Gloobnib
Travel Burninator
A combination of Tax Season and a death in the extended family has me pondering/planning/wargaming scenarios for early retirement. One wildcard/impediment between me and early retirement is the question of healthcare.
Long story short, there is a distinct possibility my wife and I will be financially able to retire somewhere between the ages of 55 and 72. Yes, that is quite a range. KEY: Of the two of us, my wife is much more likely to encounter significant health issues before I do. Neither of us is chronically ill, but I'm taking into account several factors including family history etc. Also Key: She is 3 years younger than me.
As I see it there are several inflection points in terms of when I might choose to retire (below). In all of them, I am assuming we will have enough invested in IRA/ROTH/401(k) to live roughly the same lifestyle as we do now. We will be 100% debt free before any of the below inflection points happen. All of them assume she is not working outside the home.
Am I missing something important here?
Gloob
Long story short, there is a distinct possibility my wife and I will be financially able to retire somewhere between the ages of 55 and 72. Yes, that is quite a range. KEY: Of the two of us, my wife is much more likely to encounter significant health issues before I do. Neither of us is chronically ill, but I'm taking into account several factors including family history etc. Also Key: She is 3 years younger than me.
As I see it there are several inflection points in terms of when I might choose to retire (below). In all of them, I am assuming we will have enough invested in IRA/ROTH/401(k) to live roughly the same lifestyle as we do now. We will be 100% debt free before any of the below inflection points happen. All of them assume she is not working outside the home.
- I retire at age 55 and we begin living off of savings/investments. Private health insurance is likely to be prohibitively expensive and will rapidly deplete savings and/or investments
- I retire at SSI early retirement age (62) or medicare eligibility age (65). Private health insurance is still an issue but 3-6 years is easier to swing than 10-13 years.
- We wait until she is eligible for medicare for me to retire (age 68).
- We wait until my full retirement age (age 72)
Am I missing something important here?
Gloob