rito Posted April 30, 2017 Author Report Share Posted April 30, 2017 That was not part of the equation, if that was a deciding factor we should never retire, you dont want to underestimate and end up broke for your last few years, but living poor your whole life and dying with loads in the bank accomplished what with our one and only life? Lol, well it's part of mine. Even if the grandparents probably take care of that. Quote Link to comment Share on other sites More sharing options...
IAG Posted April 30, 2017 Report Share Posted April 30, 2017 .....nursing homes are $100,000 per year. Medicare does not pay for nursing homes. 5% of population goes into a nursing home. Half of the population doesn't have enough savings apparently to cover 6 months. When these people don't have money to cover their stay, they are put on Medicaid – (welfare.) People like to bitch a lot about people who are on food stamps and other entitlements, but the biggest dollar entitlements are paid out to people who don't have enough retirement savings and need long term care. Quote Link to comment Share on other sites More sharing options...
rito Posted April 30, 2017 Author Report Share Posted April 30, 2017 Life insurance could be used for that....as long as you die in a timely manner or can afford massive premiums to keep it going after 20/30 years whenever it reaches the end What kind of life insurance should I have now? Quote Link to comment Share on other sites More sharing options...
rito Posted April 30, 2017 Author Report Share Posted April 30, 2017 .....nursing homes are $100,000 per year. Medicare does not pay for nursing homes. 5% of population goes into a nursing home. Half of the population doesn't have enough savings apparently to cover 6 months. When these people don't have money to cover their stay, they are put on Medicaid – (welfare.) People like to bitch a lot about people who are on food stamps and other entitlements, but the biggest dollar entitlements are paid out to people who don't have enough retirement savings and need long term care. we getting rid of that, just put them out to pasture. Quote Link to comment Share on other sites More sharing options...
IAG Posted April 30, 2017 Report Share Posted April 30, 2017 we getting rid of that, just put them out to pasture. I would willingly go early before I get there. Quote Link to comment Share on other sites More sharing options...
mikeman Posted April 30, 2017 Report Share Posted April 30, 2017 Lol, well it's part of mine. Even if the grandparents probably take care of that.My mom died last year, me and my brother/sister got her estate, we all make far more than she ever did, and most of our kids make more than the parents. Descendants will take the money but truthfully they dont "need" it. Quote Link to comment Share on other sites More sharing options...
Guest boatboatboat Posted April 30, 2017 Report Share Posted April 30, 2017 Common Quote Link to comment Share on other sites More sharing options...
barman Posted April 30, 2017 Report Share Posted April 30, 2017 Sounds light for anywhere given his age.word Our life is very blessed and we enjoy right about $90k AGI. That noted, we would have no complaint raising our lifestyle - mainly with travel expenses - to the $150k range. So multiply that times upwards of 40 more years of life and $6mil is the base nut Quote Link to comment Share on other sites More sharing options...
barman Posted April 30, 2017 Report Share Posted April 30, 2017 Well if you are including house on top of that, it's more like 1 million net...but I don't know how you assume you are going to live forever. I just have always read that you need very minimum of 1 million at retirement age...more than likely 2 million....and that's at retirement age. Take your house property tax and insurance off that plus all the upkeep of the home,....one need to replace roof or something, and half your yearly income could be wiped out in any given year. Plus you're paying taxes on that income. So it's not as if you're getting 30 K to live on. Trust me, I would love to believe you. . I just have worked the retirement calculators enough to know that I don't think it's enough. Seems like it should be, but added expenses always turn up. Plus you're not accounting for inflation. What you hit assisted-living you're looking at at least 45,000 per year – nursing home over 100 grand a year. And then also, I don't know how you make safely over 4% these days. I mean truly safe.+1 on that last note....I love hearing people tell me how they are raking 10% and expect it to continue Quote Link to comment Share on other sites More sharing options...
barman Posted April 30, 2017 Report Share Posted April 30, 2017 If you have no kids, and never want to travel and have health insurance and live in bumfuck nowhere then maybe. But, I'm looking for 30k a month income not year.yep Applies even more if - like me - you enjoy giving money to people/orgs less able to create it Quote Link to comment Share on other sites More sharing options...
