Rant - ACA, College Financial Aid, Back Door Roths
If people manage their income for ACA subsidy and my tax dollars pay for a wealthy person young enough to work, then later in life they can return this kindness and pay for my LTC.
I see lots of posts complaining about ACA subsidies for "rich" people, but never any posts about "rich" folks getting college financial aid.
Perhaps any family owning a McMansion and/or a second home shouldn't be getting any financial aid either - move into less fancy digs, sell the second home, and pay the full tuition bill. I do realize
some schools do look at second homes in their calculations, but those are typically the uber expension ones.
So, if total assets were considered for ACA, I guess I could "shelter" assets by buying a nice McMansion and then selling later once I determined I no longer wanted to play the ACA game. Would that be considered more "ok"?
I haven't seen anyone mention this, but should a person that retires early feel guilty about getting financial aid for their children? Why should other people be paying for that if they chose to not work?
I also never see anyone complaining about usage of back door Roth's. That practice is also costing tax revenue. Why don't I ever see anyone complaining about that? It seems when folks use those, it's deemed to be an astute financial move. Hell, even financial magazines and Vanguard have promoted back doors.
I'm getting ACA subsidies now. I'm also paying full tuition and room & board for sons #2 and #3, after fully paying for son #1, all with 529 money I set aside years ago. Stupid me - I didn't play the financial aid game well at all. Maybe I'm paying myself back now with my subsidies.