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Question: I’m 62, married, and have spent my entire career diligently saving. Between maxing out my 401(k) and consistently funding my Health Savings Account (HSA), I’m confident we’ve hit our “number.” My kids are independent, and I’m ready to reclaim my time.
However, my wife is hesitant; she wants me to wait until 65 for the health care safety net of Medicare. She’s terrified that an unexpected medical crisis or the cost of private insurance will drain our life savings.
Since we are still healthy, I want to retire now to travel and enjoy ourselves, but my wife feels the financial risk is too high. How can I make her see it’s OK to retire before Medicare kicks in, or should I suck it up and work three more years for my employer’s health insurance?
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Answer: Understandably, your wife may be concerned about self-funding health care before Medicare kicks in. Health insurance is a significant expense, and costs are only projected to rise.
For 2026, the average monthly premium for a Silver-tier Affordable Care Act (ACA) “benchmark” plan — which balances monthly premiums with out-of-pocket costs — is $1,598 for a 60-year-old. For a 64-year-old, that figure climbs to $1,766. COBRA, another common bridge, offers little relief; you typically pay the full cost of your employer’s plan without the company subsidy.
Don’t let life pass you by
Despite these price tags, financial advisers suggest that the wait for Medicare shouldn’t necessarily dictate your retirement timeline, provided your savings are robust.
“If you are just waiting to retire purely because of a particular cost or benefit, it’s probably not aligning with your life or the way you want to enjoy it,” says Jamie Hopkins, CEO of Bryn Mawr Trust Advisors. “If you want to retire at 62 to enjoy your life and have enough money, you should do that.”
While many plan to retire at 65 for Medicare, or at 67 for full Social Security benefits, reality often interferes. According to MassMutual, the average retirement age in America is 62, with many forced out of the workforce early due to layoffs, illness or caregiving responsibilities.
This typically happens about four years sooner than planned. That’s why Derrick Longo, a wealth advisor at Exencial Wealth Advisors, says it’s not worth delaying retirement if you’ve run the numbers and can afford to cover your health care in the interim.
“You don’t know how long you are going to live waiting for the go-go years,” says Longo. “You might not want to wait. It comes down to how much it costs to get private insurance, and does that mess up your financial plan? If you can’t afford it… then you should wait until you reach Medicare age.” But if you can, nothing should hold you back.
How to fund the health care gap
Before addressing how to get your wife on board, let’s explore how to self-fund health care before Medicare coverage begins. If you’ve contributed to an HSA, using those funds is a tax-smart way to bridge the gap, as withdrawals for qualifying medical expenses are tax-free.
Alternatively, you can purchase a plan through the marketplace or opt for COBRA if your employer offers it. The one thing you should never do is forgo coverage and hope for the best.
“Health care costs can bankrupt you very quickly. It’s the number one driver of bankruptcies for individuals,” says Hopkins. “Health care events can range into the millions of dollars without any health insurance coverage. It’s a really big liability.”
Show her the money
To take a page from the late ’90s rom-com, Jerry Maguire: show her the money. The best way to get your wife on board is to put her fears to rest. If she can see exactly how much you have saved, what health care will cost during the gap years, and how you’ll pay for it, retiring at 62 becomes much easier to accept, says Longo.
After all, the fear of outliving retirement savings is valid, especially with a thirty-year retirement — or longer — being a distinct possibility. “It’s simply showing her you can or cannot afford it. The financial plan dictates everything,” says Longo.
The Verdict: To wait or not to wait?
At the end of the day, you don’t have to “suck it up” and work three more years if the math supports retiring at 62, but that doesn’t mean you should dismiss your wife’s need for security either.
If the projected monthly cost of health care is going to make a significant dent in your long-term plan, then working a bit longer — or finding a “bridge” job with benefits — could be a fair compromise.
If, on the other hand, you can afford those bridge years without throwing a wrench in your long-term goals, then the hurdle is emotional. Showing her that your plan remains intact and that health care is a pre-funded expense, rather than a potential albatross, can help you both move into this next chapter with confidence.
