Reply to One million saved…can I stop now?

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[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.

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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]

Or you can work until 50/55 and have a much nicer life.  But start enjoying life (if you are not already) while still working.  take those trips you want, do whatever with your kids or spouse you are dreaming of.  I'm willing to work a few more years to enjoy life more.  Because $50K/year is not much to live on in a HCOLA like DCUM.  Sure I could go to Nebraska or Iowa and live on $50K, but then I'd be living in Iowa or Nebraska and that isn't my definition of "quality of life". 
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