Reply to Why save for retirement if medicaid will cover your costs!?!?

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[quote=Anonymous][quote=Anonymous]I also wonder about people that save a ton of money for retirement.  For example, my dad made an offhand remark one day that they have a few million saved and will probably never use all that money.  Hell I wish they'd spend more of it and make up for lost time, they deserve it.

I agree it's important to save some amount of money (for argument's sake let's say an amount that would let you draw $35-40K per year in addition to your SS payments).  That lets you take a few modest trips and live a comfortable life but not extravagant (this plan also assumes you'll have paid off your mortgage or will sell and move to a lower COL area so housing expense is minimal).

Obviously there's a margin of error here too and you want to err a little on the side of caution but I can't see socking away tons of money for retirement. [b] By the time you're old and need nursing home care your quality of life kinda sucks already so why not use more of the money when you can actually enjoy it[/b]. [/quote]

Spoken like someone who has never been responsible for an elderly person.

Sure, a person's quality of life sucks if she has, e.g., dementia and incontinence and arthritis and difficulty eating and drinking.  No question.  Believe me, however, that if she has zero stimulation during the day - no social life, no newspaper, no books, no outing to sit in the sun - as well as a wet Depends on for hours; pain meds only when the frazzled staff gets around to it; and is left to her own devices to get food and drink down, well, it is not a pretty existence.  And it can go on for a decade or more (I've BTDT, twice).[/quote]

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