The “I want to retire soon” thread (5 Viewers)

[gianmarco]

Btw, assuming it's not just hot garbage, I've been using ChatGPT for this stuff lately to analyze and give feedback on how to look at things, start to plan, etc.

Most every major investment site (TIAA, Schwab, Vanguard, etc.) has 3rd party aggregation where you can basically have all your accounts linked to get a full picture. You can then just save that as a PDF from your site of choice and upload it to ChatGPT. You can then ask it to analyze and give thoughts on FIRE or allocation or whatever.

I just uploaded our snapshot and asked it to analyze how we're looking for FIRE in next few years, how each year would look like with withdrawals, etc.

Just something to consider trying out.

Wow. For some reason I didn't even think of using ChatGPT for this. I'm old....

Based on the initial feedback, I'm already at traditional and/or Coast FIRE levels, possibly Barista FIRE and <5 years from Fat FIRE.

Let's gooooo!!!!

I used ChatGPT to do full Monte Carlo simulations, timetable for Roth conversions etc. Seems better than my financial planner honestly

What level of detail are you entering into the prompt?

As little or as much as you want. I've done the same.

And the one I recently did, uploading a statement that has all of our holdings in various buckets (taxable, 403, Roth, SEP, etc) with current balances, and it now has all the information it needs without me having to input anything.

I did very similar and then also asked ChatGPT to model out three life scenarios:

1) married for all of retirement
2) single / divorced starting in 3-5 years
3) mysterious death of spouse

ChatGPT was surprisingly helpful and even offered further suggestions on each of the 3 scenarios

"Places to look for plastic tape and a cheap rug without arousing suspicion..."

 

[Alex P Keaton]

Btw, assuming it's not just hot garbage, I've been using ChatGPT for this stuff lately to analyze and give feedback on how to look at things, start to plan, etc.

Most every major investment site (TIAA, Schwab, Vanguard, etc.) has 3rd party aggregation where you can basically have all your accounts linked to get a full picture. You can then just save that as a PDF from your site of choice and upload it to ChatGPT. You can then ask it to analyze and give thoughts on FIRE or allocation or whatever.

I just uploaded our snapshot and asked it to analyze how we're looking for FIRE in next few years, how each year would look like with withdrawals, etc.

Just something to consider trying out.

Wow. For some reason I didn't even think of using ChatGPT for this. I'm old....

Based on the initial feedback, I'm already at traditional and/or Coast FIRE levels, possibly Barista FIRE and <5 years from Fat FIRE.

Let's gooooo!!!!

I used ChatGPT to do full Monte Carlo simulations, timetable for Roth conversions etc. Seems better than my financial planner honestly

What level of detail are you entering into the prompt?

As little or as much as you want. I've done the same.

And the one I recently did, uploading a statement that has all of our holdings in various buckets (taxable, 403, Roth, SEP, etc) with current balances, and it now has all the information it needs without me having to input anything.

I did very similar and then also asked ChatGPT to model out three life scenarios:

1) married for all of retirement
2) single / divorced starting in 3-5 years
3) mysterious death of spouse

ChatGPT was surprisingly helpful and even offered further suggestions on each of the 3 scenarios

"Places to look for plastic tape and a cheap rug without arousing suspicion..."

ChatGPT is more nuanced about how they phrase it. To be fair, I lied and told it that I live in northern NJ, so it knew to speak in code language

 

[jwb]

Never even thought about using AI. This is fun. Really is going to put a lot of people out of a job.

Not snarky, but sincere: For all the guys surprised at what ChatGPT can do, I truly hope you're at the point in your career where you would be prettymuch ok with a layoff. Because if not, you are quickly falling behind. If your job involves a desk, you should get as comfortable with AI as you can.

 

[fruity pebbles]

Never even thought about using AI. This is fun. Really is going to put a lot of people out of a job.

Not snarky, but sincere: For all the guys surprised at what ChatGPT can do, I truly hope you're at the point in your career where you would be prettymuch ok with a layoff. Because if not, you are quickly falling behind. If your job involves a desk, you should get as comfortable with AI as you can.

No, I get it. I’m a bedside nurse so it honestly hasn’t even been on my radar yet

 

[Senor Schmutzig]

Never even thought about using AI. This is fun. Really is going to put a lot of people out of a job.

