Find
part-time work with insurance options
Without a doubt, the Millers' best health
insurance option will be for Jim to find part-time
work with health benefits before his COBRA
benefits expire next spring. Since Jim is
younger than 65 and collecting Social Security
benefits, he has an income limitation of $12,960
on what he can earn during 2007. For every
$2 he earns above that amount he loses $1
of Social Security benefit. Perhaps he can
find an employer who will pay a lower salary
but cover a higher portion of their health
insurance costs.
Determine income needs
The Millers require income of at least $36,000
per year. If Jim does not find a job with
benefits and Sandra does not get accepted
for Social Security disability, the Millers
will find their resources stretched. With
$800,000 of total financial assets, the Millers
are better off than many of their peers. However,
their very conservative asset allocation could
be a problem for them in the long run.
|
