Dreaming of retiring in your 50s?
Walking away from your company’s health insurance can be a major roadblock ⛔️.
Finding the right health insurance can be a scary proposition because … where do you start?
Since you won’t qualify for Medicare until you turn 65, it can be a challenge. You may be looking at a decade or more that you need to find a health insurance bridge, but there are options available to ensure you stay covered.
So, where do you start?
Here are a few tips I like to share with our clients who want to put together a plan to retire in their 50s:
1️⃣ COBRA: This option that allows you to maintain your employer’s health coverage for a limited time after leaving your job. While it’s a temporary solution, keep an eye on the costs! This one can get expensive. Fast!
2️⃣ Explore the Affordable Care Act (ACA): Did you know that having substantial savings doesn’t automatically disqualify you from ACA subsidies? Based on the income you claim, you may be eligible for significant premium reductions. Don’t hesitate to consult a reputable insurance agent to help you navigate your options with the ACA.
3️⃣ Consider Taxable Investment Accounts: Having savings in taxable investment accounts can give you the flexibility to cover health insurance premiums without incurring penalties. These accounts often offer lower capital gains tax rates, making them a savvy choice for accessing funds early.
Retiring early can be an exciting journey!
Understanding your healthcare options will help you get financially prepared for this new chapter. 🏖️💼
Want more tips like this on how to retire in your 50’s? Check out my video on Everything You Need To Know👇.
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