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Unexpected Retirement

Planning to retire is always a tough decision when you have a job you love, and great people to work for. A Time will come when it’s steering you right in the face. Constantly on the internet looking at what your Social Security checks will be each month and wondering if you can live on that and give up your high paying salary. Re figuring your budget to see what the bottom line is. Wondering if this is the time or not to retire.

A time might come when you have a heart to heart with your boss. Feeling that you don’t want to leave your company stranded and wanting them to be left in good hands reducing your hours might be a good choice down the road. You can train your replacement and over time reduce your hours could be a win win solution. You can still have your job you love so much and at the same time, you can let the trainee pick your brain. After all you have been there for over 20 years and the main person in that department. It will take a long time for that new person ultimately will take your place to learn as much as you know, so why not drop down to part time and be there to help that new person.

At the beginning it all sounds like a great idea only soon to find out that your replacement has already taking over your position in her mind and begins to undermine your experience and knowledge. Trying to keep your cool and reporting her progress to your boss, expressing your concerns on her progress & feeling that your boss doesn’t take you findings seriously you just plug along. Then one day something happens and you Quit!!!. Just walk out.

Facing no income, wondering what you’re going to do. You get home cut off all communication with your office you just left. Sleeping the rest of the day, and the next day you hop back online checking out Medicare sites and Social Security benefits, the investigating begins….. Signing up for social security is the first line of action you might think. Online applications aren’t as easy as you might feel. Going to the Social Security office isn’t always easier either. You Opt to use the online method. You might end up filling out the application and saving it and never submit it.

Knowing you have some savings to fall back on for awhile, you pull out your budget again to see how far your money will go……. Should you wait or apply.
Still wondering whether tot sign up for Medicare first because your company health insurance will run out in a few weeks or sign up for both Medicare and Social Security at the same time. The most important part if you can wait for SS benefits is to sign up for Medicare; You don’t want to have a lapse in coverage.

Okay, so now you are on the medicare site and start filling out the application that isn’t all that easy. Some questions are a wee bit confusing so you must pay attention. Medicare Part A is for the hospital coverage that is free, Medicare Part B is the Doctors coverage. There is also Medicare Part C & D. Which is a whole other coverage. I’d contact Medicare if you want more than the A&B portion. There is also other coverage you can get if you sign up for supplemental insurance. This might work for you instead of getting is with Medicare. Research is Key. Everyone’s situation is different.

During the online application process mentioned above you might have saved your the application and now ready to revisit after doing some research. You might have found information regarding supplemental insurance you might “possibly” need to help pay for the portion of your doctors visits/care that Medicare doesn’t. So many options out there today. To find out which options are best for your situation you will have to visit or call health providers in your area. You need to have your medicare number first before you can complete an application for a supplement plan. Do your homework.

Back to the Medicare site… Still pondering over if you should complete both the medicare application and the Social security or just the Medicare Application. This decision is based on your income requirements. I signed up for Medicare first. After a few days a form came in the mail asking for more information. Medicare needed a form from my “ex” employer that I just walked out on a few weeks earlier. Thinking that I have to face him again.. I filled out the form as much as I could and mailed it off to my ex employer for his signature. He nicely signed it and mailed it back in a timely manner and I mailed it off to Medicare.

A few weeks later I received my approval letter from medicare with my medicare number, & explaining the charges of $144.93 a month billed quarterly as of 2020
Whew! I now I have Medicare coverage. Load off my mind. Now I wait for my card.

A few weeks after I mailed the Application to medicare, i went back online and looked for a heath insurance supplemental plan. I did some research before I choose the plan I wanted. Two(2) weeks later I got a approval letter in the mail and a week after that I got my health insurance card. I now have health insurance and medicare!!! Still waiting for me medicare care card though!

My advise based on my experience.. don’t jump into anything right away if you loose your job at retirement age. Do your research and project what you will need in the next 20 years. Not all situations are the same. Some people have savings and retirement accounts others do not. Some people feel that they are entitled to that money from social security and although that might be 100% true the longer you wait the more you can collect.

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