Posted by Jason (other posts) on April 25, 2017 at 11:55:31 Previous Next
In Reply to: Re: 2017 update posted by Hairball on April 24, 2017 at 14:01:31:
: : At age 45 now, how I would love to be able to get out of the rat race in just 10 years! The biggest problem for me would be health coverage as America is not as well set up as Canada in that regard. Without government coverage at age 65 at the earliest, I’d be on my own. I’m still hoping to work something out though. Time is precious and worth far more than money in my book.
: Hi Jason,
: I'm 10 years your senior as I turn 55 next month.Technically I could retire at 55 but would take a hit in my pension payout per month.On top of that I would loose my health coverage through my union so I would be on my own at that point.The earliest I can retire would be 62 where I could keep my health benefits but would still have to payout $300/ month to maintain it.The health coverage is decent so I'd like to keep it.Lucky for them I'm fairly healthy so they get away on the cheap with me.Still I look forward to the day when I can hang it up in the workforce. I agree money isn't everything.Cheers
So many Americans are prevented from retiring due to the health care angle. The beauty of the Canadian system is that that’s not a factor nearly as much when it comes to retirement because of universal healthcare. Canadians can rely on their pension and savings without having to factor in how they’re now going to get health coverage now that they’re no longer working.
It’s sad when you hear of cases where people work into their late 60s or even 70 thinking it will set them up to be financially comfortable during their retirement only to lose their good health and even die right after they retire. I try to balance saving for the future with also enjoying life while I have my health. This comes into play even now before retirement.