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Old 01-10-2017, 03:43 AM
 
105 posts, read 93,865 times
Reputation: 230

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My only official income is my Social Security Check because I put everything else in a ROTH IRA so my distributions and dividends do not count as income for Obama Care. So my wife and I are paying less than $100 a month for Health Insurance.
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Old 01-10-2017, 03:48 AM
 
71,731 posts, read 71,829,507 times
Reputation: 49288
unfortunately the way they enacted the aca plans is a bit of a joke. how they don't count assets is beyond me . you can have millions in assets and still get a subsidy on insurance by tax payers .

nothing wrong with it since if they wanted to count your account balances they would have but it just seems a nutty way of deciding who gets a subsidy .

those who use roths get a subsidy , those who don't are less likely to get a subsidy . even though after tax assets can net out the same ,

i didn't plan around roths , which was a mistake , so i get no subsidy .
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Old 01-10-2017, 04:00 AM
 
Location: Planet Woof
3,139 posts, read 3,512,142 times
Reputation: 9889
ACA does not cover all low income. If your income is low enough you don't qualify for a subsidy. You are shifted to Medicaid. My state pulled Medicaid extensions, so I am without insurance until Medicare, 3 years out. So, really, to say that ACA helped everyone is incorrect. Just sayin'...
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Old 01-10-2017, 04:43 AM
 
Location: Colorado Springs
4,849 posts, read 4,964,642 times
Reputation: 17343
Quote:
Originally Posted by FeelinLow View Post
ACA does not cover all low income. If your income is low enough you don't qualify for a subsidy. You are shifted to Medicaid. My state pulled Medicaid extensions, so I am without insurance until Medicare, 3 years out. So, really, to say that ACA helped everyone is incorrect. Just sayin'...
You picked the wrong State.
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Old 01-10-2017, 08:14 AM
 
12,845 posts, read 4,653,297 times
Reputation: 5214
Hopefully, the people will fight and organize to expand social security to make sure every senior can live in dignity. First up should be to eliminate the cap on income subject to SS tax so everyone pays the same rate.
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Old 01-10-2017, 08:54 AM
 
197 posts, read 171,543 times
Reputation: 444
Quote:
Originally Posted by Vision67 View Post
My emotions were actually more emphatic on the day I turned 65.

Qualifying for Medicare made me realize that I could finally retire whenever I wanted to do it.
That's where I'm at. Counting down to Medicare:
43weeks, 04days, 14hours, 05minutes, 12seconds
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Old 01-10-2017, 09:55 AM
 
Location: Virginia
3,977 posts, read 2,040,880 times
Reputation: 10930
My emotions will be on overdrive the day I turn 70 (assuming I live until then.) Although I am full retirement age now I am still collecting my widow's benefits. I look forward to the greatly increased amount of SS benefits I will get when I collect on my own account at 70.
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Old 01-10-2017, 10:26 AM
 
105 posts, read 93,865 times
Reputation: 230
Quote:
Originally Posted by PCALMike View Post
Hopefully, the people will fight and organize to expand social security to make sure every senior can live in dignity. First up should be to eliminate the cap on income subject to SS tax so everyone pays the same rate.
So if they raised the tax on the wealthy for Social Security, would they make significantly more in benefits when they collected? Or would the higher SS tax on the wealthy just pay for the poor and middle class folks collecting?
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Old 01-10-2017, 11:50 AM
 
Location: At the Lake (in Texas)
2,070 posts, read 2,036,846 times
Reputation: 5032
I will be 66 this summer...I had planned to work two more years in order to catch up with savings which I had depleted due to various situations and needs.

I wanted to go ahead and take SS at full retirement age, and either try to live on it and save my entire salary, or if not possible, live on my salary and bank / invest my SS. I will say that once I was old enough to get SS at all, especially as it neared what it would be at full retirement age, a sense of comfort was there because I knew that, no matter what, I would have something to live on if worse came to worse. And then, this fall, after 18 good years with my company, I was laid off due to budgetary cuts (I made quite a high salary among support staff in my company). I had not expected that, but always had it in the back of my mind that it could happen due to my salary ($20K higher than anyone else in my department - I was the supervisor and our numbers were finally reduced to the point we really didn't even need a supervisor)...so anyway, I did go ahead and file for SS, and because I am not yet FRA, I receive about $100 less than I would have had I waited...
What I didn't realize is how much I would have to pay for Medicare...I'm still trying to get all that set up as we speak, and I don't know that I won't have to go back to work eventually, but I do know I will be able to work at a less stressful job (of course with smaller salary) and I won't have to commute an hour each way to my office. So, all in all, I'd say knowing I had this safety net was a definite "plus" to my sense of security. I'm very grateful to have it.
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Old 01-10-2017, 12:59 PM
 
Location: Living on the Coast in Oxnard CA
15,750 posts, read 26,791,577 times
Reputation: 20397
It is cool that everyone is hitting the goal that they want.

It was stated that most fail to save the money needed to retire. I get that. I have seen people that could not retire. I have seen a lot of people here sell the homes they spent years in so that they could afford to retire in a lower cost area. A former co-worker stopped by today. He retired a couple years ago. Today he told us his home is for sale and is now under contract. Him and his wife just purchased a home in Arizona for about a third of the cost of the home they live in here. They should be able to walk away with close to $400,000 after they sell the home, and that is after paying cash for the new home in Arizona. Lucky them. My parents did a similar thing back in 2003.

We plan on staying here but feel that it will take a $2million or $3million portfolio to allow us to stay where we are. My wife and I are on track to hit those numbers and feel good about where we are going. Still have another 20 years though.

Even with that I don't plan on retiring for many more years. I love what I do and with over 5 weeks a year of vacation I can work time in to do things with my wife when she retires.
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