FarFromHome
Footballguy
I thought the same thing. My old brain immediately went to George Constanza and his short hand modeling career. Ha ha
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The “I want to retire soon” thread (3 Viewers)
- Thread starter fruity pebbles
- Start date
jamny
Footballguy
I've been doing it for like 15 years, full time since 2021. I used to do corporate audio visual for live events and occasionally a client would need and announcer or some simple VO for a video clip. It just went from there. Nowadays the most fun I have is with character work for animation or video games.
Here's one that came out yesterday. I play the fat bald dude, Leary. It's just an animatic but the creator is hoping to pitch it to studios in hopes of having it fully animated and made into a series.
FarFromHome
Footballguy
Pretty cool man
fruity pebbles
Footballguy
Have a friend at work who travels in the medical field and does voice work as well. Some of his stories are absolutely hilarious. One in particular was a recording studio he went to in Arizona that was in the house of an older creepy couple. Said he legit thought he was going to be a head in their refrigerator.
InDitkaWeTrust
Footballguy
That's super cool! Thanks for sharing.
MAC_32
Footballguy
This is where we are, but I'm also younger than the median age of this forum. I'm not really thinking about retirement much before 65 (that's when we can start drawing on my pension), but I'm curious what the math will look like ~2040. I'll be in my mid-late 50's then and our youngest will (hopefully) be done with school, if he goes in the first place. I suspect I'll start applying more thought to it once we have the lake house locked in, but we're probably at least 5 years out from seriously considering that purchase.
snogger
Footballguy
Oh yes, was thinking S.S. At 67.You’re eligible for Medicare at 65, not 67.Fully with you. My countdown is on now, less than 5 years.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Even better, only have to find consulting gigs for 3 years, not 5.
In the last month I've been offered multiple 3 to 6 month gigs, all paying 85 to 100 per hour.
matttyl
Footballguy
Oh yes, was thinking S.S. At 67.You’re eligible for Medicare at 65, not 67.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Even better, only have to find consulting gigs for 3 years, not 5.
In the last month I've been offered multiple 3 to 6 month gigs, all paying 85 to 100 per hour.
You’ll need to check with each of a 3 to 6 month gig will make you eligible for benefits. In many places that would be considered “seasonal” or “temporary “ and thus not eligible - and even if you were, many plans allow you to enroll only after some waiting period, like “1st of the month following 30 days” or something.
Your alternative would be the individual market.
Peggy
Footballguy
Insurance isnt as big of deal as everyone makes it out to be. ACA is cheap as long as you manage your income.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Peggy
Footballguy
Right, when I was considering consulting it never included insurance. In my line of work anyway it's a professional service agreement that doesn't come with benefits. The benefits are theoretically made up for in the higher hourly rate.Oh yes, was thinking S.S. At 67.You’re eligible for Medicare at 65, not 67.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Even better, only have to find consulting gigs for 3 years, not 5.
In the last month I've been offered multiple 3 to 6 month gigs, all paying 85 to 100 per hour.
You’ll need to check with each of a 3 to 6 month gig will make you eligible for benefits. In many places that would be considered “seasonal” or “temporary “ and thus not eligible - and even if you were, many plans allow you to enroll only after some waiting period, like “1st of the month following 30 days” or something.
Your alternative would be the individual market.
The problem then becomes the income limits before you hit the cliff in the ACA. Otherwise it's pretty affordable.
snogger
Footballguy
Yes, not planning on taking anything with benefits. Just makeOh yes, was thinking S.S. At 67.You’re eligible for Medicare at 65, not 67.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Even better, only have to find consulting gigs for 3 years, not 5.
In the last month I've been offered multiple 3 to 6 month gigs, all paying 85 to 100 per hour.
You’ll need to check with each of a 3 to 6 month gig will make you eligible for benefits. In many places that would be considered “seasonal” or “temporary “ and thus not eligible - and even if you were, many plans allow you to enroll only after some waiting period, like “1st of the month following 30 days” or something.
Your alternative would be the individual market.
to cover buying off the invidua, market until 65.
snogger
Footballguy
Plan is to make just enough to cover ACA. I want to enjoy my retirement.Right, when I was considering consulting it never included insurance. In my line of work anyway it's a professional service agreement that doesn't come with benefits. The benefits are theoretically made up for in the higher hourly rate.Oh yes, was thinking S.S. At 67.You’re eligible for Medicare at 65, not 67.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Even better, only have to find consulting gigs for 3 years, not 5.
