Reply to One million saved…can I stop now?

Forum Index » Money and Finances

Reply to "One million saved…can I stop now?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][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.

[/quote]

$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]
Agree. I don't care about any travelling after I'm 80, so my expenses should be low, basically I'll will be watching TV all day long, or read books. I'm in late 40s, have about 900K in 401K, also will get Social Security and small pension. House is paid off, no other debt. Plus, my spouse has pension, social security, health insurance through his government job. I work full time, have good benefits, plan on continuing working as long as I can stand it. For next 15 years, I want to travel as much as I can, so I don't have any regrets. Then, when I'm 75 and older, I don't plan to spend any money on anything, no travelling either. Don't care if I land somewhere in nursing home on Medicaid.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics