I plan to stop working and go sailing next year at age 56 (wife 55). At that time we will have no earnings/income and will be living off savings and later 401K till SS age.
Near as I can tell if you have no income you can not get a subsidy on an ACA plan. But we aren't disabled etc to get on Medicaid. This means that basically an ACA plan is going to be around $1200/mo. But if I have the poverty level income the subsidy would made the insurance almost free.
This must be an issue to lots of early retirees so looking for ways to deal with it. One of the ways I wonder about is if I took early 401k withdrawals to meet the income requirement (even if that means a penalty) that would be better than the full cost health insurance.
Near as I can tell if you have no income you can not get a subsidy on an ACA plan. But we aren't disabled etc to get on Medicaid. This means that basically an ACA plan is going to be around $1200/mo. But if I have the poverty level income the subsidy would made the insurance almost free.
This must be an issue to lots of early retirees so looking for ways to deal with it. One of the ways I wonder about is if I took early 401k withdrawals to meet the income requirement (even if that means a penalty) that would be better than the full cost health insurance.