In the last month I've been offered multiple 3 to 6 month gigs, all paying 85 to 100 per hour.
You’ll need to check with each of a 3 to 6 month gig will make you eligible for benefits. In many places that would be considered “seasonal” or “temporary “ and thus not eligible - and even if you were, many plans allow you to enroll only after some waiting period, like “1st of the month following 30 days” or something.
Your alternative would be the individual market.
The problem then becomes the income limits before you hit the cliff in the ACA. Otherwise it's pretty affordable.
Between having the house paid off ( currently worth $400k), my 401k, Roth IRA and my wife's school district money from back when she worked there, we should be fine until 5 years later when S.S. Kicks in.
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jamny
Footballguy
A childhood friend of mine who was always the smartest kid I knew, retired last year at 61. He graduated from Cooper Union in NYC and went on to a science related profession.
He just began his first semester the other day as a high school chemistry/biology teacher. That's pretty cool, imo.
He just began his first semester the other day as a high school chemistry/biology teacher. That's pretty cool, imo.
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fruity pebbles
Footballguy
Yup. This is something worth thoroughly researching before retiring before 65.Insurance isnt as big of deal as everyone makes it out to be. ACA is cheap as long as you manage your income.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
JohnnyU
Footballguy
Health insurance isn't cheap and is something you can't do without. Hell, even with Medicare and supplemental insurance you pay a pretty monthly penny, especially if it includes a spouse. I know a guy I worked with who retired a couple of months before me, he is 64, and his wife is younger, but will bite the bullet and will have to pay a lot for health insurance for both. He will be 65 next year, so that helps that he can go on Medicare at that point, but his wife is in her early 60s and has MS, so that will cost a lot until she turns 65.Yup. This is something worth thoroughly researching before retiring before 65.Insurance isnt as big of deal as everyone makes it out to be. ACA is cheap as long as you manage your income.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
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matttyl
Footballguy
Health insurance isn't cheap and is something you can't do without. Hell, even with Medicare and supplemental insurance you pay a pretty monthly penny, especially if it includes a spouse. I know a guy I worked with who retired a couple of months before me, he is 64, and his wife is younger, but will bite the bullet and will have to pay a lot for health insurance for both. He will be 65 next year, so that helps that he can go on Medicare at that point, but his wife is in her early 60s and has MS, so that will cost a lot until she turns 65.Yup. This is something worth thoroughly researching before retiring before 65.Insurance isnt as big of deal as everyone makes it out to be. ACA is cheap as long as you manage your income.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Depends on what you mean by “pretty penny”, but with traditional Medicare (not Medicare advantage) most folks get premium free part A, pay $185/m for part B, around $120-150/m for a supplement, and likely under $20/m for a part D plan. With all that, you really don’t have any out of pocket costs, other than for expensive Rx, and that will depend on the coverage of your part D plan. Moreover, the out of pocket costs, as well as the part B premiums can both be paid from any remaining HSA funds you might still have.
JohnnyU
Footballguy
My point is that if you retire before 65, especially those way under 65, you have to take into account healthcare cost and that isn't a non-issue for a lot of people. You may not be getting social security for several years and you're paying out of pocket for expensive healthcare insurance because you can't go on Medicare yet. That's a big deal to a lot of people. Sure, this probably isn't an issue for those that have saved and invested well, and / or has a large pension, but being able to retire early, especially those in their 50s, it may not be so easy. Not for some that have a costly lifestyle. For example, my lifestyle is about 9K a month and the only debt I have is a mortgage, which I owe 100K on. Thankfully I'm well ahead of the game at 66. But I wasn't able to retire before I did. Not if I wanted to maintain my current lifestyle.Health insurance isn't cheap and is something you can't do without. Hell, even with Medicare and supplemental insurance you pay a pretty monthly penny, especially if it includes a spouse. I know a guy I worked with who retired a couple of months before me, he is 64, and his wife is younger, but will bite the bullet and will have to pay a lot for health insurance for both. He will be 65 next year, so that helps that he can go on Medicare at that point, but his wife is in her early 60s and has MS, so that will cost a lot until she turns 65.Yup. This is something worth thoroughly researching before retiring before 65.Insurance isnt as big of deal as everyone makes it out to be. ACA is cheap as long as you manage your income.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Depends on what you mean by “pretty penny”, but with traditional Medicare (not Medicare advantage) most folks get premium free part A, pay $185/m for part B, around $120-150/m for a supplement, and likely under $20/m for a part D plan. With all that, you really don’t have any out of pocket costs, other than for expensive Rx, and that will depend on the coverage of your part D plan. Moreover, the out of pocket costs, as well as the part B premiums can both be paid from any remaining HSA funds you might still have.
