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RebelOne

(30,947 posts)

15. I would not retire if I were you.

Fri Jun 29, 2012, 03:17 PM

Jun 2012

I was forced into retirement when I was laid off my job in 2010. I was already collecting social security and decided to retire at that time because I was already 71 and knew there was no way any one would hire me at my age. My total social security income is $16,800 a year and it is barely enough. I live in a mobile home with very low lot rent. My car is paid even though it is getting old, but I don't have to drive it back and forth to work, so I am saving on gas. My only other expenses are utilities, cable, phone and Internet, plus home and car insurance and I am not having an easy time covering all those expenses.

So if you and your wife have secure jobs, I would advise that you both keep them as long as possible and sock away as much money as you can.

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Anyone else planning on retiring early due to the availability of health insurance [View all] kelly1mm Jun 2012 OP

not sure u should bet your retirement on the whims of politicians if your situation is marginal nt msongs Jun 2012 #1

But for health insurance (if we had to pay for it out of pocket) our investments cover 140% of our kelly1mm Jun 2012 #6

Even if you think you can aafford to retire at 59.5 years of age, think truedelphi Jul 2012 #95

I got retired early in 2008.... NRaleighLiberal Jun 2012 #2

If your income is under 133% of the federal poverty line you would be able to switch kelly1mm Jun 2012 #20

Are you sure about the assets statement that you are making? truedelphi Jul 2012 #96

I can retire from state employment in 2033, I'll be 60. Puzzledtraveller Jun 2012 #3

Where would you get health insurance Rabid_Rabbit Jun 2012 #4

Part of ACA was that medicaid eligibility was expanded to 133% of the poverty line. kelly1mm Jun 2012 #8

Check your state's Medicaid plan first. dogman Jun 2012 #5

Definitely! I am in Maryland so our Governor is on board with the Medicaid expansion. kelly1mm Jun 2012 #10

Medicaid isn't that good. And not that many drs. will see Medicaid patients. As long as you're okay Honeycombe8 Jun 2012 #37

I am in rural maryland and all my current doctors take medicaid. Not much choice in the poorer kelly1mm Jun 2012 #39

You are lucky. I wish you further luck. (wish I lived in Maryland, except it snows a lot there!). nt Honeycombe8 Jun 2012 #40

Be careful of inflation FarCenter Jun 2012 #7

That is my NUMBER ONE concern now (health insurance was number one). I have tried to have a mix of kelly1mm Jun 2012 #21

Doesn't pay for everything zipplewrath Jun 2012 #9

Thanks for the tip - I will have to look into that. I guess I am just getting a little excited kelly1mm Jun 2012 #11

Congrats! Hey, folks we have a real job creation program here! Ghost of Huey Long Jun 2012 #12

That is what I think as well! I know TONS of people at my job site alone who kelly1mm Jun 2012 #13

stuckinodi Jun 2012 #14

Wrong. See new eligibility requirements under ACA. No asset limits after 2014. kelly1mm Jun 2012 #16

I would not retire if I were you. RebelOne Jun 2012 #15

We have lots of assets (paid for house, 400k+ in 401k, 300k in non-tax deferred accounts, kelly1mm Jun 2012 #17

That sounds like paradise! shcrane71 Jun 2012 #18

That is what we think too! Took a lot of work and sacrifice to get to this point but kelly1mm Jun 2012 #19

Are you completely off the grid? I've often dreamt of that doing that. shcrane71 Jun 2012 #22

We are grid tied with a battery backup. During the summer, we generate all our kelly1mm Jun 2012 #23

Medicaid is for the needy. forthemiddle Jun 2012 #49

Welfare Queen is a right wing Reagan term suffragette Jun 2012 #50

That is why I put "Welfare Queen" in quotes. forthemiddle Jun 2012 #53

Yes, currently Medicaid is for the needy Gormy Cuss Jun 2012 #54

And that was the point I was trying to make (badly) forthemiddle Jun 2012 #56

Medicaid claw-back provisions were instituted because of people gaming the system Gormy Cuss Jun 2012 #57

Think of it as a jobs stimulus program if it makes you feel better. My job can go kelly1mm Jun 2012 #65

ACA specifically states there will be no asset testing. It takes away the current kelly1mm Jun 2012 #63

No asset testing at the moment. Gormy Cuss Jun 2012 #69

I linked to the federal register for the no asset limit rule in post 16 if you are interested. kelly1mm Jun 2012 #73

The Social Security Act was substantially revised only four years after it became law. Gormy Cuss Jul 2012 #83

Not any more (or at least in 2014). The ACA removes the limit on assets. kelly1mm Jun 2012 #61

Your assets would disqualify you for medicaid. Marrah_G Jun 2012 #70

Not any more. Medicaid used to be for the poor (income and assets) Under ACA, the asset limit kelly1mm Jun 2012 #75

"Why should I work if I don't have too?" Marrah_G Jun 2012 #77

I hope that those who may leave the workforce allow for more opportunities for you kelly1mm Jun 2012 #81

