How to Retire in Your 30s With $1 Million in the Bank

[bogey21]

I hope many Tuggers have looked into Long Term Care Insurance.

Not a true medical policy but a Home Care (or nursing home) payment product for a period of time.

The alternative I chose to Long Term Care Insurance was to move into a CCRC (Continuing Care Retirement Community) when I reached age 65 (18 years ago). Contractually the CCRC is required to provide Assisted Living if/when I need it. My monthly fee includes an apartment, utilities, food, cleaning, etc. When I subtract the LTC premiums I don't have to pay and take into account that 25% of my monthly payment is tax deductible as Prepaid Medical Expenses I have both security and a bargain. The only downside is the Front End Fee I had to pay when I signed up but if I divide it by 18 (the number of years I have been here) it becomes relatively insignificant...

George

 

[Passepartout]

My long term care policy is cruise ships, they cost $450-$1000 a week interior stateroom, they feed you, provide entertainment, will wheel you around in wheel chair if needed, medical on board. You just have to get off and reboard once a week. But in the end still cheaper than assisted living.

We've considered this, and for a while, if one is relatively healthy it would work. But if your medical care should be advanced, or acute, or you need medication supervision, It's beyond the scope of their ability. And cruise ship medicine is a 'for profit' undertaking, your Medicare insurance is not going to help you. Be sure to have a whole bunch of medical and evacuation/repatriation insurance coverage.

Jim

 

[Talent312]

I am off to call the insurance company to see why they denied all my husbands blood work and why we owe the hospital $678.

They should send you an EOB (Explanation of Benefits) with reasons stated.
You might find it online. If you can decider it, it will tell you something like:
... (1) They don't cover "in house" labs, only "independent" labs.
... (2) Then want documentation showing it was medically necessary.
... (3) Coding error.
You may have to ask the hospital to resubmit the claim.

I heard a news story in which the President of the company was shown
an EOB and asked to explain it... He could not and called someone for help.

DW went thru that with Medicare becuz they thought she was covered
under my old policy and we had prove to them that she'd been terminated.

Please let us know.

.

 

[rapmarks]

It is being looked into but they are not covering his lipid panel, he is on statins, his thyroid test, he had half removed, and everything else so has to be a coding error I hope. Then another hour on phone with company that supplies cpap and automatically charged our credit card $191 for a mask and then later submitted to insurance and charged him the copay also.

 

[Talent312]

... another hour on phone with company that supplies cpap and automatically charged our credit card $191 for a mask and then later submitted to insurance and charged him the copay also.

Having to deal with stuff like that is enuff to raise one's blood pressure.

After DW was in the hospital for a TIA, she got a bill from some stray doc.
We had to comb thru claim records to prove he'd been paid by insurance.
<arrgh>.

 

[NJDave]

If it so happens that I can suffer the 10% penalty in stride, I'll bail out before age 59.5. There are other ways to tap retirement plans, like taking "substantially equal distributions" for at least 5 years. If I catch wind of that rule ending, I might quickly elect it. I otherwise don't like locking myself into anything. My thinking on this has changed greatly since I got sick. It turns out that I want out of the workforce more than I want money. Living simply isn't hard for me and I have proven it again.

There are other circumstances where you could take withdrawals at age 55 without incurring the penalty. This article may help.

http://www.401khelpcenter.com/401k_education/Early_Dist_Options.html#.W6yof_ZFzDc

 

[geekette]

There are other circumstances where you could take withdrawals at age 55 without incurring the penalty. This article may help.

http://www.401khelpcenter.com/401k_education/Early_Dist_Options.html#.W6yof_ZFzDc

Yeah, there are ways, I just don't like them!

If I had to, I'd go the minimum 5 years of "substantially equal payments".

 

[Brett]

Today the Wall Street Journal had an article on people that retire early
Only five (5) easy steps !

 

[SmithOp]

Today the Wall Street Journal had an article on people that retire early
Only five (5) easy steps !


View attachment 8576

Hah, in the 60s we called them hippies, now its WSJ fodder to live a minimalist lifestyle.


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[Ralph Sir Edward]

Quite a hoot.