Health insurance, property tax, home owners insurance, car insurance. These are all things on my mind that make it more difficult to retire early. Thanks for covering this topic Azul! Very helpful.
When my husband retired I was on ACA for about 6 years. Premiums were not terrible but deductible and out of pocket were so scary. I was always concerned about illness or an accident. Neither happened. I went on Medicare earlier this year. It was such a relief!
We retired at 60 and was using Cobra for $2100 per month. We decided during ACA enrollment we did some searching and now will have a solid medical insurance for $750 per month!! This is with my wife having preexisting conditions!! Thanks for ACA!!
@@billkennedy2000 Donald Trump has stated his intention to repeal ACA. He appointed Elon Musk to head a government "efficiency" effort to cut $1 trillion or more in spending to make possible massive tax cuts for the very rich. One of the obvious targets are the subsidies that make insurance affordable through the ACA.
We need an overhaul to the healthcare system - what we have now is disgracefully out of reach for many people, and very burdensome for the middle class.
Another option that might work for some is if your current employer offers a high deductible health insurance plan (HSA). Between company and employee contributions you might be able to save enough to use your HSA to cover premiums until 65. And I believe some HSA's (i know mine does) allow you to invest some of the money once it reaches a certain threshold.
My company paid a consultant to provide retirement classes when I was 24 and just started saving for retirement. The class was called "The Kids Table," and basically their advice was to go with a target retirement fund that aligned with your 65th birthday. That was 20 years ago. It is the only thing I've ever invested in. How else can I grow my finances?
Target date funds made me a multimillionaire, but I also watched them drop 40% in a very short time and take a long time to recover. My best suggestion is that you seek the guidance of a fiduciary to avoid mistakes.
Agreed, when it comes to retirement planning, following the steps of a well-experienced advisor did the trick for me in barely 5 years, turning my $500k capital into 5-figure monthly dividends. If you want to keep it very safe, then Vanguard TDF may be for you.
Bravo! mind if I look up your advisor, please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retirement.
Caroline Suzan Olson. is the licensed advisor I use. Just search the name. You'd find necessary details to work with and set up an appointment if you like.
Excellent share, curiously inputted Caroline Suzan Olson. on the web, spotted her consulting page ranked top and was able to schedule a call session. I've seen commentaries about advisors, but not one looks this phenomenal.
Not only is Cobra very expensive, if you're on a high deductible plan, then you start Cobra in January you can only use it 6 months. So say you reach your $4,000 deductible. Now in July when you find a new insurance provider, your deductible starts back at ground zero. So you literally could pay two high deductibles in a single year. I would only take Cobra if you quit retire in July or later. The only real advantage to Cobra I know of is you typically have 90 days to sign up for it, but it's retroactive back to the day you lost your company insurance. So if you don't get sick for 90 days, you can have insurance and not pay for it if you don't use it.
I paid close attention to my benefits elections this year. Looking at both what I pay as an employee and what my employer is paying, the ACA options look consistent with the cost of my options as an employed person. I’m keen to avoid the hype about costs and look at the real numbers.
I tried to work at Starbucks as a “fun” retirement part time job. It was 10X more stressful than my CAREER, and I quit after a month!! (couldn’t sleep at night with the dread of going into the coffee house!!). 🤷🏼♂️🤷🏼♂️🤷🏼♂️
My ACA silver plan is costing me $40 a month this year, and that is dropping to $8 a month in 2025. Government subsidies are paying the rest. As long as my income is above about $14K a year, up to about $20K or so, the payment is very low. I live off my cash account, dividends, interest, and maybe some capital gains. If my income is below $14K, I'll perform a ROTH IRA conversion from my traditional IRA at the end of the year (just a regular withdrawal would work too). This year a $5K conversion should get me into range. If this lasts another 3 years I'll qualify for medicare. Of course, I live cheap and I don't see doctors. If you're going to be spending big in retirement, and need to withdraw that from a traditional IRA or 401K, then you'll probably bust the subsidy income limits and the ACA will be full cost.
Thanks for this information. Very helpful! I was thinking of doing the same thing. Also, trying to build up our HSA because I believe that will not count as income. We have a lot of medical bills.
Hello i am 60 and retiring next year. I will retire in the Phils permanently; no plan to go back in the US.. Can you recommend a health insurance company there?also do i need to enroll in medicare when i turn 65 even if i will not be in the US?you mentioned medicare advantage, is that part of being enrolled in medicare? Any suggestions welcomed. Thank you.
@phillyboylaboy Philhealth is a government run insurance that provides some coverage at a low cost. Pacific Cross has several options available but the cost rises with age (contact Michael Onstead). Many, like me, self-insure because medical is much less here. Medicare is free at age 65, but part B costs $174/mo. Most medicare advantage plans replace Part A and B at no additional cost. I have Essence advantage HMO and get all my check-ups and drugs in the USA with 2 trips home a year. Good luck to you.
My husband retires at the end of this year. We have a two year gap until he's 65. Our plan is to utilize the money in our health savings account initially while paying ourselves a premium each month. He will still be working some, and so each paycheck what would have gone into insurance will instead go into a money market fund. Unfortunately we won't be able to contribute to his HSA once he retires, but can spend what's in it.
If you are considering retiring before your Medicare age, take out or build up your HSA account prior to retirement. At least, have enough of the max out of pocket expenses for a year or 2
We retired young (50s), and insurance has been the biggest challenge. Cobra lasted 18 months. Then, we went on ACA plan that was horribly expensive with insufficient coverage, but it was better than nothing, which would have been our reality before the ACA because of preexisting conditions. So, I went to work for FEMA four months a year. I highly recommend it! You work with great people, and the insurance is phenomenal and affordable. You do have to work away from home(a different state typically) and sometimes work long hours, but I’m so glad I did it.
