Greetings all.
Trying to figure out if its possible for us to retire soon.
We are both employed, and both make good money - but are burned out and want to travel; maybe in a year or two - but will need health insurance for about 5 years before medicare kicks in.
Don't want to use COBRA (~$2500/month), and don't want to go bare.
I live in Mass, so was looking at the mass health connector website.
Plugged in our zip code and various income amounts from $36K to $60K and was actually quite surprised to see that there are plans we would qualify for as low as $50/month and up to $270/month.
But my real question is - will assets count at all when determining eligibility?
Plan would be to very little to no actual 'employment income' (maybe pick up a few shifts here and there for fun), so we can technically make our income just about anything we want - and would live off of money we have saved in our non-retirement accounts. We have plenty of money to 'retire' based on a 4% rule, but not planning on tapping that until at least 65.
House, cars and all of our kids education is all paid for - zero debt - so honestly picking up $36k in income, plus drawing at least that amount each year from our after tax savings, is more than enough for us to do what we want - and then at 65 we can start tapping the real nest egg.
Because we can control our actual income, and then use that plus an already-taxed money to live on, we can qualify for almost free health insurance.
So question is, to me this seems to go to be true, is it? Will having significant assets disqualify us from getting a subsidized plan? seems like it should, but I can't see anywhere on the site where it is mentioned.
Trying to figure out if its possible for us to retire soon.
We are both employed, and both make good money - but are burned out and want to travel; maybe in a year or two - but will need health insurance for about 5 years before medicare kicks in.
Don't want to use COBRA (~$2500/month), and don't want to go bare.
I live in Mass, so was looking at the mass health connector website.
Plugged in our zip code and various income amounts from $36K to $60K and was actually quite surprised to see that there are plans we would qualify for as low as $50/month and up to $270/month.
But my real question is - will assets count at all when determining eligibility?
Plan would be to very little to no actual 'employment income' (maybe pick up a few shifts here and there for fun), so we can technically make our income just about anything we want - and would live off of money we have saved in our non-retirement accounts. We have plenty of money to 'retire' based on a 4% rule, but not planning on tapping that until at least 65.
House, cars and all of our kids education is all paid for - zero debt - so honestly picking up $36k in income, plus drawing at least that amount each year from our after tax savings, is more than enough for us to do what we want - and then at 65 we can start tapping the real nest egg.
Because we can control our actual income, and then use that plus an already-taxed money to live on, we can qualify for almost free health insurance.
So question is, to me this seems to go to be true, is it? Will having significant assets disqualify us from getting a subsidized plan? seems like it should, but I can't see anywhere on the site where it is mentioned.