Reply to People with $5M+ NW, why do you still choose to work?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]20 years of assisted living would cost about $5M according to Google.  Per person so $10 if you need it for both.  
3 kids going to private college is another 1.5, and if they want to be doctors or lawyers you can add onto that.  
I also have anxiety about one of my kids getting a serious medical condition or injury where you need to pay $$$$ out of pocket to get appropriate care.  If that happened and I didn’t have th money because I retired at 50, I’d feel

20 years of assisted living? For both partners?? Risk assessment not your strength I see. [/quote]

Right! Who could possibly need 20 years of assisted living! That is insane to plan for that. Also by age 50 your kids should be grown enough that their getting a serious medical condition is not a risk either. You are not super smart in your calculations.[/quote]

All the woman in my family live past 100 so 20 years of some sort of care doesn’t seem unreasonable to me.  I’m in my mid 50s and my kids are between 14 and 20.  Clearly I m not saying that I definitely would need that cushion but if I retire in my mid 50s and then blow through my money in my 80s and expect my kids to take care of me, I’ll feel bad about it.  I’m very risk averse, it’s true, but I think I’d rather work until a normal age and then if it turns out I have too much, I can donate it all to the food bank or pbs or something.  Me sitting on my butt watching Netflix and knitting doesn’t seem like it’s a positive addition to society.  [/quote]

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