Ask Terry Questions Retirement at 60 and health care costs

Retirement at 60 and health care costs

By Terry Savage on March 13, 2020 | Insurance & Annuities

I do understand that it’s recommended to keep working as long as possible. However, the stress of my job is so bad, that I am having extreme difficulty even going to work each day and its’ been detrimental to my health. I don’t see other available positions that I could move into. If I budget for costs of premiums, deductibles, and out of pocket maximums, as part of my retirement needs, is it possible to retire at 60? I’ve investigated and have option of COBRA and then can move into the ACA. Thanks

Terry Says

I understand your situation, but COBRA is VERY expensive and typically lasts only 18 months. And you may not qualify for COBRA if you quit, or retire. Check with your employer. Healthcare is a big issue this election season, and no one knows what will happen with the ACA ( program in two years. Of course, with no income you might qualify for a state Medicaid program — something to look into.



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