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Retirement prepping

March 28th, 2008 at 06:55 pm

I checked with HR and found out I need to give a two week notice in writing when I'm ready. After that they may decide to let me go immediately or have me work out my time. I'm fairly sure I will have to work out my time. Smile

I also found out what COBRA will cost after I retire. 182.26 a month for health insurance for up to 18 months. This is excellent.

I've been checking and most online quotes are between $250 - $300.

I went over my budget once again and on paper I have more than enough, will just have to see how things go after I retire. I expect to live on between $1500 and $1750 per month in retirement. No house payment.

I need to find out how to deal with a very small pension left from 10 years ago before we were bought out the first time and it was froze and also how the 401K is handled.

11 Responses to “Retirement prepping”

  1. My English Castle Says:

    That is an excellent quote for insurance! Are you planning on working part time at all?

  2. dickyvman Says:

    Congrats! I've been following your blog since I first found this site and your blog is definite motivation for me! Thanks and good luck!

  3. retire@50 Says:

    no, I don't plan to work at all

  4. davera Says:

    Wow, that is awesome planning on your part. You are SO young to be able to pull the plug. I hope you will keep blogging about this next phase. I'm really interested in how you will budget $1500-1750 a month, for example.

  5. Carolina Bound Says:

    I'm an early retiree and I pay $4802 annually for insurance (or $400 a month). So your quote IS very good.

    Medical/health costs are by far my greatest expense. You might find you spend more on travel in retirement, also, with all that free time!

  6. Sami Says:

    Please note that RETIRE@50 stated that he/she will be receiving/paying for insurance coverage thru COBRA for 18 months. That may explain the lower than expected cost. Although I have always heard that COBRA was un-Godly pricy. I was also under the impression that COBRA was (only) available to those who LOST their job not those who voluntairly gave it up.

  7. Sami Says:

    After doing some online research in to COBRA, I discovered retirees are entitled to COBRA however . . . . .

    < < < Employers must notify plan administrators of a qualifying event within 30 days after an employee's death, termination, reduced hours of employment or entitlement to Medicare. > > >

    Is retirement the same as reduced hours of employment as far as COBRA goes?

    I am assuming this has already been discussed with whomever handles such things where you work.

  8. terri77 Says:

    You can get COBRA at my hospital when quitting voluntarily.

  9. Thrifty Ray Says:

    Oh R@50...I am so anxious to read your AFTER posts...I know you will be teaching us all a thing or two about retiring early...WOO HOO for YOU.

  10. Lisa Says:

    I am 47 1/2 and plan to retire in the next 2 years. Its great to read your posts. I plan to become a pertpetual traveler. Health care is my big fear/concern. What will you do when cobra runs out? Do you have a plan yet?

  11. luxlivingfrugalis Says:

    One small step for mankind!!! Big Grin
    YEAHHHHH, are you starting to smell fresher oxygen yet???

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