Another option is thru PT employment. I recently had retire from my FT mgmt role.
@emikami1
3 жыл бұрын
One other option that many may want to consider is that some employers still offer health insurance coverage for part time employees. Starbucks is one such as example. If you're retiring from your normal work before 65, you may not want to commit 40 hours/week but still may be young enough to be doing something part time.
@Medmann48
3 жыл бұрын
Listen the Key to using Obamacare is the SUBSIDY. Hoard your Cash & keep your "Reportable" income low enough that you get a sizeable subsidy. Remember if you retire at 62 you only need Obamacare for 3 years so supplement your small reportable income with cash from your savings or money from a Roth IRA that is not taxable as income. As of now Obamacare does not take into account your assets only your income.
@RetrieverTrainingAlone
3 жыл бұрын
That is what I did at age 62. Saved over $75,000 in 3 years for a Blue Cross Gold policy. Up here in Alaska the threshold for subsidized Obamacare is $89k gross income and we live comfortably withdrawing $60k from retirement each year (There is no state sales tax or state income tax in AK).
@lilishippe7571
2 жыл бұрын
It is so sad that the limited options early retirees have. I checked the market place and spoke to health insurance brokers. The prices are outrageous and the coverage is very limited(high deductible etc). As a country, the US definitely failed its people.
@smsunder
4 жыл бұрын
Thanks, Andy for apprising us seniors with more knowledge with healthcare as we prepare for retirement or currently retired but not old enough for Medicare. For us, we have used the marketplace since retiring at age 58 receiving healthcare subsidies.
@RetirementPlanningEducation
4 жыл бұрын
Thanks Steve! The subsidies can be some serious money. Makes a lot of difference in helping make the cost of health insurance a bit less painful.
@RetrieverTrainingAlone
3 жыл бұрын
I retired at 62 and we limit our gross income to less than $89k up here in Alaska. That way we qualifiy for subisidize health insurance under Obamacare. Our subsidized Blue Cross Gold policy cost less than $1,000 per year. The same policy would cost over $27,000 per year unsubsidized. Thus by limiting our income, we saved over $75,000 in 3 years until medicare kicks in.
@RetirementPlanningEducation
3 жыл бұрын
Great planning!
@R.and.R.
2 жыл бұрын
Brilliant!
@MrFuadee
2 жыл бұрын
That is fantastic my friend I wonder if this is apply to California
@robbieb2011
3 жыл бұрын
Thank you. Your video was extremely helpful and what I loved about it is you got to the points and explained everything in a timely fashion. I hope to be retiring early and marketplace seems like the only viable option for us. Thanks again.
@jhors7777
2 жыл бұрын
Thank you for posting this helpful video
@theacase8738
2 жыл бұрын
Would you more clearly define “gross income”? I.e. last years 1040, last months condone, anticipated future income. Thank you.
@shawna620
3 жыл бұрын
Thank you! You answered a lot of my questions.
@sumitomoO0O
Жыл бұрын
Why didnt you cover Medicaid? They say that if your income is low it is free insurance
@JohnAgnewAdviser
2 жыл бұрын
Nice work Andy!
@RetirementPlanningEducation
2 жыл бұрын
Thank you!
@kanyesigyeivan633
2 жыл бұрын
This video is amazing.! Thanks
@RetirementPlanningEducation
2 жыл бұрын
Thank you!
@superluckett
2 жыл бұрын
if i retire mid year, is a tax credit always calculated at annual gross income or just income after you retire? if whole year , it would make sense to keep cobra til january?
@RetirementPlanningEducation
2 жыл бұрын
The credit is based off your total income for the whole year, regardless of retirement status. So if you had half a year of large wages, you may be phased out from getting much, if any, credit for that year.