I retired from my regular job at 56 and have a home agricultural business, a pension and work as a part time realtor. I purchased insurance through the exchange for the first two years and it was fine, but we made too much in 2021 in real estate sales to qualify and had to reimburse thousands to the government that year. Now they want me to pay $18,000 a year for a plan with a $8,000 deductible, so I'd pay $26,000 before they'd pay for anything. That's what Obamacare has done to working people. We pay astronomical rates so part time workers get free insurance. I currently have no insurance and am stuck taking my chances rather than paying 1/3 of my income for insurance.
WHen you do go they surprise bill you, disputing the referral, etc. It is exhausting. I went for heart check ups and all is fine but then they send bill for $585 saying the referral was not adequate. I think taking your chances is less stress!
I retired at 50 yrs old from the government (100% retirement), thankfully my medical insurance follows me until I reach Medicare age which is not far off! Without my medical insurance after I retired, I would have been in deep 💩.
The fact that it is suggested you contact your current healthcare provider INSTEAD of your HR says a lot about the current state of employers. Maybe do a video on that...
I've paid for my own private insurance for 19 years. It was $148 a month (saved receipt) before Obamacare. Same policy all this time, no medical problems. $720 a month now.
Part or most of the reason could be because you are now 19 years older. Medical insurance costs more for older people due to increased medical care per actuarial data.
How about a combination of COBRA and part-time work. Can I pick up a part time job with health insurance for a few months, then quit and COBRA for 18 months, then repeat that pattern a couple more times? If so, what's the minimum amount of time I'd need to stay at the job before quitting to still qualify for COBRA?
So Sad! Thank you for hi lighting these they all are horrible options. Nothing replaces Medicare or the Health Care Insurance provided by most employers. Sad State we are dealing with.
I'm grateful for the VA medical benefits I earned. I can get referred to civilian doctors for appointments and my meds cost me nothing. I'm considering waiving Medicare at 65....can save me $175+ per month on my ss check.
I would get a cheap ACA plan and then take a medical tourism vacation to Thailand and get as much healthcare as you can. Complete physical, comprehensive eye exam, MRI, outpatient procedures, etc. The money you save would pay for a nice vacation in Thailand. Supposedly the caliber of healthcare in Thailand is very good at a reasonable price. Closer to home would be Mexico and Costa Rica.
Thanks for posting this information. Whenever I've googled health insurance I've only found the exchange (ACA), this gives me better search parameters to find a broker. I'd only need health insurance for 20 months. And I have thought about slow traveling so that may be another option for me. I work full time, and have a part-time accounting client and was planning on keeping the part-time gig anyway. There isn't health insurance with it, but the earnings would certainly cover a health insurance premium.
@stonecrestquilt moving to another country, staying awhile. Typically as long as a tourist or senior visa allows, then moving on. There are a lot of countries that have very good health care, and even paying out of pocket for it is less than what you pay in the US, with a healthcare plan. I highly recommend videos from Dan at Vagabond Awake.
I've set up my retirement to minimize taxes, thanks to Glen Howard Chester, a NY-based fiduciary whose expert guidance significantly influenced my diversified portfolio. At 58, my wife and I plan to retire at 62 with a booming portfolio that Glen helped me structure: $620k brokerage account (withdrawing up to $94k at 0% tax), $140k IRA (tax-deferred, using standard deduction), $325k Roth IRA (tax-free), $100k cash, and 15oz physical gold. Glen's strategic advice led me to allocate assets effectively, ensuring a balanced mix of investments, and his tax planning expertise enabled me to optimize our withdrawals. With Social Security, a $25k pension, and our diversified investments, we'll draw from multiple sources, securing a comfortable retirement.
Hi what is the fee you are charged for the services offered, did you pay any upfront fees for consulting? Because I just set up a consult and I am not sure what to expect back.
@brianmurphy I looked up Glen and found his consulting page. I’ve got to say his credentials are truly impressive! I've scheduled a call to discuss further
I reached out to Glen and I'm thrilled to report that my experience has been excellent so far! he has provided me with valuable investment guidance and his expertise has already made a positive impact on my portfolio. I'm grateful for the advice and support he's offered. If you're looking for a knowledgeable and trustworthy advisor, I highly recommend considering Glen.
Thanks to Obamacare, aka Affordable Care Act, I’ve been able to get good insurance at an affordable rate, even though I live in a red state that refused to expand Medicaid so we could get more credits to help lower premiums.
I am 61 and paying $1036 a month for a Kaiser Silver Plan. I only use it for annual checkups and some vaccines. I am NOT going to only make such little amount to get ACA government subsidies. I was told that by the time I am 64, my Kaiser Silver plan will cost $1500/month 😢. It is way too expensive and hopefully the government will fix it.
Long Term Care seems to be just as important has healthcare. Seems like there are fewer options for this than healthcare and it can wipe you out quickly. Especially if you're single and live alone.
I’m 59.5 and my job will cease to exist in the next month, technology eliminated it. I do not want to jump into another full time position without some time to decompress. I’ve been working since the 6th grade. One option you didn’t mention may just be available in my area, I don’t know. Lots of doctors have gone independent and do not accept any insurance at all. You pay a monthly fee each month and can be seen as many times in a month as you need. They have access to cheap diagnostic testing and cheap or even free medications. The part I’m not sure about is what happens if you require hospitalization or receive a cancer diagnosis, etc. I would love to see a video about this option, but I understand you aren’t an insurance professional.
So I suggest considering moving abroad where insurance is either free. I pay less than 200 a month for full insurance abroad. Also expat insurance policies allow you to be covered in the US, but only if you spend less than six months in the USA
I moved to Cabo San Lucas Mexico and have an awesome insurance plan whose company is based in Texas. It is advisable to do your research prior to moving. I was hospitalized with severe dehydration in October and the ER had no wait. The hospital was nicer than US and had state of art technology
At 59 I was laid off in the Great Recession, I had subsidized COBRA for a year but Obamacare was not in effect yet. I'm a Veteran and I qualified for VAHC due to having to live on only a UI check for a year. VAHC is the best care I've ever had. I have been paying for Medicare Part B for ten years now and never use it; but this year I'm going for a Medicare Advantage program that refunds $175 a month of the premium. Yes it has pretty lousy coverage and high cap, etc. but the thing is I use the VA and don't expect to need medicare. If I did need it I can switch to a better plan in the first six months of the year OR next year. It does have the benefit of offering me most of my medication at $0 copays ($15 at the VA) saving a few hundred more. I'm also going to drop my VA Dental policy since I get $500 a month from the new Advantage plan and that's enough to cover Xrays and cleaning. I get all my expensive work done in Mexico anyway. All in all I'm saving about $250 a month.