IAG Posted April 30, 2017 Report Share Posted April 30, 2017 wordOur life is very blessed and we enjoy right about $90k AGI. That noted, we would have no complaint raising our lifestyle - mainly with travel expenses - to the $150k range.So multiply that times upwards of 40 more years of life and $6mil is the base nutIt is amazing how much you can cut out if you need to...and kind of fun to try to live very simply and cheaply as an experiment....It's much more fun going the other way though. Quote Link to comment Share on other sites More sharing options...
barman Posted April 30, 2017 Report Share Posted April 30, 2017 seems like a bad ideaWhy does getting into international drug smuggling seem like a bad idea? :-) Quote Link to comment Share on other sites More sharing options...
barman Posted April 30, 2017 Report Share Posted April 30, 2017 reading thru this thread and seeig 1mill5 mill10 mill WOW TGF posters are or plan on being much better off in retirement that the vast majority of peopleheh Over 90% of Americans will have a lower annual income at age 65 than they did in years previous. And yet most everyone figures if they just "work harder" they will be in the 10% Quote Link to comment Share on other sites More sharing options...
barman Posted April 30, 2017 Report Share Posted April 30, 2017 .....nursing homes are $100,000 per year. Medicare does not pay for nursing homes. 5% of population goes into a nursing home. Half of the population doesn't have enough savings apparently to cover 6 months. When these people don't have money to cover their stay, they are put on Medicaid – (welfare.) People like to bitch a lot about people who are on food stamps and other entitlements, but the biggest dollar entitlements are paid out to people who don't have enough retirement savings and need long term care.Above are some of several reasons it is good idea to have an assisted suicide pact w someone you trust Quote Link to comment Share on other sites More sharing options...
barman Posted April 30, 2017 Report Share Posted April 30, 2017 I would willingly go early before I get there.Assisted suicides can be planned in group fashion :-) But will warn you I am serious about the whole " happy life for 40 more years" so you needn't worry we will get all serious too soon Quote Link to comment Share on other sites More sharing options...
barman Posted April 30, 2017 Report Share Posted April 30, 2017 It is amazing how much you can cut out if you need to...and kind of fun to try to live very simply and cheaply as an experiment....It's much more fun going the other way though.heh....Well we are cursed with Very Active Imaginations Quote Link to comment Share on other sites More sharing options...
IAG Posted April 30, 2017 Report Share Posted April 30, 2017 Assisted suicides can be planned in group fashion :-)But will warn you I am serious about the whole " happy life for 40 more years" so you needn't worry we will get all serious too soon I'm in for 25 more...beyond that I'm sure my money and my will will be long gone... Quote Link to comment Share on other sites More sharing options...
barman Posted April 30, 2017 Report Share Posted April 30, 2017 I'm in for 25 more...beyond that I'm sure my money and my will will be long gone...We are going dancing on July 4, 2043 so don't be leaving me standing Quote Link to comment Share on other sites More sharing options...
IAG Posted April 30, 2017 Report Share Posted April 30, 2017 We are going dancing on July 4, 2043 so don't be leaving me standing What's on 7-4-43? If I'm not there, dance one in my memory. Seems like a long time from now, but damn time goes quickly. I just got a reminder from Facebook that I've had my cat a year now. I can't believe it. Seems like I was just asking you guys for advice a few months ago! Quote Link to comment Share on other sites More sharing options...
Fecal Tornado Posted April 30, 2017 Report Share Posted April 30, 2017 Was reading through this and wanted to reply to six and it would not let me,anyway PROPER PLANNING is the key. Sure we all think we will live to 125 and be active, problem is it does not happen.say you make 65 and have your house paid and 200k in bank.And you fall ill have have to go to a nursing home,and pick out one that charges 7k @ month,so 7 k month and then tack on 10-15k a month to medicare depending on your needs. ok now say you live another 15 years(which many do)you have about 5 years in that nursing home. When you run out of money you will be ask to leave.Put on welfare and be placed into a county or state home as all these high priced nursing homes only keep you while you have cash once it is spent you have no value to them and you become indigent more or less and they find you other housing Quote Link to comment Share on other sites More sharing options...
Fecal Tornado Posted April 30, 2017 Report Share Posted April 30, 2017 Yes I think assisted suicide will be all the rage Quote Link to comment Share on other sites More sharing options...
rito Posted April 30, 2017 Author Report Share Posted April 30, 2017 Eventually theyll get rid of Medicare and everyone will need 20M to retire. Personal Freedom! Quote Link to comment Share on other sites More sharing options...
IAG Posted April 30, 2017 Report Share Posted April 30, 2017 Yes I think assisted suicide will be all the rage20 years TGF= The geriatric forum Quote Link to comment Share on other sites More sharing options...
Guest boatboatboat Posted April 30, 2017 Report Share Posted April 30, 2017 20 years TGF= The geriatric forumYou have a contact with am adult diaper company? Would like to approach them about a banner Quote Link to comment Share on other sites More sharing options...
IAG Posted April 30, 2017 Report Share Posted April 30, 2017 You have a contact with am adult diaper company? That depends Quote Link to comment Share on other sites More sharing options...
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