Reply to One million saved…can I stop now?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This question depends on your monthly spend. If you live in a low cost of living area with a paid off house and a very frugal lifestyle that could be plenty. If you still have a mortgage, or live in a high cost of living area, or have expensive tastes that won’t be enough. [/quote]

However, unless you have excellent LTC insurance, you likely need more than that for LTC.  Not unusual to end up in Assisted living/nursing care/memory care for more than 1 year, and those typically cost $10-15K/month.  $1M plus SS is nowhere near enough for any of that, even with low cost of living/being frugal.

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$15k a month gets you a few hours a day of care. When you need 24 hour care it will go up to about $250-$275k a year. [/quote]

Lol, so you're going to give up literally a decade or more, in the prime of your life, to save up extra millions for slightly nicer accommodations in your mid-80s (which you may never need and of which you would likely never be aware, given your deterioration)?  Truly baffling that people think this is a good trade.  I'm retiring in 2-3 years at 45-46, will live a modest lifestyle enjoying all my days, and will gladly live in a Medicaid nursing home if that's what's required at age 86.

FYI, a neighbor just passed away after two years in an expensive nursing home (and 1-2 years of six-figure in-home care before that).  His life was still as crappy as you might expect for someone who needs these things.[/quote]

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