Not snarky, but sincere: For all the guys surprised at what ChatGPT can do, I truly hope you're at the point in your career where you would be prettymuch ok with a layoff. Because if not, you are quickly falling behind. If your job involves a desk, you should get as comfortable with AI as you can.

Yes, that’s why I’m in this thread and trying to figure out if I can FIRE now.

 

[b-snatchers]

Sorry, I am sure this has been discussed but can't find it.
What is a recommended book on early retirement?
Looking to get a book to read on an upcoming trip and thought about reading something on early retirement.

 

[2Young2BBald]

Sorry, I am sure this has been discussed but can't find it.
What is a recommended book on early retirement?
Looking to get a book to read on an upcoming trip and thought about reading something on early retirement.

This was recommended up thread and I really enjoyed it - How to Retire: https://www.amazon.com/dp/1804090697?ref_=ppx_hzsearch_conn_dt_b_fed_asin_title_1

I am 57 and planting my here as I may be doing some big thinking about hanging it up next year.

The book above also has a rec for The Simple Path to Wealth, which would be a very easy travel read: https://www.amazon.com/dp/1533667926?ref_=ppx_hzsearch_conn_dt_b_fed_asin_title_2

 

[jamny]

Sorry, I am sure this has been discussed but can't find it.
What is a recommended book on early retirement?
Looking to get a book to read on an upcoming trip and thought about reading something on early retirement.

This was recommended up thread and I really enjoyed it - How to Retire: https://www.amazon.com/dp/1804090697?ref_=ppx_hzsearch_conn_dt_b_fed_asin_title_1

This would work especially well as a travel book since each chapter is different. Great book.

 

[Peggy]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

 

[Peggy]

AI not so smart.

Apparently I used more than my free share of python coding in chatgpt before I got the spreadsheet just right so I went over to Gemini. After guiding it through making a calculator it tried to tell me the ACA subsidies for over 400% poverty were made permanent. I had to quote Google back to it before it admitted it's error.

So now it's use crappy AI or pay for better AI.

At least the exercise got me to fully wrap my head around ACA MAGI. Oh well, it was nice while it lasted.

 

[Judge Smails]

Never even thought about using AI. This is fun. Really is going to put a lot of people out of a job.

Not snarky, but sincere: For all the guys surprised at what ChatGPT can do, I truly hope you're at the point in your career where you would be prettymuch ok with a layoff. Because if not, you are quickly falling behind. If your job involves a desk, you should get as comfortable with AI as you can.

Very true. As a leader, expect to get a lot about AI in interviews. Like how you plan to make your org AI native. How you use it personally, etc

 

[Judge Smails]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

Very interested in this. I’m doing COBRA at least through the end of the year - trying to decide if ACA is a better option starting in January.

 

[Judge Smails]

Listening to the Die with Zero audiobook. Love it so far

 

[Instinctive]

Your AI uses will be more helpful if you give it a world view and context to use to evaluate something.

Like give it a safe withdrawal rate, give it specific goals, and then yeah using GPT Pro is WAY better than free GPT.

 

[matttyl]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

Very interested in this. I’m doing COBRA at least through the end of the year - trying to decide if ACA is a better option starting in January.

How long have you been on cobra? I ask because you ca only be on it for a max of 18 months. If you start 2026 still on cobra, and those 18 months expire during 2026, you may need to go to an ACA policy then, with a brand new deductible and OOP that will only be until the end of 2026 when it resets. I advise people, if possible, to have as few (preferably zero) deductible resets year calendar year.

 

[Steve Tasker]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

For what it's worth, my experience using AI for tax matters so far has been very spotty. It will sometimes give entirely wrong results, often because it has trouble distinguishing between US tax law and foreign tax laws. It will aggregate all of the available data and give you a response that sounds good, but you need to really keep an eye on it to make sure it's not using bad sources.

 

[Desert_Power]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

For what it's worth, my experience using AI for tax matters so far has been very spotty. It will sometimes give entirely wrong results, often because it has trouble distinguishing between US tax law and foreign tax laws. It will aggregate all of the available data and give you a response that sounds good, but you need to really keep an eye on it to make sure it's not using bad sources.