At 9% unemployment, it's a good thing if people are able to leave the workforce Hippo_Tron Jul 2012 #89

Have you ever used Medicaid, bvar22 Jun 2012 #24

I live in rural Maryland. All my current health care providers take medicaid. nt kelly1mm Jun 2012 #25

Not under the ACA in 2014. The law specifically takes away the asset limitations for qualifying kelly1mm Jun 2012 #74

I guess you weren't paying attention to the part of the SOTUS decision that said eridani Jun 2012 #26

Nope, I read the opinion and know that that part of the decision. MD is going ahead with kelly1mm Jun 2012 #28

So fuck the people in other states who will not be able to get on Medicaid, right? n/t eridani Jul 2012 #98

I find your concerns to be genuine truedelphi Jul 2012 #97

I doubt there would be that many that would retire early because they want to. LiberalFighter Jun 2012 #27

I disagree. I believe a good number of 50+ year olds are only working for health care benefits kelly1mm Jun 2012 #31

I think this could also encourage more people to become self-employed or to join start-ups. pnwmom Jun 2012 #29

I sure wouldn't. Single payer would bmake it worth the risk eridani Jun 2012 #32

How do you know that about the insurance on the exchanges, since they haven't been set up yet? pnwmom Jun 2012 #41

I already know that the Bronze option (if I could even afford that with age rating) eridani Jun 2012 #42

You're right -- that's not enough, especially if you're talking about hospitalization costs. pnwmom Jun 2012 #44

Pardon me for dropping my jaw, but ACA has been so heavily eridani Jun 2012 #45

Looks like that translates to people purchasing insurance but not being able to use it due to cost suffragette Jun 2012 #52

Bingo. That's why medical bankruptcies are STILL 50% of all bankruptcies in MA eridani Jul 2012 #87

It's been a bit disconcerting to me.. girl gone mad Jul 2012 #88

Seems like the myth of moral hazard will still apply suffragette Jul 2012 #91

Good artticles. Thanks. n/t eridani Jul 2012 #93

Thank you for the links. You are right, 60% is not enough, and that is one of the changes pnwmom Jun 2012 #60

I really don't see why there couldn't have been just a single plan, with an actuarial eridani Jul 2012 #86

I don't know why either. Sounds like a good amendment to me. nt pnwmom Jul 2012 #90

Thank you for this link Autumn Jun 2012 #64

Do you have any extra money budgeted in for unexpected costs? NNN0LHI Jun 2012 #30

We have a $5k cushion in current yearly interest/dividend income v expenses. Property tax is kelly1mm Jun 2012 #33

Well, congratulations that is a pretty darn good cushion NNN0LHI Jun 2012 #35

I am really hoping everything works out! I didn't let my wife know about the lifting kelly1mm Jun 2012 #38

Thank you for the good wishes and one last little piece of advice NNN0LHI Jun 2012 #48

Let's Say You Did Need to Dip into Long-Term Savings for an Emergency On the Road Jul 2012 #85

Wait! You say Obamacare will make you MORE free? Courtesy Flush Jun 2012 #34

absolutely more free to pursue other , non-paying interests. I think a good many will do as I am kelly1mm Jun 2012 #36

I won't plan on it, but agree MrMickeysMom Jun 2012 #43

I am considering going out on ss disability Digit Jun 2012 #46

Go for it! rucky Jun 2012 #47

Your plan sounds very risky to me. You have a lot of years left. slackmaster Jun 2012 #51

90% of jobs are meaningless crap, not "meaningful work." hunter Jun 2012 #62

Duh! Go for it!!! Life is short. Have fun! Why wait until Zorra Jun 2012 #55

Sounds like you could make this a business cpamomfromtexas Jun 2012 #58

I want to stop working, not run some other business. We don't need the kelly1mm Jun 2012 #66

I'll be 62 next April. I was B Calm Jun 2012 #59

That is what I have heard by talking with a lot of my workmates. They want to retire kelly1mm Jun 2012 #67

Hang in there until you are 65 because you will not be eligible for Medicare until then. RebelOne Jun 2012 #68

I work in a very dangerous occupation B Calm Jul 2012 #84

The ACA allows insurance companies to charge people over 50 higher premiums Lydia Leftcoast Jun 2012 #71

Medicaid at under 133% of the poverty line has no/very small copays and that is what kelly1mm Jun 2012 #72

I have been postponing retirement because of health care... femmocrat Jun 2012 #76

Do you think this will be a trend? I think about 10% of the people 50+ may be able to retire now kelly1mm Jun 2012 #78

I sure hope so! femmocrat Jun 2012 #79

I don't know how early you are talking about but I retired at 62. I tried to get disability but southernyankeebelle Jun 2012 #80

I will be 43 and wife will be 45. We don't need disability, just medicaid. The ACA allows kelly1mm Jun 2012 #82

Good for you. southernyankeebelle Jul 2012 #94

I plan to do that, but not because of ACA! Great minds. :) joshcryer Jul 2012 #92