it is much better than the NY offerings 

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7 minutes ago, bottlerocket said:

I have enough money at 57 to retire but am concerned I will get bored.   Than again my job is quite boring.  I need a change.  No health issues....

 

 

Might be time to give back. When you don’t have to expend your time/energies to make a living it’s amazing how helpful you can be in anything that you feel passionate about. The possibilities are nearly endless.

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5 minutes ago, tommays said:

Health care cost a large fortune and is the only reason I am still hanging at 62 but I may have to bail at 63 and suck the cost for two years 

The actual cost is income/location based and for now low income is your friend 

In NY I am somewhat screwed outside of work as the plans kind of suck but in my retirement state of SC there is ONLY Blue Cross but it is much better than the NY offerings 

I have a spreadsheet based on sucking costs and for grins it has $2500 a month.  I have no idea what the actual number is.    I have called the insurance companies before to get the Obamacare call backs, but so far I just hang up on them.  Time to get serious me thinks.  It is income/location based and for some reason that is what is screwing me up.    I guess I don't know what either will be.    

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You can lookup the Rates online in SC with a high income you will be in that 25000 a year range but if your just getting SS and working part time the rate can drop 75% or more 

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After we got the house done I had some spare time. Wasn't looking for work but our school district was practically begging for bus drivers. So I started doing that last fall. It doesn't pay squat but it's worth it. 

That evolved into driving for a rafting company, that evolved into driving for a faith based summer camp. If only they knew the sort of heathen that took them up that narrow mountain pass today. I spent the fishing an alpine lake while they climbed some "mountain". More of a hill for us locals, but when you are from east Texas it's a mountain!

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A Wise Old Friend explained

If You Can Afford health Insurance

You Don't need It

I wen't without till 65

Like Auto Insurance - Worthless till ......................................................................

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I was talking with some colleagues about this recently, and one of them had received the advice of "don't overpay to pay off your home."   Keep it around, and if you need money for a project open a HELOC, as you won't find money any cheaper than that.

Makes sense for some people.

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63 yrs old worked for the same company for 27 yrs, always worked in the office estimating industrial projects but never gave up my union card. 11 yrs ago had the opertunity to purchase 1% of the company. so have my union pension and the company was sold this spring for 82 mil, so have my pension and a good chunk of change.

Still not sure i have enough $ but going as soon as final transfer of funds is complete, looking forward to 6 Saturdays and a Sunday.

Br

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2 hours ago, Jazzy said:

63 yrs old worked for the same company for 27 yrs, always worked in the office estimating industrial projects but never gave up my union card. 11 yrs ago had the opertunity to purchase 1% of the company. so have my union pension and the company was sold this spring for 82 mil, so have my pension and a good chunk of change.

Still not sure i have enough $ but going as soon as final transfer of funds is complete, looking forward to 6 Saturdays and a Sunday.

Br

I could spent ALL That in less than a year & so could you = 1 boat show or ?

nice life choices BTW none the less

People go to Skool for X amount of time

some hang in 2 X longer than the others - it becomes their life

when they get out they know FuckAll about Life in the "Real World"

same with a Job

I spent 17 years driving a City Buz

Benifets were Ummmm Epic, Ladies Like Buz Drivers and in the '70s / '80s that was GREAT

while others bought a New 1975 Linkon or Kaddy .... I rode a MC or POS Kar ('71 pinto as an example)

I went to work to Have a Life arriving w 30 seconds left to punch in and I was GONE once I punched out

others hung out bragging about the New Kar and Rolex 

I Kant believe it now BUT for sum reason I bought Houses Exactly where I wanted to live

there were tuff times and after leaving I lived off Free Happy Hour food 

Lucky me that I was forced to learn to get by with a fraction of what I made for so long - while I was young enough to adapt

Life is Good Now

Kept my driving Ticket and stumbled into the Latest Limo Bus Craze where I can work 1 -4 days a month and Bank More than I did w a City Bus

