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I'm sure you know this already, but keep tabs on your health insurance costs before age 65. Maybe your costs are already covered but if not it can be very expensive. I pay about $15k a year including $3k a year credit from my employer and I'm lucky...it could easily be $20-25k.
I'm sure you know this already, but keep tabs on your health insurance costs before age 65. Maybe your costs are already covered but if not it can be very expensive. I pay about $15k a year including $3k a year credit from my employer and I'm lucky...it could easily be $20-25k.
For health insurance you can go on the ACA (Obamacare), and if you are able to constrain your *taxable* income, you can get a significant subsidy. With highly constrained taxable income, the resulting monthly premiums are a lot lower than you'd expect.
But hey, we’ve lived a balanced but frugal lifestyle for 35 years together, have a beautiful paid-off home in a neighborhood and city we love, zero debt and a very healthy investment account so at least for now things are gonna work out or we will have the fortitude to meet the challenges as they come our way.
Similar to my situation when I retired at 60. No mortgage, no car payments, no debt, large retirement fund, meager expenses covered by savings until SS kicked in.
I was able to continue my medical insurance under COBRA for 18 months at lower cost than I could buy it elsewhere.
Study up on COBRA prior to October. Give yourself enough time to prepare for it.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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We were 12 months from retirement, sometime in 2009, at ages 59&62, when 2008 happened. Then we were forced into retirement in 2010.
You do have a plan B, if the Market collapses by 20-40%, dontcha???
Good luck, congratulations.
Congratulations! In addition to checking out the ACA, you can also investigate setting up a HSA (Health Savings Acct.). You can contribute to these to save for healthcare expenses up until you go on Medicare. They can also save on taxes.
We were 12 months from retirement, sometime in 2009, at ages 59&62, when 2008 happened. Then we were forced into retirement in 2010.
You do have a plan B, if the Market collapses by 20-40%, dontcha???
Good luck, congratulations.
Thank you. If there is one thing one should glean from spending any time on this retirement forum is that the best laid plans tend to, no, will change and it is up to your spirit and perseverance on how to handle the twist, turns and sometimes hard jabs life throws at you. We’ll still be taking it one day at a time, with gusto.
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