I think my experience trying to use AI to vet some things from my tax software is a big reason I don't use it anymore. Absolutely caught it hallucinating sources for things that were not true.

 

[Sand]

Your AI uses will be more helpful if you give it a world view and context to use to evaluate something.

Like give it a safe withdrawal rate, give it specific goals, and then yeah using GPT Pro is WAY better than free GPT.

$200/month? Yeesh.

 

[Instinctive]

Your AI uses will be more helpful if you give it a world view and context to use to evaluate something.

Like give it a safe withdrawal rate, give it specific goals, and then yeah using GPT Pro is WAY better than free GPT.

$200/month? Yeesh.

Enterprise. My job and my wife's job both pay for it. It's a totally new world.

 

[Judge Smails]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

Very interested in this. I’m doing COBRA at least through the end of the year - trying to decide if ACA is a better option starting in January.

How long have you been on cobra? I ask because you ca only be on it for a max of 18 months. If you start 2026 still on cobra, and those 18 months expire during 2026, you may need to go to an ACA policy then, with a brand new deductible and OOP that will only be until the end of 2026 when it resets. I advise people, if possible, to have as few (preferably zero) deductible resets year calendar year.

I have until June of next year. I’ll be 64 and 3 months then

 

[matttyl]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

Very interested in this. I’m doing COBRA at least through the end of the year - trying to decide if ACA is a better option starting in January.

How long have you been on cobra? I ask because you ca only be on it for a max of 18 months. If you start 2026 still on cobra, and those 18 months expire during 2026, you may need to go to an ACA policy then, with a brand new deductible and OOP that will only be until the end of 2026 when it resets. I advise people, if possible, to have as few (preferably zero) deductible resets year calendar year.

I have until June of next year. I’ll be 64 and 3 months then

Not great timing. By my math you may have 5 different medical deductibles over the next 17 months.

1 - the one you have now, likely resetting/renewing at end of calendar year
2 - cobra to start 2026 up until June ‘26
3 - individual policy starting in July ‘26 till end of ‘26
4 - renewing individual policy starting for a few months of ‘27 prior to Medicare
5 - going on Medicare Feb or March of ‘27, which while small, still has a deductible for part B even with a really good supplement

 

[Judge Smails]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

Very interested in this. I’m doing COBRA at least through the end of the year - trying to decide if ACA is a better option starting in January.

How long have you been on cobra? I ask because you ca only be on it for a max of 18 months. If you start 2026 still on cobra, and those 18 months expire during 2026, you may need to go to an ACA policy then, with a brand new deductible and OOP that will only be until the end of 2026 when it resets. I advise people, if possible, to have as few (preferably zero) deductible resets year calendar year.

I have until June of next year. I’ll be 64 and 3 months then

Not great timing. By my math you may have 5 different medical deductibles over the next 17 months.

1 - the one you have now, likely resetting/renewing at end of calendar year
2 - cobra to start 2026 up until June ‘26
3 - individual policy starting in July ‘26 till end of ‘26
4 - renewing individual policy starting for a few months of ‘27 prior to Medicare
5 - going on Medicare Feb or March of ‘27, which while small, still has a deductible for part B even with a really good supplement

I’d appreciate any recommendations of what I can/should do. I was hoping I could shift to a lower cost policy in January as COBRA is $2200 for both of us including dental and vision. Also, Mrs Smails is 61 and 6 months, so I’ll have to do something for her on the exchange even when I go on Medicare.

 

[matttyl]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

Very interested in this. I’m doing COBRA at least through the end of the year - trying to decide if ACA is a better option starting in January.

How long have you been on cobra? I ask because you ca only be on it for a max of 18 months. If you start 2026 still on cobra, and those 18 months expire during 2026, you may need to go to an ACA policy then, with a brand new deductible and OOP that will only be until the end of 2026 when it resets. I advise people, if possible, to have as few (preferably zero) deductible resets year calendar year.

I have until June of next year. I’ll be 64 and 3 months then

Not great timing. By my math you may have 5 different medical deductibles over the next 17 months.

