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Old 04-02-2016, 10:31 AM
 
Location: Paranoid State
13,047 posts, read 10,439,740 times
Reputation: 15683

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Quote:
Originally Posted by mathjak107 View Post
our health insurance is about 18k with our long term care policy . that is after tax dollars . i can't imagine someone spending 30k .

i am on cobra and my wife medicare .
My wife & I are retired. COBRA expired for us many years ago (only good for 18 months IIRC). We are far too young for medicare.

We pay $24K/year in premiums by buying into a former employer's plan (completely unsubsidized).

The main thing, it seems to me, is our health insurance system isn't anywhere near stable. My guess is in 5 or 10 years it will look quite different than it does now.
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Old 04-02-2016, 10:38 AM
 
29,779 posts, read 34,867,277 times
Reputation: 11705
Quote:
Originally Posted by SportyandMisty View Post
My wife & I are retired. COBRA expired for us many years ago (only good for 18 months IIRC). We are far too young for medicare.

We pay $24K/year in premiums by buying into a former employer's plan (completely unsubsidized).

The main thing, it seems to me, is our health insurance system isn't anywhere near stable. My guess is in 5 or 10 years it will look quite different than it does now.
The Affordable Care Act mat have only one-two years before it has a high risk of a stroke. Could start needing a transplant next year.
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Old 04-02-2016, 10:42 AM
 
Location: Idaho
1,454 posts, read 1,155,024 times
Reputation: 5492
Quote:
Originally Posted by jrkliny View Post
No big deal. The number is based on a 2% inflation rate. 2% is historically very low. If inflation is more like the historical 3.5% average.....well, you do the math.
The math is easily done using the site below. Just plug in the inflation percentage, the number of years and a number for today's dollar to find the number which gives 1.8M in future required amount.


Inflation Calculator - Save Enough to Account for Inflation

For example, I used the OP's age of 30, plug in 35 years (assuming he will retire at Medicare age of 65) . Today's dollar amount needed is $540,000 to be equivalent to 1.8M in 35 years at 3.5% inflation rate.

Using 2% inflation rate for 35 years, the equivalent amount to 1.8M is $900,000 which is quite close to the often mentioned $1M value.

Not many current retirees have $1M retirement warchest. Many are doing fine with much less so the OP and other millenials should not get alarmed or terrified by this $1.8M figure.
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Old 04-02-2016, 10:46 AM
 
71,559 posts, read 71,730,589 times
Reputation: 49156
Quote:
Originally Posted by TuborgP View Post
The Affordable Care Act mat have only one-two years before it has a high risk of a stroke. Could start needing a transplant next year.
our insurer went belly up from it . they were the 2nd largest insurer in ny , health republic . luckily laws in ny protected us from being personally liable for bills .
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Old 04-02-2016, 10:57 AM
 
Location: Paranoid State
13,047 posts, read 10,439,740 times
Reputation: 15683
Quote:
Originally Posted by Citykid3785 View Post
Doesn't the study know that millenials don't want to retire, we just want meaningful work? Obviously I'm generalizing, but still, there's almost this hidden assumption that we desire a retirement like our parents (work at a miserable job for 35 years, then do nothing, but in a warmer climate for 20 more).
* When I entered the workforce around 1980, my planning assumption was that Social Security wouldn't be there for me. Actually, I thought there was maybe a 20% chance it wouldn't be there for me, but for planning purposes, I decided I wanted to assume it would not exist for me. If it did, so much the better.

* My plan also was to retire at 40.

* My plan was that my consumption would go UP after retirement. One simple rule-of-thumb has been that you need about 70% of your pre-retirement income to keep you going in retirement -- but that wasn't my idea of retirement. I envisioned a very active retirement. My personal plan was for expenditures to be about 150% to 175% of my pre-retirement income.

* So I put my plan into place beginning the first year I had a real paycheck at 23 (having gone to biz school for an MBA).


How did it turn out?

Well, I semi-retired in my early 40s and fully retired before 50. Actually, I learned there is no such thing as retirement. You just change what you do. You no longer draw a steady paycheck from an employer, but you most definitely do not, as you say, "... do nothing, but in a warmer climate."

In my retirement, I ski 80+ days per year. Over a million vertical feet. In the summer I hike & bike all the time (many 50 mile rides and the occasional 100 mile ride). I go out to live entertainment/music/plays/shows several nights per week. I'm a semi-serious poker player. I restore classic cars.

etc etc etc etc etc...

The idea of doing nothing in retirement isn't for me, and I think it isn't for most people either. I don't think you hit the "do nothing except watch Wheel of Fortune" until you hit 80+, although I ski with some octogenarians who still ski moguls as well as I can
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Old 04-02-2016, 11:13 AM
 
Location: Paranoid State
13,047 posts, read 10,439,740 times
Reputation: 15683
Quote:
Originally Posted by Serious Conversation View Post
To me, SS feels completely confiscatory. Looking at the coming Boomer retirements, I don't see how it will make it without significant new revenues, benefit cuts, or some combination of the two.
My guess is it will be through back-door means testing.
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Old 04-02-2016, 11:22 AM
 
29,779 posts, read 34,867,277 times
Reputation: 11705
Quote:
Originally Posted by mathjak107 View Post
our insurer went belly up from it . they were the 2nd largest insurer in ny , health republic . luckily laws in ny protected us from being personally liable for bills .
Yup and some giants are probably soon to follow. Most are losing money and unless there is a Democratic sweep they won't get bailed out and Medicaid is one recession away from tanking in some states.
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Old 04-02-2016, 02:38 PM
 
Location: Prepperland
13,734 posts, read 9,846,987 times
Reputation: 9852
Quote:
Originally Posted by jrkliny View Post
No big deal. The number is based on a 2% inflation rate. 2% is historically very low. If inflation is more like the historical 3.5% average.....well, you do the math.
DO THE MATH?

LOL - okay.

FRB: How much U.S. currency is in circulation?
Q: How much U.S. currency is in circulation?
A: There was approximately $1.4 trillion in circulation as of February 18, 2016, of which $1.38 trillion was in Federal Reserve notes.

http://www.brillig.com/debt_clock/
The Outstanding Public Debt as of 02 Apr 2016 at 08:32:58 PM GMT is:


The estimated population of the United States is 322,682,548

Percapita share of the debt =
$59,717.49
Percapita share of the circulating money tokens = $4,276.65

And you're supposed to "save up" 1.8 million?

ROFLMAO.

P.S. - Congress has no power to create money. It can coin money (stamp bullion) or borrow money. If it had the power to create money, why would it need to borrow it?
Banks have no power to create money.

Don't look at the nekkid emperor, folks.
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