Early Retirement questions

[JoeP]

Sure, lowering one's cost of living is certainly one way to make your dollars go further, and may be part of the answer to an early retirement. This may or may not be accompanied by a lower standard of living. As I wrote in another thread, we will be lowering our costs by downsizing, but also moving to a location that isn't as fast-paced, congested, commercial, and (ok I'll say it) "affluent" as the area in which we currently live.

[Petunia 100]

california, sf bay area but my rentals are 70 miles away, bought them for 75-95K

most of my tenants commute into the bay area for work

Sounds like your rentals are in my neck of the woods.

[LivingAlmostLarge]

We need $1.5 million to not run out of money and maintain our current standard of living including a mortgage. Now without a mortgage that would substantially lower our cost of living. I talked more with my DH about a 5 year plan. Retiring in 5 years.

I think like Feh mentioned, all he could talk about was medical costs. He kept saying we don't know where it is going. What will it really cost to cover our family. I don't know but if we had a paid for home we could pay up to $2k/month in medical bills since that is what we pay in a mortgage.

People who retire early what has been your experience been with health insurance? How long have you been retired for? I am hoping to find people who have seen their insurance premiums for at least 5 years. I know retired military people but they have tricare.

[shaggy]

I think like Feh mentioned, all he could talk about was medical costs. He kept saying we don't know where it is going. What will it really cost to cover our family. I don't know but if we had a paid for home we could pay up to $2k/month in medical bills since that is what we pay in a mortgage.

Well, my ex-husband and I are in our 50's and we pay $1890 a month just for premiums. I guess at some point we'll switch to medicare.

[ktmarvels]

Many of the people who I have read about retiring early and discuss their health insurance have high dedictable plans. Like you mentioned paying $2k per month in insurance would be no different than paying for the mortgage. If you get a high deductable plan that is $150/month and a $10k deductable, you'd actually still be out ahead. Now if you have specific medical needs this may dramatically change the rates you would get and the amount of coverage you would need.

The flip side of this is many of the ER people tend to lead healthy lives and don't have a lot of prescriptions or complex medical problems so a high deductable plan works. Not sure if it's self-selection or just from not having the stress of working.

[LivingAlmostLarge]

Shaggy that's very pricey to pay $1800 for health premiums.

Ktmarvels, see it's $150 for a single person in their 20s. But married with kids in their 30s at least $250/month with $10k deductible. Then look at shaggy whose in her 50s? $2k/month. It's kinds outrageously expensive.

[Blessed]

Well, my ex-husband and I are in our 50's and we pay $1890 a month just for premiums. I guess at some point we'll switch to medicare.

Wow would this make my mom feel better. I am sorry yours is so high. She pays $805. She is not able to switch plans due to having had cancer twice or at least she couldn't when she last checked around. She is ready for medicare soon thank heavens.

[shaggy]

Wow would this make my mom feel better. I am sorry yours is so high. She pays $805. She is not able to switch plans due to having had cancer twice or at least she couldn't when she last checked around. She is ready for medicare soon thank heavens.

I'm sorry to hear about your mom. I hope she's doing well now.

I too am on what is called a HIPPA-Guaranteed plan, where no one can be denied coverage. Ex-DH has had serious medical conditions in the past and I have an 80% chance of contracting cancer, so we got a pricey plan.

I would pay even more if I had a plan under my own name, which is why my Ex and I continue to have the same insurance.

Shaggy that's very pricey to pay $1800 for health premiums.

I could not have a less expensive plan, because I'm not eligible for Group coverage.

Rates vary with your age (a big jump is at 50 and another at 55, for those of you younger), your zip code, and a few other actuarial details.

For the record I have a California PPO plan with a $1500 deductible and a $5000 annual maximum out-of-pocket* (Caveat -- some expenses are always billed, even after you've hit the $5k max). It covers me worldwide, which is important because I have citizenship in multiple countries.

[Blessed]

I'm sorry to hear about your mom. I hope she's doing well now.

I too am on what is called a HIPPA-Guaranteed plan, where no one can be denied coverage. Ex-DH has had serious medical conditions in the past and I have an 80% chance of contracting cancer, so we got a pricey plan.

I would pay even more if I had a plan under my own name, which is why my Ex and I continue to have the same insurance.



I could not have a less expensive plan, because I'm not eligible for Group coverage.

Rates vary with your age (a big jump is at 50 and another at 55, for those of you younger), your zip code, and a few other actuarial details.

For the record I have a California PPO plan with a $1500 deductible and a $5000 annual maximum out-of-pocket* (Caveat -- some expenses are always billed, even after you've hit the $5k max). It covers me worldwide, which is important because I have citizenship in multiple countries.

Thanks you she is doing very well! She is still under the union insurance plan my father had before he passed away years back. Your insurance is expensive but so very necessary! I hope you beat that 80% chance.

[shaggy]

Thanks you she is doing very well! She is still under the union insurance plan my father had before he passed away years back. Your insurance is expensive but so very necessary! I hope you beat that 80% chance.

Thank you! I am blessed to know my genetic risk so I can do early screening and testing.