Retiring young - cautionary info

[Anonymous]

Anonymous wrote:Uh that's why people don't retire in their mid 40s with kids?? Even most of the FIRE community seems to be people who are single/married w/o kids or kids who are independent.

If you wanted to retire bc you could afford it bc DH sold a tech company for billions -- congrats -- then pay the 52k/yr for insurance and stop complaining.

+1.

[Anonymous]

Anonymous wrote:This is making the Tricare premiums for a retired reservist under age 60 sound absolutely peachy at 1200/mo ish for two adults. Hoping they’re too much of a political third rail to ever raise much.

Wow! I thought retiree Tricare was much cheaper than that!

[Anonymous]

Anonymous wrote:Devil's advocate here- why is 20k too much for health insurance? I'm sure you pay more than that in rent/mortgage.

Although I obviously think our health care system is ridiculously overpriced, inefficient and inflated. My parents were upset theirs was $1300 a month, except I'm pretty sure they use WAY more than that. My dad has had surgery yearly. They have glaucoma, diabetes, high blood pressure and a lot of pain management doctors.

Because a lot of people don't even make 40K/yr after taxes. How are they supposed to pay deductibles and copays? or eat? or pay for electricity? For-profit medicine is a problem. A big, big problem.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Yeah, so this is why I plan to early retire to Europe where I can get nearly free healthcare.

Whereabouts? It's not easy in many countries to get permanent residency. People assume they can just flounce into any country and oh, won't they just be so glad to have you? No. Especially when you're going to leech on a system you haven't paid into.

Portugal is widely considered one of the best EU countries for expats to retire to... and guess what! You have to provide proof of health insurance and pay for your own health insurance for at least the first 5 years. You aren't eligible to participate in their publicly-funded health care until (and unless) you become a permanent citizen which can take more than 5 years too.

I have an Irish passport - do u think I still have to wait 5 years?

[Anonymous]

Anonymous wrote:

Anonymous wrote:Devil's advocate here- why is 20k too much for health insurance? I'm sure you pay more than that in rent/mortgage.

Although I obviously think our health care system is ridiculously overpriced, inefficient and inflated. My parents were upset theirs was $1300 a month, except I'm pretty sure they use WAY more than that. My dad has had surgery yearly. They have glaucoma, diabetes, high blood pressure and a lot of pain management doctors.

Because a lot of people don't even make 40K/yr after taxes. How are they supposed to pay deductibles and copays? or eat? or pay for electricity? For-profit medicine is a problem. A big, big problem.

Right which is why most people work. Because health plans are offered and subsidized by their employers. The people who don’t make enough have theirs paid for by the government.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Yeah, so this is why I plan to early retire to Europe where I can get nearly free healthcare.

Whereabouts? It's not easy in many countries to get permanent residency. People assume they can just flounce into any country and oh, won't they just be so glad to have you? No. Especially when you're going to leech on a system you haven't paid into.

Portugal is widely considered one of the best EU countries for expats to retire to... and guess what! You have to provide proof of health insurance and pay for your own health insurance for at least the first 5 years. You aren't eligible to participate in their publicly-funded health care until (and unless) you become a permanent citizen which can take more than 5 years too.

I have an Irish passport - do u think I still have to wait 5 years?

Yes, maybe not five years but you will have to establish residency for a while.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Yeah, so this is why I plan to early retire to Europe where I can get nearly free healthcare.

Whereabouts? It's not easy in many countries to get permanent residency. People assume they can just flounce into any country and oh, won't they just be so glad to have you? No. Especially when you're going to leech on a system you haven't paid into.

Portugal is widely considered one of the best EU countries for expats to retire to... and guess what! You have to provide proof of health insurance and pay for your own health insurance for at least the first 5 years. You aren't eligible to participate in their publicly-funded health care until (and unless) you become a permanent citizen which can take more than 5 years too.

I have an Irish passport - do u think I still have to wait 5 years?

Do your own research, bro.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Devil's advocate here- why is 20k too much for health insurance? I'm sure you pay more than that in rent/mortgage.

