How to Pay for Health Care if you Retire at 62?

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ABOUT THIS VIDEO
You have a lot of health care options if you retire before age 65. In this clip of Retiring Today, Loren Merkle and Molly Nelson discuss one specific option that could allow you to retire early.
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Loren Merkle, CERTIFIED FINANCIAL PLANNER™, RETIREMENT INCOME CERTIFIED PROFESSIONAL®, CERTIFIED FINANCIAL FIDUCIARY® merkleretirementplanning.com/...
Molly Nelson, Host of Retiring Today merkleretirementplanning.com/...
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This video does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service by Merkle Retirement Planning LLC, Elite Retirement Planning LLC, MRP Insurance LLC, or any other third party regardless of whether such security, product or service is referenced in this episode. Furthermore, nothing in this episode is intended to provide tax, legal, or investment advice and nothing in this episode should be construed as a recommendation to buy, sell, or hold any investment or security or to engage in any investment strategy or transaction. Merkle Retirement Planning, LLC does not represent that the securities, products, or services discussed in this episode are suitable for any particular investor. You are solely responsible for determining whether any investment, investment strategy, security or related transaction is appropriate for you based on your personal investment objectives, financial circumstances and risk tolerance. You should consult your business advisor, attorney, or tax and accounting advisor regarding your specific business, legal or tax situation.

Опубликовано:

19 июн 2024

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Комментарии : 43

@BillyBobDingledorf Год назад

Within the first three seconds, this smelled like an infomercial.

@chrisniner8772 8 месяцев назад

I disagree... closer to 5 seconds.

@b.deville3236 Год назад

So your advice it to plan for post-retirement healthcare using Cobra or spouse's plan? Thanks for nothin'!

@robprarson3774 4 месяца назад

How the "F" is Cobra affordable insurance?

@MerkleRetirementPlanning 4 месяца назад

Hi Rob. Thanks for watching. COBRA is an option for some people who want to retire before Medicare eligibility. For some, the additional health care cost at age 63.5 is worth the 18 extra months of retirement. The additional health care cost is not for others, and they choose to work until they are Medicare eligible. We like to ensure people know their options and help them understand how these choices will impact their retirement plan.

@michellewinkler3985 6 месяцев назад

Many people have a "physical job" and can't wait till FRA. My husband is one of these people. He has to retire at 62 no matter what.

@tanyachristenbery9413 6 месяцев назад

Cobra is too expensive would cost me $1600.00 p/m

@MerkleRetirementPlanning 4 месяца назад

Thanks for watching! We understand COBRA can be pricey, but for some, having the option is worth the extra cost. A retirement planner can help you look at all your income sources to see how the decision to retire before Medicare eligibility impacts your overall plan. Then, you can decide if $1600 a month is worth retiring a year and a half earlier than planned. Go to RetireReadyCall.com to schedule a call with one of our retirement planners.

@RetrieverTrainingAlone 6 месяцев назад

Excellent! We limited our retirement withdrawals in order to qualify for Obamacare or ACA and that saved us over $25,000 per year in heath insurance premiums. In Alaska the income threshold to qualify was $89,000 for a couple.

@dennistyler9852 6 месяцев назад

That’s a lot higher than Maine but I’m also looking at the lower out of pocket. All the best

@MerkleRetirementPlanning 4 месяца назад

Congrats! This is the power of a comprehensive retirement plan. Thanks for watching!

@CynthiaIvers 6 месяцев назад

Reduce income (but not too much to go on Medicaid) to qualify for Obamacare until you're 65.

@skydancerforever 8 месяцев назад

I retired last year at 62. I went with ACA (Obamacare) for health insurance and cobra for Dental. My Dental expires on 1/31/2024 so i need to find good dental insurance at a good rate?

@PatriotSteve Год назад

what about obamacare? That’s an option.

