I wonder how many more folks would retire early if not for the burden of paying for their own private health insurance. Well, that burden may be lifted in 2014. My state has a website with a calculator that tells you how much subsidy you'll get for your health insurance premiums and even your out-of-pocket expenses, starting in 2014 and assuming that ObamaCare is unchanged by then. You plug in your income, age and number of people in the household and out pop the answers.This site was brought to my attention by an early-retired friend here in Portland who is around 50 now. Based on what I know about his employment history, prowess at investing, frugality and current lifestyle, I'd estimate his net worth to be in the neighborhood of $1.5M. But because of his asset allocation and the judicious management of his capital gains and losses, his income is low enough as to not reflect his wealth. And for that reason the calculator shows that he qualifies for a huge subsidy, bringing his current $650 premium cost down to $125, with the taxpayer picking up the difference.I did some playing with the calculator and found that a couple age 61 can have up to $62,077 in income and still qualify for a huge subsidy. We would have come very close to qualifying at that age and we're a bit farther into the seven-figure realm than my friend. http://www.orhix.org/calculator/index.phpI don't know how much this varies from state to state.On behalf of my millionaire friend, I'd like to thank your kids and grandkids for working hard to provide the tax revenue that will enable him to spend more on travel.--fleg
I wonder how many more folks would retire early if not for the burden of paying for their own private health insurance.MEEEEEEEEEEEEEEEEEEEEEEEE!
"I wonder how many more folks would retire early if not for the burden of paying for their own private health insurance."Millions would likely take early retirement if they could get others to pay for their health insurance costs. That's what you're implying, right? THe workers have to foist over part of their paychecks to fund those who want to be welfare weenies and queenies and not pay their fair share of their living expenses. Typical socialist argument. Sorry, if you can't afford early retirement, no retirement for you.In 20 years, the gov't will be broke and most folks will be paying a LOT MORE for their health care in retirement. Now they pay only 1/4 of what it costs. And have to sock the taxpayers for 3/4 of their health care costs (Medicare). What is unsustainable ..will crash. Obama and his bean counters said so. Medicare will be crashed by 2023. We'll turn into Greece. So if you are retired enjoy it..it's not going to be pretty or nice in 10-15 years as the country goes bankrupt. t.
And the solution to this mess is obvious -- cut taxes, particularly for those who AGI is above $250,000 -- after all there are middle class.GordonAtlanta
I love your sarcasm.
Me?? Sarcastic! Surely you jest.The Ole Curmudgeon
And the solution to this mess is obvious -- cut taxes, particularly for those who AGI is above $250,000 -- after all there are middle class.The topic was ObamaCare subsidies for millionaires who don't have much income. But if you want to vent some spleen at those you envy, have at it. Have you ever lived in a decent part of Los Angeles, the Bay Area, NYC or DC? The cost of housing and the high state, local (where applicable) and real-estate taxes make $250k very middle class. Although you can get a lot more house now that interest rates are kept so artificially low to prop up the economy -- a boon to us stockholders but devastating to lower-income retired folks who need the interest on their savings to supplement their SS.And even if you taxed all income over $100k at a rate of 100%, that would barely cover the massive deficits we are now running. There simply aren't enough rich folks making enough money to make much of a dent in the pile of debt your offspring will be paying off their entire lives. Like Obama himself said, taxing the "rich" isn't about raising revenue, it's about fairness -- i.e., scratching the jealousy itch.--fleg
Best Of |
Favorites & Replies |
Start a New Board |
My Fool |
BATS data provided in real-time. NYSE, NASDAQ and NYSEMKT data delayed 15 minutes.
Real-Time prices provided by BATS. M