1 - the one you have now, likely resetting/renewing at end of calendar year
2 - cobra to start 2026 up until June ‘26
3 - individual policy starting in July ‘26 till end of ‘26
4 - renewing individual policy starting for a few months of ‘27 prior to Medicare
5 - going on Medicare Feb or March of ‘27, which while small, still has a deductible for part B even with a really good supplement

I’d appreciate any recommendations of what I can/should do. I was hoping I could shift to a lower cost policy in January as COBRA is $2200 for both of us including dental and vision. Also, Mrs Smails is 61 and 6 months, so I’ll have to do something for her on the exchange even when I go on Medicare.

Likely best to chat by phone DM me. Everyone’s situation is different. It’s likely best to go on the exchange effective 1/1/26 if you can find a decent policy (be aware that many if not most exchange policies are HMOs with large out of pockets).

 

[matttyl]

So I just learned a really cool thing you can do with an HSA. I’d never thought about this.

Let’s say you have an entire family on an HDHP type health insurance plan (the kind you need to have in order to be eligible for an HSA). If one of the children are no longer tax dependents of their parents, thy are eligible for their own HSA. Moreover, their contribution limit is the full 8,550 family contribution limit as the HDHP they are enrolled on is in fact a family policy.

So you could have a family of 4 on one insurance policy all sharing the same family deductible, but a potential $25,650 in tax deductible HSA contributions. You do that for a couple kids in their early 20s for a few years (kids ca be on mom and/or dads policy until age 26), and don’t let them touch it - 3 full years of contributions (at 8% compounded for 40 years) would be over half a million at age 65.

 

[Peggy]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

Very interested in this. I’m doing COBRA at least through the end of the year - trying to decide if ACA is a better option starting in January.

I'm 100% going to ACA in January. I have enough cash to be able to manage the cliff. Using the spreadsheet/calculator to see how much 401K I can roll over up to the 400% poverty where the cliff hits.

 

[Peggy]

Listening to the Die with Zero audiobook. Love it so far

One of the books that convinced me to retire right away.

 

[Peggy]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

Very interested in this. I’m doing COBRA at least through the end of the year - trying to decide if ACA is a better option starting in January.

How long have you been on cobra? I ask because you ca only be on it for a max of 18 months. If you start 2026 still on cobra, and those 18 months expire during 2026, you may need to go to an ACA policy then, with a brand new deductible and OOP that will only be until the end of 2026 when it resets. I advise people, if possible, to have as few (preferably zero) deductible resets year calendar year.

For me it will be 10 months. Starting ACA January 1st. First year I'll be able to manage MAGI.

 

[InDitkaWeTrust]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

Very interested in this. I’m doing COBRA at least through the end of the year - trying to decide if ACA is a better option starting in January.

I'm 100% going to ACA in January. I have enough cash to be able to manage the cliff. Using the spreadsheet/calculator to see how much 401K I can roll over up to the 400% poverty where the cliff hits.

Not trying to get political here, but are you concerned about the likely ACA rate hikes once the enhanced subsidies are eliminated? The numbers I have seen are pretty eye opening.

 

[Peggy]

Back to the AI thing. It's been a while since I looked at Fidelity's Retirement Planning Tools. It's waaay better now. It spits out a really nice cash flow analysis for their default monte carlo percentages at 50%, 75% and 90%. All you have to do is punch in any account balances that aren't at Fidelity.

I'd trust that to not make mistakes that the AI did, grabbing info from wrong years/out dated info etc.

 

[Peggy]

Ok this chat AI thing is crazy. After messing around confirming my retirement spend numbers I thought I'd ask it about MAGI for ACA subsidies since I can finally get rid of the expensive Cobra insurance. I've been trying to wrap my head around figuring my MAGI....this thing built a spreadsheet for me. Unreal.

Very interested in this. I’m doing COBRA at least through the end of the year - trying to decide if ACA is a better option starting in January.

I'm 100% going to ACA in January. I have enough cash to be able to manage the cliff. Using the spreadsheet/calculator to see how much 401K I can roll over up to the 400% poverty where the cliff hits.

Not trying to get political here, but are you concerned about the likely ACA rate hikes once the enhanced subsidies are eliminated? The numbers I have seen are pretty eye opening.

Well nobody likes spending more money, but, insurance rate increases aren't exactly something new.

What I wish for more is for the cliff to be fixed and the subsidies to not cut off at 400% poverty. That would allow me to do more 401K roll overs and net a much bigger number on the back end.

