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Old 02-24-2016, 09:38 AM
 
2,630 posts, read 1,936,489 times
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In just 7 years bread (aside from Bimbo brand) has gone from $1.99 to $4.50 a loaf. A can of wax beans 89 cents to $1.79, a lb of 85% hamburger from $2.49 to $3.99. A dozen eggs $1.49 to $2.79. All in just 7 stinkin' years! I always said 1 mil per person for boomers, which, it turns out, is a little short of what you'll need. And that assumes you are out of debt completely the day you retire. Otherwise, you'll be sweating bullets at some point.

 
Old 02-24-2016, 09:39 AM
 
Location: RVA
2,167 posts, read 1,266,787 times
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In 2010 there were 1.9 million 90+ year olds vs 720k in 1980. By 2050, when I could be 90, the number is predicted to be 9 million. Of that 74% are women, 88% are white. A 70 year old white male, that never smoked, always had normal weight and blood pressure, no diabetes, exercises 2-4 times a week has a 54 percent chance of reaching 90+. Today. So I expect better than that significantly by the time I hit 70 in 12+ years. Very much worth taking in to account.
 
Old 02-24-2016, 10:19 AM
 
Location: Gilbert, AZ
3,182 posts, read 1,961,125 times
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Quote:
Originally Posted by selhars View Post
I always marvel at the numbers people say others need for retirement.
I don't buy into articles that say I'll need millions…never have…..

I've managed the finances for an elderly aunt and my mom (both dead for years now) -- and neither had anywhere near that much -- not even 200K. One had a pension an SS the other only had savings and SS. They DID both work until 80. One had a paid off house, the other a cheap apartment.

They were both depression babies…so all their lives squeezed a nickel until it hurt and didn't have any fancy lifestyle habits. They had that "little money" yet throughout their lives managed to travel -- just a couple of inexpensive trips a year.

While I'll have more than they did. I won't have even one million. Not even half that. I will have a pension. But I'm also a late stage baby-boomer still 9 years away from retirement. And while I am very concerned about what changes could be in store for Soc Sec and Medicare…..I'm just not going to fret about not having a million or two million dollars saved for retirement.
If you have enough coming from pension plus SS to cover your expenses you really don't need a huge pile of money on top of that. Some emergency money, and maybe some "fun" money if your pension/SS only cover the monthly bills.

I think most people don't appreciate the value of a pension. Take someone who is getting a COLAed pension of $40,000 starting at age 55. Most would not consider that person wealthy. But think about what it would take to create that stream of income with investments. Starting at age 55, a safe withdrawal rate might be 3% or even a little less. So that person would need to accumulate more than one million dollars. The second person is considered wealthy, while the first is not.

Last edited by hikernut; 02-24-2016 at 10:43 AM..
 
Old 02-24-2016, 10:53 AM
 
71,630 posts, read 71,777,271 times
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Quote:
Originally Posted by jp03 View Post
? where did you find those numbers?

The average life expectancy for a 65 year old man is 17.7 more years. Females 20.2. You have the average at 22 years from 65...no way.
a couple averages out higher . remember the average life expectancy is only the 50% point . 1/2 died and 1/2 go one . either one in a couple can outlive the other so the numbers \are 87. I can post the data later when I get home.
 
Old 02-24-2016, 10:53 AM
 
108 posts, read 81,605 times
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Quote:
Originally Posted by Waterlily Pad View Post
To the 44 yr old young woman with a 62 yr old fiance and 3 yr old son who are on medicAID,

True that your fiance isn't your "sugar daddy". The tax payers like us are.

I am a Republican and I believe that Medicaid is only meant to be used temporarily. You don't know me or my situation. I had to get a lifesaving surgery a few weeks ago. If not for Medicaid, I would be six feet under right now. I also have epilepsy and other conditions which require me to be on multiple meds. Sorry that your precious two bucks funded my surgery... I prefer to be alive for our son, thank you very much. I hope and pray that you find Jesus... In the meantime, I would ask yourself, "What would Jesus do?".
 
Old 02-24-2016, 10:55 AM
 
71,630 posts, read 71,777,271 times
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Quote:
Originally Posted by jp03 View Post
? where did you find those numbers?

The average life expectancy for a 65 year old man is 17.7 more years. Females 20.2. You have the average at 22 years from 65...no way.
a couple averages out higher . remember the average life expectancy is only the 50% point . 1/2 died and 1/2 go one . either one in a couple can outlive the other so the numbers \are 87. I can post the data later when I get home.

in the mean time kitces did a very nice article on the subject .

https://www.kitces.com/blog/life-exp...and-survivors/
 
Old 02-24-2016, 11:28 AM
EA
 
Location: Las Vegas
6,183 posts, read 5,212,692 times
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With my current lifestyle, I only need 612,000 for 18 years. I have a 5 bed house, 2 project cars, and buy a lot of stupid things.
 
Old 02-24-2016, 11:48 AM
 
29,782 posts, read 34,876,173 times
Reputation: 11705
Quote:
Originally Posted by mathjak107 View Post
exactly . I would rather have the savings to have choices in life and perhaps have in home care instead of no say and farmed out to some Medicaid dump ..

if I was destined to be a candidate for a nursing home I at least want the choices of where to get sent .
I am with you and with you and many others. We have excellent pension and SS income along with larger than the norm portfolios and are still trying to enhance on that. We are eight years into a very comfortable retirement and we want to keep it that way through good and bad health. We want a margin of error and feel blessed to not be in fear of the future. Sure things can always change but with the current known. Bada Bing!
 
Old 02-24-2016, 11:49 AM
 
9,585 posts, read 8,889,712 times
Reputation: 5814
Quote:
Originally Posted by mathjak107 View Post
a couple averages out higher . remember the average life expectancy is only the 50% point . 1/2 died and 1/2 go one . either one in a couple can outlive the other so the numbers \are 87. I can post the data later when I get home.

in the mean time kitces did a very nice article on the subject .

https://www.kitces.com/blog/life-exp...and-survivors/
Great article.

Actually in that article it does state the exact numbers I quoted for life expectancy for a male 17 years and a female 20 years from age 65. Now the odds are about 50 percent that one of the 2 will live to 90. Is that what you were stating? Amazing the odds of both living to 90 is under 5 percent.
 
Old 02-24-2016, 12:17 PM
 
14,260 posts, read 24,000,210 times
Reputation: 20076
Quote:
Originally Posted by TwinbrookNine View Post
In just 7 years bread (aside from Bimbo brand) has gone from $1.99 to $4.50 a loaf. A can of wax beans 89 cents to $1.79, a lb of 85% hamburger from $2.49 to $3.99. A dozen eggs $1.49 to $2.79. All in just 7 stinkin' years! I always said 1 mil per person for boomers, which, it turns out, is a little short of what you'll need. And that assumes you are out of debt completely the day you retire. Otherwise, you'll be sweating bullets at some point.


If you are paying THOSE prices, you really should start doing some comparison shopping because those are so much higher than most families are paying for the same items.
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