Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 07-10-2019, 10:44 AM   #101
Thinks s/he gets paid by the post
ExFlyBoy5's Avatar
 
Join Date: May 2013
Location: Country Living
Posts: 3,106
Quote:
Originally Posted by Teacher Terry View Post
Farmer, I would love to see a breakdown of expenses on how you do all that on 20k. I am guessing free medical with Tricare.
Just for the record, Tricare isn't free. It's darn close, but it does cost something.
__________________

__________________
Retired in 2014 at the Ripe Age of 40
Founder and Head Lounger @ The Life of Leisure Institute
ExFlyBoy5 is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 07-10-2019, 11:17 AM   #102
Thinks s/he gets paid by the post
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 3,731
I find that article silly because it appears many people are living fine at the median income.
__________________

Teacher Terry is offline   Reply With Quote
Old 07-10-2019, 11:38 AM   #103
Thinks s/he gets paid by the post
Koolau's Avatar
 
Join Date: Jul 2008
Location: Leeward Oahu
Posts: 3,550
Quote:
Originally Posted by ExFlyBoy5 View Post
Just for the record, Tricare isn't free. It's darn close, but it does cost something.
With due respect, ANY health care costs (a lot!) Who pays is the only real question (no political intent here - just sayin', so YMM.)
__________________
Ko'olau's Law -

Anything which can be used can be misused. Anything which can be misused will be.
Koolau is online now   Reply With Quote
Old 07-10-2019, 11:41 AM   #104
Thinks s/he gets paid by the post
 
Join Date: Jun 2003
Location: Historic Florida
Posts: 3,265
Quote:
Originally Posted by ExFlyBoy5 View Post
Just for the record, Tricare isn't free. It's darn close, but it does cost something.
Not being eligible for any of the US's socialized medical plans, I was wondering if they converted to Medicare after 65. So do folk who qualify for VA, Tricare, Medicaid or whatever have a premium shock when they get to 65 and are forced to go on medicare? Or so those programs continue ad-infinitum. If so that could be quite a financial shock.
__________________
"Arguing with an Engineer is like rolling in the mud with a pig. Just remember that the pig likes it."
ShokWaveRider is offline   Reply With Quote
Old 07-10-2019, 11:52 AM   #105
Thinks s/he gets paid by the post
ExFlyBoy5's Avatar
 
Join Date: May 2013
Location: Country Living
Posts: 3,106
Quote:
Originally Posted by ShokWaveRider View Post
Not being eligible for any of the US's socialized medical plans, I was wondering if they converted to Medicare after 65. So do folk who qualify for VA, Tricare, Medicaid or whatever have a premium shock when they get to 65 and are forced to go on medicare? Or so those programs continue ad-infinitum. If so that could be quite a financial shock.
Once you are 65, Medicare kicks in and you have to pay into part B to keep Tricare (which becomes a supplement). For most folks, they will pay more for part B than they pay for Tricare prior to turning 65. It is a bit more, but still cheaper than most plans.

Plus I imagine that the cost for Tricare will continue to increase so that those that are still w*rking age will eventually pay more than it will cost to be on Medicare.

VA healthcare is it's own thing and care under the VA continues without having to sign up for part b Medicare. The warn against that because there are no guarantees that the law won't change and if you sign up for part b after a certain period (after turning 65) you would have to pay a penalty.
__________________
Retired in 2014 at the Ripe Age of 40
Founder and Head Lounger @ The Life of Leisure Institute
ExFlyBoy5 is offline   Reply With Quote
Old 07-10-2019, 11:55 AM   #106
Thinks s/he gets paid by the post
ExFlyBoy5's Avatar
 
Join Date: May 2013
Location: Country Living
Posts: 3,106
Quote:
Originally Posted by Koolau View Post
With due respect, ANY health care costs (a lot!) Who pays is the only real question (no political intent here - just sayin', so YMM.)
I am not sure what you are trying to imply as my point was that the cost to the person who is insured isn't FREE as was asked by Teacher Terry. So, "who" pays wasn't the question I was addressing.
__________________
Retired in 2014 at the Ripe Age of 40
Founder and Head Lounger @ The Life of Leisure Institute
ExFlyBoy5 is offline   Reply With Quote
Old 07-10-2019, 12:21 PM   #107
Full time employment: Posting here.
Offgrid Organic Farmer's Avatar
 
Join Date: Feb 2018
Location: An Un-Organized Township of Maine
Posts: 531
Quote:
Originally Posted by ShokWaveRider View Post
Not being eligible for any of the US's socialized medical plans, I was wondering if they converted to Medicare after 65. So do folk who qualify for VA, Tricare, Medicaid or whatever have a premium shock when they get to 65 and are forced to go on medicare? Or so those programs continue ad-infinitum. If so that could be quite a financial shock.
I am 60. I am eligible for VA and for Tricare.