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ConstruxBoy
Kate's Daddy
Yep. Would love to retire in 2 years at 55 but will probably go 2-3 more years just to save on health care costs.My point is that if you retire before 65, especially those way under 65, you have to take into account healthcare cost and that isn't a non-issue for a lot of people. You may not be getting social security for several years and you're paying out of pocket for expensive healthcare insurance because you can't go on Medicare yet. That's a big deal to a lot of people. Sure, this probably isn't an issue for those that have saved and invested well, and / or has a large pension, but being able to retire early, especially those in their 50s, it may not be so easy. Not for some that have a costly lifestyle. For example, my lifestyle is about 9K a month and the only debt I have is a mortgage, which I owe 100K on. Thankfully I'm well ahead of the game at 66. But I wasn't able to retire before I did. Not if I wanted to maintain my current lifestyle.Health insurance isn't cheap and is something you can't do without. Hell, even with Medicare and supplemental insurance you pay a pretty monthly penny, especially if it includes a spouse. I know a guy I worked with who retired a couple of months before me, he is 64, and his wife is younger, but will bite the bullet and will have to pay a lot for health insurance for both. He will be 65 next year, so that helps that he can go on Medicare at that point, but his wife is in her early 60s and has MS, so that will cost a lot until she turns 65.Yup. This is something worth thoroughly researching before retiring before 65.Insurance isnt as big of deal as everyone makes it out to be. ACA is cheap as long as you manage your income.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Depends on what you mean by “pretty penny”, but with traditional Medicare (not Medicare advantage) most folks get premium free part A, pay $185/m for part B, around $120-150/m for a supplement, and likely under $20/m for a part D plan. With all that, you really don’t have any out of pocket costs, other than for expensive Rx, and that will depend on the coverage of your part D plan. Moreover, the out of pocket costs, as well as the part B premiums can both be paid from any remaining HSA funds you might still have.
Sand
Footballguy
Me doing basic at 54 would make a great movie - with National Lampoon as the start of the title.I’d suggest y’all go serve a career in the military for health insurance.
-OZ-
Footballguy
You’d probably get though everything just fine. Could be a fun film.Me doing basic at 54 would make a great movie - with National Lampoon as the start of the title.I’d suggest y’all go serve a career in the military for health insurance.
Sand
Footballguy
You got that part right!
Peggy
Footballguy
Yes and no. Definitely need to plan for it for sure.My point is that if you retire before 65, especially those way under 65, you have to take into account healthcare cost and that isn't a non-issue for a lot of people. You may not be getting social security for several years and you're paying out of pocket for expensive healthcare insurance because you can't go on Medicare yet. That's a big deal to a lot of people. Sure, this probably isn't an issue for those that have saved and invested well, and / or has a large pension, but being able to retire early, especially those in their 50s, it may not be so easy. Not for some that have a costly lifestyle. For example, my lifestyle is about 9K a month and the only debt I have is a mortgage, which I owe 100K on. Thankfully I'm well ahead of the game at 66. But I wasn't able to retire before I did. Not if I wanted to maintain my current lifestyle.Health insurance isn't cheap and is something you can't do without. Hell, even with Medicare and supplemental insurance you pay a pretty monthly penny, especially if it includes a spouse. I know a guy I worked with who retired a couple of months before me, he is 64, and his wife is younger, but will bite the bullet and will have to pay a lot for health insurance for both. He will be 65 next year, so that helps that he can go on Medicare at that point, but his wife is in her early 60s and has MS, so that will cost a lot until she turns 65.Yup. This is something worth thoroughly researching before retiring before 65.Insurance isnt as big of deal as everyone makes it out to be. ACA is cheap as long as you manage your income.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Depends on what you mean by “pretty penny”, but with traditional Medicare (not Medicare advantage) most folks get premium free part A, pay $185/m for part B, around $120-150/m for a supplement, and likely under $20/m for a part D plan. With all that, you really don’t have any out of pocket costs, other than for expensive Rx, and that will depend on the coverage of your part D plan. Moreover, the out of pocket costs, as well as the part B premiums can both be paid from any remaining HSA funds you might still have.
