Retiring before age 65 is a dream for many people, a pipe dream perhaps, but a dream nevertheless. Except for public employees, making sure that dream happens likely includes paying for your own health insurance until age 65 when Medicare kicks in.
Do you have any idea what health insurance costs for people in their early sixties? Looking over various plans in state exchanges I found premiums from around $12,000 a year to $18,000 for a couple age 60 and 62. Those plans were mostly HMOs and EPOs which means limited networks and no out-of-network coverage which translates to; you may have to change doctors. In addition, all the plans had high deductibles ($2,000 to $6,000) and out-of-pocket costs. I found one plan in Wisconsin with only a $250 deductible, but the premium was $31,512 for a couple. No, that’s not a typo.
The average retirement age in the U.S. is 61. How will you do that?
So, if your dream is to retire early, make sure you work for a company that provides retiree health insurance (a virtual impossibility these days), work for the state or federal government or have lots of cash on hand.
Note: government tax credits toward the premiums are available if the total household income is under $62,500 so if you are in that category, the rest of us will be happy to help subsidize your early retirement for a few years.
VOTE IN OUR LATEST POLL➡️➡️➡️➡️➡️➡️➡️➡️
QUINNSCOMMENTARY 
Judging by the early results of your most recent poll, The well prepared and savy, or just plain fortunate people are reading your blogs. Now if we could get the rest of the population and all politicians to read them, maybe the country could finally get there.
LikeLike
Either that or people don’t want to admit otherwise.
Dick
Richard D Quinn Quinnscommentary.com
>
LikeLike
Good point, I didnt think of that.
LikeLike