Rocky, Is this for the FEHP? Cobra?
well, I guess weâll have to wait and see what our insurance will do when younger son ages out mid year. They shouldnât still charge us for the Family Plan âŠat that point, they should only charge us for the Coupleâs Plan.
For H, there is only single or family plan. There is no reduction from family plan for going down to just H and W. Our share of the premiums are manageable/reasonable, so we are grateful.
Fehb BC/BS under me until 26 when they gave a grace period I think one month, but she went to cobra BC/BS age 26-29 for three years ended on her birthday.
@rockymtnhigh, thank you for the information. My daughter might have a chance with the Cobra. I need to check the price for California since my husband has fheb BC/BS.
How did this thread become a health care thread for kids over 26. Iâll start another thread so we can get back to the topic of RETIREMENTâŠwhich most 26 year olds arenât doin!
@thumper1, I guess because one of the things holding back retirement for some is the launching of their kids. In 6000+ posts, itâs natural to go off course on occasion.
Keeping ones kid on their insurance is definitely a reason to delay retirement, We have excellent insurance, and I would definitely put that into consideration as far as whether to retire before the last child turns 26. God forbid he have to count on Obamacare, I donât want him to lose what he has.
When H plans to retire (Oct in 6 years), youngest would only be eligible for 6 more months of insurance through H employer group plan, but circumstances may be such where he would need to delay due to the situation, or maybe delay until the end of year.
I honestly had not thought of our kidsâ insurance needs. I consider myself pretty prepared, but that item had totally slipped my mind, thank you Ixnay and Busdriver!
@BerneseMtnMom , btw, I didnât want to imply that not preparing for that makes one a bad parent. There are days when I think we coddle our kids for too long and they learn helplessness, and then most days I jump through hoops to make their lives as friction-free as I can.
Iâm set to retire around the year 2065. I donât have the remotest clue how much one would need to save by that time for a comfortable retirement. I was born in 1997, so Iâd say the 2060s would be the decade for me.
You are the same age as my D who is about to start college. You should not be thinking about retirement in any but the most general way.
If you have nothing else, you have TIME. Spend your time doing your best in college, developing your skills, finding gainful employment and, eventually, planning your career. After a time, start reading and learning. And, perhaps, spend less time reading through this 429-page thread. 
Here are a couple of things to get you started. If you get through them, youâll be ahead in financial literacy. Good luck.
http://blogs.wsj.com/totalreturn/2015/04/15/10-tips-to-get-your-finances-off-to-a-strong-start/
@AttorneyMother Youâre right 
I just like wondering what the world will look like by 2060 and what my life would be like. Iâm obviously not thinking about retirement seriously. By that time, who knows what kind of technological and medical advancements would have been achieved, forcing people to work for longer.
I donât think it was nearly as important to have health insurance when we were our kidsâ age - medical care wasnât nearly as expensive, especially if you didnât have insurance. And at the same time, I think more jobs back then provided health insurance, because it was a lot cheaper. So parents worrying about whether their kids have health insurance just wasnât a thing back then. I donât think it is a matter of coddling.
There are many reasons to delay a retirement.
-paying off the second home
-getting more at 70 vs 66
-the most important is - to keep yourself entertained. Most people do not realize how importnat this one is. The job is our main entertainment, with all the hobbies and activities after work, trips and so forth, nothing out there can replace th job as an entertainment. Many who do not realize that, get depressed and some do not survive this depression, as depressed 66 y o is not the same as depressed 26 y o, not the same heart and other organs, they may not indure additional downturn caused by depression.
For us, H took his insurance into retirement with us. There was peace of mind in waiting until H would get his maximum pension before he retired, plus paying off the mortgage and last tuition & college expenses. We are still paying all Dâs expenses, as she is unable to hold a job because of her fluctuating stamina due to medical issues. This is one of the reasons we wanted the maximum possible pension, to be able to pay these extra expenses.
Iâm borrowing this list from Vanguardâs publication, which tells us what most of us already know. That planning for retirement is a journey and involves more than âhaving enoughâ at any one point in time:
(1) New investors: When will you start saving and how much will you save?
(2) After saving for retirement for 10 years, ask yourself: âHow much do I need to accumulate?â
(3) When retirement is right around the corner, ask yourself: âHow much will I need to rely on my investment portfolio to meet my daily living expenses?â
This is where I am and Iâm doing the hard work to figure this out. Concurrently, Iâm evaluating asset performance, simplifying, learning a great deal about taxationâs effects on my different assets, tax diversification, spending strategies, and estate planning. I am also keeping an eye out for our 5-year average annual spending, retiree healthcare costs before age 65, LTC funding, and the risk of diminishing capacity and its effect on oneâs ability to manage finances.
(4) Reaching retirement is a milestone, but donât stop planning ahead. Whatâs your vision for the future?
(5) Youâre living life as a retireeâfinally! Is there anything about your lifestyle that hasnât met your expectations?
Anyone else care to share your insights on any of these steps?
Isnât this the main question raised here?
Assuming that a couple (both at 62 yo) have $3600/month pension+SS, my educated guess is that they may need to accumulate $800K at 62 yo before tax. Using the 3% rule, they will have $800K times 0.03 divided by 12 plus 3600 = $5600/month before tax. (This does not imply that we have accumulated that much.)
A less scary number for many of us is to look at the net monthly amount that is needed for expenses, after you account for known income (e.g. any pensions, social security and annuities). Retirement has been a lot less of a financial adjustment than we had anticipated, even though we are paying 100% of Dâs expenses until she is medically able to get a job and support herself. (Itâs still cheaper than putting her through college while we paid all her expenses.)