Great advice. What I was told is that in most cases it takes one decent income to support yourself/family. If you want to get ahead, get a second and/or a third income and invest all the extra. I always marveled how people couldn't find work when I always had 3 jobs or incomes.
I met a Hungarian couple who had been in the US for about a
year. They had saved enough to buy a good used car cash and were saving for the downpayment on a house. They both worked fulltime jobs during the day and both worked two more jobs nights and weekends. So, they had 6 incomes all minimum wage jobs.
If these people who could barely speak English could do it, there is not excuse for anyone else.

Perhaps some recent visitors missed this on the first go-round, but may find it interesting.

Input? Comments?

ole joyful

Unfortunately, the lack of a comprehensive universal healthcare plan in the US makes early retirement for many people impractical. As stats from AARP are finding, a growing percentage of retirees are finding their healthcare costs, even under Medicare, are chewing up an average of 34% of their income.

And early retirees don't get Medicare. You get it at 65, or unless you're disabled (you cannot do at least 3 of the standard Assisted Daily Living criteria).

The reality is, people are extremely spoilt by employers picking up the majority of healthcare premiums. I used to pull medical insurance premiums for clients. If I could find a basic HMO policy for a healthy 45 yr old at less than $700/mo, I thought I was doing really well! If you weren't healthy, or in your late 50's, expect a premium more in the vicinity of $1000/mo.

That comes along with all kinds of deductibles and "don't pay that, sorry" exclusions, BTW. Expect another $50-200/mo costs for those extras. Standard cap on benefits is $1M - anything over that, let's say, a serious degenerative disease, forget it, insurance money cuts off at that point.

Also doesn't include dental or vision. Or long term care insurance.

I'm not saying it can't be done. But many, many people grossly underestimate how much health insurance of ALL types, actually costs in the real-life marketplace.

Insurance underwriting is very democratic. It doesn't care if you've saved $15M for retirement or $15K. Medical improvements can keep you alive a lot longer these days, even with serious diseases. Insurance companies know this, which is why life insurance costs are dropping like a rock, while all medical insurance premiums are rising like hot air balloons in a high wind. Big costs lie ahead for Boomers as they age, and that skew to the actuarial tables means the Gen X & Y'ers won't get a lot of slack cut on their premiums. The first time you have something wrong with you, they know you're an expensive risk forever afterwards. So you'll pay for it, one way or another.

Here in California, I pay for individual health insurance. It certainly does not suffocate me, nor take 1/3 of my income. But I don't have an HMO, hate em.

Two comments,
Joyful guy lives in a country with universal health care - huge difference as jkom pointed out.

I retired "early". I was 55. BUT, I then went to work (full time) on a contract basis for my old employer (at a lot more $$ and collecting my pension). I did that for a year, then got another well paying contract job also full time. From those jobs (which I also enjoyed), I saved enough that I could then work part time for the next 4 years. I retired "full time" just last year.

I'm lucky, my pension benefits include health insurance. But there are caveats (as jkom also pointed out). I have a very minimal dental policy, no eye care, and no long term care. I do have a prescription drug benefit (which I don't currently need). I have a $200 deductible for lab tests and xrays. Result is that I pretty much pay for my annual mammogram and blood work. I can only hope that should I ever really need that health ins that it will actually be there for me. Also, I'm aware that at any time, my previous employer can require me to pay for part of my health ins. And I'm one of the lucky ones.

DH works for the same company, so there's no point getting coverage as his spouse as the coverage is the same....

So even though I enjoy what seems to be a fairly secure retirement, it's not really all that secure considering the health care issue.

Yeah - for many years we had modest premiums for health care ... which paid for part of it.

Then our province, as some others had, discontinued the premium.

A few years ago, having promised before an election not to raise taxes, on winning, the party, astonished at the poor condition of the gov't. books ...

... instituted a "Health Levy" to help pay for medical costs ...

... not a tax, you understand!!

Costs me about $475. per year ... and though I seldom use it, being in excellent health, I consider it cheap at the price.

ole joyful