Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Wanting to retire at 54?
Old 06-22-2008, 08:56 PM   #1
Confused about dryer sheets
Join Date: Jun 2008
Posts: 1
Wanting to retire at 54?

My husband and I live in Texas. We are 53 and 54 and hope to retire in a year or two. I am scared that we don't know enough about certain expenses such as Health care insurance.
Does anyone know what the average individual pays per month for decent health care insurance at our ages?
I also wonder how much more it will cost as we grow older?
We have retirement acounts and investment assets and our house will almost be paid off, but what I read about health care scares me.
Haasds 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 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 06-22-2008, 09:12 PM   #2
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
REWahoo's Avatar
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 48,244
Originally Posted by Haasds View Post
Does anyone know what the average individual pays per month for decent health care insurance at our ages?
I also wonder how much more it will cost as we grow older?
Welcome to the forum. Your concern about health insurance is shared by many of us here since the cost and availability can vary dramatically.

I'd recommend you take a look at the information in our FAQ section as a starting point. Lots of good information here.

As to what you might have to pay for coverage, that varies widely depending on many factors. Living in TX, one thing you might do to get a "worst case" idea of costs is look at the premiums charged by the Texas Health Insurance Risk Pool. If you can't get individual coverage (or the coverage has too many exclusions due to pre-existing conditions), the pool is available to TX residents - but it's not cheap. You may note that those premiums are set at twice the 'standard' rates charged by insurers. So if you are in good health, you should be able to get coverage for half the amounts shown. And the rates for the pool have been going up 10-15% per year.

Hope this helps.
Numbers is hard

Retired in 2005 at age 58, no pension
REWahoo is offline   Reply With Quote
Old 06-22-2008, 10:25 PM   #3
Full time employment: Posting here.
Join Date: Jun 2006
Posts: 927
Welcome to the forum. Health care cost worries are keeping lots of people our age working. If you were 65 you could sign up for medicare and probably not have to pay too unreasonably high premiums on a medicare supplement. The problem for now is what to do between ER and age 65. We need to also consider that medicare will run into funding problems in another decade or two. Check the links that REWahoo posted to get a start on looking into things and then try searching the health forum here on ERForum to get some ideas about what other people are paying. Many couples keep one spouse working parttime solely for health insurance benifits. If you get all the health care expenses worries behind you then consider that during our lifetimes a lot of people retired and had serious problems with overall inflation. We have been lucky to have not had big inflation over the last few decades. A couple decades of inflation rates like what we had during the mid 70s could really mess up ER for some of us. I seem to be a nattering nabob of negativity this evening.
jclarksnakes is offline   Reply With Quote

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
27, wanting to retire in 40s LiseF Hi, I am... 11 03-21-2008 10:30 AM
52 & Burned out, wanting to retire NOW. Help!! Dogman Hi, I am... 8 02-07-2008 02:34 PM
32 and wanting to retire in a few years needtoretireearly Hi, I am... 61 12-08-2005 04:15 PM
26 and wanting to retire in 4 years??? BrucePSD Young Dreamers 14 08-31-2005 07:15 PM
40 and wanting out fanfairs Hi, I am... 2 07-13-2003 01:46 PM

» Quick Links

All times are GMT -6. The time now is 12:57 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2021, vBulletin Solutions, Inc.