I’m 33, earning $120,000 in tech, want to retire at 40, but have expensive medical needs — how can I achieve financial independence?
I am a 33-year-old that is actively saving and building toward a passive income stream enabling me to either retire early or shift to a nonprofit career instead of my current job in tech.
I also have some chronic health issues that require regular and expensive medical care — a gold or platinum plan under the ACA is essential. Hester, who retired at age 38 and is familiar with navigating the healthcare system as a financially independent individual, said sometimes, people find they don’t actually need the gold or platinum plan. “If you can build into your budget the healthcare expenses, a lot of folks come out ahead when you get a lower premium in exchange,” she said.
Now, on to financial independence. You defined it for yourself as having more than $20,000 in passive income and a paid off mortgage. That definitely sounds good, but keep in mind you may very well be spending that much money on healthcare alone, so whatever you do on the side — be it consulting work or a job in a nonprofit — will have to help carry you through the next few decades of your life.
“Retirement is about income, not assets,” said David D’Eredita, founder and investment adviser with Rise Private Wealth Advisors. He suggests mapping out your core living expenses and lifestyle expenses and then making a mock retirement budget. “Make sure you can cover your core with stable, reliable passive income sources,” D’Eredita said. “The 9% or 10% high-yield junk bond will never make you happier than the pain you’ll feel when it defaults.
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