I have Med ( no medz but thanks for wondering ) so the fact that its not provided means nothing to me

Anyway Point needed to be made:

If you Just Mould yer life around Making Money so you can Have Enough when you Quit @ 65 - You just might Not know how to Hunt or get by on yer own w/o someone telling you what & when to do 

 

for the Kids reading

Get a job w Benifets/Retirement plan, Get vested & GTFO when yer Young, You can always go back to work to whatever degree you need LATER 

Yes they are out there

other than that yer on yer own

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1 hour ago, DA-WOODY said:

for the Kids reading

Get a job w Benifets/Retirement plan, Get vested & GTFO when yer Young, You can always go back to work to whatever degree you need LATER 

Yes they are out there

other than that yer on yer own

If retiring young is the full goal, then here's some more advice to you kids out there:

Don't get married

Don't have kids

Disown your parents early in life (no obligations for their elderly care)

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19 hours ago, Point Break said:
19 hours ago, bottlerocket said:

I have enough money at 57 to retire but am concerned I will get bored.   Than again my job is quite boring.  I need a change.  No health issues....

Might be time to give back. When you don’t have to expend your time/energies to make a living it’s amazing how helpful you can be in anything that you feel passionate about. The possibilities are nearly endless.

You can always become a volunteer sailing coach. The hours are infinite..... literally, however much you want to work, you can put into it. And there is an infinite variety of tasks needed, aside from the actual teaching of sailing. Marketing, sales, graphics, maintenance work, technical writing....

Like some others have said, I never worked at a job with a pension. I also never had kids or got divorced. I studied economics and finance as an interested amateur and then as a minor in college. Between what I saved in the Navy, and what I saved and invested while working from the '70s thru the early 2000s, I retired relatively young and healthy.

And transformed into Coach Doug, the world's greatest sailing instructor....... title confirmed a couple of hours ago when we wrapped up this weeks sailing camp. I was given a group of 15 kids, 3 of whom I taught to sail some years ago and 4 others had some sailing under their belt somewhere else; and other resources: 4 new-ish but unassembled 420s, some Topper Topaz Unos, a slug of a motorboat, some buoys, my own notes........ 4 1/2 days later we have some kids doing advanced sailing drills by whistle/flag. Unfortunately they goofed off A LOT putting the boats away and I got home late. But next week Mrs Steam and I are off touring the cool mountains for a while.

Both my wife and I do a fair amount of volunteer work (I do not get paid as a sailing coach). Retirement is fantastic, if you just have a positive attitude and some idea of what you want to do with your time.

-DSK

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Approaching 70 and into my 16th year of retirement. I taught high school for 31 years and loved it and was worried that I would miss the experience. Did not happen at all. Having a great time being retired. Can't imagine having time for a job. Sailed around the world, now playing semi-serious old-timer table tennis (in World Veterans TT Championship next week in Vegas), travelling a lot - cruise to Antarctica at Christmas, more time in China, next TT championship is in France in 2 years, 4 grandkids. If you can make it happen, make it happen. I think you have seen a trend here.

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16 hours ago, DA-WOODY said:

A Wise Old Friend explained

If You Can Afford health Insurance

You Don't need It

I wen't without till 65

Like Auto Insurance - Worthless till ......................................................................

Well one day I was running 50 mile trail races and started to not feel real good and next thing you know I have a somewhat friendly form of  leukemia called CLL and while I will most likely live a normal lifespan it really sucks and is insanely expensive to treat as and office vist with complex tests can run 10K 

If I get a bit worse all the drug companies have it worked out that your medication costs will be in the 150,000 k per year range and even on the best Medicare plan your out of pocket will run 11 to 12 thousand 

It could certainly be much worse but is definitely dinging my plans 

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That's why we have a single payer national health system.

America needs to smarten up.

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21 hours ago, bottlerocket said:

what does health car cost for a 57 year old in the US anyway?

