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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]How much is your mortgage?

We are aiming for $250k/year after paying off mortgage and kids’ college costs. [/quote]

then you would probably need 6M.

we have 3 and our yearly spend is about 120.[/quote]

Who are you crazy ppl who think one needs 6 million to retire??  What is the percent of US population able to even get close to accumulating anything like this? [/quote]

people on here spend LOTS of money.  that's why!  people don't want to retire and then have to scale their lifestyle/spend WAY DOWN.[/quote]

This post is written by a person whose yearly spend is supposedly 120k... That's not a lot of money for a family of 5.. That's austere modest living.  And if these type of people think they need 6 mil I want to know what's going through their head.

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My bad.  It's in response to a post of people making 250K.  Still 250K for family living doesn't translate to having to spend this in retirement to maintain the same lifestyle (child related expenses, college savings, etc go away).   It definitely doesn't require 6 mil liquid to be able to maintain this lifestyle especially if your home is already paid off or mortgage is modest.  This HHI doesn't buy lavish lifestyle with vacation homes, abundant dining/travel, luxury shopping, etc.  :lol:  It's a middle class lifestyle for HCOL areas.  And ppl wanting middle class life in retirement have to have 6 mil saved? That's crazy talk.

Ok, I think one factor that adds up to the anxiety I see here about retirement is healthcare costs, which for self insuring 50+ ppl are high.  It's why we should hope this gets fixed to some extent, so that people don't have to pay another mortgage to get health insurance.  I guess if your house is already paid off then you can afford private health insurance. But if you have limited income don't you also qualify for discounts?[/quote]

yes, escalating health care costs are real.  A silver EPO plan in my state is $1600/year per 55 year old, and goes up each year towards 65. That's medical only, with a $7K ind/$14K family deductible.  That's $3.2K/month just to insure 2 adults, then you have to pay for most things until you hit the dedcutible.  Not hard to assume you will spend $4.5K/month on all medical/dental/vision (since you have to pay the massive deductible first before medical really kicks in)

So unless you would get a reduction (and I doubt those are returning, and many of us make too much to get those even in retirement), medical is a huge part of your expenses.  In comparison, we pay $500/month to cover the entire family (as many kids as you have and spouse), with a $1K/2K dedcubitles and dental/vision as well.  So it's a huge increase in expenses versus when we were employed
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