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Retiring early? Here's how to plan for healthcare costs? You might need $100,000 or more.
Planning to retire early? How much should you plan for healthcare costs? It’s more than most people plan for. Here’s why. If you leave your job before Medicare kicks in at 65, you're likely responsible for your own coverage. No employer subsidy. No group rate. Just you, shopping for individual health insurance on the open market. We regularly see people spending $10,000 to $20,000 per year or more, depending on age, location, and the coverage level they need. Stretch that over five to seven years and you're looking at a six-figure line item that wasn't in the plan. Everyone knows healthcare is expensive. But the retirement planning mistake we often see is pricing out healthcare based on what it costs you while still employed. Then once you leave your job, the real number hits. So when we build early retirement plans, we model healthcare as its own category. We research individual coverage costs for your specific situation, build in a buffer for out-of-pocket expenses, and make sure the bridge to Medicare is fully funded before anything else. Because retirement planning has to replace everything your job used to cover, not just the income you made. If you're planning to retire before 65, we can help you model that out. Link in the bio. #RetirementPlanning #EarlyRetirement #FinancialPlanning #HealthcareCosts #Medicare #CFP
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