@Blublod Год назад

In their zeal to sell the consultation services they completely missed the boat on mentioning the ACA 😂

@jimclark5037 Год назад

they mentioned public options, that's it!

@markhope3466 4 месяца назад

The ACA is shit. Compared to other nations our elderly get shafted.

@seriouslyyoujest1771 6 месяцев назад

Live in Oregon, it’s free!!! And better than Kaiser which Premiums over 10 years, were more than my house cost me 10 years before that!

@MerkleRetirementPlanning 4 месяца назад

We hope you are using the savings to plan for the retirement of your dreams! Thanks for your comment; we hope it will inspire others to work with a retirement planner to create a plan!

@haroldcarson5677 Год назад

I want to collect SS at 62, but I don't want a tiny check. Suggestions?

@MerkleRetirementPlanning Год назад

Create a retirement plan that includes an optimized social security election decision, based on all of your retirement planning factors. These factors could include the monthly amount of income that you need plus methods to maximize your other income sources. Your retirement plan may confirm that you taking social security at age 62 is a good idea or it may give you a better strategy. Having a customized retirement plan makes decisions like when to take social security, a much easier decision.

@haroldcarson5677 Год назад

@@MerkleRetirementPlanning My SS statement is all I really need to make this decision.

@mk8530 6 месяцев назад

how old are you?

@ericpurdy6880 Год назад

Reduce or shelter your income and pay nothing for healthcare.

@frugalex-maineah6761 Год назад

Too simplistic. I'm looking to retire 7/1, go on COBRA for the remainder of 2023 and do Roth Conversions in 2023. 2024 is questionable, stop ROTH Conversions and go on an ACA subsidized plan, or remain on COBRA and fill the 22 or 24% Marginal Tax bucket?

@MerkleRetirementPlanning Год назад

Hi Frugal, Compare your costs savings of using the ACA in 2023 vs what you anticipate saving long term by converting more to your Roth. Which tax bracket you fill will depend on many factors including what tax bracket will you be in long term, even considering RMD age and beyond. If you get a comprehensive retirement plan created, it will give you the specific answers you need.

@johnnyjava_ Год назад

When you're first in the comments you get free health care as a benny!

@darneljackson388 Год назад

Buy a separate insurance policy until u turn 65 then u automatically apply for Medicare at 65

@billballoo7881 7 месяцев назад

Celebrate at 65? Pfft, medicare isn't that great and you still have monthly premiums. People think Medicare is such a godsend.

@lightningfisher8177 7 месяцев назад

yep $175 a month plus dental you have to pay for too!!!!!!!!!!!!!!!!!

@dianaradford1040 4 месяца назад

Working and paying for health care out of pay check every pay you still have no health care so what's the point of health . You pay out of pocket either way. 😂😂

@MerkleRetirementPlanning 4 месяца назад

Hi! Thanks for watching. Taking advantage of COBRA to retire before Medicare eligibility is a good strategy if it makes sense financially and the insurance plan provides you with the coverage you need.

@robprarson3774 4 месяца назад

I know where I wont go for financial advise! Merkle Retirement Planning SUCKS

@MerkleRetirementPlanning 4 месяца назад

Hi Rob. We are sorry you feel that way, and wish you the best in retirement!

@mytwocents4892 5 месяцев назад

Nope cobra is still high

@MerkleRetirementPlanning 4 месяца назад

It's true, COBRA can be pricey. For some, its worth the extra cost. A retirement planner can help you look at all your income sources to learn how retiring before Medicare eligibility can impact your plan. Go to RetireReadyCall.com to schedule a call. Thanks for watching.

@simmons6014 4 месяца назад

Obama care is too high $1900 a month for my wife and I.

@MerkleRetirementPlanning 4 месяца назад

Hi! Thanks for watching. As you know, the cost is based on several factors, including age, whether you smoke, how many people are covered on your plan, the health insurance company, your location, the benefit design, and your household income. It can be a big difference compared to what you are paying under your employer's health care plan.