I haven't researched it much for the providers in my state, but just looking at the cost of the market place compared to when I looked at it last year it seems to be about 15-17% increase. Yes that sucks, but, it's still costs half of what cobra is costing me right now. Ball park numbers for me and the wife:

$600/mo for ACA when I looked at it last year. $700/mo when I checked yesterday for the new 2026 estimated rates. Cobra is costing me $1,400/mo right now.

 

[Peggy]

ACA is confusing.

HSA eligible plans need a minimum deductible of 3500 for family plan. Market place lists some of these as "not HSA compatible".

Does that mean they don't have a connected HSA account but I can still contribute on my own? I mean the deductible is clearly more than the required minimum.

ETA: Only bronze plans are categorized as HSA qualified. That can't be right.

 

[Sand]

ACA is confusing.

HSA eligible plans need a minimum deductible of 3500 for family plan. Market place lists some of these as "not HSA compatible".

Does that mean they don't have a connected HSA account but I can still contribute on my own? I mean the deductible is clearly more than the required minimum.

Just because they're HSA eligible doesn't mean they're setup as an HSA plan.

Also of note, per OBBB legislation, all Copper level plans are HSA plans.

 

[Peggy]

ACA is confusing.

HSA eligible plans need a minimum deductible of 3500 for family plan. Market place lists some of these as "not HSA compatible".

Does that mean they don't have a connected HSA account but I can still contribute on my own? I mean the deductible is clearly more than the required minimum.

Just because they're HSA eligible doesn't mean they're setup as an HSA plan.

Also of note, per OBBB legislation, all Copper level plans are HSA plans.

Thanks. But I'm still not connecting the dots.

Does it have to be setup as an HSA plan for me to contribute to my HSA that's completely separate over at Fidelity? Or just meet the minimum deductible?

 

[Peggy]

Per the googles: Has to be HSA compatible, I guess there is more to it than the high deductible.

Why a non-HSA-compatible plan doesn't work
HSA eligibility rules: The key requirement is that the plan must be an "HSA-eligible" or "HSA-qualified" HDHP. This isn't just about the deductible; it's a specific set of rules.
Preventive care and copays: A common reason a plan is not HSA-eligible is that it covers certain services, like prescriptions or doctor's visits, with a copay before the deductible is met.
"First-dollar" coverage: Plans that provide "first-dollar" coverage for most services before you meet the deductible are disqualified from being HSA-eligible.

Ugh

 

[Sand]

Per the googles: Has to be HSA compatible, I guess there is more to it than the high deductible.

Why a non-HSA-compatible plan doesn't work
HSA eligibility rules: The key requirement is that the plan must be an "HSA-eligible" or "HSA-qualified" HDHP. This isn't just about the deductible; it's a specific set of rules.
Preventive care and copays: A common reason a plan is not HSA-eligible is that it covers certain services, like prescriptions or doctor's visits, with a copay before the deductible is met.
"First-dollar" coverage: Plans that provide "first-dollar" coverage for most services before you meet the deductible are disqualified from being HSA-eligible.

Ugh

Correct, but again if you're looking at a copper plan they are all, by law, HSA plans. Not sure how the mechanics on those work, though. Silver and Gold don't have to be.

 

[Peggy]

Per the googles: Has to be HSA compatible, I guess there is more to it than the high deductible.

Why a non-HSA-compatible plan doesn't work
HSA eligibility rules: The key requirement is that the plan must be an "HSA-eligible" or "HSA-qualified" HDHP. This isn't just about the deductible; it's a specific set of rules.
Preventive care and copays: A common reason a plan is not HSA-eligible is that it covers certain services, like prescriptions or doctor's visits, with a copay before the deductible is met.
"First-dollar" coverage: Plans that provide "first-dollar" coverage for most services before you meet the deductible are disqualified from being HSA-eligible.

Ugh

Correct, but again if you're looking at a copper plan they are all, by law, HSA plans. Not sure how the mechanics on those work, though. Silver and Gold don't have to be.

I was looking at a gold plan with a 4000 deductible which is close to what were used to. None of the silver or gold plans are HSA compatible in my market. Now I have to weigh going to bronze with 12000 deductible that gets me 8750 in HSA. Good news is a bronze plan is going to cost a lot less than I was planning.

