Can I Retire At 63

by Pension Forecast

Mandy asks…

If I retire at 63 instead of 65, what part of my 401-k from my workplace can I rollover to an IRA ?

Will it also include my employer’s matching contribution which is about 25% of my contribution?

Pension Forecast answers:

With a 401k, your age has nothing to do with whether it can be rolled over or not. The only thing that matters is your vesting. Check with your employer (HR dept.) or with the 401k plan to make sure that you are fully (100%) vested. If you are, then all of it can be rolled over without any penalties.

When you are ready to rollover your 401k, just get a distribution form from the 401k plan and fill in the section for “direct rollover” with the info on the financial institution and your account number for your IRA. Most of the time, they will cut a check with the title of the financial institution for benefit of you. You then take the check to the company that is holding your IRA and you are all set.

For more info on IRA’s, go to and download publication 590. It is very easy to read and has a lot of good examples.

Good luck!

Donald asks…

I am 4o years old, no sorts of investments. what can i invest in and how much, to retire at 63?

Pension Forecast answers:

S&P 500 index fund…dollar cost average.

Linda asks…

Anyone know if you can get Medicaid at 63 if you retire?

What about a widow’s pension? I am in Indiana and don’t know who to call to ask these questions. Thanks!

Pension Forecast answers:

OK, let’s define the terms.

Medicaid, welfare health insurance, is run on a state by state basis. To qualify, you have to apply. They look at HOUSEHOLD income, HOUSEHOLD assets, and the number of people living in the house, to qualify. It is NOT age based.

Medicare, is welfare health insurance run by the federal government. To get it, you have to be disabled, over 65, or end stage renal failure.

Pensions are pretty much a thing of the past – very few employers offer them any more. You’d talk to the employer, to see if there is one.

Social Security Survior benefits, might be what you’re talking about – it’s a fraction of what your deceased spouse’s benefit was, based on THEIR earnings, if you have no earnings. Here’s a list of qualifying survivors that might be eligible for benefits:

•A widow or widower — full benefits at full retirement age, or reduced benefits as early as age 60
•A disabled widow or widower — as early as age 50
•A widow or widower at any age if he or she takes care of the deceased’s child who is under age 16 or disabled, and receiving Social Security benefits
•Unmarried children under 18, or up to age 19 if they are attending high school full time. Under certain circumstances, benefits can be paid to stepchildren, grandchildren, or adopted children.
•Children at any age who were disabled before age 22 and remain disabled.
•Dependent parents age 62 or older

You can look all this up, at the social security website –

William asks…

Can a retiree with a marginal income obtain a loan against mortgage of property?

I am a retired 63 year old and receive a small pension of about Rs. 2.5 thousand p.m.. I also work from home and have a contract with a US based Company which pays me an average of Rs. 5 thousand per month (depending on my work input). I have no monthly running expenses as I live with my son. The property we live in is owned by me and is valued at over Rs. 25 lakhs. My son is prepared to be my co-borrower on the basis of his monthly earnings, if my earnings are not acceptable. I am in perfectly good health.

Pension Forecast answers:

Go for reverse mortage by SBI, etc. In this, you will get a lump sum or monthly instalment according to you wish. The main attraction is that you do not have to replay any amount. After your death, if your children want to regain the property, they have to pay up the mortage amount. For you it is peace of mind in your old age.

Charles asks…

I’m looking for health insurance.?

I‘m 63, retired. I‘ve found a couple of companies in Oregon that will cover me with a catastropic insurance policy. They are willing to add common coverage such as doctor’s visits, hospital, preventative exams, etc. for fees. That is, a fee for each of them.

I prefer no deductable. Is that possible at a reasonable cost?

How can I sort through the mess and determine which company is reputable? Prices are all over the place.

Oh, yes…. I am in great health, no prescriptions, annual check ups only.

Pension Forecast answers:

There are quite a few top notch health insurance companies offering policies in Oregon.

Be sure to choose a reputable company like a Blue Cross, United Healthcare, Humana, Aetna, etc.

Compare quotes from at least 3 different companies side by side in order to find the best rate.

You shouldn’t have any problems at all finding a relatively cheap policy from a reputable company because of your excellent health but you will probably want to choose a plan with a higher deductible (you can always choose a plan with copays for doctor visits and prescriptions if you like that way you don’t have to satisfy your deductible before you get a copay for prescriptions and doctor visits).

Here is some more information how to choose the best health insurance company and also some information on Oregon health insurance specifically:

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