How was your first year of retirement?

[Phoenixkh]

I retired sooner than I had planned.... my back pain took me out of the game. So the first year and a half of my retirement, my wife was still working. She told me to enjoy myself but I couldn't quite manage it.

She worked from home the first few months of Covid as we set up our Medicare and Social Security stuff.. got our investments in order. When she retired, I started actually enjoying being retired. I love it now.

 

[Quaznoid]

1st year fantastic, and every year since. Best thing I ever did. No transition issues. I was long ready for it. 36 years of law practice, good riddance.

 

[Rudy Vey]

One thing to consider, however, is health care cost when you retire. I really had thought that I was prepared, but our cost is at least double than when I was employed with a very decent health insurance.
Quick breakdown of cost: for medicare B, a good supplemental insurance plan (Mutual of Omaha Plan G), a little dental plan and a RX plan our monthly cost alone is over $800! Our copays so far this year for RX, dentist and doctors (up to the Med B limit) is a tad over $12300. My wife also needed hearing aids, which are included in this number. Total for our healthcare cost so far this year is nearly $22000, or a bit over $1800 per month. The copays for the drugs really got me here, I thought I had everything planned well in advance, but these copays really took me by surprise.
My wife is a heart patient (had a triple bypass already in 2005) and also asthmatic; I am diabetic (T2). Several of our drugs are in Tier 3. One of my diabetic drugs is over $700/quarter; one of my wife's is $550/3 months. Now we are in the last of the phases for the drugs, and prices have come down quite a bit.
When I talk to my former colleagues, I always stress to them to max out their HSA plan if offered. I was not able to add more as when you reach 65 (Medicare A eligible) you cannot put money away anymore (and a HSA plan was only offered by my company when I was 64...). Wish I had loaded up a HSA when I was in my 40's, but this was not offered then.

Prepare yourself!!!!!!!!!!!!!!!!!!!!

 

[Doc Dan]

One thing to consider, however, is health care cost when you retire. I really had thought that I was prepared, but our cost is at least double than when I was employed with a very decent health insurance.
Quick breakdown of cost: for medicare B, a good supplemental insurance plan (Mutual of Omaha Plan G), a little dental plan and a RX plan our monthly cost alone is over $800! Our copays so far this year for RX, dentist and doctors (up to the Med B limit) is a tad over $12300. My wife also needed hearing aids, which are included in this number. Total for our healthcare cost so far this year is nearly $22000, or a bit over $1800 per month. The copays for the drugs really got me here, I thought I had everything planned well in advance, but these copays really took me by surprise.
My wife is a heart patient (had a triple bypass already in 2005) and also asthmatic; I am diabetic (T2). Several of our drugs are in Tier 3. One of my diabetic drugs is over $700/quarter; one of my wife's is $550/3 months. Now we are in the last of the phases for the drugs, and prices have come down quite a bit.
When I talk to my former colleagues, I always stress to them to max out their HSA plan if offered. I was not able to add more as when you reach 65 (Medicare A eligible) you cannot put money away anymore (and a HSA plan was only offered by my company when I was 64...). Wish I had loaded up a HSA when I was in my 40's, but this was not offered then.

Prepare yourself!!!!!!!!!!!!!!!!!!!!

I know exactly what you mean. One of my heart meds is 370 per month and a pain med is 250 per month. Drug costs are runaway and they only cost pennies to make. My wife has to get an injection in her knees and shoulder and that is 1500 for the med and 400 for the doctors bills every three months.

 

[nortac]

I am lucky in that I'm not on any prescription meds. But I do take a lot of OTC supplements that add up quick. SWMBO has a couple of cheap prescriptions but has a history of lymphoma and rheumatoid arthritis. So, the potential is there for some expensive treatments.

 

[rodrigaj]

It has been 10 years since my retirement. 15 years as a semiconductor engineer, 15 years as a teacher of chemistry and physics. Loved being and engineer, hated the travel. Loved being a teacher, hated the politics.

Retirement was necessary - I had to care for my mom in her final 5 years of life. I have so much that keeps me busy, and for the past two years, I've been relearning to speak / read spanish. My mom died of dementia and relearning a language keeps the brain / mind growing. Sanjay Gupta's book on the brain is a must read for all retiirees.

 

[njpaddy]

I retired earlier than I wanted because the 2008-2009 recession had me bored out of my mind at work. The biggest difference between my 1st years of retirement and my 12th year is that I consumed a lot less gin in those early years. Health care cost is a big factor. While I retired with decent health/prescription benefits, my wife and I are pretty healthy and rarely see a doctor. We spend more helping our 2 adult daughters with their crappy health care. However, what we save on our own medical goes to dental costs. Root canals, caps and bridges are a killer. My dentist recently suggested over $30,000 to cap all my remaining teeth, because their isn't enough tooth left to fill. I told him it's fill or pull from now on. At my age, I'd give that $30k to our kids and grandkids, before spending it on myself.

