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Old 05-27-2014, 11:21 AM
Location: Oxygen Ln. AZ
9,321 posts, read 16,575,490 times
Reputation: 5692


Originally Posted by HappyTexan View Post
Obamacare makes retiring early a very real possibility now.
With subsidized premiums individual insurance actually becomes affordable.

Obamacare is definitely a positive for those that want to retire early.

Subsidies are based on income, not assets.

While I've got employer coverage I was curious to see how much it would cost me (early retiree).
But I didn't want to input my personal information on the government site just to see my options.
I did find this site which is just as good for finding plans/payments and didn't have to put in any personal info.

It may help some but not all. We are retiring soon and will pay out of our pocket, no subsidies, $1,195 a month for our insurance...but only for 3 more years. It doubled our premiums...sorry to say.
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Old 06-01-2014, 09:14 AM
Location: Minnesota
1,561 posts, read 1,351,086 times
Reputation: 2034
Originally Posted by wit-nit
What you need to realize at that age you will need about $2 million dollars to exist on if you want to live a comfortable and normal long life.

Originally Posted by Bideshi View Post
98% of us are doomed.
I agree ! I have no idea how they come out with these ridiculous numbers like this $2 million dollar figure. My middle class parents retired quite successfully and continued their delightful middle class existance very well thank you, with a nest egg of WAY less than that.

Throwing out numbers like that (2 million to be "comfortable" in retirement) is not only flat out wrong, but it demoralizes an entire group of people who are attempting to plan for retirement during their wage earning years and find numbers like this virtually unattainable....so you might as well just give up, spend all your earnings every month and become a ward of the state when you retire. Is this what we really need to promote ?????

Depending on your age at retirement, your work history, previous wages earned, and the lifestyle you're become accustomed to, you could have a great retirement on a nest egg of 1/4 to 1/3 of that amount when you factor in that you'll eventually get social security/medicare even if you're retiring early and not getting it immediately. You could have a decent (not great, but decent) retirement on far less than 1/4 of that 2 million amount.

Anyone else wish to comment on this ?
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Old 06-01-2014, 10:25 AM
Location: North Monterey County
3,179 posts, read 2,853,807 times
Reputation: 4876
I take a stab at it.

If you have lived your whole working life - not saving a penny - living to the max of your paycheck - living paycheck to paycheck..... making about 80+ Grand or more a year..... with no portfolio nor assets to speak of.... then $2 million will not be enough.

1 million over 30 years is about 40K a year.

I have about a third of that $2M saved now. And could retire now. But I'm still working - as I get the most benefit by staying in the workforce until I am 65. If I was fired tomorrow? We could live pretty well on that 1/3 because we now live well below our income - like 20K below.

But we're going to hang out for another 5-6 years and double it....and ensure no penalties on the pension (7% per year taken off prior to age 60 - 3% per year taken off between age 60 and 65).
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Old 06-01-2014, 09:29 PM
Location: Las Vegas
13,886 posts, read 25,311,688 times
Reputation: 26372
It also makes a huge difference if the your state expanded medicare. Nevada did not and it means there is nothing for me that is less than 8% of my income.
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Old 06-02-2014, 11:22 AM
Location: Upstate NY
35,465 posts, read 10,488,468 times
Reputation: 33558
Originally Posted by wit-nit View Post
Obamacare should be about the same everywhere. Also Obamacare does not cover everything or medical issue.
What you need to realize at that age you will need about $2 million dollars to exist on if you want to live a comfortable and normal long life.
How Much Do I Need To Save For Retirement? - Savings, Debt, Inflation


Obamacare premiums are not the same everywhere. A simple check online at various state sites will cure you of that misconception, And that $2 milliion retirement figure is ridiculous (despite Suze Orman's croakings), especially if people have pensions, job-based retiree health benefits, etc.

You need a lot less than you think you'll need in retirement.
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