The futility of saving for retirement (retiree, out of control, music, dads)
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what has changed is the numbers of us making it to older ages .
For instance, a child born in 2014 has a life expectancy (average age at death) of 79. However, the median age of death for the same child is 83, and the modal (most common) age at death is 89!
you really need to look at a survival curve of the group to really understand life expectancy . it is very different than prewar
as michael kitces points out on the above curve :
One way to explore some of the nuances within mortality figures is to visualize that data through the use of a survival curve – a figure which plots percentage of people still alive (i.e., the “survival rates” of a population) over time. Looking at the trends in how survival curves change over time can help us to not just see whether life expectancy is changing, but specifically where changes are occurring across it.
As you can see in the survival curve above, only roughly 1-in-10 people born in 2014 is expected to die prior to age 60 (i.e., 90% are still alive), but beyond that point, the rate of death begins to increase substantially. However, over 60% of children born in 2014 are still expected to be alive when the cohort reaches their “life expectancy” (i.e., average age at death) of 79. The median (age 83) is equivalent to the 50th percentile, and the mode (89) is roughly around the 30th percentile. By age 100, only 2% of people born in 2014 are expected to still be alive. While simple statistics like life expectancy certainly serve a purpose, survival curves give us a much better look at the “story” behind the data.
Last edited by mathjak107; 02-27-2018 at 11:39 AM..
Ok I'm just going by what I'm told. If I have any Cash put it in a Lock Box. If I go to a Nursing Home the State will take all I have.
I have my Social Security and a Small Pension, plus $50K Life Insurance. So far everything I have will be paid off in 5 years. I have one place paid for.
I almost died 4 years ago, was in the Hospital out of it and was ready at the time. But I know because of Jesus Christ I'll live forever so Death here don't bother me.
Ok I'm just going by what I'm told. If I have any Cash put it in a Lock Box. If I go to a Nursing Home the State will take all I have.
I have my Social Security and a Small Pension, plus $50K Life Insurance. So far everything I have will be paid off in 5 years. I have one place paid for.
I almost died 4 years ago, was in the Hospital out of it and was ready at the time. But I know because of Jesus Christ I'll live forever so Death here don't bother me.
brushrunner
The State will take all you have AFTER your death. Unless you put fourth some protective measures now.
Not a lawyer so don't quote me but a Trust is something I understand will protect assets.
That way you're in a contract, most of the ones I have seen have fixed costs that they can't raise. And you get all forms of care until you pass, for that same fee. So at least the expenses are predictable/established in advance.
When one reads about how much it costs to end up in a nursing home($50-$60k/year unless it's a really
bad one that looks like something out of a horror movie)...it must be obvious that there is no way most of us will be able to save enough to cover those kind of costs.
How much can one possibly save?.. .Is it really realistic that we would have saved $500K or even $300K to be able to stay in a nursing home for 5-10 years? and unfortunately you don't die.... Especially if you have no family to help you at that point in your life ... And then when the money runs out they will jump on any leftover assets you may still own and dry those up...what happens next??? Why even try??
Long term insurance seems very expensive,and probably not enough for a long term stay
Early death,whether natural or on purpose seems more and more like the best retirement plan.
I agree. Investing is what you want to do, not saving. Pretty easy if you start in your mid 20s.
As far as nursing homes, having been in a few visiting elderly relatives point me toward the ice flows. By the time I need to be in a nursing home, I'd rather just off myself.
I agree. Investing is what you want to do, not saving. Pretty easy if you start in your mid 20s.
As far as nursing homes, having been in a few visiting elderly relatives point me toward the ice flows. By the time I need to be in a nursing home, I'd rather just off myself.
Nursing homes are the last stay for a lot of people, that's true. I think people get a lot of unhelpful ideas from a societal expectation or norm that living as long as you can is a good idea or goal.
Its a very Western way of thinking....like Life is a contest measured in years. It shouldn't be so simplistic. We would be better served thinking more about quality than quantity. Trying to hang on until medical science has exhausted every avenue to keep you alive...that's just the wrong mindset entirely...why do we foist this on our elderly? It makes no sense.
What are we, or they, to gain by that?
I was doing some genealogical research and saw that my great grandfather died in a place called the Chicago Home for Incurables. OMG. Can you imagine how demoralizing and depressing it must be to be wheeled into that place? If you had Alzheimers, that's what they did with you. Sitting around waiting for the sweet relief of death is no way to live! That's no quality of life - we should be ashamed to treat a pet this way, let alone another human.
This callous attitude towards the old and the sick has been a long part of our national history.
Does anyone really have a desire to live in their 90's? I sure don't/
No....I wanna live into my 100's.....and be the dirty old non-PC guy flirting with and chasing around women half my age (although I may not be able to do much if I catch them)
No....I wanna live into my 100's.....and be the dirty old non-PC guy flirting with and chasing around women half my age (although I may not be able to do much if I catch them)
Me to. Wow at 100, just imagine the license you will have with young nurses! Heck at that age the fifty year olds will seem young. I know this sounds horrible but we are not outliers in our 🤔
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