 

[Judge Smails]

@matttyl just took time out of his day to walk me through some insurance options. Wealth of knowledge. Just another example of how awesome the people in this community are. Thanks amigo!

 

[matttyl]

ACA is confusing.

HSA eligible plans need a minimum deductible of 3500 for family plan. Market place lists some of these as "not HSA compatible".

Does that mean they don't have a connected HSA account but I can still contribute on my own? I mean the deductible is clearly more than the required minimum.

ETA: Only bronze plans are categorized as HSA qualified. That can't be right.

First off, that’s not an ACA thing. It’s an IRS thing, technically. To be eligible to have an HSA (health savings account), you need to be enrolled in an HDHP (high deductible health plan), and the rules for those are set by the IRS. It’s more than just deductible level - there are also max out of pocket rules, but even more importantly- not have any “up front” benefits, like copays prior to deductible.

You can have a plan that has a $4k family deductible, but because it has a Dr visit copay (prior to deductible), it’s not an HDHP, and thus not HSA eligible.

 

[matttyl]

Per the googles: Has to be HSA compatible, I guess there is more to it than the high deductible.

Why a non-HSA-compatible plan doesn't work
HSA eligibility rules: The key requirement is that the plan must be an "HSA-eligible" or "HSA-qualified" HDHP. This isn't just about the deductible; it's a specific set of rules.
Preventive care and copays: A common reason a plan is not HSA-eligible is that it covers certain services, like prescriptions or doctor's visits, with a copay before the deductible is met.
"First-dollar" coverage: Plans that provide "first-dollar" coverage for most services before you meet the deductible are disqualified from being HSA-eligible.

Ugh

Correct, but again if you're looking at a copper plan they are all, by law, HSA plans. Not sure how the mechanics on those work, though. Silver and Gold don't have to be.

I was looking at a gold plan with a 4000 deductible which is close to what were used to. None of the silver or gold plans are HSA compatible in my market. Now I have to weigh going to bronze with 12000 deductible that gets me 8750 in HSA. Good news is a bronze plan is going to cost a lot less than I was planning.

You’re still in Va?

 

[Peggy]

Per the googles: Has to be HSA compatible, I guess there is more to it than the high deductible.

Why a non-HSA-compatible plan doesn't work
HSA eligibility rules: The key requirement is that the plan must be an "HSA-eligible" or "HSA-qualified" HDHP. This isn't just about the deductible; it's a specific set of rules.
Preventive care and copays: A common reason a plan is not HSA-eligible is that it covers certain services, like prescriptions or doctor's visits, with a copay before the deductible is met.
"First-dollar" coverage: Plans that provide "first-dollar" coverage for most services before you meet the deductible are disqualified from being HSA-eligible.

Ugh

Correct, but again if you're looking at a copper plan they are all, by law, HSA plans. Not sure how the mechanics on those work, though. Silver and Gold don't have to be.

I was looking at a gold plan with a 4000 deductible which is close to what were used to. None of the silver or gold plans are HSA compatible in my market. Now I have to weigh going to bronze with 12000 deductible that gets me 8750 in HSA. Good news is a bronze plan is going to cost a lot less than I was planning.

You’re still in Va?

Yes sir.

 

[matttyl]

Per the googles: Has to be HSA compatible, I guess there is more to it than the high deductible.

Why a non-HSA-compatible plan doesn't work
HSA eligibility rules: The key requirement is that the plan must be an "HSA-eligible" or "HSA-qualified" HDHP. This isn't just about the deductible; it's a specific set of rules.
Preventive care and copays: A common reason a plan is not HSA-eligible is that it covers certain services, like prescriptions or doctor's visits, with a copay before the deductible is met.
"First-dollar" coverage: Plans that provide "first-dollar" coverage for most services before you meet the deductible are disqualified from being HSA-eligible.

Ugh

Correct, but again if you're looking at a copper plan they are all, by law, HSA plans. Not sure how the mechanics on those work, though. Silver and Gold don't have to be.

I was looking at a gold plan with a 4000 deductible which is close to what were used to. None of the silver or gold plans are HSA compatible in my market. Now I have to weigh going to bronze with 12000 deductible that gets me 8750 in HSA. Good news is a bronze plan is going to cost a lot less than I was planning.

