Originally Posted by Sammy
I can retire from the Fire Department next spring with 25 years in. My pension would be about $3500 a month, but the health insurance the Pension Board offers is $1,000 a month, and going up.* So I can't afford to retire.* By staying at the Fire Department another 3 years, my health insurance would "only" be about $500.* I do have a 457 with $250k in it but I was wanting to buy a second home somewhere warm with the money, not fund my healthcare. There's a rumor that the Pension Board will offer a "High-Deductable-HSA" thype thing next year.* Anybody else in this same boat?
I am not in the same boat exactly, but I think we all are to some degree. The cost of health care cannot continue at this pace, because Americans just don't have the money. Most of us here have over $1 Million in assets and we cannot really afford the increases that have been handed down.
Health care costs are currently causing General Motors to actually consider bankrupcty. I have heard that GM plans to locate some plants in Canada just because they won't have to deal with health care for the workers.
With all of that said, there has to be major changes coming. What you could do in the short run is consider why would you even want to own a second home? - Isn't the maint on 1 home enough? Not to mention the worry, when the second home is vacant? - Property taxes, utilities etc. You've got a couple choices. 1.) Move full time to the 'warm' area and sell your current home. 2.) Just rent at the warm locale for a couple months and enjoy yourself. - This will be much cheaper and worry free in the short run.