If you don't have pension, don't retire early. Healthcare cost is $3000 per month. Deductible is $10,000 per year.
If you do plan to retire early, before 65, then plan to move to another country. Don't live in the US. Cost of living in other countries are 1/4 of the US. This is my own experience. Good luck.
I'm not convinced at this point if i will obtain health coverage. cut in 2025 - still unenjoyed. Cobra was1100/mo and now exhausted. ACA premium $1400/mo in 2027 which does not cover my 1 medication. $11k deductible (single person). Fleecing of the american workforce.
ACA was a nice when it started, but with no price setting mechanism and no well defined funding model it seems to have taken the course its critics expected, costs spiraling out of control…
That'll only get worse when the Dums i mean Dems get their single payer health care plan
@n7 I still have mortgage to pay, property tax, insurance. It's over the ACA income limit.
@OP
What kind of income are you drawing for your monthly premium to be that high with a $10K deductible?
As @ev+1m6gyfx36 suggested, it sounds like better planning might have been required.
@ea No, but you do get a lump sum. I was rehired 5/2002 and got 22k, which I use for health stuff. I took the HSA (my money) out and put it at Fidelity in QQQ and VOO to increase while I use the HRA to pay for stuff.
I retired early and moved to Asia. Best decision I have ever made. Paid cash for my medical needs. It's not even 1/10 of what I would have to pay living in Michigan.
Could not be happier! Just do it. You won’t have to deal with your LL4, Tim Son-Hing, making his LL5s follow you into the bathroom. You don’t have to worry about Health and Safety following you at his direction into the bathroom, nor do you have to worry about him getting upset that no one else will keep following you in there, leaving Tim to do it himself. Not dating in the office is a serious no-no in Marketing, and they are perverts. Not dealing with that is great.
@e9 that’s why you live off your taxable brokerage account and/or after tax savings until 65. Not things that are categorized as income.
Or you have a non-Ford spouse with employer healthcare access (before and/or after retirement).
If you plan well, you can retire at 55 or before.
@bk Facts check. COBRA is the most expensive healthcare plan. You better call COBRA before you plan to retire. All of those who are hired after June 1, 2001 will not get the $500 per month from Ford after the 18 months. You are on your own after the 18 months. My ACA healthcare premiums have gone up $900 per month for 2027. I don't plan to buy healthcare insurance in the US. I'm moving overseas and buying insurance overseas.
If you plan to retire before age of 65, you need to plan how to pay for healthcare insurance. For 2027, ACA premiums are $2500 to $3500 a month. Deductible is $7000 minimum per person. If your income is over $86,000 per year before tax, then you are not qualified for ACA. ACA considers income as pension, 401k withdrawal, SS, paychecks.
If you get the $6000 per person from Ford it makes Cobra about about $25 a month. That last 18 months, your numbers are correct. However … Ford does reimburse $6000 per year per person. Still that leaves us with about $12000 a year in premiums and a $7000 deductible.
Retired age 60. Health care for 2027 is $950/month with a $11K deductible. Yikes. This is just for me and doesn't include the wife who has health care on her own.
I’m single so I wouldn’t pay $3k a month. At least right now anyway.
I planned for it and retired early. Best decision I ever made, probably added years to my life. Ford is a very stressful place to work.
You never know if you are ready to retire until you run the complete set of numbers and determine a supporting plan for next 30 years or so.
I was complaining how that place was slowly ki-ling me and on a whim I did exactly the above. Result - I was surprised one day to discover I could do it well before I assumed I could. I filed paperwork indicating intent 3 days later and was gone fully in 60 days.
Best decision (for Me) I've ever made while at Ford.
Wife and I are retiring early and moving overseas for lower cost of living and lower cost of healthcare.
US Healthcare system is completely FUBARed