If you follow my blogs and other content streams, you’ll know that I love putting things in historical perspective and outlining how things have changed. As a family financial planner, my ability to help clients gain a new perspective is the key to success. Much about how families plan for their financial future has changed rapidly in recent years. Being stuck in the mindset of “this is how it’s always been” will lead to disappointing results in today’s economic environment.
Retirement is not what it used to be. Gone are the days of beginning your job fresh out of high school or college, putting in your 40 years, and being sent into the glorious sunset with a gold watch, a handsome pension, and health benefits for life. No, these days are long over. The National Council on Aging recently discovered that 56% of people over 60 are worried about healthcare costs exceeding their retirement savings.
The concept of retirement is changing entirely as many different types of working individuals exist today. Most people in the midst of their careers are job-hopping like never before, and relying on the benefits you have today may be misguided as they may not be there tomorrow. Healthcare costs have never been higher, and many Millennials and Gen Zers have the goal to retire early, well before the retirement age of 65, when medicare is available. So what does this mean for different generations? Those on the verge of retirement and those 30+ years away? Since 2010, more options have become available to Americans working towards retirement.
ACA – Obamacare: Health Insurance for Retirees
Introduced and signed into law in the spring of 2010, the Patient Protection and Affordable Care Act, aka the ACA or Obamacare, was created to help more Americans attain affordable health insurance and have access to quality/affordable healthcare at retirement.
In the past, people would work until 65 because of Medicare – it’s like reaching the healthcare finish line after a long career. But, if they retired early, they might not have qualified for insurance due to pre-existing conditions, or it would be exhaustingly expensive to get coverage, around the lines of $2,500 per month for a couple in their 60s. Since Obamacare, people can get coverage no matter their pre-existing health conditions, and with a sound income strategy, some retirees might qualify for $100k+ in savings.
I’ve outlined everything you’ll need to know about retiring with Obamacare –
Please click the link to download my free E-book:
Should You Retire Early With Obamacare?
The E-book is a great resource and an excellent place to start thinking about your retirement options.
Please contact me to learn more about health insurance for retirees and how to set the right foundations for a comfortable retirement.