I've got 10 years to go before Medicare. This year is $1,400/mo on Cobra because I don't qualify for ACA until next year. Next year though it will be $500/mo, but that's only because I'll be converting 401k that counts as income up to the max that I can and still qualify for ACA. BUT, if you don't have income ACA can be as little as $0/mo.
But the biggest thing that stopped me from worrying about the cost is that we relocated and the difference in property taxes alone just about pays for the expensive insurance. I just made that change in my thinking of my spend and the worry went away. Which leads me to your comment about costly lifestyle, that should already be figured in your spend. While it's true you need more money and possibly more working years (if not offset by salary already) before you reach financial independence, the cost for health insurance is a lesser concern for those with more money and more costly lifestyles, not more.
Instinctive
Footballguy
The other option is to rely on your wife's job for insurance. Not everyone can, but sure seems like our likely path.Yes and no. Definitely need to plan for it for sure.My point is that if you retire before 65, especially those way under 65, you have to take into account healthcare cost and that isn't a non-issue for a lot of people. You may not be getting social security for several years and you're paying out of pocket for expensive healthcare insurance because you can't go on Medicare yet. That's a big deal to a lot of people. Sure, this probably isn't an issue for those that have saved and invested well, and / or has a large pension, but being able to retire early, especially those in their 50s, it may not be so easy. Not for some that have a costly lifestyle. For example, my lifestyle is about 9K a month and the only debt I have is a mortgage, which I owe 100K on. Thankfully I'm well ahead of the game at 66. But I wasn't able to retire before I did. Not if I wanted to maintain my current lifestyle.Health insurance isn't cheap and is something you can't do without. Hell, even with Medicare and supplemental insurance you pay a pretty monthly penny, especially if it includes a spouse. I know a guy I worked with who retired a couple of months before me, he is 64, and his wife is younger, but will bite the bullet and will have to pay a lot for health insurance for both. He will be 65 next year, so that helps that he can go on Medicare at that point, but his wife is in her early 60s and has MS, so that will cost a lot until she turns 65.Yup. This is something worth thoroughly researching before retiring before 65.Insurance isnt as big of deal as everyone makes it out to be. ACA is cheap as long as you manage your income.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Depends on what you mean by “pretty penny”, but with traditional Medicare (not Medicare advantage) most folks get premium free part A, pay $185/m for part B, around $120-150/m for a supplement, and likely under $20/m for a part D plan. With all that, you really don’t have any out of pocket costs, other than for expensive Rx, and that will depend on the coverage of your part D plan. Moreover, the out of pocket costs, as well as the part B premiums can both be paid from any remaining HSA funds you might still have.
I've got 10 years to go before Medicare. This year is $1,400/mo on Cobra because I don't qualify for ACA until next year. Next year though it will be $500/mo, but that's only because I'll be converting 401k that counts as income up to the max that I can and still qualify for ACA. BUT, if you don't have income ACA can be as little as $0/mo.
But the biggest thing that stopped me from worrying about the cost is that we relocated and the difference in property taxes alone just about pays for the expensive insurance. I just made that change in my thinking of my spend and the worry went away. Which leads me to your comment about costly lifestyle, that should already be figured in your spend. While it's true you need more money and possibly more working years (if not offset by salary already) before you reach financial independence, the cost for health insurance is a lesser concern for those with more money and more costly lifestyles, not more.
