With the election now less than one week away, I find myself holding my breath. This, I promise, is not a political post, but it has crossed my mind in recent weeks to crawl into bed, pull the comforter up over my head and not come out again until November 9. Is it just me?
I feel as if I can’t move forward with the day-to-day living until this relentlessly long presidential campaign draws to a close. Unfortunately, I highly suspect the results won’t actually bring an end to the madness, but rather it will bring about a lot of added white noise, on both sides of the podium.
I have taken to ear buds and Pandora in an attempt to drown out said white noise.
The White Noise
There is always a lot of noise with a campaign, isn’t there? But, if we filter through the white noise there are definite issues of importance in this campaign that can impact your path to retirement, such as health care. I’m not even going to go down the path of taking sides one way or the other as to why the United States does not have universal health care. Because let’s face it, that’s a campaign in itself. But what I will say for those who are 60+ years young (or rapidly approaching 60) and looking to define their path of retirement, the cost of health insurance is a big deal. And, it’s definitely a defining factor in the timing of said retirement.
Medicare Blips
Yes, there is Medicare for those who’ve reached 65-years-young, but Medicare doesn’t cover everything. And, if you are 60+ (or younger) and self-employed or retired, it’s a slippery slope. That’s me. I am retired but I’m too young for Medicare. I explained in my previous post about navigating the Medicare Maze. I opted to take major medical coverage which leaves me with a BIG deductible. But it affords me a smaller premium and thus more money in my pocket. It’s a crap shoot, one that I’m hoping will roll in my favor.
Is Retirement a Viable Option?
So, maybe one big question to be filtered out of the white noise of this campaign is… is retirement a viable option in today’s world? I believe the answer is yes. I also believe it takes more creativity in the planning process than it used to. Especially because so many boomer-aged retirees are turning their backs on traditional retirement, but who remain mindful of the big ticket items such as health care. Do you know that more and more retirees are living their lives as ex-pats and/or long-term travelers and collecting their social security checks outside of the United States?
- “The number of retirees receiving Social Security benefits overseas increased from 248,012 to 373,224 between 2003 and 2013. Increases are significant in countries like the Philippines, Thailand, Panama and Ecuador—all countries on InternationalLiving.com’s retirement-haven beat. Living overseas in countries where the cost of living is lower than in the U.S.—like it is in these countries—allows retirees to stretch the value of their Social Security benefits and improve their quality of life.”
There are those who will say you must figure out all of the answers before you leap. We’re students, of the school of thought, that getting as many of those damned ducks lined up as you possibly can and then taking that leap of faith is the path to follow. Life is way too short to wait around until you’ve figured out every single detail, which you cannot possibly do anyway.
What’s the Point?
My parents were of a different generation – obviously. My mother pleaded with my father for years to retire but he refused. In the end, my mother left and defined her own path leaving my father completely befuddled. A friend of mine recently shared with me that her mother saved and saved for retirement and then sadly, she passed away just after she turned 65. Too much white noise blocking the important issues. What’s the point?
Redefining Retirement
According to the counter on our side bar, we’ve been redefining retirement for just over two years and we still don’t have all of the answers because quite frankly, we don’t even know the questions – and trust me, questions come up every day. How much is too much? How much do we really need? Those are two of the big ones when it comes to defining retirement. We all need to have health insurance, for example, but how much stuff do we really need? If you once again filter out the white noise you’ll find you actually need very little.
It’s all about choices. Questions and answers, and choices.
To read more retirement related articles, head over to our Purposeful Planning page.
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I’ll never understand how healthcare works in the US, it just seems the most complicated, backwards system in the developed world and I’m sorry it is such complication to the average American who deserves way better. On the other hand, I’m known so many Americans who’ve mocked us and our “socialist state” up here in Canada…call it what you will, but in the end we all end up paying one way or another (us in the form of taxes, you in the form of premiums) and the ultimate goal with healthcare should be that it be fair and accessible to everyone and that money doesn’t end up lining the pockets of banks and insurance companies.
How much do we need? That depends on the person. I know people living very happily and cheaply in Thailand or Mexico. I know others living an unhappy and expensive retirement in Canada, suffering through 6 months of winter. It all depends on personal choices.
