Kiplinger’s T. Eric Reich recently published an article on how health insurance is generally seen as a huge hurdle for retirees. Reich proposes that finding affordable coverage could be simpler than you might think.
While there are of course lots of reasons that people might not retire, from a lack of income to a lack of identity outside of their role as an employee, one of the more popular reasons is the fear of losing health insurance.
Medicare doesn’t allow people to take advantage of its services until age 65, meaning that people who might want to retire early generally wait a few extra years instead of jumping through a series of imagined hoops to maintain coverage. But, Reich, argues – it might not have to be this difficult.
He elaborates, “For clients who retire before 65, most of the money they live off first could be money in their checking/savings accounts or non-IRA money… If this is the case, when applying for health insurance, your low income could cause your premiums to be much lower than you anticipated.”
Does this mean early retirement might be more realistic for more people? Well, as Reich says, “This is not an endorsement for the ACA but a way to provide options and clarity on a topic that can be uncomfortably confusing.”
Read the rest of the article for specifics on how Obamacare offers options that could potentially help you retire earlier than expected.
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