ConstruxBoy
Kate's Daddy
What if your wife is already relying on your job for insurance?The other option is to rely on your wife's job for insurance. Not everyone can, but sure seems like our likely path.Yes and no. Definitely need to plan for it for sure.My point is that if you retire before 65, especially those way under 65, you have to take into account healthcare cost and that isn't a non-issue for a lot of people. You may not be getting social security for several years and you're paying out of pocket for expensive healthcare insurance because you can't go on Medicare yet. That's a big deal to a lot of people. Sure, this probably isn't an issue for those that have saved and invested well, and / or has a large pension, but being able to retire early, especially those in their 50s, it may not be so easy. Not for some that have a costly lifestyle. For example, my lifestyle is about 9K a month and the only debt I have is a mortgage, which I owe 100K on. Thankfully I'm well ahead of the game at 66. But I wasn't able to retire before I did. Not if I wanted to maintain my current lifestyle.Health insurance isn't cheap and is something you can't do without. Hell, even with Medicare and supplemental insurance you pay a pretty monthly penny, especially if it includes a spouse. I know a guy I worked with who retired a couple of months before me, he is 64, and his wife is younger, but will bite the bullet and will have to pay a lot for health insurance for both. He will be 65 next year, so that helps that he can go on Medicare at that point, but his wife is in her early 60s and has MS, so that will cost a lot until she turns 65.Yup. This is something worth thoroughly researching before retiring before 65.Insurance isnt as big of deal as everyone makes it out to be. ACA is cheap as long as you manage your income.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Depends on what you mean by “pretty penny”, but with traditional Medicare (not Medicare advantage) most folks get premium free part A, pay $185/m for part B, around $120-150/m for a supplement, and likely under $20/m for a part D plan. With all that, you really don’t have any out of pocket costs, other than for expensive Rx, and that will depend on the coverage of your part D plan. Moreover, the out of pocket costs, as well as the part B premiums can both be paid from any remaining HSA funds you might still have.
I've got 10 years to go before Medicare. This year is $1,400/mo on Cobra because I don't qualify for ACA until next year. Next year though it will be $500/mo, but that's only because I'll be converting 401k that counts as income up to the max that I can and still qualify for ACA. BUT, if you don't have income ACA can be as little as $0/mo.
But the biggest thing that stopped me from worrying about the cost is that we relocated and the difference in property taxes alone just about pays for the expensive insurance. I just made that change in my thinking of my spend and the worry went away. Which leads me to your comment about costly lifestyle, that should already be figured in your spend. While it's true you need more money and possibly more working years (if not offset by salary already) before you reach financial independence, the cost for health insurance is a lesser concern for those with more money and more costly lifestyles, not more.
fruity pebbles
Footballguy
Yeah. I mean if it’s still that way in a couple years, I plan to take full advantage of the loophole, but assets should be figured into the equation as well as income.
Peggy
Footballguy
If you're asking me, the prices I listed include both of us.What if your wife is already relying on your job for insurance?The other option is to rely on your wife's job for insurance. Not everyone can, but sure seems like our likely path.Yes and no. Definitely need to plan for it for sure.My point is that if you retire before 65, especially those way under 65, you have to take into account healthcare cost and that isn't a non-issue for a lot of people. You may not be getting social security for several years and you're paying out of pocket for expensive healthcare insurance because you can't go on Medicare yet. That's a big deal to a lot of people. Sure, this probably isn't an issue for those that have saved and invested well, and / or has a large pension, but being able to retire early, especially those in their 50s, it may not be so easy. Not for some that have a costly lifestyle. For example, my lifestyle is about 9K a month and the only debt I have is a mortgage, which I owe 100K on. Thankfully I'm well ahead of the game at 66. But I wasn't able to retire before I did. Not if I wanted to maintain my current lifestyle.Health insurance isn't cheap and is something you can't do without. Hell, even with Medicare and supplemental insurance you pay a pretty monthly penny, especially if it includes a spouse. I know a guy I worked with who retired a couple of months before me, he is 64, and his wife is younger, but will bite the bullet and will have to pay a lot for health insurance for both. He will be 65 next year, so that helps that he can go on Medicare at that point, but his wife is in her early 60s and has MS, so that will cost a lot until she turns 65.Yup. This is something worth thoroughly researching before retiring before 65.Insurance isnt as big of deal as everyone makes it out to be. ACA is cheap as long as you manage your income.
I know I won't be bored.
There are so many things I want to do around here, with no time to do it all.
I do plan to work part-time consulting. Like 3 months a year, as I do enjoy the work I do in the Power Platform.
