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The site I linked to and quoted from is the official ACA site. Again, they are very clear:
No, I said I thought the 2 year look back is for Medicare Supplement pricing (like plan F), not ACA. Still could be wrong though. We had a high income event in 2014 and DW goes on medicare next year so that supplement will be a problem for us for one year.
No, I said I thought the 2 year look back is for Medicare Supplement pricing (like plan F), not ACA. Still could be wrong though. We had a high income event in 2014 and DW goes on medicare next year so that supplement will be a problem for us for one year.
No, I said I thought the 2 year look back is for Medicare Supplement pricing (like plan F), not ACA. Still could be wrong though. We had a high income event in 2014 and DW goes on medicare next year so that supplement will be a problem for us for one year.
You weren't clear; you just said "the supplement" and the thread is about retiring before age 65 (not Medicare). Maybe it went off topic and I didn't notice, but i thought we were and are discussing ACA.
You weren't clear; you just said "the supplement" and the thread is about retiring before age 65 (not Medicare). Maybe it went off topic and I didn't notice, but i thought we were and are discussing ACA.
Medicare has supplements, Obamacare has subsidies.
When he mentioned supplement I knew he was referring to medicare.
Could have been mathjak confused medicare supplements with obamacare subsidies and the look back period.
I'll retire in 18 months at age 63. This is from a private sector job with a retiree PPO insurance plan for about $100 / month that is the same coverage as what I have been in the past 15 years. That will cover me until medicare kicks in at age 65. Then my employer plan becomes secondary coverage, and cost drops to $35 per month. Medical coverage from the employer for a retiree to have up until age 65 is a big deal to enable retirement before age 65. It removes a big cloud of uncertainty.
You weren't clear; you just said "the supplement" and the thread is about retiring before age 65 (not Medicare). Maybe it went off topic and I didn't notice, but i thought we were and are discussing ACA.
No big deal. I was just referring to what Mathjak may have been referencing...............
I can't see how it would be hard if you even had a low six figure salary. Heck, when I was making just 65k a year, I was saving 30k a year. Some people out there are working in jobs that pay 150, 200, 250k a year jobs. If you can live modestly and bank a bunch, no reason why you can't save up a million or two in maybe 10-15 years than retirement with smart investments and passive income. Obviously the more you make the easier it will be to retire early, but like I said, even with a consistent 120k or something job you can probably retire mid 40s if you wanted. Not everyone with riches wants to live in a mansion and have 6 sports cars.
Thanks for that reply. I see you were exaggerating when you wrote that only the rich can afford the premiums. It seems to me that we should try to avoid such hyperbole if we are to have a rational discussion.
That premium is more than chump change, but it is affordable for people with middle class incomes.
With due respect, $700/mo ($8400/yr) is a lot of dough if your income has stopped. Then you've got to pay out of pocket anyway until your annual deductible is exhausted. If you've been "right-sized" with two weeks' notice in your fifties, this kind of expense is an unvarnished catastrophe. Pontification from the exalted as to why this should present no problem does not make the circumstance less of a catastrophe.
As a matter of perspective, I do not have a single expense category that totals $700/month, other than my rent.
Rather than riding an Escort, IMHO you might want to consider switching to a Cavalier. More suitable. Just MHO, of course.
I was able to retire at age 60 because of several factors. My job would give me a full pension if I retired as early as at 60. I would have been able to purchase health insurance through them, but my DH had me covered on his insurance, as he continued working for about 1 1/2 years more. And after that, I still could get insurance through his old employer, until I turned 65.
I've said many times in this thread that my retirement at aged 60 was a gift I gratefully accepted.
I also want to give credit to my DH who planned for our retirement for many years, and who researched everything before either of us retired.
At any rate, that's how I could retire at aged 60.
With due respect, $700/mo ($8400/yr) is a lot of dough if your income has stopped. Then you've got to pay out of pocket anyway until your annual deductible is exhausted. If you've been "right-sized" with two weeks' notice in your fifties, this kind of expense is an unvarnished catastrophe. Pontification from the exalted as to why this should present no problem does not make the circumstance less of a catastrophe.
As a matter of perspective, I do not have a single expense category that totals $700/month, other than my rent.
Rather than riding an Escort, IMHO you might want to consider switching to a Cavalier. More suitable. Just MHO, of course.
It is a lot of dough but you would probably be paying it for only a few years until Medicare kicks in, maybe from age 62 to 65 or 58 to 65 at the most. At least that is how I read the OP's thread title. Many middle class and upper middle class retirees should be able to afford this for a few extra years of freedom. I agree that it's unlikely you could afford to retire at 50 or 55 without employer retiree health benefits unless you play the taxable investments/ACA subsidies game or are wealthy. Although there are plenty of frugal middle class retirees out there who have done it on the Early Retirement forum.
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