VA qualifications are based on HOUSEHOLD income, the income limit is quite low actually. Draw on your post-tax account if you can until you turn 65 and utilize the ACA supplemental health care program.
One thing that where never discuss is how unfair Govt. help is when it comes to working people. My father work all his life and contributed to the system but when he got laid off from work in his late 50s and could not afford health insurance. Meanwhile my nextdoor parents who just immigrated who contributes zero has all the benefits. Free and better healthcare, zero premium with zero co pay. On top of that they recieved food stamps and some money.
The hard, cold truth that I've been told is that my health care expenses will have to be paid out of my investments until I can reach Medicare age 65. I'm in my 50s right now.
People singing the praises of foreign countries with lower cost healthcare forget that their citizens contributed significantly to those costs (income tax at rates well above the US). So before you start criticizing get educated.
There have been comparisons of European taxes they pay versus what we pay for healthcare premiums, deductibles and copays, taxes and the US pays a lot more out of pocket. And medical bankruptcy in Europe is nonexistent. And for as much as we pay for taxes and our expensive healthcare, we have a lower life expectancy and lower infant mortality rate. So the door hitting us in the ass on the way out is a good thing.
many people will argue that a part-time job, especially one that requires your physical presence at the workplace, doesn't worth the bother, but the breathe feeling that a part-time job provides is priceless. problem is that we in the 50-s and 60-s are UNHIRABLE. we are not flexible enough, we don't have energy anymore, truth is that we are expensive trash that no employer wants to deal with.
Not true. I got my current full time job when I was 52, my husband at 59. We both have more energy than the employees that are half our age and are more reliable. Certainly not “ expensive trash”. There are jobs out there. You just have to find them.
Got my current job as a contractor at age 61.5. They hired me on permanently this past year, the month I turned 64. I figured I'd work to stay busy and out of trouble and provide benefits. I'm fully remote so, I can travel (currently 400 from home) and when I want to unplug, get unlimited vacation. Pretty good gig for an old lady! 😊 @@moonwvr7252
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
Talking about insurance being a bad investment, long term care falls into that category. You throw your money in, hoping you never need it, but, boy, if you do! I have it because my mother and both grandmothers had strokes and ended up in nursing homes. I managed the finances for my mother and her mother, so i know exactly what the costs are and how difficult it is to deal with Medicare, so I pay my LTC premiums and move on. I "retired" at 62, meaning I went part time at my then-current company. I lost health insurance but was able to get on the pre-Medicare retiree insurance at a previous company where I had contractual access to it through a severance plan from years before. I don't recall whether I did a price comparison with COBRA, but I had been on COBRA before and knew it was expensive. I was on that until I reached Medicare age. If you ever left a company with a severance package, look through that to see what might be available to you.
Sadly, the ACA did little to change the cost trajectory of health insurance. Instead, ideas that used to be discussed (allowing insurers to sell across state lines, etc.) are no longer even considered. Federalizing the process has ossified it. BTW, insurers still make their profit. How, when they are capped at 15% profit? Simple, get prices to increase overall and increase volume. That's what they did and do. The government never had a chance of getting this behemoth under control.
IF you have NO or Little income once you retire so living off post tax savings you should be able to go on state medicaid.(assuming you are too impoverished on paper to get onto ACA) Assets don't count, income does, so if you can be poor on paper show a MAGI under around $20K (dividends, maybe some capital gains from stock sales) , live off what cash you've squirreled away to get you to 65...and play the game just like lots of people do as it doesn't make sense for them to have income over $20k (taking a somewhat better job with cost sharing benefits) when they can get free medical from the govt. IF they just keep their hours low or wages down. .
It's the opposite in Texas, where they didn't expand access to medicaid when Obamacare was put in place. You need to ensure your annual income is at or above the federal poverty level to get subsidized ACA plans.
In Ohio assets absolutely count for medicaid. Maybe not your home, car, or possessions, but you can't have any savings or investments worth more than a diddlysquat. I had to prove the state turned me down for medicaid before I could get ACA coverage.
5 Options: 1. Cobra 2. ACA 3. Buy private insurance 4. Get a part-time job with an employer that offers health insurance 5. Health care sharing plan Other options: 1. Move to a country that offers universal healthcare 2. Travel and buy a travel healthcare insurance
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
It's impressive how much you saved during your working years, a feat not many achieve in a lifetime. Now that you're retired and rely on your investments, it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Best thing to do is to stop poisoning yourself. Pay up for high quality pasture raised meat and eggs and wild-caught fish. Lots of animal fat. Lay off carbs and artificial ingredients. You'll still be ripped off for insurance but buy high deductible and keep a decent cash reserve. MAHA is the right idea. There's no good reason for so many people to get this sick in the first place.
@ alternative treatments unless you want chemo which is probably going to kill you as well. Save your money. It’s a gamble but with the ridiculous cost I took the risk. You can also go overseas for much less expensive treatment. I pay 200 per month for Christian care ministry which is essentially catastrophic health insurance. Deductible is like 6-8k. Never used it once.
@@ocvegasproperty Do you mean Christian Healthcare Ministries? We’ve been with them 6 years and the deductible (“personal responsibility” amount) is $1000, not $6-8K. It’s going up to $1250 in 2025. But totally agree it’s the best health coverage out there!!!
Im using COBRA now for me and my family. $2000 a month for the bronze plan which is high deductible and has dental and vision. If we go for a checkup we pay. Affordable care act was similar in price for us with no dental or vision and my doctor does not accept it. Insurance in this country is a big scam but you have to have it in case of a real emergency.
