I agree with you that Socialism is alive and well, and we let idiots like Bernie Sanders convince the less informed everything is “free”, instead of the truth that nothing is free, others are just paying for it(or you are paying for others). I am confused how someone who has a couple million socked away can’t afford $1,000 a month for the best healthcare in the world? Even at making an extremely low 3% on your money, that is taking home $5,000 a month in interest alone, without eating away any principal. I would assume once you hit Medicare age this would drastically decrease.
Can I retire yet?
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I agree with you that Socialism is alive and well, and we let idiots like Bernie Sanders convince the less informed everything is “free”, instead of the truth that nothing is free, others are just paying for it(or you are paying for others). I am confused how someone who has a couple million socked away can’t afford $1,000 a month for the best healthcare in the world? Even at making an extremely low 3% on your money, that is taking home $5,000 a month in interest alone, without eating away any principal. I would assume once you hit Medicare age this would drastically decrease.
All true, but you will still be paying ridiculous premiums to pay for all the others who get either free healthcare or are subsidized by groups like Covered California, whose slogan should be, "Hey! It's better to be a bum and let your neighbor pay for your healthcare!" Don't be a chump and work when you can have some other schmuck work some sucky job and pay for your existence.
Even if you can "afford" the $1000 a month, it still sucks that you are just on the unlucky side of a life long income redistribution scheme. Socialism and Communism are no longer an abstraction in the USA, but a very, very real possibility if the Marxist (Colonel) Sanders gets his way.
I was one of unlucky ones who was not 50 by the end of 2012. With 25 years in, HR quietly took away the medical subsidy. I can’t believe nobody complained about this change especially since the company is swimming in cash.
1600 a month for me and family. If I was only a few months older it would be half that number. I work with people who have 10 years less time but just a year older and their company medical is half the cost of mine.
1600 a month for me and family. If I was only a few months older it would be half that number. I work with people who have 10 years less time but just a year older and their company medical is half the cost of mine.
No. We'd prefer to fire you. Or maybe even take out a contract on you to avoid paying your pension out. Regards, Kan
I thought as long as you turn 50 the year of separation, you are in Merck group insurance plan ($1000 for single). If you turn 52 the year you separate AND they bridge you to retirement, then you are in Merck subsidized healthcare plan ($500 for single). Was the policy more generous than this before? Can anyone confirm this? I’m hanging in there until they offer a company wide package when I’m 52. Retirement at 52 sounds wonderful to me right now.
I would not plan on that. The company can change the plan at any point in time. When I started it was free medical for life. Unless you’ve got about 4 million in the bank at age 52 I would not plan on retiring.
$4 mil would mean $160K/year spend at 4% withdrawal rate, rule of 72. If you are spending that kind of money right now, then that would make sense.
That is correct, and at 62 you can start pulling 2k per month from SSI; this gives you a bit of an income boost and once you hit 65 then Medicare will save some bucks too.
4m should be plenty for most; if you are frugal and have no mortgage you may be able to pull it off with 2m at 52, but that’s a bit dicey due to the cost of what fed us for many years, healthcare. Optimally if you can have 2m in bank at 52 and slug it out for another 7 years then you should be in very good shape.... should be. Stay healthy and invest wisely.
Here are some data about net worth.
Net Worth Percentile Net Worth
10.0% -$962.66
20.0% $4,798.06
30.0% $18,753.84
40.0% $49,132.21
50.0% $97,225.55
60.0% $169,550.64
70.0% $279,594.27
80.0% $499,263.50
90.0% $1,182,390.36
95.0% $2,377,985.22
99.0% $10,374,030.10
By the illogic of some here, only a few percent of the households have enough to retire.
Most of you will have a full Merck pension in addition to assets and Social Security coming.
If you have your house paid off, this should be an embarrassment of riches.
Let's be real, and possibly even grateful. Most of us here are really fortunate vs. many people out there and heading for a very comfortable-to-plush retirement.
My divorced and disabled mother had to live on Medicaid and Medicare, $1200 a month, plus help from family. She survived just like a lot of people out there have to, many working part or full time with no chance of retiring.
Net Worth Percentile Net Worth
10.0% -$962.66
20.0% $4,798.06
30.0% $18,753.84
40.0% $49,132.21
50.0% $97,225.55
60.0% $169,550.64
70.0% $279,594.27
80.0% $499,263.50
90.0% $1,182,390.36
95.0% $2,377,985.22
99.0% $10,374,030.10
By the illogic of some here, only a few percent of the households have enough to retire.
Most of you will have a full Merck pension in addition to assets and Social Security coming.
If you have your house paid off, this should be an embarrassment of riches.
Let's be real, and possibly even grateful. Most of us here are really fortunate vs. many people out there and heading for a very comfortable-to-plush retirement.
My divorced and disabled mother had to live on Medicaid and Medicare, $1200 a month, plus help from family. She survived just like a lot of people out there have to, many working part or full time with no chance of retiring.
Thanks for posting! Very interesting information. It is good to be concerned about finances for retirement but we have to remember there are two retirements most people go thru. The second retirement is passing to eternal life. Let's not forget to prepare for this much longer and eternal final retirement. Are we ready?
Want to retire early..55 is my goal, but worried about the expense of paying for healthcare! Any idea how much a single person plan with decent health insurance is?[/QUOTE
Don't know where all these people are getting their healthcare costs from. I retired after 33 years at mother Merck. In 2014 the costs for the 90/10 BlueCross plan was $280 per month. The best they offer now is 80/20 and that costs $320 per month in 2020. Still less than going on my wife's coverage from her employer.
Yep, I am because everything is free in heaven and/ or hell. Are you ready?
That’s my plan, too. Time to get some of my tax dollars back. I’m gifting as much as I can to my kids, and moving money to Roth’s.
If he/she/it is coming to CF for retirement advice, he/ she/ it isn’t ready.
If you were age 50 before the end of 2012, the medical subsidy was based upon age Plus years of service. If you turned 50 after 1/1/2013, and you reach 10 years service and make it to age 52, your premium is aage based only; everyone gets the same premium. If you got medical for $500 under current pan you would have gotten it for $300 under old program. One of my co workers started the same week as me but is a year older and his premiums are 40% cheaper than mine.