(From a regulard reader/viewer in California)
I quit my COJ on September 1 after 31 years at my 6 figure job + bonus. We live in California, I’m 58 and my husband is 61. We are paying $1,700 a month for cobra until the end of the year. The plan is to live off my husband’s small pension & our cash savings until we reach medicare age.
I spent quite a bit of time on Covered California (ACA) website running through different income scenarios to maximize the subsidy we’ll receive. Keeping our income to $34k, we will pay ZERO for a silver 87 plan and receive APTC of $1484 a month. Same doctors/hospital as my cobra plan with LOWER copays, deductibles, and out of pocket max. How sweet is that?
Listened to Jae Oh’s livestream (awesome)! We are the poster children for early retirees who are taking advantage of subsidies for zero cost Obamacare coverage.
We are able to do this because we have no debt (paid off our mortgage) and stashed 5 + years of cash away. Wasn’t until I started watching your videos & met with you that I realized I could actually retire NOW instead of staying in my COJ until I was Medicare age. Even when ACA subsidies decline, we still will be able to keep our taxable income low by using our cash and delay withdrawals from our IRAs.
My stress level is at an all time low, I’m healthy and have insurance. Life is good. Bring on the Go-Go years!!!