Debbie, a school teacher living in Florida, is planning a late retirement. She has a pretty good idea of her retirement plan.
As a single mother of 3 children, health insurance is very important to her. At age 50, with a 9-year-old child, she needs to work beyond age 60 to keep her family covered with health insurance. For her, the best time to retire will be in her 70’s, as long as she can maintain control of her classroom until then. She says kids seem to get more difficult with each generation.
Debbie’s employer has a retirement program, and she has been contributing to an annuity for many years, as well as increasing her contribution amount each year for the past 10 years.
She checks on her accounts once or twice each year.
She has an awesome contact person who does a great job of accommodating her schedule for their meeting times and places.
Once she retires, Debbie hopes to volunteer at a daycare to hold and rock babies. She also hopes to travel, and spend time at her timeshare doing what she wants (instead of what kids want.)
Her bucket list includes seeing Niagara Falls and riding in a hot air balloon. Since a 4 bedroom home will likely be too much for her to maintain as she gets older, she may downsize at some point, but has no specific plans to do so.
Her advice to others is to start saving early, and save as much as possible as often as possible.
Debbie’s story also mentions a common problem in America.
Most of us are restricted in one way or another by the lack of affordable and attainable health care coverage.
Health care keeps many people employed longer than they otherwise would be, simply because it is too expensive without a job.
Health care benefits for early retirees is rare, so this keeps people in their jobs until Medicare can fill the gap if their retirement plan doesn’t include health insurance.