When I turned 60, I called my regional Tricare underwriter and asked them what the procedure is. As I reach 65, I will automatically qualify for Medicare part-B, which I will need to verify proper enrollment.

I will still be eligible for VA, though what they will treat changes. Currently, the VA will only treat injuries that were documented during my Active Duty service. Once I am over 65, then the VA will consider treating all ailments.

I will also still be eligible for Tricare.

The V.A. [US Veteran's Administration] treats Veterans who served in the US military.

Tricare handles US Servicemembers and their families, both those on Active Duty and those who have 'retired' and who are still obligated to respond should our nation need them for another war.

The VA and Tricare are part of the benefits made available to US servicemembers and former servicemembers.
__________________
Retired at 42 and I have been enjoying retirement for 18 years [so far].
Offgrid Organic Farmer is offline   Reply With Quote
Old 07-10-2019, 01:54 PM   #108
Thinks s/he gets paid by the post
Teacher Terry's Avatar
 
Join Date: Jun 2014
Posts: 3,731
Retired military certainly deserve Tricare.
Teacher Terry is offline   Reply With Quote
Old 07-10-2019, 03:21 PM   #109
Recycles dryer sheets
Lawrencewendall's Avatar
 
Join Date: Feb 2017
Location: Severn
Posts: 435
I'm still trying to wrap my head around this. I have John Hopkins US Family Plan (USFHP) through Tricare. I was told and their site confirms that it would be best to sign up at 65 for plan B in the event I move out out of the USFHP coverage area to avoid any penalty. Looking at their current coverage area, I don't envision ever moving out of the coverage area. Why is there any incentive to pay more for something I don't ever see happening? School me.
Lawrencewendall is offline   Reply With Quote
Old 07-11-2019, 03:48 PM   #110
Recycles dryer sheets
Archman's Avatar
 
Join Date: Nov 2010
Posts: 82
Quote:
Originally Posted by ShokWaveRider View Post
^^^^ Soooooo… According to this, no one with a median income can afford to live anywhere if they own a home?
If they live uncomfortably.
Archman is offline   Reply With Quote
Old 07-11-2019, 04:04 PM   #111
Thinks s/he gets paid by the post
HNL Bill's Avatar
 
Join Date: Dec 2017
Posts: 1,271
"Hawaii: $117,724.18." If your home is paid off, and not more than $1M, then this seems over the top 'comfortable' to me. Without vacations, living in a 800 sf condo, we live on $40K per year for a couple. We have one car and two bicycles. Guess I should start drinking champagne on a daily basis, take out a new luxury car loan, and travel more, lol. Point is, what's comfortable varies quite a bit, depending on your desired comfort level. We have a pool, sauna, jacuzzi, and bbq area at my condo. I can bike to town. I pay $0 for heating, and $0 for air conditioning. If I bumped up to the budget listed, I'd either need to do extensive travel, or buy a $1M+ house and get another mortgage!
__________________
Balance in everything.
HNL Bill is offline   Reply With Quote
Old 07-11-2019, 04:27 PM   #112
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 1,284
Quote:
Originally Posted by HNL Bill View Post
"Hawaii: $117,724.18." If your home is paid off, and not more than $1M, then this seems over the top 'comfortable' to me. Without vacations, living in a 800 sf condo, we live on $40K per year for a couple. We have one car and two bicycles. Guess I should start drinking champagne on a daily basis, take out a new luxury car loan, and travel more, lol. Point is, what's comfortable varies quite a bit, depending on your desired comfort level. We have a pool, sauna, jacuzzi, and bbq area at my condo. I can bike to town. I pay $0 for heating, and $0 for air conditioning. If I bumped up to the budget listed, I'd either need to do extensive travel, or buy a $1M+ house and get another mortgage!
There are places that would be HCOL, perhaps VHCOL while still working (e.g., high state/local income taxes) that are perfectly reasonable once retired w/ a paid-off home (e.g. pension income exempt from state income tax)

I know Hawaii has dirt-cheap property tax rates for the U.S....how do they tax SS, public/privte pensions?
ncbill is offline   Reply With Quote
Old 07-11-2019, 04:37 PM   #113
Thinks s/he gets paid by the post
HNL Bill's Avatar
 
Join Date: Dec 2017
Posts: 1,271
Quote:
Originally Posted by ncbill View Post
I know Hawaii has dirt cheap property tax rates for the U.S....how do they tax SS, public/privte pensions?
Hawaii taxes capital gains as ordinary income, along with the employee contribution to qualified investments. Employer contributions to qualified plans are not taxed (e.g., company match to the 401(k).

