Anonymous
Post 01/07/2016 10:03     Subject: Save or YOLO?
Anonymous wrote:
Anonymous wrote:
Anonymous wrote:I'm the poster that saves 2 401ks per years but otherwise believes in "YOLO".
I actually work in the insurance industry, case managing the care of elderly patients who are insured through Medicare/Medicaid. I have daily exposure to this world.

There are decent facilities that have Medicaid beds. You just need to be a savvy consumer.
Also, I am FINE risking this for the final years of my life if it means I can enjoy life, travel with my kids seeing the world in my (relative) youth. It's a choice I make. If I'm going to be nursing home bound and dependent on others for ADLs as an elderly person it's going to suck whether I'm in a Medicaid bed or at the Ritz.


It would be extremely hard on your kids, to see you impoverished to the point that you qualified for Medicaid.

I think maxing out two 401ks for 30 years should be enough for most people, though, assuming we get some social security 30-40 years from now, and you own a house free and clear at that point. You'd have over a million dollars.


I know I'm speaking for a different (lower) economic level, but I will tell you that a great weight was lifted from us when my mother qualified for Medicaid. It's a blessing to see her get the care she needs.
Do people really have the feelings you describe?


Same for my grandmother at the end of her life. She was on medicaid, and in a decent facility close to family. We were very happy with the care she received, and grateful that Medicaid was there. She worked all her life but was poor.
Anonymous
Post 01/07/2016 09:55     Subject: Save or YOLO?
Yolo investments like buy a big house
Anonymous
Post 01/07/2016 09:54     Subject: Save or YOLO?
Anonymous wrote:
Anonymous wrote:I'm the poster that saves 2 401ks per years but otherwise believes in "YOLO".
I actually work in the insurance industry, case managing the care of elderly patients who are insured through Medicare/Medicaid. I have daily exposure to this world.

There are decent facilities that have Medicaid beds. You just need to be a savvy consumer.
Also, I am FINE risking this for the final years of my life if it means I can enjoy life, travel with my kids seeing the world in my (relative) youth. It's a choice I make. If I'm going to be nursing home bound and dependent on others for ADLs as an elderly person it's going to suck whether I'm in a Medicaid bed or at the Ritz.


It would be extremely hard on your kids, to see you impoverished to the point that you qualified for Medicaid.

I think maxing out two 401ks for 30 years should be enough for most people, though, assuming we get some social security 30-40 years from now, and you own a house free and clear at that point. You'd have over a million dollars.


I know I'm speaking for a different (lower) economic level, but I will tell you that a great weight was lifted from us when my mother qualified for Medicaid. It's a blessing to see her get the care she needs.
Do people really have the feelings you describe?
Anonymous
Post 01/06/2016 19:29     Subject: Re:Save or YOLO?
Anonymous wrote:
Anonymous wrote:I'm YOLO but not by choice. We've had 3 rounds of layoffs that basically wiped out our savings and we are now 40. Spouse already has a chronic illness that'll get worse with age. We can't afford to max out anything and still pay basic expenses.
I'll work till 65 but I doubt I'll live past 80. (None of my family lives past 80).


You are not YOLO, you are barely getting by in the working class. Totally different case.


Yeah you're right. I wish there was a delete option for posts here.
Anonymous
Post 01/06/2016 18:34     Subject: Re:Save or YOLO?
Anonymous wrote:I'm YOLO but not by choice. We've had 3 rounds of layoffs that basically wiped out our savings and we are now 40. Spouse already has a chronic illness that'll get worse with age. We can't afford to max out anything and still pay basic expenses.
I'll work till 65 but I doubt I'll live past 80. (None of my family lives past 80).


You are not YOLO, you are barely getting by in the working class. Totally different case.
Anonymous
Post 01/06/2016 18:15     Subject: Re:Save or YOLO?
I'm YOLO but not by choice. We've had 3 rounds of layoffs that basically wiped out our savings and we are now 40. Spouse already has a chronic illness that'll get worse with age. We can't afford to max out anything and still pay basic expenses.
I'll work till 65 but I doubt I'll live past 80. (None of my family lives past 80).
Anonymous
Post 01/06/2016 15:28     Subject: Save or YOLO?
I own a house, have healthy 401K and IRA accounts and have been contributing regularly to my daughter's savings account. I drive my cars a long time and don't spend much on clothing, travel, etc.

I do give myself a fairly healthy budget for nights out with friends, because that brings me joy. We will try to do happy hour specials vs. expensive clubs, but that's the one area where I definitely think YOLO.
Anonymous
Post 01/06/2016 14:05     Subject: Save or YOLO?
Anonymous wrote:We have a budget. Every year we have roughly $10k put towards vacations, max out the 401K's, we each have a weekly "allowance" (mutually agreed upon) and have every little thing we need budgeted (groceries, gifts, daycare, household, etc). I will be able to retire when I'm 55, DH when he's 60 (by his own choosing, we'll see if he wants to keep working). We will both be able to retire at 55.

With a $10k vacation budget (which doesn't include one week at the beach with my family, that's a separate savings) we should be able to do 2 nice week long trips, or one really nice trip. Groupon Getaways will be your friend. DH has 6 weeks of vacation a year, I have unlimited (just need approval from my manager, haven't been denied since I don't abuse it), so we can travel at anytime (at least while DD is in daycare).

