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What about medical insurance from 62 to 65 when you qualify for Medicare? Some of your assumed expenses see extremely low to me, utilities for instance and food.
I said earlier I consider your early approach/budgeting to be a sign of someone ahead of the curve and laying the ground work to do well.
Take each and everything under review/consideration even if a reply is rather curt. So far one of the most important/costly issues raised will be health insurance from 62 until Medicare kicks in at 65.
What about medical insurance from 62 to 65 when you qualify for Medicare? Some of your assumed expenses see extremely low to me, utilities for instance and food.
If Obamacare is still in effect then health insurance ceases to become an issue.
Ok, the health insurance between ages 62-65 is something I didn't count on. For some reason I thought that when I was eligible for SS I would also be eligible for Medicare. I'm seeing now that's now true. I don't know how health care reform plays into it, but maybe I can get insurance through an Exchange? Any guesses as to how much that would cost? $200, $300, more per month?
The car is another thing that I have not completely thought through. I will probably need to replace a car at least twice during retirement. And maintenance can add up quickly.
Well, I'm glad that I'm doing this now instead of at age 61 when I wouldn't have much time to adjust my plan.
Thanks everyone! You are being a huge help with my budget planning!
Your cost for utilities seems very low. Florida is hot and humid. You will probably pay way more than $100 a month for electricity. As someone else said, pay off the credit card unless you use it to pay for other expenses that you're already accounting for elsewhere in the budget. One thing that we did to develop a budget was to save every receipt and paid bill statement for 2 or 3 months. Organize them and add them up and you will get a truer picture of what you are spending now. Then think about how that will change when you are retired. For instance...we were paying about $200 month for gasoline w/ living in the country and driving to the city all the time. After retirement we only made the drive a couple times a month and our gas expenses went way down. If we travel by car in retirement, they may go way up.
Good for you for planning this far in advance. This kind of thinking is what allowed my DH and I to retire in our 50's.
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