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The amount of beer I drink, and buttered crab legs I eat, I won't be making it to 90, hahaha.
Im 37.
And if you change your eating habits now, you might be able to knock off 10 years of extra living after you retire at the age of 62 thereby needing even less money.
the difficulty is adjusting for inflation . while you can figure around a 3% average , healthcare has been running as high as 7.50% and fidelity just reduced it down to 5.50% based on last years data . long term care costs can run 5.50% as well .
the point is those two items have been exceeding the rate of inflation by a lot .
Thus why no one can answer that questions..but keep in mind Medicare is a pretty fixed cost in retirement years, premiums are pretty much set between Original Medicare and whatever MA or Supplement plan you buy. You will have fixed out of pocket costs that you can plan for pretty easily. Long term care costs can also be planned for in advance.
the problem can be the premiums themselves as well as dental i know is huge for us . my wife and i have required thousand every year in work .
the cost of supplements can be very expensive if you want to close the loop hole in exposure . here in nyc an aarp f-plan for a couple is 6400.00 a year plus medicare , plus a drug plan and it goes up every year .
the medicare premiums are getting new brackets in 2018 that are lowering the point where you get a medicare premium increase based on income . .
how bad can increases be ? well we sold an asset 2 years before we retired or any of us were on medicare . since medicare goes back two years , in 2016 my wife was on medicare at this point got a 300 dollar a month increase . had i been on it we would have increased 600 dollars A MONTH just for the medicare portion .
that is on top of the regular premium .
long term care costs ,whether in home ,assisted living or snf are out of controil . 120-140k a year for a snf in our area is not even a nice one . .
want long term care insurance ? we have a nys partnership plan. it nets out to over 6k for us a year after tax credits .
so don't think for a second costs are low or fixed with medicare . you can have lower costs , or higher exposure with other plans or advantage plans but in one way or another eventually you don't dodge the bullet and what you saved likely will get spent .
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