DH is a fed, so once he retires we'll still have his insurance for life. We'll have about 4 million in retirement, $40k per year from his pension and $500k in cash (plus the house which should be around $600k). Should be a nice retirement!

Oh HHI is $250k, will jump up a bit in 2 months. DD is 3.5 so daycare costs will drop a bit to cover aftercare. Only have one car, live in a townhouse, only one child (that's all we want as well).


Tangent: Unlimited vacation sucks. It literally has no value, so if you leave they don't have to pay you for it. Avoid companies that do this.
Anonymous
Post 01/06/2016 14:04     Subject: Save or YOLO?
My mom qualified for Medicaid. She was in a really nice facility in IL until she died. We were unlucky that she had dementia, but incredibly lucky that she qualified for Medicaid.

It was not difficult...it was a relief. Difficult would been us having to pay for the care if she had just enough money to not qualify. Of course her being incredibly wealthy would have been the best option, but how many people are incredibly wealthy.
Anonymous
Post 01/06/2016 13:55     Subject: Re:Save or YOLO?
To sum up other threads..
Save because YOLO but YETLAWY (you expect to live a while yet)
Anonymous
Post 01/06/2016 13:22     Subject: Save or YOLO?
Anonymous wrote:
Anonymous wrote:I'm the poster that saves 2 401ks per years but otherwise believes in "YOLO".
I actually work in the insurance industry, case managing the care of elderly patients who are insured through Medicare/Medicaid. I have daily exposure to this world.

There are decent facilities that have Medicaid beds. You just need to be a savvy consumer.
Also, I am FINE risking this for the final years of my life if it means I can enjoy life, travel with my kids seeing the world in my (relative) youth. It's a choice I make. If I'm going to be nursing home bound and dependent on others for ADLs as an elderly person it's going to suck whether I'm in a Medicaid bed or at the Ritz.


It would be extremely hard on your kids, to see you impoverished to the point that you qualified for Medicaid.

I think maxing out two 401ks for 30 years should be enough for most people, though, assuming we get some social security 30-40 years from now, and you own a house free and clear at that point. You'd have over a million dollars.


You'd have over a million in contributions alone which wouldn't factor in your returns over that period.
Anonymous
Post 01/06/2016 12:11     Subject: Save or YOLO?
Anonymous wrote:I'm the poster that saves 2 401ks per years but otherwise believes in "YOLO".
I actually work in the insurance industry, case managing the care of elderly patients who are insured through Medicare/Medicaid. I have daily exposure to this world.

There are decent facilities that have Medicaid beds. You just need to be a savvy consumer.
Also, I am FINE risking this for the final years of my life if it means I can enjoy life, travel with my kids seeing the world in my (relative) youth. It's a choice I make. If I'm going to be nursing home bound and dependent on others for ADLs as an elderly person it's going to suck whether I'm in a Medicaid bed or at the Ritz.


It would be extremely hard on your kids, to see you impoverished to the point that you qualified for Medicaid.

I think maxing out two 401ks for 30 years should be enough for most people, though, assuming we get some social security 30-40 years from now, and you own a house free and clear at that point. You'd have over a million dollars.
Anonymous
Post 01/06/2016 10:37     Subject: Save or YOLO?
I'm the poster that saves 2 401ks per years but otherwise believes in "YOLO".
I actually work in the insurance industry, case managing the care of elderly patients who are insured through Medicare/Medicaid. I have daily exposure to this world.

There are decent facilities that have Medicaid beds. You just need to be a savvy consumer.
Also, I am FINE risking this for the final years of my life if it means I can enjoy life, travel with my kids seeing the world in my (relative) youth. It's a choice I make. If I'm going to be nursing home bound and dependent on others for ADLs as an elderly person it's going to suck whether I'm in a Medicaid bed or at the Ritz.
Anonymous
Post 01/06/2016 10:00     Subject: Save or YOLO?
You people saying YOLO and max 2 401ks are delusional. I think the average 401k across all ages has less than 100k so clearly you are way ahead of the game.
Anonymous
Post 01/06/2016 09:48     Subject: Save or YOLO?
We have a budget. Every year we have roughly $10k put towards vacations, max out the 401K's, we each have a weekly "allowance" (mutually agreed upon) and have every little thing we need budgeted (groceries, gifts, daycare, household, etc). I will be able to retire when I'm 55, DH when he's 60 (by his own choosing, we'll see if he wants to keep working). We will both be able to retire at 55.

With a $10k vacation budget (which doesn't include one week at the beach with my family, that's a separate savings) we should be able to do 2 nice week long trips, or one really nice trip. Groupon Getaways will be your friend. DH has 6 weeks of vacation a year, I have unlimited (just need approval from my manager, haven't been denied since I don't abuse it), so we can travel at anytime (at least while DD is in daycare).

DH is a fed, so once he retires we'll still have his insurance for life. We'll have about 4 million in retirement, $40k per year from his pension and $500k in cash (plus the house which should be around $600k). Should be a nice retirement!

Oh HHI is $250k, will jump up a bit in 2 months. DD is 3.5 so daycare costs will drop a bit to cover aftercare. Only have one car, live in a townhouse, only one child (that's all we want as well).