I just went through this..... I'm 60 and my wife is 57.  I retired at 59, so we went on her employer's health plan.  She just retired this spring, we sold the house and are now living in Rhode Island on our boat heading to the Caribbean this fall.  Changed our residence to Florida and began looking at ACA plans in Florida.....costs were coming in at $2000 to $2500/month for the same plans as her COBRA......we took the COBRA coverage for $700/month......

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Retired on my 65th birthday after a 40 year career.  That was 9 years ago. Have not regretted it one bit. Not reminiscing about my work career. House and cars are long paid off. Got the kids through college with no loans, no debt on their part or ours.  Get to do what I want to when I want to. I stay as busy as I want to.  Enjoying my 3 granddaughters.  Not to say there haven't been the negatives.  I've had 2 heart procedures and our older son died very unexpectedly about a year and a half ago.

I set my consulting fees so high that I wouldn't even hire me.  The suits and dress shoes are gone, never to return.

If you can make it work psychologically and financially, go for it.  As has been said, a bad day of sailing (fill in your favorite activity) beats a good day at work.

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1 hour ago, SloopJonB said:

That's why we have a single payer national health system.

America needs to smarten up.

Yes

Except the single payer systems in Canada England and Australia are all having issues getting new the only way your stying alive cancer drugs into the system due to the cost as they all control cost by making hard decisions 

If I did not have a rare cancer that meets on and international forum I would not be aware of the issue but it is quite true and for example being debated everywhere 

https://www.parliament.uk/business/committees/committees-a-z/commons-select/backbench-business-committee/news-parliament-2017/cancer-treatment-debate-17-19/

 

https://globalnews.ca/news/1661680/16x9-some-canadian-patients-struggling-to-pay-for-cancer-treatments/

 

 

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While we're on the health care issue ...

I've heard about international health care plans that provide very good coverage and are very reasonably priced. The only stipulation is they do not apply to health care in the U.S. Anybody know anything about this?

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4 minutes ago, wristwister said:

While we're on the health care issue ...

I've heard about international health care plans that provide very good coverage and are very reasonably priced. The only stipulation is they do not apply to health care in the U.S. Anybody know anything about this?

Kalifornia won't be in US much longer

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Interesting thread; I appreciate all the comments!  Just turned 63, and until recently never thought that I would want to stop working.  But recently have a daughter, almost 32 who just got married, and will hopefully give us grandchildren soon, and they live 900 miles to the south where it is relatively warm in the winter months, when I no longer want to be in the storms and cold of sou'east New England.  So, if I can hang on to this regular day job, for 2 or 3 more years, I will then have SSI, and Medicare, and the rental properties nearly all paid off, so I can quit, and still pay the bills.  It is starting to sound more, and more like the right decision!!

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Thanks to all who responded...I have decided to take all the Fridays off for the rest of the summer...it gets me used to time off and the company used to dealing with me gone....if all goes well retiring by the new year ...a little summer steelhead fishing never hurt anybody....

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On ‎6‎/‎14‎/‎2018 at 7:26 PM, bottlerocket said:

what does health car cost for a 57 year old in the US anyway?

Health care cost nothing for vets:)

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Live in Aust. Retired at 64 (ten years ago) moved from temperate climate. to subtropics.. I have enough for the misses and me to live comfortably. From 64 to 73 played golf three times a week and was fit as a forty year old. If you worry about having enough to retire on you never will.Have a plan .

5 years ago diagnosed with prostate cancer had it out by robotic prostatectomy and back playing golf after six weeks. Twelve months ago got temporal artritis ( not misspelling) Doc said anything you want to do do it now . I bought a boat to sail single handed  and loving life. Would I go back to work ? Never.

Our public health is free and from personal experience fantastic .I have Top Private Hospital cover as well for US$3200 pa with an excess of $110 per year and wonder sometimes why I bother with it.

whats that Nike slogan again?

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