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Old Yesterday, 02:23 PM
 
Location: Tennessee
23,567 posts, read 17,544,804 times
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Quote:
Originally Posted by GearHeadDave View Post
This is true, but the wild card is health care. Sure, Medicare will cover the bulk of your hospitalization and medical costs but let's say you have to be in a skilled nursing facility for a decade or more. A decent one costs $10,000 a month these days, and Medicare does NOT pay for it.

So if you are in one for 10 years, that is $1.2M.
Medicaid will be paying that bill for the vast majority of people.
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Old Yesterday, 02:30 PM
 
71,505 posts, read 71,674,131 times
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They sure will because of all the partnership plans now sold as well
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Old Yesterday, 02:42 PM
 
78,821 posts, read 33,532,796 times
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Quote:
Originally Posted by mathjak107 View Post
Well all I know is last year we bought a new car and had 15k in dental for my wife ,,,this year my dental is 12k ..so money goes like water at times and big expenses do not fit within the yearly budget for us..

We typically live on between 130 -150k a year here in nyc pretax ,but last year clocked in at 180k
Your costs most likely are higher in NYC than mine in WV and you do have to plan for that.

I'm done buying new cars. I've had enough. If need be, I can get a full set of dentures for 2K. LOL
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Old Yesterday, 02:55 PM
 
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Dentures don’t work on my bottom .. they had to be implanted. Top dentures work fine but not everyone’s jaw can retain a bottom one
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Old Yesterday, 03:13 PM
 
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Quote:
Originally Posted by mathjak107 View Post
Dentures don’t work on my bottom .. they had to be implanted. Top dentures work fine but not everyone’s jaw can retain a bottom one
I was mostly joking. I hope it doesn't come to that. If you can afford the implants, it is the far better way to go.

Not knocking your decision. You'll be much happier and that is important.
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Old Yesterday, 03:16 PM
 
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...this is the 2nd time in 10 years I am redoing them ...I rejected more than half of the first ones ....
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Old Yesterday, 04:10 PM
 
Location: Lake Oswego, Manhattan, Aspen
3,235 posts, read 4,206,498 times
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What's important to remember, is that the Retirement Industry, like the Financial Services Industry, and the Travel Industry, does not consider individuals below a certain wealth level, to even EXIST.

With our first Amex cards, we got a free travel mag subscription. It quickly became apparent to us, that Travel & Leisure expected everyone to be part of a couple; to have office jobs in big, stable corporations; to retire with fat pensions; and to spend lots of money, traveling the world, buying tickets to watch other people doing things, and eating endlessly in restaurants, when they weren't going to bars.

Everybody was white (or Black, with "white features", and an ability to not only wear all-neutrals, but to perennially be surrounded by nothing but neutral colors: not sure why this mattered, but it seemed very important to American Express).

Of course, everybody was expected to be heterosexual. And since everybody was part of a couple, nobody was looking for sex - or a significant other - or to even see any skin on the beach - while on all those endless vacations. They were just supposed to go around watching other people doing (G-rated) things that cost money to watch, eating in all sorts of places, seeking-out five percent discounts at duty-free shops, and drinking in all sorts of bars. That, apparently, was, "The Good Life" (since one was assumed to be a married white Doctor/Executive couple, with plenty of money).

When my husband was first reading 'How to Dress' type books, he'd get these quizzical expressions, and hand the books to me. "What the HELL are they talking about?" The books seemed to assume that every man who wore clothes, was an executive, or an executive-wannabe, either in advertising or publishing, working in a big New York Megalopolis firm, and vacationing in Bermuda. "...you might want to hand that jacket to a lovely lady, when you two step out onto the terrace!"

Financial Services are not much different. One of my MBA professors (whose specialty was Wealth Management) "joked", "If you're not a physician, a physician's widow, or a physician's only child and primary heir, you serve no purpose. You're only superfluous biomass that might waste our time."

And the quoted article seems to reflect the worldview I've described. Maybe the Author is an underachiever, from a prosperous New Jersey family - assuming everyone is like the people back home in their suburb - back before a writer's poverty meant separation from Middle Class life and expectations.

Plenty of people NEVER eat food they do not prepare, themselves. Plenty of people NEVER travel - before or after retirement. Some people forego the expense of pets. They live in cheap places, eat cheap food, and, instead of paying ridiculous sums of money to watch people singing in nightclubs, or doing pointless things with balls, they watch those things on TV - FREE TV (fractal antennae are under 20 bucks, and pull in more channels than you can watch - on TVs costing less than one lousy ticket to one lousy "event".) Five percent savings on perfume, at a "Duty-free" shop? Pahleez! Ross and TJ Maxx have the best brands, often EIGHTY-percent-off, all day, every day - assuming you even want the stuff...Same for designer clothes... Same for fancy toiletries... This is how they live, before retirement and after retirement. And you know what? That sort of lifestyle still offers wonders and luxuries beyond the dreams and imaginations of people who lived in previous eras.

As for end-of-life care, that's a crapshoot. After the way Brooke Astor died, I'm not sure that planning OR money do one bit of good.
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Old Yesterday, 07:48 PM
 
1,051 posts, read 513,755 times
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Quote:
Originally Posted by mathjak107 View Post
Well all I know is last year we bought a new car and had 15k in dental for my wife ,,,this year my dental is 12k ..so money goes like water at times and big expenses do not fit within the yearly budget for us..

We typically live on between 130 -150k a year here in nyc pretax ,but last year clocked in at 180k
MJ, do you mind sharing how much is housing/transportation/health related? My “big 3” comes in at only about 12K a year or so.

Getting these under control makes the biggest difference in nest egg needed, imo.
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Old Yesterday, 07:48 PM
 
2,038 posts, read 1,946,438 times
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Quote:
Originally Posted by Serious Conversation View Post
The needs and expectations of someone in coastal California will be greatly different than my rural neck of the woods in Tennessee. $1.7 million, debt-free, may not be enough in CA for that person. That's a princely sum here.
1.7M debtfree would mean paid off house whether in coastal CA or rural Tennessee, seems like cost of living other than housing and gas prices would be similar, offset by lower utility bills year-round along the CA coast, don't see why 1.7 M wouldn't be a princely sum for both CA and Tennessee?
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Old Yesterday, 08:02 PM
 
71,505 posts, read 71,674,131 times
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Quote:
Originally Posted by Cabound1 View Post
MJ, do you mind sharing how much is housing/transportation/health related? My “big 3” comes in at only about 12K a year or so.

Getting these under control makes the biggest difference in nest egg needed, imo.
Housing runs us about 20- 22k a year ....I don’t track car costs ....dental has been running a lot the last. Few years we both have huge issues so 10-15k ...healthcare is the Medicare and supplement costs plus about 6500 for our partnership plan for long term care
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