@ Medicare for me but I will have to figure something out for my wife. The company I worked for does offer a long term retiree insurance but it’s expensive
Best to gut ACA and go back to where we could buy private insurance for much, much less than now. ACA has made health insurance much more expensive for the vast majority of Americans.
Healthcare is the elephant in room. Life coaches, accountants, financial advisors, etc. come a dime a dozen. Many are not retiring because no one has the answer how to obtain affordable healthcare before 65. Summarizing your points: move out of the US, get a job, and you don’t have expertise in subsidized or private insurance providers. Your channel encourages early retirement, but no one will retire unless they have affordable insurance. Until this elephant is removed from the room, everything else is just secondary. This topic merits to be addressed in the future with thorough research behind it. Azul…your channel is great as it prepares us for the key questions we need answered before retirement.
You should not be giving any medical advice. “Lots of animal fats” is the key diabetes and cardiovascular disaster. Look at some real medical research (not internet gurus) and make your own dietary and lifestyle decisions. That said, any whole food diet (even one containing some meat) is better than ultra processed foods. Eat lots of plants and you don’t need to tho k about calories or macros (fat, carbs, protein, fiber)
Thankfully we have the NHS in the UK free at the point of use and free prescriptions for over 60s not perfect but one less thing to worry about my experience of it has always been first class.And pre existing conditions no problem .
Free at the point of use it's paid for over a lifetime of working a small deduction from your salary each month that's not even noticeable,a few year's back I had neurosurgery hospital for a week surgery 3 MRI scans drugs physiotherapy ect didn't cost a penny social healthcare is the way to go .
September 2018 rocked my family with the hurricane Florence. To lives and properties displaced we gave $45k. We also gave in 2020 COVID year. The "Treasure Principle" by Randy Alcorn helped my giving reason why getting $105k in two months is just evident of God's blessings on my household. God never faltered on his written and spoken promises over my family.. All thanks to Mrs Kathy Lien
No matter the profession you are in, even if you have a 9-5 job, make sure you have an investment in Bitcoin ETFs or Real Estate. Thank God I got into Bitcoin ETFs when I did because it was a turning point for me financially.
Crypto investing is bringing a different revolution in the world economy. People who are optimistic investors earn consistently.. others will just still and watch. Im glad I got into crypto when I did. Investing in a good crypto trading system put me through many days of success.
Health insurance is expensive. Thats one of the main reasons a lot of people keep working instead of retiring. Everyone doesnt have a pension or 3 million in the bank. I'm fortunate that I had a good job with a pension. Most dont. Insurance is out of control cost wise. Period. End of story.
Health insurance, property tax, home owners insurance, car insurance. These are all things on my mind that make it more difficult to retire early.
Thanks for covering this topic Azul! Very helpful.
And the above reasons are why I moved out of the USA and was able to retire at 57 years old.
Finally! A financial advisor talking about this. Thank you!
Health insurance is number one on things that need to be fixed way to expensive
When my husband retired I was on ACA for about 6 years. Premiums were not terrible but deductible and out of pocket were so scary. I was always concerned about illness or an accident. Neither happened. I went on Medicare earlier this year. It was such a relief!
We retired at 60 and was using Cobra for $2100 per month. We decided during ACA enrollment we did some searching and now will have a solid medical insurance for $750 per month!! This is with my wife having preexisting conditions!! Thanks for ACA!!
Thanks for information. My husband also has preexisting conditions.
Say goodbye to your ACA with the new Fed Administration.
@@benolea2007 They will be hated if they take it away!
@@benolea2007why do you say that?
@@billkennedy2000 Donald Trump has stated his intention to repeal ACA. He appointed Elon Musk to head a government "efficiency" effort to cut $1 trillion or more in spending to make possible massive tax cuts for the very rich. One of the obvious targets are the subsidies that make insurance affordable through the ACA.
I got healthcare in my gap between retirement and 65 by moving to France
We need an overhaul to the healthcare system - what we have now is disgracefully out of reach for many people, and very burdensome for the middle class.
Another option that might work for some is if your current employer offers a high deductible health insurance plan (HSA). Between company and employee contributions you might be able to save enough to use your HSA to cover premiums until 65. And I believe some HSA's (i know mine does) allow you to invest some of the money once it reaches a certain threshold.
My company paid a consultant to provide retirement classes when I was 24 and just started saving for retirement. The class was called "The Kids Table," and basically their advice was to go with a target retirement fund that aligned with your 65th birthday. That was 20 years ago. It is the only thing I've ever invested in. How else can I grow my finances?
Target date funds made me a multimillionaire, but I also watched them drop 40% in a very short time and take a long time to recover. My best suggestion is that you seek the guidance of a fiduciary to avoid mistakes.
Agreed, when it comes to retirement planning, following the steps of a well-experienced advisor did the trick for me in barely 5 years, turning my $500k capital into 5-figure monthly dividends. If you want to keep it very safe, then Vanguard TDF may be for you.
Bravo! mind if I look up your advisor, please? only invest in my 401k through my employer as of now, but enthused about investing for my eventual retirement.
Caroline Suzan Olson. is the licensed advisor I use. Just search the name. You'd find necessary details to work with and set up an appointment if you like.
Excellent share, curiously inputted Caroline Suzan Olson. on the web, spotted her consulting page ranked top and was able to schedule a call session. I've seen commentaries about advisors, but not one looks this phenomenal.
If you go to church, look into CMS, liberty, or samaritains health sharing. Also go abroad for procedures
Not only is Cobra very expensive, if you're on a high deductible plan, then you start Cobra in January you can only use it 6 months. So say you reach your $4,000 deductible. Now in July when you find a new insurance provider, your deductible starts back at ground zero. So you literally could pay two high deductibles in a single year. I would only take Cobra if you quit retire in July or later. The only real advantage to Cobra I know of is you typically have 90 days to sign up for it, but it's retroactive back to the day you lost your company insurance. So if you don't get sick for 90 days, you can have insurance and not pay for it if you don't use it.
This may be the #1 thing holding most people back from deciding on retiring early.
It's why I'm working! My husband is 2.5 years younger than me. I told him he should start looking into these alternatives now!
