I had a decent 6 figure income with my corporate job and the 75 year old company got wrecked by Covid. In early 21, I left for my 2nd home in Florida and did part time work, some other local stuff. The company was bought out and folded into another one in 2024. I saw the writing on the wall before that though. Now it’s completely gone.
I started my own business as a Home Inspector here in Fl and now going into my 4th year, I’m pretty much only eligible for ACA health care plans at 58.
There is a benefit cliff you hit at about 43k in income. If I declare my actual expected income, the plans I get are about $1100/month and a 10k deductible before anything is paid. Yeah, about 22k/year.
If I only make 42k a year? I get offered a plan for about $200/month with a $700 annual deductible. The plan is 1443B Florida Blue silver. Cheap drugs, $5 primary care etc.
Add 1k more income? Back to pure garbage bronze plan. It’s insane.
So, I guess I can have healthcare or I can have income. Unless I really push hard and get well back into 6 figures, I’m in the negative, exactly as this article states.
Turns out though...I can use a self 401k plan and just bank all the extra income to reduce my MAGI, so that’s what I’ll have to do.
I can then take a loan out against the 401k and spend that money. I just have to pay it off, or wait until I’m old enough and just default on my loan to myself.
The system is garbage, for sure. I’m just glad I was able to retire with enough money that I don’t HAVE to work, I just want to travel and such, so working pays for toys.
If they succeed in digital currency,there will be no way to earn extra money from side jobs or ev3n 0icking up aluminum cans...
Not much of an incentive is it? I have been there and had to climb over that mountain to enter a different land so to speak. It was a bitter trip for me. It made me hate the government more than I ever did and still do. The only thing I hate more are the politicians and the voters that put a lot of them in office.