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Author Topic: Retirement seminar conclusions  (Read 139 times)

MillCreek

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Retirement seminar conclusions
« on: November 21, 2021, 04:14:53 PM »

In preparation for my wife retiring at the end of the school year, we went to a retirement seminar put on by the school district. 

I was left with two primary conclusions:

1. I am worth more dead than alive right now
2. The cost of medical coverage in retirement, especially if you are not eligible for Medicare yet, will make your eyes water.
_____________
Regards,
MillCreek
Snohomish County, WA  USA


Quote from: Angel Eyes on August 09, 2018, 01:56:15 AM
You are one lousy risk manager.

Hawkmoon

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Re: Retirement seminar conclusions
« Reply #1 on: November 21, 2021, 04:29:43 PM »


1. I am worth more dead than alive right now


Well, it's been nice knowing you.

HankB

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Re: Retirement seminar conclusions
« Reply #2 on: November 21, 2021, 05:21:46 PM »

. . . 2. The cost of medical coverage in retirement, especially if you are not eligible for Medicare yet, will make your eyes water.
Nearly a grand a month for 1 person to get a crappy, high-deductible bronze plan, right?

Becoming eligible for Medicare and getting some sort of additional insurance (medicare advantage or medigap) to supplement it means BIG savings for most people.

O'Biden care really put the screws to a lot of folks.

Let's Go Brandon.
Trump won in 2016. Democrats haven't been so offended since Republicans came along and freed their slaves.
Those who work for a living are being BURIED by those who vote for a living.
Government is a broker in pillage, and every election is a sort of advance auction in stolen goods. - H.L. Mencken
Patriotism is supporting your country all the time, and your government when it deserves it. - Mark Twain

Ben

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Re: Retirement seminar conclusions
« Reply #3 on: November 21, 2021, 06:06:30 PM »

Nearly a grand a month for 1 person to get a crappy, high-deductible bronze plan, right?

Yup. Mine's at $800/mo right now for the crappy cheapest Bronze that is HSA acceptable. Strangely, the non-HSA plans are slightly cheaper. You would think that would be the opposite given that people with HSAs would likely be using less insurance.

I know some here may hate me for it, but $800/mo, or $9600 for an annual physical was getting to be too much for me, so I signed up for Your Health Idaho, which with my current MAGI, knocked $500 off the cost for me. If I didn't have all the farm deductions to help the MAGI, I'd still be paying $800/mo. As it is, I have to be careful with my dividends and capitol gains so they don't knock me out, since MAGI is higher than AGI.

In Idaho at least, you can make up to $140K/yr income and get some tax credit.
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De Selby

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Re: Retirement seminar conclusions
« Reply #4 on: November 21, 2021, 06:41:01 PM »

Private medical costs in retirement are an effective means of recycling individual wealth back into the corporations that paid it out as salary during an individuals working life.

"Human existence being an hallucination containing in itself the secondary hallucinations of day and night (the latter an insanitary condition of the atmosphere due to accretions of black air) it ill becomes any man of sense to be concerned at the illusory approach of the supreme hallucination known as death."

lee n. field

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Re: Retirement seminar conclusions
« Reply #5 on: November 21, 2021, 09:21:52 PM »

Nearly a grand a month for 1 person to get a crappy, high-deductible bronze plan, right?

Becoming eligible for Medicare and getting some sort of additional insurance (medicare advantage or medigap) to supplement it means BIG savings for most people.

No s***.  Bills are coming in for my wife's psych/etc. adventures this past August.  Multiple multi day hospital stays, I don't remember how many ER visits.  And, we can actually pay them.

Quote
O'Biden care really put the screws to a lot of folks.

Let's Go Brandon.

He's only the latest. 

I'm thinking, maybe the innumerate shouldn't vote. 

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At thy right hand pleasures for evermore.

Kingcreek

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Re: Retirement seminar conclusions
« Reply #6 on: November 22, 2021, 09:06:38 AM »

Amazingly they called it ďthe affordable care actĒ
Since it is NOT affordable and they obviously donít care.
Yeah Iím looking at $928 per month for a high deductible HSA qualified plan. Zip code is a factor. And age.
What we have here is failure to communicate.

MillCreek

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Re: Retirement seminar conclusions
« Reply #7 on: November 22, 2021, 09:10:57 AM »

Here in this area, a typical bronze plan will run me just about $ 1100/month.

ETA: the underwriting questions asked of me: zip code, age, sex, and past or current use of tobacco products.  So this is the information they use to generate a quote.
« Last Edit: November 22, 2021, 10:33:20 AM by MillCreek »
_____________
Regards,
MillCreek
Snohomish County, WA  USA


Quote from: Angel Eyes on August 09, 2018, 01:56:15 AM
You are one lousy risk manager.

HankB

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Re: Retirement seminar conclusions
« Reply #8 on: November 22, 2021, 09:49:27 AM »

Just remember, you're not just paying for yourself, you're paying for others as well . . . so THEY can get affordable health care. (Everything is affordable when SOMEONE ELSE pays.)

For various reasons I had to switch insurance carriers several times since I was forced to retire, and I had one of my health insurance companies fold a while back - they managed THEIR finances OK, but it turns out that some OTHER health insurers didn't. Citing some sort of "group share" rules in the O'Biden care law, the Feds hit them with an unexpected tax to help bail out their poorly-run competitors - an additional tax in the amount of 51% of the total premiums they'd collected, over an above what they'd already paid.
Trump won in 2016. Democrats haven't been so offended since Republicans came along and freed their slaves.
Those who work for a living are being BURIED by those who vote for a living.
Government is a broker in pillage, and every election is a sort of advance auction in stolen goods. - H.L. Mencken
Patriotism is supporting your country all the time, and your government when it deserves it. - Mark Twain