I dont necessarily fit in this bucket and wished I had known the information you all have at your fingertips. I believe my picture would be totally different. I'm 60+ and will retire in the next yr. I think it is great that you all are doing well even for the perceived late starters. I started seriously saving in my early 50s. Over that time I have 2 mortgages no other debt and a nice nest egg.
Curious though, how are you all going to cover medical in early retirement?

likefunny
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Some of the best options I’ve heard:

1) Spouse continues to work
2) Retain low-stress job with benefits (baristaFIRE)
3) Budget for low-cost coverage through Obamacare (healthcare.org)
4) Pray for expanded Medicare / universal health care by then (I’ve got ~20 years to dream 😅)

likefunny

Reading #1 made me laugh 😂 when my wife eventually asks I can’t wait to explain the “spouse continues to work” approach

likefunny

Depending on what you have planned for early retirement, I have also read blogs that people move/travel overseas where healthcare is much cheaper.

like

True, but healthcare in the US is a joke. So many middle men and no one ever understands all the charges/bills. I find it ironic that whenever my family gets a big bill, we just call the hospital for a discount/write-offs and we almost always get it instantly.

I am retiring at age 60 in 4 months. I am doing two things. I am first going to take a LOA from my company and purchased the healthcare during that time. Then, when I formally quit, I will go on 18 months of cobra. This gets me much closer to 65.

likehelpful

We are currently planning to move outside the US to allow us to retire 10-15 years earlier than if we stayed in the US. It’s definitely it for everyone, but we have almost no family here so it’s a good option for us.

likesmart

Hoping that by maxing out my HSA for 25 years and not spending it will put a big dent in health care spending costs.

Realistically still focused on saving, still too far out to estimate potential costs accurately.

like

We are in our 50s and 2 kids. I am diabetic with insulin. Inspite of this HIgh deductible plan makes more sense for us. Since only I have regular meds and doc visits

Some combination of my spouse will likely continue to work later than I will (spouse has a much more flexible career) and budgeting for 25-30k a year for insurance.

like

Honestly… just eating healthy and working out.

I believe a significant part of my well being is up to lifestyle. I’ll take care of that before worrying about the uncontrollable part, which admittedly is still significant.

like

Husband’s pension includes healthcare til Medicare eligible.

like

It’s a cost to budget for like any other cost. I frankly don’t understand why it’s treated like the boogeyman. Estimate healthcare costs and budget for them. My healthcare costs will go up, but my childcare costs will go down.

Yeah, that $25k probably also doesn’t cover nearly what your COBRA does. $25k is the cost of a mid 50s adult couple $10k deductible plan

like

I’ve budgeted for it in my FI number. It definitely increases the amount I have to save.

Keep income (taxable withdrawals from retirement accounts) low enough to qualify for marketplace subsidy.

I put all of my health care premiums in an high yield investment vehicle for the last 31 years (49 now), and have always been self-pay. When doing so you get at least a 40% discount off of insurance rates (MSRP), I also ensure that the icd-9/10 coding is appropriate for the procedures that are performed. In the future as my health starts to fail I will leverage medical tourism, also when it's my time to go I'm not going to blow all of that savings on end of life care. YMMV

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likesmart

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