It really is!! Quite the conundrum. ACA is an expensive mess. Most of the choices are.
@@robedmund9948 When we used ACA a couple of years ago, it was reasonable.
Agree, I think it's designed this way on purpose. Keep the masses producing. I will probably go with the part time job option at some point.
I paid close attention to my benefits elections this year. Looking at both what I pay as an employee and what my employer is paying, the ACA options look consistent with the cost of my options as an employed person. I’m keen to avoid the hype about costs and look at the real numbers.
I was going to retire at 62. I blinked and now Im 65. Glad I waited.
Thank you for this video! My number one concern about retiring.
You ask is the ACA going to be around? What about Medicare and Social Security are they going to be around?
I tried to work at Starbucks as a “fun” retirement part time job. It was 10X more stressful than my CAREER, and I quit after a month!! (couldn’t sleep at night with the dread of going into the coffee house!!). 🤷🏼♂️🤷🏼♂️🤷🏼♂️
😮
Funny, but sobering. SO MANY work jobs like that their whole working life. Puts having the career you had into perspective!
@@737smartin Yes, coffee is sobering.
My ACA silver plan is costing me $40 a month this year, and that is dropping to $8 a month in 2025. Government subsidies are paying the rest. As long as my income is above about $14K a year, up to about $20K or so, the payment is very low. I live off my cash account, dividends, interest, and maybe some capital gains. If my income is below $14K, I'll perform a ROTH IRA conversion from my traditional IRA at the end of the year (just a regular withdrawal would work too). This year a $5K conversion should get me into range. If this lasts another 3 years I'll qualify for medicare.
Of course, I live cheap and I don't see doctors. If you're going to be spending big in retirement, and need to withdraw that from a traditional IRA or 401K, then you'll probably bust the subsidy income limits and the ACA will be full cost.
Thanks for this information. Very helpful! I was thinking of doing the same thing. Also, trying to build up our HSA because I believe that will not count as income. We have a lot of medical bills.
I was lucky enough to semi retire at 48, luckily the ACA existed. If it does get stripped away early retires & the self employed are screwed.
We joined Christian Healthcare Ministries 5 years ago. Couldn’t be happier!!!! So much better than traditional insurance!
😂
Our family used them for years, its a great way to get healthcare for a reasonable cost.
Have you ever had to use other than anything “routine”?
The reviews for christian healthcare are terrible
Pricey
Is there a website/resource for what companies offer health insurance to part time employees?
Good analysis. I'm in the Philippines and my Medicare advantage plan reimburses emergency medical internationally. Good combination.
Hello i am 60 and retiring next year. I will retire in the Phils permanently; no plan to go back in the US.. Can you recommend a health insurance company there?also do i need to enroll in medicare when i turn 65 even if i will not be in the US?you mentioned medicare advantage, is that part of being enrolled in medicare? Any suggestions welcomed. Thank you.
@phillyboylaboy Philhealth is a government run insurance that provides some coverage at a low cost. Pacific Cross has several options available but the cost rises with age (contact Michael Onstead). Many, like me, self-insure because medical is much less here. Medicare is free at age 65, but part B costs $174/mo. Most medicare advantage plans replace Part A and B at no additional cost. I have Essence advantage HMO and get all my check-ups and drugs in the USA with 2 trips home a year. Good luck to you.
Excellent video. And very timely for me. Thanks
My husband retires at the end of this year. We have a two year gap until he's 65. Our plan is to utilize the money in our health savings account initially while paying ourselves a premium each month. He will still be working some, and so each paycheck what would have gone into insurance will instead go into a money market fund. Unfortunately we won't be able to contribute to his HSA once he retires, but can spend what's in it.
Yes, retire to a country that actually has its shit together...
Don’t let the door hit you on the way out 🤣🤣🤣
We suck.
@@URKlewless- you can say that, but it doesn't change the fact that we suck. Other countries are so much smarter than us...
If you are considering retiring before your Medicare age, take out or build up your HSA account prior to retirement. At least, have enough of the max out of pocket expenses for a year or 2
We retired young (50s), and insurance has been the biggest challenge. Cobra lasted 18 months. Then, we went on ACA plan that was horribly expensive with insufficient coverage, but it was better than nothing, which would have been our reality before the ACA because of preexisting conditions.
So, I went to work for FEMA four months a year. I highly recommend it! You work with great people, and the insurance is phenomenal and affordable. You do have to work away from home(a different state typically) and sometimes work long hours, but I’m so glad I did it.
I retired from my regular job at 56 and have a home agricultural business, a pension and work as a part time realtor. I purchased insurance through the exchange for the first two years and it was fine, but we made too much in 2021 in real estate sales to qualify and had to reimburse thousands to the government that year. Now they want me to pay $18,000 a year for a plan with a $8,000 deductible, so I'd pay $26,000 before they'd pay for anything. That's what Obamacare has done to working people. We pay astronomical rates so part time workers get free insurance. I currently have no insurance and am stuck taking my chances rather than paying 1/3 of my income for insurance.
WHen you do go they surprise bill you, disputing the referral, etc. It is exhausting. I went for heart check ups and all is fine but then they send bill for $585 saying the referral was not adequate. I think taking your chances is less stress!
Right there with you
Excellent video! Thank you!
I retired at 62.5 in 2018. Had to pay $830. Per month until I was 65.
I retired at 50 yrs old from the government (100% retirement), thankfully my medical insurance follows me until I reach Medicare age which is not far off! Without my medical insurance after I retired, I would have been in deep 💩.
That is one of the UNFAIR advantages government workers get.
The fact that it is suggested you contact your current healthcare provider INSTEAD of your HR says a lot about the current state of employers. Maybe do a video on that...
HR is not your friend.
Thanks for the info - especially the cost calculator 😉👍🌞
The best option are the healthshare options. Been on one for 10 yrs. Better than any health insurance out there. Less than half the cost. No brainer.
@@cadiehl1 Totally agree! We joined Christian Healthcare Ministries in 2019 and it’s been far and away the best healthcare coverage we’ve ever had!!!