Although I obviously think our health care system is ridiculously overpriced, inefficient and inflated. My parents were upset theirs was $1300 a month, except I'm pretty sure they use WAY more than that. My dad has had surgery yearly. They have glaucoma, diabetes, high blood pressure and a lot of pain management doctors.

Because a lot of people don't even make 40K/yr after taxes. How are they supposed to pay deductibles and copays? or eat? or pay for electricity? For-profit medicine is a problem. A big, big problem.

Ok well they can't retire young. They are taken care of if they retire at retirement age.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Yeah, so this is why I plan to early retire to Europe where I can get nearly free healthcare.

Whereabouts? It's not easy in many countries to get permanent residency. People assume they can just flounce into any country and oh, won't they just be so glad to have you? No. Especially when you're going to leech on a system you haven't paid into.

Portugal is widely considered one of the best EU countries for expats to retire to... and guess what! You have to provide proof of health insurance and pay for your own health insurance for at least the first 5 years. You aren't eligible to participate in their publicly-funded health care until (and unless) you become a permanent citizen which can take more than 5 years too.

I have an Irish passport - do u think I still have to wait 5 years?

1 or 2 years depending on how you establish residency.

Signed --
Irish woman who just brought her dad back to US for cataract surgery -- Irish wait time for it was 18 months or 6 months with private insurance

[Anonymous]

Damn. That’s another reason I can’t retire mid 40’s. Reason #62,789.

[Anonymous]

A lot of snarky posters here. OP, data points are always helpful and appreciate your sharing. Whether it is more relevant or less relevant to readers it's still of some interest to some readers.

I would argue healthcare costs should be of interest to almost everyone. Whether your healthcare is paid for by employer (and not taxed today but could be taxed in future), government, or you pay for it yourself, rising healthcare costs are an issue that could affect you at some point more directly.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Yeah, so this is why I plan to early retire to Europe where I can get nearly free healthcare.

Whereabouts? It's not easy in many countries to get permanent residency. People assume they can just flounce into any country and oh, won't they just be so glad to have you? No. Especially when you're going to leech on a system you haven't paid into.

Portugal is widely considered one of the best EU countries for expats to retire to... and guess what! You have to provide proof of health insurance and pay for your own health insurance for at least the first 5 years. You aren't eligible to participate in their publicly-funded health care until (and unless) you become a permanent citizen which can take more than 5 years too.

I have an Irish passport - do u think I still have to wait 5 years?

Yes, maybe not five years but you will have to establish residency for a while.

DP, I have an EU passport, so as a matter of right, I can enter any national health system in the union. The Irishman can do the same.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:
Yeah, so this is why I plan to early retire to Europe where I can get nearly free healthcare.

Whereabouts? It's not easy in many countries to get permanent residency. People assume they can just flounce into any country and oh, won't they just be so glad to have you? No. Especially when you're going to leech on a system you haven't paid into.

Portugal is widely considered one of the best EU countries for expats to retire to... and guess what! You have to provide proof of health insurance and pay for your own health insurance for at least the first 5 years. You aren't eligible to participate in their publicly-funded health care until (and unless) you become a permanent citizen which can take more than 5 years too.

I have an Irish passport - do u think I still have to wait 5 years?

1 or 2 years depending on how you establish residency.

Signed --
Irish woman who just brought her dad back to US for cataract surgery -- Irish wait time for it was 18 months or 6 months with private insurance

Yeah, so the European system is way better for young retirees, until they get too old -- at which point Medicare is better system in terms of benefits/access.

[Anonymous]

Anonymous wrote:

Anonymous wrote:This is making the Tricare premiums for a retired reservist under age 60 sound absolutely peachy at 1200/mo ish for two adults. Hoping they’re too much of a political third rail to ever raise much.

Wow! I thought retiree Tricare was much cheaper than that!

They are eligible for tricare but they are not vested as a military retiree. I think we pay $600 a year for Prime retiree for our family.

[Anonymous]

My mom and her DH are 60 and retired. They pay $2900/mo for bare bones insurance with a high deductible.

According to my retirement calculator, if I retire in my 50s, 18 years from now, I need to allocate 7k/mo for healthcare costs. Considering how it had ballooned in the last 4 years, this is very believeable.