You’re still in Va?

Yes sir.

Hit me up after 11/1 (open enrollment) and I’ll know more, but I’m sure we can find you something that works.

 

[gianmarco]

Btw, assuming it's not just hot garbage, I've been using ChatGPT for this stuff lately to analyze and give feedback on how to look at things, start to plan, etc.

Most every major investment site (TIAA, Schwab, Vanguard, etc.) has 3rd party aggregation where you can basically have all your accounts linked to get a full picture. You can then just save that as a PDF from your site of choice and upload it to ChatGPT. You can then ask it to analyze and give thoughts on FIRE or allocation or whatever.

I just uploaded our snapshot and asked it to analyze how we're looking for FIRE in next few years, how each year would look like with withdrawals, etc.

Just something to consider trying out.

Wow. For some reason I didn't even think of using ChatGPT for this. I'm old....

Based on the initial feedback, I'm already at traditional and/or Coast FIRE levels, possibly Barista FIRE and <5 years from Fat FIRE.

Let's gooooo!!!!

I think this is a great use for something like ChatGPT. I even had it give me models based on taking SS at age 62 vs 67 vs 70. I also had it give me a practical plan of how much to take each year from which bucket (taxable vs tax deferred/retirement vs tax-free/Roth).

Just used Gemini from Google and it seemed to do an even better job than ChatGPT. Interesting to see the comparison.

 

[Peggy]

Per the googles: Has to be HSA compatible, I guess there is more to it than the high deductible.

Why a non-HSA-compatible plan doesn't work
HSA eligibility rules: The key requirement is that the plan must be an "HSA-eligible" or "HSA-qualified" HDHP. This isn't just about the deductible; it's a specific set of rules.
Preventive care and copays: A common reason a plan is not HSA-eligible is that it covers certain services, like prescriptions or doctor's visits, with a copay before the deductible is met.
"First-dollar" coverage: Plans that provide "first-dollar" coverage for most services before you meet the deductible are disqualified from being HSA-eligible.

Ugh

Correct, but again if you're looking at a copper plan they are all, by law, HSA plans. Not sure how the mechanics on those work, though. Silver and Gold don't have to be.

I was looking at a gold plan with a 4000 deductible which is close to what were used to. None of the silver or gold plans are HSA compatible in my market. Now I have to weigh going to bronze with 12000 deductible that gets me 8750 in HSA. Good news is a bronze plan is going to cost a lot less than I was planning.

You’re still in Va?

Yes sir.

Hit me up after 11/1 (open enrollment) and I’ll know more, but I’m sure we can find you something that works.

For sure, thanks.

They also have certified advisors available to help and one of them is at our primary doctor's office. So I'll get some insight on which plans will let us keep our doctor.

I don't see that dental and eye care is included (except for children) is that the case? Talked to a helpful lady at our dental office and she said they have a lot of patients that use their wellness plan. For $300/year/person you get 2 free cleanings, all xrays and 15% off procedures.

 

[matttyl]

Per the googles: Has to be HSA compatible, I guess there is more to it than the high deductible.

Why a non-HSA-compatible plan doesn't work
HSA eligibility rules: The key requirement is that the plan must be an "HSA-eligible" or "HSA-qualified" HDHP. This isn't just about the deductible; it's a specific set of rules.
Preventive care and copays: A common reason a plan is not HSA-eligible is that it covers certain services, like prescriptions or doctor's visits, with a copay before the deductible is met.
"First-dollar" coverage: Plans that provide "first-dollar" coverage for most services before you meet the deductible are disqualified from being HSA-eligible.

Ugh

Correct, but again if you're looking at a copper plan they are all, by law, HSA plans. Not sure how the mechanics on those work, though. Silver and Gold don't have to be.

I was looking at a gold plan with a 4000 deductible which is close to what were used to. None of the silver or gold plans are HSA compatible in my market. Now I have to weigh going to bronze with 12000 deductible that gets me 8750 in HSA. Good news is a bronze plan is going to cost a lot less than I was planning.

You’re still in Va?

Yes sir.

Hit me up after 11/1 (open enrollment) and I’ll know more, but I’m sure we can find you something that works.