How can you find a Medicare advisor to help select the best plan?
I've paid for my own private insurance for 19 years. It was $148 a month (saved receipt) before Obamacare. Same policy all this time, no medical problems. $720 a month now.
yea wtf?
The government requires policies to cover EVERYTHING including sex changes.
Part or most of the reason could be because you are now 19 years older. Medical insurance costs more for older people due to increased medical care per actuarial data.
@@aviewer9516I agree with you about aging. There have also been 19 years of rising healthcare costs and insurer profits.
I did bronze plan and HSA and it was very affordable
How about a combination of COBRA and part-time work. Can I pick up a part time job with health insurance for a few months, then quit and COBRA for 18 months, then repeat that pattern a couple more times? If so, what's the minimum amount of time I'd need to stay at the job before quitting to still qualify for COBRA?
So Sad! Thank you for hi lighting these they all are horrible options. Nothing replaces Medicare or the Health Care Insurance provided by most employers. Sad State we are dealing with.
This is my situation, including providing coverage for one child.
Isn’t the ACA one of the main drivers of how expensive the other options are?
Useful site, thanks
I'm going to do the part-time route after a couple of years;however, I've included the ACA exchange insurance in my budget.
I'm grateful for the VA medical benefits I earned. I can get referred to civilian doctors for appointments and my meds cost me nothing. I'm considering waiving Medicare at 65....can save me $175+ per month on my ss check.
Trump’s plan is going to wipe out VA benefits, no clue why veterans voted against their best interests.
Thank you for your service!
Did you retire from the military?
That was my most concern before I can retire early 😊
I would get a cheap ACA plan and then take a medical tourism vacation to Thailand and get as much healthcare as you can. Complete physical, comprehensive eye exam, MRI, outpatient procedures, etc. The money you save would pay for a nice vacation in Thailand. Supposedly the caliber of healthcare in Thailand is very good at a reasonable price. Closer to home would be Mexico and Costa Rica.
my option, move to Thailand, pay 2k a year for health insurance, save even more money then at 65 move back to USA if you want
Good suggestion.
My husband is planning to do like that too
Even when you have insurance you can wake up in an ambulance on your way to bankruptcy court.
One thing you might want to mention is anybody who is a veteran of the military can tap into their VA benefits until they retire at 65.
Even if you only served 4 years?
Hey what happened to work hard pay into the system and retire.
The system was overwhelmed and dragged down by false claims.
Thanks for posting this information. Whenever I've googled health insurance I've only found the exchange (ACA), this gives me better search parameters to find a broker. I'd only need health insurance for 20 months. And I have thought about slow traveling so that may be another option for me. I work full time, and have a part-time accounting client and was planning on keeping the part-time gig anyway. There isn't health insurance with it, but the earnings would certainly cover a health insurance premium.
What is slow traveling?
@stonecrestquilt moving to another country, staying awhile. Typically as long as a tourist or senior visa allows, then moving on. There are a lot of countries that have very good health care, and even paying out of pocket for it is less than what you pay in the US, with a healthcare plan. I highly recommend videos from Dan at Vagabond Awake.
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Actually you pay fees only after you have began to make progress. Best you reach out yourself and do your due diligence. Thank me later.
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Nice commercial. If it sounds to good to be true.
Caveat Emptor.
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Thanks to Obamacare, aka Affordable Care Act, I’ve been able to get good insurance at an affordable rate, even though I live in a red state that refused to expand Medicaid so we could get more credits to help lower premiums.
What insurance do you have. How much is it ?
Get ready it’s about to be gone with Medicaid.
Obamacare has made vast majority of health insurance much more expensive.
I am 61 and paying $1036 a month for a Kaiser Silver Plan. I only use it for annual checkups and some vaccines. I am NOT going to only make such little amount to get ACA government subsidies. I was told that by the time I am 64, my Kaiser Silver plan will cost $1500/month 😢. It is way too expensive and hopefully the government will fix it.
You pay for the insurance they sell at insurance company's!!
Somehow we have been traveling the world over 30 plus days a year while working full time. You can vacation while still working.
Obviously not an option for most people, depends on the job.
Long Term Care seems to be just as important has healthcare. Seems like there are fewer options for this than healthcare and it can wipe you out quickly. Especially if you're single and live alone.
the question is who offers this alternative. here the employer must pay the fees for a full-time employee, regardless.
I’m 59.5 and my job will cease to exist in the next month, technology eliminated it. I do not want to jump into another full time position without some time to decompress. I’ve been working since the 6th grade. One option you didn’t mention may just be available in my area, I don’t know. Lots of doctors have gone independent and do not accept any insurance at all. You pay a monthly fee each month and can be seen as many times in a month as you need. They have access to cheap diagnostic testing and cheap or even free medications. The part I’m not sure about is what happens if you require hospitalization or receive a cancer diagnosis, etc. I would love to see a video about this option, but I understand you aren’t an insurance professional.
So I suggest considering moving abroad where insurance is either free. I pay less than 200 a month for full insurance abroad. Also expat insurance policies allow you to be covered in the US, but only if you spend less than six months in the USA
What country?
@ Portugal and Switzerland is what I’m familiar with
I moved to Cabo San Lucas Mexico and have an awesome insurance plan whose company is based in Texas. It is advisable to do your research prior to moving. I was hospitalized with severe dehydration in October and the ER had no wait. The hospital was nicer than US and had state of art technology
At 59 I was laid off in the Great Recession, I had subsidized COBRA for a year but Obamacare was not in effect yet. I'm a Veteran and I qualified for VAHC due to having to live on only a UI check for a year. VAHC is the best care I've ever had.
I have been paying for Medicare Part B for ten years now and never use it; but this year I'm going for a Medicare Advantage program that refunds $175 a month of the premium. Yes it has pretty lousy coverage and high cap, etc. but the thing is I use the VA and don't expect to need medicare. If I did need it I can switch to a better plan in the first six months of the year OR next year. It does have the benefit of offering me most of my medication at $0 copays ($15 at the VA) saving a few hundred more. I'm also going to drop my VA Dental policy since I get $500 a month from the new Advantage plan and that's enough to cover Xrays and cleaning. I get all my expensive work done in Mexico anyway. All in all I'm saving about $250 a month.
