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I would think if income isn't low enough for subsidized ACA or high enough to pay unsubsidized then one would want to wait until full retirement age at 66 anyway for full SS; really .I know many like that that need the income difference.
That is why 65 is one hurdle...to get medicare, and working to 70 for higher Social Security benefits,too.
We are in our fifties, and 14 years or so for one of us, the other not to far behind. Not so hard to work another few years, to get medicare and higher SS check!
keep in mind that there is only a big difference in ss between 62 to 70 if you are going to continue to work while waiting .
the higher amount you get from ss really isn't that much when you figure in the checks you didn't get by waiting if you retire earlier . in fact it can actually be a worse deal once you figure in drawing down your own investments to support yourself while waiting.
Health Insurance is a huge problem in this country, luckily I will retire where there is socialized health care and government mandated cost limits. That factor is missing in this country so back when the insurance lobby arranged to receive premiums from everyone possible, whether they are working or not, everyone hit the jackpot except those who are on the paying side. They even gave it a warm & fuzzy label, calling it obamacare.
Let's see retirees: the antiquated notion we learned from our previous generation of working, saving, get the gold watch then retire carefree and happy until you go to the old folks home to live out your days is history. Health care costs (especially prescription medicines and unnecessary testing) are out of control in this country, therefore as we age and incur medical costs we can live until the money runs out, then we can die because society no longer cares about it's elders, we're too expensive to keep around. Insurers like it better if we don't cost them a cent.
we are retiring now , just me going on cobra since i will be going on 63 , my wife on medicare and a medigap plan and our long term care insurance will be about 17k for the upcoming year. basically her entire pension will be going for health care cost. if i am lucky after tax costs may come down to 14-15k since we get 1600 bucks tax credit from nys for our long term care policy . the rest should get us a small amount back on federal as itemized deductions. .
Health Insurance is a huge problem in this country, luckily I will retire where there is socialized health care and government mandated cost limits. That factor is missing in this country so back when the insurance lobby arranged to receive premiums from everyone possible, whether they are working or not, everyone hit the jackpot except those who are on the paying side. They even gave it a warm & fuzzy label, calling it obamacare.
Let's see retirees: the antiquated notion we learned from our previous generation of working, saving, get the gold watch then retire carefree and happy until you go to the old folks home to live out your days is history. Health care costs (especially prescription medicines and unnecessary testing) are out of control in this country, therefore as we age and incur medical costs we can live until the money runs out, then we can die because society no longer cares about it's elders, we're too expensive to keep around. Insurers like it better if we don't cost them a cent.
No, we do not "incur medical costs" as we age. Are you not familiar with Medicare? I have been on it for six years now, and the co-pays associated with my Medicare Advantage Plan have been so negligible as to amount to nothing, in practical terms.
medical takes in alot more than just co-pays. we went through tens of thousands in dentist. many don't want or can't use an advantage plan and premiums on medigap plans have been going higher and higher.
a plan f in our area is 3100 each plus medicare. location plays a big part
^^^^^ With my Medicare Advantage Plan it would be literally impossible to incur $8000 in out of pocket costs in a single year. In fact, I don't really know how someone would reach the $3,000 level. There must be some really crappy plans out there.
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