Reply to “They’re only worth a few million. Not really rich”

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Reply to "“They’re only worth a few million. Not really rich”"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My inlaws are worth 3 million and then their house is another $900k. They are certainly rich by many standards. But if they go into nice assisted living that money will evaporate so fast. And it's what they saved for in the first place. Drove one Japanese car for 20 years before getting another, kept the house cold in winter and hot in summer, no European vacations for kids, no private, rare new clothes. [/quote]

This.  Without a pension, that money is unlikely to last until the next generation if one or both of them ends up needing long-term care.  It's a hedge against having to go into an medicare-paid nursing home, not a resource for free-wheeling living. [/quote]

This is sad. I get it and I'm not judging -- costs ARE atrocious. But to get to a place in life where you've accumulated $3 mil plus another 1 mil in housing and STILL it involves keeping the house hot in the summer and no new clothes!?[/quote]

Why is "pension" a bid deal?

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