U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 04-18-2014, 11:18 AM
 
29,782 posts, read 34,876,173 times
Reputation: 11705

Advertisements

Quote:
Originally Posted by Q44 View Post
Medical costs to anticipate in retirement is an area that admittedly I need to study more. When you say 250K-315K you're talking a cumulative number combining insurance/medicare premiums plus out of pocket costs plus things not necessarily covered, right? Not just out of pocket or on top of all other costs?
Yes, depending on other resources like employer supplemental etc along with good health it could be less.
Reply With Quote Quick reply to this message

 
Old 04-18-2014, 11:20 AM
 
29,782 posts, read 34,876,173 times
Reputation: 11705
Quote:
Originally Posted by Escort Rider View Post
"Suggested" by whom? What assumptions went into the calculation of the amounts? (Yes, I am familiar with that so-called "study"; investment firms love to scare people into "needing" huge amounts to retire on). One can make extreme assumptions which can conceivably result in those amounts being spent for medical and dental costs over a life-time of retirement. Some of the assumptions would have to be stuff like not purchasing a Medicare supplement, needing rare and expensive drugs, having constant surgeries and hospitalizations, etc.

However, in the real world, my experience has been vastly different. At age 70 I have been on Medicare for five years now and my co-pays have amounted to pennies. I once did, and posted somewhere on City-Data, an extensive analysis, based on my present Medicare Advantage Plan, and assuming a couple of different surgeries and hospitalizations every year together with frequent doctor visits and lab work; it still came to very, very little. I sure wish I had copied that analysis or made a notation about which forum and thread I posted it in. I am too lazy to re-do it.
As you note it is a CYA planning assumption which of course is up to the individual and their situation. It is as I remember also for a couple.
Reply With Quote Quick reply to this message
 
Old 04-18-2014, 06:15 PM
 
Location: Whidbey Island, WA
12,272 posts, read 11,326,033 times
Reputation: 6124
For me, having some under us say $200k savings and INCOME is more worthwhile than $2M in a bank. Being able to work very part time and augment given realities e.g. cars health care, travel for sudden family issues is key. I think at this point in life I guy has to be able to go with intuition and common sense. If we have $3k to $4k monthly SS and $2k income from rental that should be a good base to live not grandiosely but ok. A house sold here and there by my DW and a RN travel assignment 8-13 weeks per year should help us. Medicare costs about $200/monthly cars paid off we can afford to choose options for ourselves. sure I wish I had a boatload in the bank, condo at the ballpark but until I win the lottery I will have to go placidly....with a smile knowing that at least I did "ok".
Reply With Quote Quick reply to this message
 
Old 04-20-2014, 02:09 AM
 
26,114 posts, read 28,514,332 times
Reputation: 24817
Quote:
Originally Posted by Escort Rider View Post
Depends on how you define "O.K." (For some people, O.K. would mean having designer clothes). I think you will be O.K. because a married couple with a paid off house can live quite comfortably, albeit not lavishly, on $4500 a month (SS is inflation protected) unless you are talking about living in New York City, Honolulu, or San Francisco.
^^This.

What I would be concerned about at this point is your ability to work 6 more years. A lot of people get booted out of the workforce in their 50s due to disability or age discrimination.
Reply With Quote Quick reply to this message
 
Old 04-20-2014, 11:16 AM
 
105 posts, read 112,281 times
Reputation: 293
Sounds to me like you're set up nicely, but I have probably a very low standard of living to most that post here. (My numbers will be similar to yours, except I'll be selling my around $350k home here in CA, and buying a home in AZ for about $100k less, and that would add to my cash amount.)

The added work that both of you can do in 'retirement' is more than many have as an option.

You can't plan for every single possibility, and you adjust (work more, spend less) when something does come up.

From all the articles that about about the retirement crisis, you are better set-up than the vast majority looking at retirement. The posters here are probably over-representing the 'very prepared for retirement' set.
Reply With Quote Quick reply to this message
 
Old 04-20-2014, 01:13 PM
 
649 posts, read 554,493 times
Reputation: 1877
Quote:
Originally Posted by deedolce View Post
The posters here are probably over-representing the 'very prepared for retirement' set.
^^This,

The average American family of 4 doesn't take home 4500 dollars a month. And many of them have house payments, car payments, student loans, kids and all the other expenses of everyday life.

So, 4500 a month in retirement without a mortgage should be more than "adequate". Granted, I don't know anything about your current lifestyle, but that seems to me just fine.
Reply With Quote Quick reply to this message
 
Old 04-20-2014, 05:32 PM
 
29,782 posts, read 34,876,173 times
Reputation: 11705
Quote:
Originally Posted by MG120 View Post
^^This,

The average American family of 4 doesn't take home 4500 dollars a month. And many of them have house payments, car payments, student loans, kids and all the other expenses of everyday life.

So, 4500 a month in retirement without a mortgage should be more than "adequate". Granted, I don't know anything about your current lifestyle, but that seems to me just fine.
Often the targeted retirement lifestyle is a product of the working lifestyle. That is why needed retirement income is stated in terms of a percentage of working income.
Reply With Quote Quick reply to this message
 
Old 04-20-2014, 06:54 PM
 
Location: Whidbey Island, WA
12,272 posts, read 11,326,033 times
Reputation: 6124
Quote:
Originally Posted by mysticaltyger View Post
^^This.

What I would be concerned about at this point is your ability to work 6 more years. A lot of people get booted out of the workforce in their 50s due to disability or age discrimination.
As an R.N I get twenty calls per week for work. None of them would know how old I am fingers crossed I can keep up with most nurses thus far.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top