Plus need to cover medical until 5 years later when I hit 67 and can get S.S. And Medicare.
Depends on what you mean by “pretty penny”, but with traditional Medicare (not Medicare advantage) most folks get premium free part A, pay $185/m for part B, around $120-150/m for a supplement, and likely under $20/m for a part D plan. With all that, you really don’t have any out of pocket costs, other than for expensive Rx, and that will depend on the coverage of your part D plan. Moreover, the out of pocket costs, as well as the part B premiums can both be paid from any remaining HSA funds you might still have.
I've got 10 years to go before Medicare. This year is $1,400/mo on Cobra because I don't qualify for ACA until next year. Next year though it will be $500/mo, but that's only because I'll be converting 401k that counts as income up to the max that I can and still qualify for ACA. BUT, if you don't have income ACA can be as little as $0/mo.
But the biggest thing that stopped me from worrying about the cost is that we relocated and the difference in property taxes alone just about pays for the expensive insurance. I just made that change in my thinking of my spend and the worry went away. Which leads me to your comment about costly lifestyle, that should already be figured in your spend. While it's true you need more money and possibly more working years (if not offset by salary already) before you reach financial independence, the cost for health insurance is a lesser concern for those with more money and more costly lifestyles, not more.
Peggy
Footballguy
Why is it a "loophole"?
Is the ACA a plan to provide affordable Healthcare for everyone or just poor people? I don't recall it just being for poor people, there is Medicaid for that.
From the googles
Nugget
Footballguy
Is it because you are Belgian?
fruity pebbles
Footballguy
Loophole may have been the wrong word but it’s there to provide affordable healthcare to those who need it. The taxpayers are the ones subsidizing it. A guy who retires at 62 with very little “income” but can have enough cash to sustain himself for those three years, can have a wealth of assets which obviously don’t count as income and he’s paying next to nothing for health insurance on the taxpayers dime. Don’t think that was the intention. I mean if affordable healthcare for all was the intention, income wouldn’t even be a factor.
Desert_Power
Footballguy
That'd be nice.
fruity pebbles
Footballguy
Agree 100%.
Nugget
Footballguy
Many of our tax laws give preferential treatment to capital over income. It is a feature of the system.
Peggy
Footballguy
Well it was marketed and is defined as getting more people on heathcare, regardless of wealth. I mean regular insurance is so expensive I might choose to self insure at some point if ACA wasn't there. So I need it. My guess is lawmakers thought income would mean a high paying job in most cases and didn't want to disinsentivize companies from offering heathcare as part of their benefits. Not to keep wealthy people from using it during early retirement. They don't keep wealthy people from using Medicare.
Alex P Keaton
Footballguy
Anybody in here modeling in shock loss scenarios where the broader equity markets decline? If so, what are you modeling in? 20% drop? 40% drop?
fruity pebbles
Footballguy
Yo Mama
Footballguy
What overall average rate of return do you all assume in your retirement modeling/planning? Do you make it dependent on your portfolio mix assumptions?
I’m currently using a conservative rate in my modeling and wondering if I should assume higher. I plan on using a 60/40 or 70/30 mix (I have a pension so I am planning on a slightly higher level of risk in my investments).
To APK’s question above, I did put in a way to forecast a bear market scenario (at different % drops) at the start of my projected retirement.
I’m currently using a conservative rate in my modeling and wondering if I should assume higher. I plan on using a 60/40 or 70/30 mix (I have a pension so I am planning on a slightly higher level of risk in my investments).
To APK’s question above, I did put in a way to forecast a bear market scenario (at different % drops) at the start of my projected retirement.
-OZ-
Footballguy
4% plus inflation. It’s conservative but if it’s higher, we’re able to give more.
-OZ-
Footballguy
Not directly but by having a few years expenses in T bills and i bonds and using a conservative return, a drop is essentially factored and planned for.
Yo Mama
Footballguy
Thanks - I’m currently assuming 3% plus inflation and wonder if I’m being way too conservative.
Peggy
Footballguy
I think in the last clash flow analysis I did it was 6% return and 2.5% for inflation. So close to what OZ said.
I use 6% and have averaged 11% the last 10 years.
Yo Mama
Footballguy
Going from a 3% spread to 4% I could basically accelerate my retirement date by 2-3 years (from ~8 years away to 5 or 6).
