Reply to How much do you need for an UMC retirement?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Health care costs in our country are a disgrace. Unfortunately people do underestimate this X factor. As Americans we do not age well. As early as our 40s we start developing chronic health issues. In my opinion, your current health and your best guess about your future health are the most important factor as far as how much you need for retirement.[/quote]

Can you elaborate?

My parents have both had serious health issues in their 60s and 70s but the costs have really not been hard to handle. And they live in a fairly rural place where they sometimes have to go 4 hours to see a specialist. That part sucks but the costs are covered by Medicare and a supplemental plan that is $150 per month. They've had one issue with an expensive prescription but we're able to resolve it by comparison shopping pharmacies. Despite my dad having chronic hear issues and my mom having diabetes, their medical costs are really not a big deal.

If you talk to my parents about the biggest cost increases in retirement they will tell you the cost of cable and Internet (I've tried to get them to cord cut but they love cable) and the price of travel (flights and hotels). And those things have all seem a lot of inflation. But it's not this scary issue of being hit with medical bills for tens of thousands because something isn't covered. Everything is covered.[/quote]

DP. It is the help when they can no longer live in their homes, either at all, or without help. Assisted Living, Skilled Nursing, or at home care can easily run 200K+.

I know several people who were depending on an inheritance, and now watching that money get drained with eldercare. [/quote]

That's the thing about planning to have an "UMC" retirement -- if you plan to spending $350-400k a year in retirement, then the $200k in care is covered.  The money that you spent on cars and travel when you were healthier gets shifted to care. [/quote]

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