Thank you for your service!
...and for Veterans, there's the VA Healthcare system that you can use at nearly any age. As long as you qualify.
VA qualifications are based on HOUSEHOLD income, the income limit is quite low actually. Draw on your post-tax account if you can until you turn 65 and utilize the ACA supplemental health care program.
VA Healthcare for vets. It's nowhere near perfect but it's an option for some.
One thing that where never discuss is how unfair Govt. help is when it comes to working people. My father work all his life and contributed to the system but when he got laid off from work in his late 50s and could not afford health insurance. Meanwhile my nextdoor parents who just immigrated who contributes zero has all the benefits. Free and better healthcare, zero premium with zero co pay. On top of that they recieved food stamps and some money.
The hard, cold truth that I've been told is that my health care expenses will have to be paid out of my investments until I can reach Medicare age 65. I'm in my 50s right now.
People singing the praises of foreign countries with lower cost healthcare forget that their citizens contributed significantly to those costs (income tax at rates well above the US). So before you start criticizing get educated.
There have been comparisons of European taxes they pay versus what we pay for healthcare premiums, deductibles and copays, taxes and the US pays a lot more out of pocket. And medical bankruptcy in Europe is nonexistent. And for as much as we pay for taxes and our expensive healthcare, we have a lower life expectancy and lower infant mortality rate. So the door hitting us in the ass on the way out is a good thing.
@ Tell me which country you speak of, then tell me what % of their population is black.
many people will argue that a part-time job, especially one that requires your physical presence at the workplace, doesn't worth the bother, but the breathe feeling that a part-time job provides is priceless. problem is that we in the 50-s and 60-s are UNHIRABLE. we are not flexible enough, we don't have energy anymore, truth is that we are expensive trash that no employer wants to deal with.
@@babachioara6991 Speak for yourself! I started a full time position the month I turned 64.
Not true. I got my current full time job when I was 52, my husband at 59. We both have more energy than the employees that are half our age and are more reliable. Certainly not “ expensive trash”. There are jobs out there. You just have to find them.
Got my current job as a contractor at age 61.5. They hired me on permanently this past year, the month I turned 64. I figured I'd work to stay busy and out of trouble and provide benefits. I'm fully remote so, I can travel (currently 400 from home) and when I want to unplug, get unlimited vacation. Pretty good gig for an old lady! 😊 @@moonwvr7252
There are ways....
More and more people might face a tough time in retirement. Low-paying jobs, inflation, and high rents make it hard to save. Now, middle-class Americans find it tough to own a home too, leaving them without a place to retire.
Talking about insurance being a bad investment, long term care falls into that category. You throw your money in, hoping you never need it, but, boy, if you do! I have it because my mother and both grandmothers had strokes and ended up in nursing homes. I managed the finances for my mother and her mother, so i know exactly what the costs are and how difficult it is to deal with Medicare, so I pay my LTC premiums and move on.
I "retired" at 62, meaning I went part time at my then-current company. I lost health insurance but was able to get on the pre-Medicare retiree insurance at a previous company where I had contractual access to it through a severance plan from years before. I don't recall whether I did a price comparison with COBRA, but I had been on COBRA before and knew it was expensive. I was on that until I reached Medicare age. If you ever left a company with a severance package, look through that to see what might be available to you.
Medicare for all in retirement is the answer
I think we could all pay a tax that would make it possible. Unfortunately, there is too much money being made with the current system.
Bring money
Sadly, the ACA did little to change the cost trajectory of health insurance. Instead, ideas that used to be discussed (allowing insurers to sell across state lines, etc.) are no longer even considered. Federalizing the process has ossified it. BTW, insurers still make their profit. How, when they are capped at 15% profit? Simple, get prices to increase overall and increase volume. That's what they did and do. The government never had a chance of getting this behemoth under control.
It was / is a bust.
The other side of expanding their profits was squeezing agent commissions down to nothing.
Those faith based insurance are scams. I heard a lot of horror stories about them.
IF you have NO or Little income once you retire so living off post tax savings you should be able to go on state medicaid.(assuming you are too impoverished on paper to get onto ACA) Assets don't count, income does, so if you can be poor on paper show a MAGI under around $20K (dividends, maybe some capital gains from stock sales) , live off what cash you've squirreled away to get you to 65...and play the game just like lots of people do as it doesn't make sense for them to have income over $20k (taking a somewhat better job with cost sharing benefits) when they can get free medical from the govt. IF they just keep their hours low or wages down. .
It's the opposite in Texas, where they didn't expand access to medicaid when Obamacare was put in place. You need to ensure your annual income is at or above the federal poverty level to get subsidized ACA plans.
In Ohio assets absolutely count for medicaid. Maybe not your home, car, or possessions, but you can't have any savings or investments worth more than a diddlysquat. I had to prove the state turned me down for medicaid before I could get ACA coverage.
5 Options:
1. Cobra
2. ACA
3. Buy private insurance
4. Get a part-time job with an employer that offers health insurance
5. Health care sharing plan
Other options:
1. Move to a country that offers universal healthcare
2. Travel and buy a travel healthcare insurance
I work
If one is a veteran, there is VA.
Cobra sucks
I've kept much of my savings in cash for safety, but I'm unsure if it's right for retirement. Contemplating investing $400K in stocks, as I've heard investors can profit in tough times. Unsure about my next move.
It's impressive how much you saved during your working years, a feat not many achieve in a lifetime. Now that you're retired and rely on your investments, it's wise to redistribute your capital to mitigate risks during market fluctuations. Consulting a financial advisor can help simplify this process.
Yeah, I’m also closing in on retirement, and I have benefitted much from using a financial advisor. I didn’t really start early, so I knew the compound interest of index fund investing would not work for me. Funny how I pulled in more profit than some of my peers who have been investing for many years.
