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My husband retired at 53 but I still work. My job is too flexible and I like it but times are getting tougher. Fortunately we saved and invested so if I no longer work we should be ok but the problem is our insurance premiums are a little over $600 a month which is a chunk if you aren't working.
How are people who retired before SS and Medicare doing it. DH has a small pension but not enough. I wouldn't want to go on medicaid so I'm assuming that we would have to make at least $21,000.00 a year in dividends and cap gains to qualify for Obamacare subsidies since insurance otherwise would really cut into our savings otherwise. I should be good for now but worry that if something happens before we hit 62.
So the years between early retirement (50's on) to qualifying for Medicare would be a worry.
My husband retired at 53 but I still work. My job is too flexible and I like it but times are getting tougher. Fortunately we saved and invested so if I no longer work we should be ok but the problem is our insurance premiums are a little over $600 a month which is a chunk if you aren't working.
How are people who retired before SS and Medicare doing it. DH has a small pension but not enough. I wouldn't want to go on medicaid so I'm assuming that we would have to make at least $21,000.00 a year in dividends and cap gains to qualify for Obamacare subsidies since insurance otherwise would really cut into our savings otherwise. I should be good for now but worry that if something happens before we hit 62.
So the years between early retirement (50's on) to qualifying for Medicare would be a worry.
Why retire at such an early age? Was work awful? Are you expecting to have a short life span, so you better retire now?
My husband retired at 53 but I still work. My job is too flexible and I like it but times are getting tougher. Fortunately we saved and invested so if I no longer work we should be ok but the problem is our insurance premiums are a little over $600 a month which is a chunk if you aren't working.
How are people who retired before SS and Medicare doing it. DH has a small pension but not enough. I wouldn't want to go on medicaid so I'm assuming that we would have to make at least $21,000.00 a year in dividends and cap gains to qualify for Obamacare subsidies since insurance otherwise would really cut into our savings otherwise. I should be good for now but worry that if something happens before we hit 62.
So the years between early retirement (50's on) to qualifying for Medicare would be a worry.
How at age 55? If a college grad go to work for an employer offering pensions and health care retirement benefits at age 22. That gives you 33 years to earn full benefits. If not a college grad go to work at age 20 and work 35 years and be fully vested. Remember folks retiring today and in the last decade started their work careers in a different age and economy. Many pensions have you fully vested after 30/35 years and ages 55/59. This creates the opportunity for them to higher new employees at lower salaries and if properly managed to pay out of a pension fund with old money that has been invested with years of ROI. Might not be as easy in 30 years. Also many as in many folks (especially higher income) with pensions were also avid savers and have nice investment portfolio's also.
Tell your husband to get a job with benefits. Problem solved. Most people that I know that have retired that young factor health care in, or their retirement benefit includes healthcare (like police and firemen). Otherwise they find exactly what you have, that while you were legally able to retire, in reality you can't afford to.
OP, you say you've saved an invested, but you wouldn't want to go on Medicaid. Would you even qualify for Medicaid?
Is that program asset or income based, or both?
Can someone who CAN work, just quit their job and go on Medicaid. If you want to get an Obamacare policy -- subsidized by the taxpayer, when all the while you could work -- that's on you.
My husband retired at 53 but I still work. My job is too flexible and I like it but times are getting tougher. Fortunately we saved and invested so if I no longer work we should be ok but the problem is our insurance premiums are a little over $600 a month which is a chunk if you aren't working.
How are people who retired before SS and Medicare doing it. DH has a small pension but not enough. I wouldn't want to go on medicaid so I'm assuming that we would have to make at least $21,000.00 a year in dividends and cap gains to qualify for Obamacare subsidies since insurance otherwise would really cut into our savings otherwise. I should be good for now but worry that if something happens before we hit 62.
So the years between early retirement (50's on) to qualifying for Medicare would be a worry.
My sister and brother both retired from SBC - phone company. Good pensions - way before 55. They started working there at a young age - both put in over 30 years.
My sister was paying 11 dollars a month for health insurance after she retired. I thought I had a good plan at 22 dollars a month with my military health insurance. Of course now that she turned 65, she had to get on Medicare and pays more.
OP, you say you've saved an invested, but you wouldn't want to go on Medicaid. Would you even qualify for Medicaid?
Is that program asset or income based, or both?
Can someone who CAN work, just quit their job and go on Medicaid. If you want to get an Obamacare policy -- subsidized by the taxpayer, when all the while you could work -- that's on you.
It's income based but being that we have assets I wouldn't want to risk it because taxable income is too low which in some states if you're income is to low you are automatically pushed onto medicaid. You may be right, if the rules are the same as they are otherwise, then I'd have to spend down first.
I have to take care of my elderly mother 24/7. We tried to get her help because she is low income but she is $5.82 above the income limit she doesn't qualify so this may be a different route. But there is more to it. I'm wondering if I lose my income how people deal with it being that my healthcare premiums are so high.
If a program is INCOME based, you can have assets and qualify (as long as they don't produce too much income)
If a program is ASSET based, then whether you qualify is based on that.
Some program qualifications are both.
If a person has a job, then as a taxpayer, I believe that person should WORK, until they can afford to NOT work, and not need any government help. I'm not working and paying taxes so someone else can QUIT a job and NOT work.
If a person CAN'T work, then obviously that's different and that's not even what I'm talking about . But if a person can't afford to retire without government assistance...then I guess they need to NOT retire. (pre Soc. Sec.)
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