Retirement
#11
Banned
Joined APC: May 2014
Position: Tom’s Whipping boy.
Posts: 1,182
No kind of company sponsored life insurance including accidental death,
Pretty sad: and skimpy
#12
Gets Weekends Off
Joined APC: Mar 2006
Position: guppy CA
Posts: 5,160
That's the way it is for most workers. And a big reason why I go for maximum RHA VEBA spillage. Plan on needing $100K/person for medical bills in retirement.
#14
Gets Weekends Off
Joined APC: Mar 2006
Position: guppy CA
Posts: 5,160
We have Tricare. If you're thinking that Tricare's really cheap, yes it is. Right now.
But copays went from $12 (IIRC) last year to $30 this year for us.
And when one turns 65, they need to pay Medicare Part B in order to keep Tricare. Check out Medicare Part B prices. If you earn $170K-$214K/yr joint in retirement (the very lowest we could earn with 2 mil retirements + 2 social security checks), the monthly Part B premium is $187.50/person/month. That alone is $4500/yr for us. https://www.medicare.gov/your-medica...t-b-costs.html
And then there's nursing home costs (if needed). Two or three years in a nursing home will wipe out a $200K RHA VEBA account.
So if you're thinking that medical costs won't spike for you in retirement, I suggest you crunch the Part B numbers and then rethink how much Tricare will cost annually.
#16
Gets Weekends Off
Joined APC: Mar 2006
Position: guppy CA
Posts: 5,160
Biff, sorry that I didn't post a Tricare for Life link. This should explain it:
https://www.tricare.mil/LifeEvents/Medicare
I wasn't aware of the fact that we have to pay medicare Part B to have Tricare For Life until a couple of years ago. It caught me by surprise and because of the premiums involved, I decided to max out my 401k as fast as possible to get the 16% contribution to spill into my VEBA RHA.
In addition, I want to make sure I have the ability to pay for a nursing home for at least a couple of years before tapping into savings.
https://www.tricare.mil/LifeEvents/Medicare
I wasn't aware of the fact that we have to pay medicare Part B to have Tricare For Life until a couple of years ago. It caught me by surprise and because of the premiums involved, I decided to max out my 401k as fast as possible to get the 16% contribution to spill into my VEBA RHA.
In addition, I want to make sure I have the ability to pay for a nursing home for at least a couple of years before tapping into savings.
#18
Gets Weekends Off
Joined APC: Dec 2008
Position: 777 Cap
Posts: 199
#19
Banned
Joined APC: Mar 2018
Posts: 1,358
Did United have retirement benefits such as paid or subsidized insurance after retirement prior to the merger or bankruptcy? I’ve never worked for a company that did. I always thought that when I’m no longer providing a service to the company that our relationship was over except for pass travel.
#20
Gets Weekends Off
Joined APC: Mar 2006
Position: guppy CA
Posts: 5,160
I do it the simple way.
100% of income going to 401k - first pretax until filled up, then post tax. Maxes out shortly after profit sharing goes into post tax. That gives one maximum spillage.
No calculator necessary for me.
100% of income going to 401k - first pretax until filled up, then post tax. Maxes out shortly after profit sharing goes into post tax. That gives one maximum spillage.
No calculator necessary for me.
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