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People always tell me (here at least) that you shouldn't count on your inheritance because health expenses may take it all. I think the average American something like 200k - 300k saved for retirement. My parents have multiple millions, and I am told that all of this can go towards healthcare. How does the average American afford to retire if multiple millions could potentially be needed for retirement?
Because one can live in retirement with as little as $30,000 per year or even quite a bit less. One does not need millions at all.
Many people live on their monthly social security check plus some savings that they accumulated while working.
And people on Medicare often buy supplemental health insurance at a low cost to cover medical costs not covered by Medicare. (my supplemental health insurance is $74 per month)
Last edited by matisse12; 11-03-2016 at 12:45 PM..
People always tell me (here at least) that you shouldn't count on your inheritance because health expenses may take it all. I think the average American something like 200k - 300k saved for retirement. My parents have multiple millions, and I am told that all of this can go towards healthcare. How does the average American afford to retire if multiple millions could potentially be needed for retirement?
You are talking about elderly health care and who will pay if it becomes beyond the individuals personal resources
IMO one should live their life as though no inheritance will fall their way....because that person isn't dead yet. In other words, don't count chickens before their hatched.
How does the average American afford to retire if multiple millions could potentially be needed for retirement?
Everyone’s situation is different. I am retired. I have my primary insurance and will get on Medicare in a couple of years and between the two regular medical expenses will be paid. Short term care is covered and if longer term care is needed it can be covered by my monthly income (pension, social security, and rental properties).
To be honest, I don’t know anyone who required multiple millions in retirement for health care. Some became ill and died quickly, some went to nursing homes or private senior health care homes but none of them required “multiple millions”.
However, anyone, of any age, can have a catastrophic injury/illness.
Everyone’s situation is different. I am retired. I have my primary insurance and will get on Medicare in a couple of years and between the two regular medical expenses will be paid. Short term care is covered and if longer term care is needed it can be covered by my monthly income (pension, social security, and rental properties).
To be honest, I don’t know anyone who required multiple millions in retirement for health care. Some became ill and died quickly, some went to nursing homes or private senior health care homes but none of them required “multiple millions”.
However, anyone, of any age, can have a catastrophic injury/illness.
Sure, but isn't that what medical insurance is for?
People always tell me (here at least) that you shouldn't count on your inheritance because health expenses may take it all. I think the average American something like 200k - 300k saved for retirement. My parents have multiple millions, and I am told that all of this can go towards healthcare. How does the average American afford to retire if multiple millions could potentially be needed for retirement?
I know of many who ahve retired on less than 20K a year and even some at less than 10K...Depends on what you want to do versus what you have to spend.
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