insurance and taxes…
August 12, 2015 at 6:37 am #140824lorrkParticipant
Stacy, do you read and respond to these? I have a few questions for you. say your in your early 60’s and you want to retire and you have enough in your retirement to do so. where can you get insurance, will it be too high, or are we all doomed to work til we are like 65… or like in my case I think they moved it up to 67, just to have insurance? 65 being for medicare, Medicaid.
also, on your portfolio, you said that was in a taxable account. I have always wanted to do that, meaning invest outside my retirement accounts, but am afraid of the tax man. I invest in stocks that pay dividends, and in the retirement that’s fine, but if I were to run a parallel portfolio in a taxable account, I fear the taxes would eat me alive. any advice on that? I really want to do that, but the fear is just too great.August 12, 2015 at 7:39 am #140827Stacy JohnsonModerator
I don’t answer all questions, lorrk, because I don’t have nearly enough time. But I will answer this one. Watch for it in next week’s “Ask Stacy” column that comes out on Tuesday morning.August 25, 2015 at 4:22 pm #142334enp1955Participant
Stacy, I jumped off the cliff just about a year ago, at age 60. I can make it through to social security with no problem, and have enough savings built up to carry me through to the 401K and annuity points. But health insurance is a royal PITA. You can sign up for a ‘non-qualified’ plan for 11 months, which is what I did, and you can probably renew that for another 11 months (I’m about to find out). It runs me $350/month. It hasn’t paid me a single dime yet, but it will cover catastrophic after $2,500 out-of-pocket. Which will work for me. It is almost impossible to do ACA for the first year, as it is based on last year’s income, at which point I was way out of bounds. I’ll look again when enrollment comes up this fall.
The best thing I’ve found is good old negotiation. I had about $1,300 of labs at one point this year, and I took the bills to the hospital that did the labs and started fussing. They asked how I would pay, and I said, “by check, right now”. They knocked it down to $600. I’ve had similar results with various doctors. And I’ve taken advantage of “cheap lab Saturday” by our local clinic, and similar free/reduced price specials here and there.
It is incredibly stupid that these are our choices, but it beat working another five years for me anyway.August 25, 2015 at 4:28 pm #142337Stacy JohnsonModerator
Good for you for negotiating, enp. Smart! And next year, definitely check out Obamacare. And btw, congrats on the retirement!
The forum ‘Need Advice’ is closed to new topics and replies.