Retiring early: How much your health insurance will cost

Justin McCurry retired in 2013. He and his wife decided at the beginning of their marriage that they wanted to quit working while they were young.

So the couple ran some calculations, made a budget and set out to save 50% to 80% of their income every month. After about 10 years, McCurry was 33 years old and the couple had saved the nearly $1.3 million he estimated they needed to retire.

McCurry left his job as an engineer, and his wife retired from her career as a financial analyst not long after. Leaving their employers meant that the couple needed a way to provide health insurance for themselves and their three children.

The average health insurance plan costs nearly $5,500 per year for an individual and close to $14,000 for a family, according to a 2020 study by eHealth.

Living on a fixed income, McCurry hoped to pay much less than the national average for his family’s plan.

Check out this video to see how McCurry, and others like him, purchased health insurance after retiring early.

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[marilynchamber-it]

It's recommended to save at least 20% of your income in a 401k. You can use online calculators to estimate how much you should save based on your age and income. Saving at least 20% of your income in a 401(k) can help ensure that you have enough money to retire comfortably. By saving this much, you can take advantage of compound interest and potentially grow your retirement savings over time.

[dbo]

Recap: biography of some random lady who retired too early.

[JB-kxbx]

My wife and I want to retire at 55 (currently 31). Our main concern is covering healthcare costs.

[ericanderson]

$10k? My 30 minutes Ambulance ride was $6k. Then I spent $115k on a stent. Who payed for that? I did.

[wayne]

Certainly much more expensive after unaffordable Obamacare!

[bryanmoney]

Please understand that the justice will decide for you how much poorer you will get...Please think for yourself....

[threedogsandacamper]

I’m 54, self employed with no preexisting conditions and pay $700 a month for the Blue Cross/Blue Shield Bronze plan.

[elleryray]

I retired at 57. My employer pays 100% of my cost. Now I have Tricare as a result of service in the military Reserve. Plan early.

[Zero_ss]

My early retirement plan is to just die. No healthcare needed.

[yentrinh]

I have been paying cash for my yearly check up for the last few years, but I will re-enroll in ACA this year dues to the risk of COVID to prevent financial hardships 😷

[crazyjojp]

Most companies don't offer pensions or healthcare when a person retires. What do the younger generation have to do?

[AL-bjvo]

This wasn't a very helpful video.

[MightyCrazy]

In the mean time Trump wants to get rid of ObamaCare.

[lrysnkw]

That guy who "retired" early at 33 is living off $40000 probably non-taxable income. It is possible we as current taxpayers are subsidizing his income through tax credits. He's essentially leaching off his kids and, therefore, not leaving them an inheritance. Yeah, that's pretty selfish.

[Steven-xfmz]

insurance is expensive because healthcare is expensive! it's all a model, money doesn't come from thin air unless you're a part of the federal bank. if on avg every enrolled person will need $6K of care annually then you're looking at roughly cost of $500 per month for care service + administration cost + margin. We can't reduce insurance cost unless we reduce healthcare cost, we can't reduce healthcare cost without reducing service provider margin, labor cost, and equipment cost. it's just way of life.

[jackperuchet]

GEORGE SOROS TIENE EL OJO PUESTO EN PUERTO RICO Y ESPAÑA QUIERE POLÍTICOS QUE LE DEJEN LLEGAR A LOS FONDOS PÚBLICOS NESECITAN HACER ORGANIZACIONES PARA QUE EL GOBIERNO LES META DINERO MISMO DINERO QUE SERÁ UTILIZADO PARA INVERTIR EN POLÍTICOS QUE TRABAJEN CON SUS LEYES Y LES METAN MÁS DINERO A SUS AGENDA 2030  EN LA CUAL LLEVARÍA A LA ISLA AL ESTADO DE VENEZUELA O ARGENTINA

[mrunderhill]

if Obamacare goes away I will not be able to afford it - guess that's one way to reach the population goals bill gates and our 'friends' at world economic forum want their human sheep at - but at least the health insurers may go broke too when all of us just stop buying their product.

[ThisIsSolution]

Pro Tip:
Dont buy health insurance.


Ps
Buy good food while you are alive. Eat your good health into existence.

[thomasreedy]

Maximize your roth contributions and use that as a primary income source when you retire.

[gp]

You had a year to find an employer that carried insurance or purchase your own. Once you had cash from your husbands death, you chose to buy things you didn’t need instead of getting insurance. You thought maybe you could last until you qualified for Medicare. Now you’re acting like you’re a victim. Don’t feel sorry for you.