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0:00 – 0:53 Health care in retirement
0:54 – 2:34 Medicaid income qualifications
2:35 – 3:30 Retirement plan overview
3:31 – 4:45 Retirement withdrawal strategies
4:46 – 7:44 Using a Roth IRA for healthcare costs
7:45 – 8:39 Roth IRA vs. IRA withdrawal TAX costs
8:40 – 9:02 Drop your thoughts below!
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Thanks for watching! What’d you think of this side breakdown and type of video? Let me know! Always looking for new topics and ideas 🙂
Good overall information. Slight adjustment to what you stated: The 400% ACA income cliff is a slope through the end of 2025, thus you can still get premium tax credits with income over 400% of the Federal Poverty level until then.
You’re 100% right. Good catch and thanks for watching!
​@@JazzwealthThe tax credits can be quite a lot each year, so depending on your income, plan cost and family size, you could save quite a bit (e.g. 20k+) each year. Also, the Federal Poverty Level income is adjusted each year for inflation, something you implied didn’t happen.
Great breakdown good to know what coming
Thanks Bruce! 😎
Look at you getting all technical. so 273,347 plus 60k health care cost = 333,347 vs 436,461 Oh wait We are dead before end of plan. never mine. I believe there is a balance for most people somewhere in the middle with slight use of Roth earlier that affects taxes also. Also is Chris as awkward in person as he is on the videos? asking for a friend.
Ha! Agreed! Every plan is special just like you swamp rat 😉 Chris is great! You’ll come around on him eventually!
You make a very good point. I am still planning on saving my roth ira till last, just to get that extra compounding time. I would say if your roth has a smaller balance, and not still contributing to it. Maybe using that first.. but I plan on still contributing to my roth ira in retirement if funds allow.
Thanks for watching! Sounds like a good plan, but be careful if you do not have any earned income then you’ll be unable to contribute to your Roth in retirement 🙂
We have used the ACA for most of the last few years. The insurance varies and can be free, but more likely just severely discounted via credits. Note that the credits are progressive, the closer you are to the minimum, the larger the credits are.
We were able to get an HSA eligible plan most years, and contribute while on ACA.
Medicare is generally a better deal, but the ACA has been reasonable and saved a lot of money. Note that plans and costs vary by county.
We have actually CONTRIBUTED to Roths the last 3 years while on ACA, in lieu of conversions as I still had PT income.
The major negative of ACA is that it minimizes options for Roth Conversion during the time it is often ideal otherwise.
I’m not a big fan of 30yr calculations on taxes and portfolio size from age 60, as it cherry picks the data. Give me numbers 15-20 years out which is when they will matter more.
I love these technical videos, great job!
Thanks for watching!
We’re in 2024 these numbers are up from
Very interesting something to think about
Thanks for watching!