@virginiasanmiguel9930
3 жыл бұрын
This video was super informative. My problem is that I plan to start converting ira to Roth and that becomes part of income. Will take me over income level. Thanks for sharing
@RetirementPlanningEducation
3 жыл бұрын
The taxable part of Roth conversions is included in your MAGI for purposes of determining if you're eligible (or not) for ACA premium tax credits
@R.and.R.
2 жыл бұрын
@@RetirementPlanningEducation Isn’t it all taxable?
@RetirementPlanningEducation
2 жыл бұрын
@@R.and.R. Not necessarily. If you have any non-deductible "basis" in your traditional IRA, there isn't tax on that if/when you convert it (because you had already paid tax on that money by NOT taking a deduction for it in the first place).
@R.and.R.
2 жыл бұрын
@@RetirementPlanningEducation Thank you for that explanation! Since my IRA was just a rollover from an old 401k, I'm assuming that's not the case with me.
@nealjohnson6369
3 жыл бұрын
Thanks Andy
@clemzahrobsky2137
3 жыл бұрын
if your company is downsizing and looking to get rid of high paid employees get them to extend your health care till 65 as a condition of you taking early retirement.
@JJoeisCooking
3 жыл бұрын
My father did that when he was forced out of his job in the early 90s.
@markj9346
Жыл бұрын
Good luck with that in 2023
@MrCPPG
2 жыл бұрын
What about Veterans Administration care?
@mikebillmann3048
2 жыл бұрын
Hello, just watched this video and I was wondering why you didn’t mention Medicaid/ Medi-Cal? If you retire early and live off your cash, you have no earned income. If you are younger than 59 1/2 you won’t be taking taxable IRA distributions yet as income. Without any income you are deferred to Medi Cal unless you want to pay full price direct from the insurer. Do you have any videos regarding this situation?
@jimhandler1129
2 жыл бұрын
That is what I am looking for. Retire early, live off of cash with no income.
@nitra79
2 жыл бұрын
Should I assume that a single person making under 51K could qualify for health premium subsidies?
@RetirementPlanningEducation
2 жыл бұрын
Yes, if your gross income is no more than 4x the federal poverty level. But 2022 is an exception in that the 4x hard limit is relaxed for the year as part of the American Recovery Plan Act from earlier this year.
@nitra79
2 жыл бұрын
@@RetirementPlanningEducation Thanks! This information is helpful.
@Brutushungwell
3 жыл бұрын
If you are a veteran you also have VA medical benefits
@SandfordSmythe
2 жыл бұрын
Depends on your status.
@anniesshenanigans3815
4 жыл бұрын
If more people protest outrageous insurance costs, maybe the cost will go down. I cannot retire early because of this!!
@RetirementPlanningEducation
4 жыл бұрын
I know, it's a real pickle...an expensive pickle. See if you can try to qualify for premium tax credits/subsidies for buying a policy on the government exchange. That can help defray the cost a lot, if you qualify
@DillyPutty
3 жыл бұрын
The insurance company lobbyists convinced everyone that shoveling money to them is better than "socialism ". Too many muricans believe it.
@vanlan8888
Жыл бұрын
@@DillyPutty socialism is the label of haven and hell in the real life. It’s the trap of the evil.
@jessefletcher9116
2 жыл бұрын
what are your thoughts on Tricare? I retired USAFR and am eligible to enroll in a Tricare plan, but having never purchased Tricare insurance I don't know if there are any advantages or disadvantages to using it.
@e-spy
2 жыл бұрын
my daughter was on tricare while in the army. It was a great deal!
@ValerieVitality
3 жыл бұрын
Warning I had a horrible issue with a faith based healthcare save yourself time and money don’t go that route. It breaks my heart to even write this since I am a strong believer. Those companies are suing one another it is a horrible mess.
@RetirementPlanningEducation
3 жыл бұрын
Sorry to hear that. :-( Thank you for the feedback though!
@KyokushinNidan
3 жыл бұрын
The sad state of US health care costs in a nut shell. The hard working middle class subsidizes the rest.
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