 

[Doc Dan]

I retired earlier than I wanted because the 2008-2009 recession had me bored out of my mind at work. The biggest difference between my 1st years of retirement and my 12th year is that I consumed a lot less gin in those early years. Health care cost is a big factor. While I retired with decent health/prescription benefits, my wife and I are pretty healthy and rarely see a doctor. We spend more helping our 2 adult daughters with their crappy health care. However, what we save on our own medical goes to dental costs. Root canals, caps and bridges are a killer. My dentist recently suggested over $30,000 to cap all my remaining teeth, because their isn't enough tooth left to fill. I told him it's fill or pull from now on. At my age, I'd give that $30k to our kids and grandkids, before spending it on myself.

Implants. That way you don’t loose jaw bone when a tooth is pulled. I got one. Just like my real tooth.

 

[rbscebu]

Implants. That way you don’t loose jaw bone when a tooth is pulled. I got one. Just like my real tooth.

For dental work that is going to cost more than about USD 3k, I fly to Singapore, Vietnam or Thailand where it costs a LOT less for the same quality work.

 

[Rudy Vey]

I retired earlier than I wanted because the 2008-2009 recession had me bored out of my mind at work. The biggest difference between my 1st years of retirement and my 12th year is that I consumed a lot less gin in those early years. Health care cost is a big factor. While I retired with decent health/prescription benefits, my wife and I are pretty healthy and rarely see a doctor. We spend more helping our 2 adult daughters with their crappy health care. However, what we save on our own medical goes to dental costs. Root canals, caps and bridges are a killer. My dentist recently suggested over $30,000 to cap all my remaining teeth, because their isn't enough tooth left to fill. I told him it's fill or pull from now on. At my age, I'd give that $30k to our kids and grandkids, before spending it on myself.

Brian, look into the NJ Dental School in Newark. Wendy got three implants done there for a fraction of the cost a dentist would charge. Only set back is that it took some time as they had to do some bone crafts. The technologies they use is the latest and newest there is. All the dentist working on you are already established dentists, often with their own practice, and go there to learn the implant technology and what is the latest. If you want to talk to me or her, send me a pm and we can give some pointers.

 

[njpaddy]

Brian, look into the NJ Dental School in Newark. Wendy got three implants done there for a fraction of the cost a dentist would charge.

Thank, Rudy. I wish we could get our oldest daughter from N.C. to visit and stay with us a bit. She needs medical and dental work, and health/dental care down there is stone age compared to NJ. I'd make an appointment at NJ Dental School if she'd agree to come up.

I have thought about going to Newark myself. It may come to that at some point, but we're not there yet. We have been to cheaper. local, dental chains since our old dentist retired, but we weren't impressed with seeing new young faces every time we went. The emergency work I had done was ok, I guess.

Although expensive, it's a huge difference once you visit one of the top 100 NJ Dentists. Unaffordable for most of us, but excellent if you can afford it.

 

[nortac]

11 months into my first year of retirement. Haven't been able to do as much traveling as I had hoped to, due to wife's health issues. In that regard I wish I had retired sooner, but that wasn't financially feasible. Had to adjust some to a lower income upon retiring, but it hasn't been too bad. I certainly enjoy the freedom of "Every day is Saturday".

 

[luvmysuper]

11 months into my first year of retirement. Haven't been able to do as much traveling as I had hoped to, due to wife's health issues. In that regard I wish I had retired sooner, but that wasn't financially feasible. Had to adjust some to a lower income upon retiring, but it hasn't been too bad. I certainly enjoy the freedom of "Every day is Saturday".

I've looked at the increased cost of doing what I like in regards to a lunch out or some activity with friends or a little travel as being offset by the reduced wear and tear on my commuting vehicle, elimination of work clothing budget and daily bought lunches, gas savings from not commuting etc.
It's almost a wash, with my retirement recreation being a bit less than what I saved in eliminated work expenses.

 

[Rudy Vey]

11 months into my first year of retirement. Haven't been able to do as much traveling as I had hoped to, due to wife's health issues. In that regard I wish I had retired sooner, but that wasn't financially feasible. Had to adjust some to a lower income upon retiring, but it hasn't been too bad. I certainly enjoy the freedom of "Every day is Saturday".

That's the one thing we always joke and talk about: "what day is today", after nearly two years home, I have to look everyday on the calendar to see what weekday it is. For us, they seem all the same.....that is the real good thing about being retired, not to care if I have to hurry to the airport or go to the office. Just give a crap if it is Monday or Sunday.

 

[DesertIguana]

Retired. 06-17-1997 have been busy, do what I wish when I wish.

Would not want to reenter work for in 2023 with new bread of young workers.