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Old 11-03-2016, 03:37 PM
 
Location: Mount Airy, Maryland
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Outside of long term nursing care I never understood how people go broke due to health care. I read here once that a parent had cancer and it wiped out their entire estate. Do they not have proper coverage with out of pocket limits? That is certainly going to be my plan.
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Old 11-03-2016, 04:05 PM
 
Location: Paranoid State
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Quote:
Originally Posted by Garthur View Post
I think the OP is wrong about the average retiree having $200,000-$300,000 when they retire. There have ben several articles that say that the average savings at retirement is $25,000.
That's a little like having one foot in a bucket of ice water and the other in a bucket of scalding hot water - but "on average", the temperature is just fine.

Take defined benefit pension plans common among public sector employees. That public sector employee might retire with a meager $25K of savings, but the value of his defined benefit pension plan - if translated into a bank account -- would be multiple millions of $$$. That multiple $Millions is not counted among his "savings" for reporting purposes.
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Old 11-03-2016, 04:16 PM
 
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people make due on whatever they have . that does not mean they like their lifestyle . if all we had was 1 million here in nyc i would not have retired yet .

with that generating 40k or so pretax and medical insurance costs i would not want that lifestyle
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Old 11-03-2016, 04:18 PM
 
Location: Paranoid State
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Originally Posted by matisse12 View Post
Pensions are somewhat rare and difficult to find and be a beneficiary of these days, many having been replaced by 401(k)'s.
Most public sector employees have very generous defined benefit pensions.
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Old 11-03-2016, 04:19 PM
 
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depends . my wife gets 20k in nyc . that covers just our rent in a stabilized apartment .. that is from nyc dept of transportation.
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Old 11-03-2016, 04:29 PM
 
29,764 posts, read 34,848,700 times
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Quote:
Originally Posted by SportyandMisty View Post
Most public sector employees have very generous defined benefit pensions.
Only about 20% work long enough to qualify for their full pension. With pension reform increasing the vesting period many leave without qualifying for any pension
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Old 11-03-2016, 04:39 PM
 
71,463 posts, read 71,629,249 times
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Quote:
Originally Posted by DaveinMtAiry View Post
Outside of long term nursing care I never understood how people go broke due to health care. I read here once that a parent had cancer and it wiped out their entire estate. Do they not have proper coverage with out of pocket limits? That is certainly going to be my plan.
look at the deductibles and out of pockets for the aca plans . more than 12k for a couple . have something happen towards the end of the year that carry's over and that can be 25k .

throw in thousands for dental ,vision and hearing aids which are not covered and over a few years you can get hit pretty hard .

insurance may not cover everything either .

my co-worker has thyroid cancer . the insurance company will only approve removal of 1/2 the thyroid even though they will likely have to pay for the other 1/2 eventually .

she is thinking of paying on her own to have the job done all at once and avoid any complications . her doctors recommend the whole thing goes but insurance will not agree .

huge medical bills can be run up today because most of us are in hmo's and networks . go to a hospital and you may have no control over the doctors who work on you . not every doctor may be in network and then the battle begins . depending on how life threatening you may be stuck with big medical bills .

my wife's deceased husband had multiple myeloma .the most effective treatment then was not covered by insurance yet . luckily sam walton had the same cancer and took her husband in to his experimental program at a hospital in arkansas . he spent 1 million dollars on treatment for her husband . just amazing .

Last edited by mathjak107; 11-03-2016 at 04:50 PM..
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Old 11-03-2016, 05:17 PM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
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Quote:
Originally Posted by SportyandMisty View Post
That's a little like having one foot in a bucket of ice water and the other in a bucket of scalding hot water - but "on average", the temperature is just fine.

Take defined benefit pension plans common among public sector employees. That public sector employee might retire with a meager $25K of savings, but the value of his defined benefit pension plan - if translated into a bank account -- would be multiple millions of $$$. That multiple $Millions is not counted among his "savings" for reporting purposes.


Quote:
Originally Posted by SportyandMisty View Post
Most public sector employees have very generous defined benefit pensions.

Stop putting out misinformation about public pensions. It is not multiple millions of dollars. Try an average of 25k per year and multiply that by an average of 30 years and tell me how you come up with multiples in millions.

[quote]

http://www.pensionrights.org/publica...ncome-pensions


Type of pension benefit Median benefit, 2015
Private pensions and annuities $9,376
Federal government pension $22,669
State or local government pension $16,742
Railroad pension $21,017
Military pension $19,306
Veterans benefits $11,786

Maybe you are talking about those Enron pensions?

Last edited by oldsoldier1976; 11-03-2016 at 05:28 PM..
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Old 11-03-2016, 05:27 PM
 
29,764 posts, read 34,848,700 times
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Quote:
Originally Posted by golfingduo View Post
Stop putting out misinformation about public pensions. It is not multiple millions of dollars. Try an average of 25k per year and multiply that by an average of 30 years and tell me how you come up with multiples in millions.

Maybe you are talking about those Enron pensions?
I think he met the amount of portfolio value that would be needed to generate the pension equivalent.
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Old 11-03-2016, 05:29 PM
 
Location: Central Massachusetts
4,800 posts, read 4,842,106 times
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Quote:
Originally Posted by TuborgP View Post
I think he met the amount of portfolio value that would be needed to generate the pension equivalent.
even if he does the math does not add up. 25k per year would only require maybe 800k in savings not much more
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