For sure, thanks.

They also have certified advisors available to help and one of them is at our primary doctor's office. So I'll get some insight on which plans will let us keep our doctor.

I don't see that dental and eye care is included (except for children) is that the case? Talked to a helpful lady at our dental office and she said they have a lot of patients that use their wellness plan. For $300/year/person you get 2 free cleanings, all xrays and 15% off procedures.

Yes, dental and vision would be under a separate policy or polices.

 

[matttyl]

Per the googles: Has to be HSA compatible, I guess there is more to it than the high deductible.

Why a non-HSA-compatible plan doesn't work
HSA eligibility rules: The key requirement is that the plan must be an "HSA-eligible" or "HSA-qualified" HDHP. This isn't just about the deductible; it's a specific set of rules.
Preventive care and copays: A common reason a plan is not HSA-eligible is that it covers certain services, like prescriptions or doctor's visits, with a copay before the deductible is met.
"First-dollar" coverage: Plans that provide "first-dollar" coverage for most services before you meet the deductible are disqualified from being HSA-eligible.

Ugh

Correct, but again if you're looking at a copper plan they are all, by law, HSA plans. Not sure how the mechanics on those work, though. Silver and Gold don't have to be.

I was looking at a gold plan with a 4000 deductible which is close to what were used to. None of the silver or gold plans are HSA compatible in my market. Now I have to weigh going to bronze with 12000 deductible that gets me 8750 in HSA. Good news is a bronze plan is going to cost a lot less than I was planning.

Here’s what I think I know - on exchange Anthem will have 5 HSA eligible plans in Va next year. All bronze tier. Deductibles range from 5500-8700. Of course all of them are HMO network plans (I think you and I have talked about that before). Off exchange, where there would be no subsides and you’d be paying “full price” there will be more options, including what’s effectively a PPO network plan, but won’t be cheap. Premium increases (before age increases) are looking to be 16-18%.

 

[bcat01]

Our health insurance renewal at work for next year is going up 2%. I'll take that as a win.

 

[matttyl]

Our health insurance renewal at work for next year is going up 2%. I'll take that as a win.

Big company?

 

[bcat01]

Our health insurance renewal at work for next year is going up 2%. I'll take that as a win.

Big company?

36 employees and we are part of a small business chamber alliance with Anthem

 

[matttyl]

Our health insurance renewal at work for next year is going up 2%. I'll take that as a win.

Big company?

36 employees and we are part of a small business chamber alliance with Anthem

Ah, their MEWA deal - multiple employer welfare arrangement. That’s still pretty new so I’m interested to see how it plays out.

 

[Peggy]

Per the googles: Has to be HSA compatible, I guess there is more to it than the high deductible.

Why a non-HSA-compatible plan doesn't work
HSA eligibility rules: The key requirement is that the plan must be an "HSA-eligible" or "HSA-qualified" HDHP. This isn't just about the deductible; it's a specific set of rules.
Preventive care and copays: A common reason a plan is not HSA-eligible is that it covers certain services, like prescriptions or doctor's visits, with a copay before the deductible is met.
"First-dollar" coverage: Plans that provide "first-dollar" coverage for most services before you meet the deductible are disqualified from being HSA-eligible.

Ugh

Correct, but again if you're looking at a copper plan they are all, by law, HSA plans. Not sure how the mechanics on those work, though. Silver and Gold don't have to be.

I was looking at a gold plan with a 4000 deductible which is close to what were used to. None of the silver or gold plans are HSA compatible in my market. Now I have to weigh going to bronze with 12000 deductible that gets me 8750 in HSA. Good news is a bronze plan is going to cost a lot less than I was planning.

Here’s what I think I know - on exchange Anthem will have 5 HSA eligible plans in Va next year. All bronze tier. Deductibles range from 5500-8700. Of course all of them are HMO network plans (I think you and I have talked about that before). Off exchange, where there would be no subsides and you’d be paying “full price” there will be more options, including what’s effectively a PPO network plan, but won’t be cheap. Premium increases (before age increases) are looking to be 16-18%.

Are those deductible amounts you quoted for a single person? Because for two of us the lowest Anthem bronze deductible I see on the marketplace is $11,000.