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Financial Planning / Foolish 401(k)s


Subject:  Re: Retirement Before 59.5 Date:  10/14/2011  6:12 PM
Author:  pauleckler Number:  24768 of 26154

You can probably set up your 72t to pay your basic living expenses. Then you have the income from your taxable investments to pay for some extras in good times or to cover unexpected emergencies that might come up.

On health insurance, if you know any farmers, they are good ones to ask, because they all have this problem and often cannot get group insurance. Health savings accounts are one method. You can also try getting quotes from major insurers in your area. Those with no significant medical history can often get inexpensive coverage--especially if they will accept high deductible/high copay plans.

But this is an aspect addressed by the Obama health care bill. Previously companies would often not accept you or would give outrageous bids if you had any long term health issues such as high blood pressure. And the trend was toward overweight, smoking, underweight, anything considered non ideal. That made health insurance hard to get or if they raised your rates hard to replace.

If the Obama plan survives the court tests, all of this is changing. They are required to offer coverage with no exclusions for preexisting conditions. That should change things a bit, but at this point it is not clear what will happen to insurance rates.

But rest assured unless something is done rates will rise. And be aware rates increase with age too especially after age 60.

You are asking the right questions. I'd suggest you be aware and investigate before you decide.
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