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Reply to "How much do you need for an UMC retirement?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]UMC income is likely $250,000, so you will need over $6 million in income generating assets. [/quote] Do you really need that as a senior citizen? House is paid for. If it’s a large house it’s a good time to downsize. You’d be debt free. Your bills would be taxes, cars, utilities, travel if you want. Not all that much in expenses. [/quote] If only elder people would downsize. Most don't until there is an emergency.[/quote] Ugh…this a harsh fact and it’s a killer on the children who have to deal with it. It’s not even a cost issue…our parents could sell their house and just buy bonds and the interest would easily cover rent on a really nice place (with plenty left over to further build savings). However, you get to an age when change is debilitating. What’s crazy is our parents complain all the time about the upkeep of the house, but when you mention the alternatives it’s crickets.[/quote]
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