Frank (bbqboy)
Frank recently posted…Things Travel Bloggers could learn from Donald Trump
That’s okay, Frank. Those of who live in the US don’t understand it either. 🙂
Brian and I are both planning to take early retirement in 2017 and so far all is as it should be with our finances. We will be downsizing big time from a very large family home into a small apartment that we can lock up and go any time we feel like it. It is exciting and scary at the same time. Brexit left us a little anxious about our plans, but if you think too much about when is the right time…you just never do anything. We are keeping our fingers crossed for a good outcome with the USA elections .
Gilda Baxter recently posted…A Weekend in East Devon and Our First Airbnb Experience
That’s exciting, Gilda, 2017 is the year?! Good for you for defining your path. I look forward to reading how it all unfolds. Retirement is definitely exciting and can be somewhat scary, but then anytime in life we take a leap of faith it’s a mix of exciting and scary, isn’t it?!
This is such an interesting post. Andrew and I are also finding that the more we live the life of young retirees, the more questions we have to answer along the way. Part of us is terrified that we don’t have a plan or nest egg for the long-term future but we are working towards a sustainable income and then putting money away each month for whatever lies next. It’s scary sometimes, but the UK is now so unaffordable and Brexit has messed things up so much that we feel our options are best living as expats. Similarly to the US expats you mention, many retirees from the UK live in Spain and collect their pensions from there but I’m sure Brexit is coming to seriously change things for them now. It’s such a mess! At least we have access to the NHS though, I don’t envy your medical insurance dilemmas in the US and I really hope the election goes well next week. I hope it won’t be another Brexit-like shock – hopefully the US have learnt from the mistakes of the UK Brexit vote!
Amy recently posted…Our Mae Salong Mountain Haven
There have been a lot of comparisons between the current campaign and the Brexit decision. As I watched the Brexit vote come to light I kept thinking, be careful what you wish for. To those here in the US who are blindly calling for change, I have the same thoughts, be careful what you wish for. I didn’t realize that many from the UK live as expats in Spain, that’s interesting to learn as Abi and I have talked about returning to Spain and spending several months.
A lot of questions, with no solid answers it seems. Good for you guys for redefining what “retirement” means and how to cope with it in an ever changing world… and good lord.. LOVE the countdown to the election fiasco ending. Sadly, you are right in that we will never be lucky enough to have it truly be the end, but maybe Donald will disappear at least
And good for you two as well, you’re definitely defining your path and living life on your terms. We continue to follow your journey with admiration.
After decades of working as a pharmacist and watching my job satisfaction steadily decrease while my stress level increased I started thinking about how I could retire early and join my husband who had been downsized during the economic downturn. And then I hit the huge wall of how to pay for my health insurance …Living as expats allowed us to take care of our health care needs much more economically -we paid out of pocket for several years which was still less than our insurance premiums. And selling our home freed up more money for investment as well as taking care of another insurance headache. And along with the home went the stuff. So liberating! This solution allowed me to retire a whole 10 years earlier at age 55. And we had a great time deciding which country was right for us as we traveled full-time while we did our research. There are lots of choices for defining or redefining a retirement lifestyle – sometimes, like you say Patti, all it takes is a leap of faith!
Anita @ No Particular Place To Go recently posted…Don’t Know Much About Art But We Know What We Like: The Grounds For Sculpture
Positioning yourself to retire at 55 is awesome! And, living as expats is seemingly a popular choice for those looking for retirement options. Especially, living in Portugal, you’ve got such a great base from which to travel. Completely agree about the liberating freedom of downsizing the stuff!
I’m hoping to work until 66, less than four years away, and maybe longer if I want to. That is in my half-year of working. Have seriously thought of retiring to South Africa where my SS would go Much farther. It’s a crap shoot.
Gaelyn recently posted…Back on the road to Grand Canyon
You’ve fashioned a great working/time off situation for yourself. I think there are a lot of people who would enjoy working for 1/2 of the year and traveling/relaxing the other half, such as you’ve set-up for yourself. Well-done, Gaelyn!