Reply to Can 29yr old live off $1.5 million w/working?

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Reply to "Can 29yr old live off $1.5 million w/working?"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]He needs 10 years of work history to get Medicare when he’s 65. Same requirement for social security.  Does he have that?

He could just take a small low-stress job that provides health insurance and be in a much better position than he would be if he forgoes work entirely.  I don’t really understand dropping out of the workforce before he’s 30.  [/quote]

Even that won’t make much of a difference. He will qualify but social security is based on your 35 highest earnings years. So he will get the social security equivalent of a minimum wage or close to minimum wage person times 10/35. So the equivalent of 1/4 of what someone with the lowest possible lifetime social security check could make. In todays dollars that is something like $300/ per month, albeit indexed for inflation.

It will help some but not much. Maybe basic groceries for 1 for the month or a bit more than utilities for the month. [/quote]

Curious: Will he have to pay income/inheritance tax on the house and 1.5mm? [/quote]

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