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Retirement Discussions / Retirement-Soon or Done
|Subject: Re: Health insurance for early retirement||Date: 2/28/2001 1:06 PM|
|Author: telegraph||Number: 130 of 173|
"I'm 40 and my wife is 52. We plan to retire in 10 years and should have plenty of money as we jointly have ~500K in various retirement accounts and both put the maximum allowed in each year. Our only question is what to do about my health insurance as I am covered through my wifes employer. Thank you for any help you can give us. "
Be prepared for a big shock...
However, if your wife works till 62, and can take COBRA after that (for which you will have to pay), that covers you, insurance wise, till 63.5. If Medicare kicks in at 65, that means you have 18 months to pay for insurance.
For a couple in their 50s, you are looking at $6000 year in insurance similar to that provided by most companies.
For a couple in their 60s, you are looking at $10,000 a year in insurance premiums!...
With one 63 and one 50, it might be a little lower....
For someone in their 50s now, it is $3600-4000 for single person.....
So adjust these at about 6% year medical inflation rate, and plan accordingly!....
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