Here is what happens if you choose to retire first before you are eligible for Medicare. The first thing you need to remember is that just because you retire early does NOT mean you are eligible for Medicare, because you are NOT. That only happens when you are 65 – period. What this means for medical costs is that you will now need more money to cover the gap between retirement and the 65th birthday.
What options are there if you want to save a lot of money to make sure you have good coverage later in life? Plan your retirement and what kind of health care benefits you will need very early in partnership with a qualified, knowledgeable insurance agent. There are a lot of options out there and working as a team with your agent, will help you find one that will suit your situation.
Be smart and save aggressively, work longer hours for the extra money and take care of yourself to reduce the number of problems that might crop up in later life.