Please can you leave the info of your investment advsor here? I’m in dire need for one
Stacy Lynn Staples is the licensed advisor I use. Just search the name. You’d find necessary details to work with to set up an appointment.
I searched for her name on the internet, found her page, and reached out via email to schedule a conversation. Thank you.
Just joined Christian Healthcare Ministries cost sharing plan. The increasing cost of my traditional health insurance plan each year was outrageous.
Pay more than you can afford.
Sorry they’re going to get rid of Obamacare for no particular reason. SAD
Best thing to do is to stop poisoning yourself. Pay up for high quality pasture raised meat and eggs and wild-caught fish. Lots of animal fat. Lay off carbs and artificial ingredients. You'll still be ripped off for insurance but buy high deductible and keep a decent cash reserve. MAHA is the right idea. There's no good reason for so many people to get this sick in the first place.
If only good health and longevity were that simple
Not everyone can deal with the high cholesterol that causes. People are different.
@@themoneychannel893it is, food is medicine
What's MAHA please?
That’s exactly the opposite of what you should do. Whole food plant based is proven science. Sorry. That the truth
Health care insurance is completely overrated. Take care of your health, limit prescription drugs. Save your own money and self insure.
So what happens if you are diagnosed with cancer or some other disease?
@ alternative treatments unless you want chemo which is probably going to kill you as well. Save your money. It’s a gamble but with the ridiculous cost I took the risk. You can also go overseas for much less expensive treatment. I pay 200 per month for Christian care ministry which is essentially catastrophic health insurance. Deductible is like 6-8k. Never used it once.
@@ocvegasproperty Do you mean Christian Healthcare Ministries? We’ve been with them 6 years and the deductible (“personal responsibility” amount) is $1000, not $6-8K. It’s going up to $1250 in 2025. But totally agree it’s the best health coverage out there!!!
Im using COBRA now for me and my family. $2000 a month for the bronze plan which is high deductible and has dental and vision. If we go for a checkup we pay. Affordable care act was similar in price for us with no dental or vision and my doctor does not accept it. Insurance in this country is a big scam but you have to have it in case of a real emergency.
2k a month is insane. My work I only pay less than 1k per year for me and my spouse.
COBRA only covers from 18 to 36 months depending on the eligibility criteria. Do you have a plan for when after COBRA ends?
@ Medicare for me but I will have to figure something out for my wife. The company I worked for does offer a long term retiree insurance but it’s expensive
Best to gut ACA and go back to where we could buy private insurance for much, much less than now. ACA has made health insurance much more expensive for the vast majority of Americans.
That wouldn't work for those people with pre-existing conditions.
Healthcare is the elephant in room. Life coaches, accountants, financial advisors, etc. come a dime a dozen. Many are not retiring because no one has the answer how to obtain affordable healthcare before 65. Summarizing your points: move out of the US, get a job, and you don’t have expertise in subsidized or private insurance providers. Your channel encourages early retirement, but no one will retire unless they have affordable insurance. Until this elephant is removed from the room, everything else is just secondary. This topic merits to be addressed in the future with thorough research behind it. Azul…your channel is great as it prepares us for the key questions we need answered before retirement.
"Life Couches?" It is it a lifelong sofa?
また、どうか主が、私たちがあなたがたを愛するように、あなたがたの互いの愛と、他の人々への愛を深め、満ちあふれさせてくださいますように。 13 そして、どうか父なる神が、あなたがたの心を強くし、きよめて、主イエスがご自分に属する人々と再び来られる時、御前で、あなたがたを責めるところのない聖なる者としてくださいますように。
it's too expensive and can't be done. There is no democratic country in the world that provides universal healthcare to it's population
You should not be giving any medical advice. “Lots of animal fats” is the key diabetes and cardiovascular disaster. Look at some real medical research (not internet gurus) and make your own dietary and lifestyle decisions. That said, any whole food diet (even one containing some meat) is better than ultra processed foods. Eat lots of plants and you don’t need to tho k about calories or macros (fat, carbs, protein, fiber)
Thankfully we have the NHS in the UK free at the point of use and free prescriptions for over 60s not perfect but one less thing to worry about my experience of it has always been first class.And pre existing conditions no problem .
nothing is ever free.
@@MidlifeCrisisManagement True but it's a hell of a lot less expensive then the BS we have going on in the U.S.
Free at the point of use it's paid for over a lifetime of working a small deduction from your salary each month that's not even noticeable,a few year's back I had neurosurgery hospital for a week surgery 3 MRI scans drugs physiotherapy ect didn't cost a penny social healthcare is the way to go .
September 2018 rocked my family with the
hurricane Florence. To lives and properties
displaced we gave $45k. We also gave in 2020
COVID year. The "Treasure Principle" by Randy
Alcorn helped my giving reason why getting $105k
in two months is just evident of God's blessings on
my household. God never faltered on his written and
spoken promises over my family.. All thanks to Mrs Kathy Lien
That's a major turn around. Praise be to Jesus our Lord. Hallelujah
But then, what do you do? How do you come
about that in that period?
This is silly. If you can afford to retire before 65, you can afford health insurance.
How do you get healthcare? You PAY for it...duhhh
Simp,e idea is get a government/ public sector job in your 30s. Get a pension paid for by us while we have to pay for ours and yours.
No matter the profession you are in, even if you have a 9-5 job, make sure you have an investment in Bitcoin ETFs or Real Estate. Thank God I got into Bitcoin ETFs when I did because it was a turning point for me financially.
I'm favoured financially with Bitcoin ETFs, from $37K to $65K that's the minimum range of profit return regardless of how bad it gets on the economy
Crypto investing is bringing a different revolution in the world economy. People who are optimistic investors earn consistently.. others will just still and watch. Im glad I got into crypto when I did. Investing in a good crypto trading system put me through many days of success.
Health insurance is expensive. Thats one of the main reasons a lot of people keep working instead of retiring. Everyone doesnt have a pension or 3 million in the bank. I'm fortunate that I had a good job with a pension. Most dont. Insurance is out of control cost wise. Period. End of story.