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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] Access to Medicare at age 65 will make a huge difference in his quality of life at that point. He’ll really be shooting himself in the foot if he avoids the required 10 years of work in his lifetime and misses out on that benefit. [/quote]
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