I’m going to still be conservative in my planning but nice to know.
Peggy
Footballguy
Yeah man. That's the secret sauce!Going from a 3% spread to 4% I could basically accelerate my retirement date by 2-3 years (from ~8 years away to 5 or 6).
I’m going to still be conservative in my planning but nice to know.
NewlyRetired
Footballguy
Can some one please check my understanding of social security (as of today)? This is for my wife.
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The wife still works and may be interested in taking social security at 62 even if she continues working.
For every $2 she earns over $23,400, she will receive $1 less per year in SS. She is not a high earner as a librarian but this formula will still have an effect on her withdrawal.
But I just noticed this as well at the SSA site:
" The amount that your benefits are reduced, however, isn’t lost. Your benefit will increase at your full retirement age to account for benefits withheld due to earlier earnings."
===========
If I am reading this correctly, her SS will be reduced due to working while withdrawing however, the reduction is not lost, it is only delayed. She will lose some opportunity cost by the delay, but the actual base benefit will not be lost, just delayed until she hits Full Retirement Age (67) or stops working.
Am I understanding this correctly?
==========
The wife still works and may be interested in taking social security at 62 even if she continues working.
For every $2 she earns over $23,400, she will receive $1 less per year in SS. She is not a high earner as a librarian but this formula will still have an effect on her withdrawal.
But I just noticed this as well at the SSA site:
" The amount that your benefits are reduced, however, isn’t lost. Your benefit will increase at your full retirement age to account for benefits withheld due to earlier earnings."
===========
If I am reading this correctly, her SS will be reduced due to working while withdrawing however, the reduction is not lost, it is only delayed. She will lose some opportunity cost by the delay, but the actual base benefit will not be lost, just delayed until she hits Full Retirement Age (67) or stops working.
Am I understanding this correctly?
Sullie
Footballguy
I'm not an expert so I ran your entire question through AI and here's what it returned:
* I am not a financial, tax, nor retirement expert, please don't make life decisions based upon some random person on the internet, your mileage may vary, I am not giving life, financial, retirement advice, I just ran your question through AI (co-pilot), please consult with a financial/tax/law/etc. expert to make all financial/tax/life decisions.
You're reading it correctly, NewlyRetired —and your summary is impressively clear and nuanced. Here's a breakdown to confirm and slightly expand your understanding:
What You Got Right
• Early Claiming at 62 While Working: Yes, your wife can begin collecting Social Security at 62 even if she continues working. However, because she hasn't reached Full Retirement Age (FRA), her benefits are subject to the Retirement Earnings Test.
• 2025 Earnings Limit: The current threshold is $23,400. If she earns more than that from wages or self-employment income, Social Security will withhold $1 for every $2 earned over the limit.
• Not a Permanent Loss: The SSA does not keep the withheld benefits forever. Once she reaches FRA (which for her birth year is likely 67), her monthly benefit will be recalculated to account for the months when benefits were withheld. This means her benefit will increase going forward.
What’s Worth Emphasizing
• Opportunity Cost: You're spot-on that while the withheld benefits are eventually restored, there's a trade-off. She loses the ability to invest or spend those funds during the years they’re withheld. That’s the real cost—not the benefit itself, but the delay.
• Income Types That Count: Only earned income (wages, self-employment) counts toward the limit. Investment income, pensions, annuities, etc., do not trigger the reduction.
• Adjustment at FRA: The SSA doesn’t give a lump sum for withheld benefits. Instead, they increase her monthly benefit going forward to make up for it. It’s a gradual payback.
Quick Example
Let’s say she earns $28,400 in 2025:
• That’s $5,000 over the limit.
• SSA would withhold $2,500 in benefits that year.
• If her monthly benefit was $1,250, she’d lose two months of payments.
• At FRA, her monthly benefit would be adjusted upward to compensate for those two withheld months.
* I am not a financial, tax, nor retirement expert, please don't make life decisions based upon some random person on the internet, your mileage may vary, I am not giving life, financial, retirement advice, I just ran your question through AI (co-pilot), please consult with a financial/tax/law/etc. expert to make all financial/tax/life decisions.
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Desert_Power
Footballguy
What are you using for inflation?
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