"Hawaii entirely exempts some types of retirement income (including Social Security retirement benefits and public pension income) but fully taxes income from private pensions and retirement savings accounts."
__________________
Balance in everything.
HNL Bill is offline   Reply With Quote
Old 07-11-2019, 05:01 PM   #114
Thinks s/he gets paid by the post
 
Join Date: Jun 2017
Location: Western NC
Posts: 1,284
Quote:
Originally Posted by HNL Bill View Post
Hawaii taxes capital gains as ordinary income, along with the employee contribution to qualified investments. Employer contributions to qualified plans are not taxed (e.g., company match to the 401(k).

"Hawaii entirely exempts some types of retirement income (including Social Security retirement benefits and public pension income) but fully taxes income from private pensions and retirement savings accounts."
Also: "Private employer-funded pension plans that employees did not contribute to are exempt." https://www.kiplinger.com/tool/retir...2&state=Hawaii

So, a great place to retire, especially for those mostly relying on a pension.
ncbill is offline   Reply With Quote
Old 07-12-2019, 10:49 AM   #115
Dryer sheet wannabe
 
Join Date: May 2019
Posts: 23
My FIRE budget is $22,000 at age 55 and projected to be $24,000 at 65 to pay required expenses (in today's dollars), so any money spent beyond those figures is discretionary, so $30,000 total would be very comfortable and plenty to enjoy some of the extras in life, which is more discretionary than I have spent in years.


The article says I need almost $60,000 just to be comfortable! LOL


As someone else mentioned, beyond Medicare part A is expensive. I know couples spending over $10,000/yr just on the premiums for the various Medicare parts/supplements to have sufficient coverage.
GenXguy is offline   Reply With Quote
Old 07-12-2019, 10:52 AM   #116
Recycles dryer sheets
 
Join Date: Oct 2018
Posts: 171
Quote:
Originally Posted by jkern View Post
Living in SF Bay Area (Castro Valley, Alameda Co.) with no mortgage and subsidized medical insurance:

One Person:
Property tax, home ins, HOA, nominal maintenance, utilities, food, medical/dental, car ins, car maint/repairs, and gas = $29,000/yr

Add in second person: food, medical/dental and transportation = $13,000/yr

Total Essentials = $42,000/yr

Add routine spending (travel, entertainment, recreation, gifts, clothes ect.) and non-routine spending (replacing items like cars, appliances, major home repairs ect.. and buying new stuff) = $50,000/yr

Total standard of living = $92,000/yr (Very comfortable, but frugal. Can reduce spending if needed)

The CA average of $86K comes close to us.
Why not sell that paid off house and move to a nicer area? This town is the last place I would want to end up. Counting the days to departure.

Besides no decent shopping close by, the homeless druggies, and the murder/suicide 2 weeks ago Castro Valley might be a decent place to retire....Not.

Sorry Can ya tell I love living here?
Vacation4us is offline   Reply With Quote
Old 07-12-2019, 10:54 AM   #117
Thinks s/he gets paid by the post
 
Join Date: Jul 2007
Posts: 1,081
Quote:
Originally Posted by Koolau View Post
With due respect, ANY health care costs (a lot!) Who pays is the only real question (no political intent here - just sayin', so YMM.)
I think they are hinting to all the work they did in the military. That the way I take it.
__________________

FANOFJESUS is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
To Each Their Own: "Why Retire?" Tekward Life after FIRE 62 01-14-2018 08:01 PM
FIRE comfortably at 42? joebloe Hi, I am... 44 11-01-2012 10:27 AM
Bloomberg Wealth Friendliness ratings for each State Orchidflower Other topics 7 10-16-2009 07:41 AM

» Quick Links

 
All times are GMT -6. The time now is 10:55 PM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2019, vBulletin Solutions, Inc.