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Old Yesterday, 09:54 AM
 
Location: Upstate, NY
606 posts, read 260,273 times
Reputation: 753

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Maybe the article does serve the purpose of bringing attention to the fact that many folks should at least consider their financial futures heading towards retirement years.

I like the simple formula of the 4% rule plus SS versus expenses. Not foolproof but does give one at least a ballpark estimation of necessary budget adjustments (no matter what your income/net worth is).
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Old Yesterday, 09:58 AM
 
71,515 posts, read 71,694,121 times
Reputation: 49088
Quote:
Originally Posted by dcfas View Post
Maybe the article does serve the purpose of bringing attention to the fact that many folks should at least consider their financial futures heading towards retirement years.

I like the simple formula of the 4% rule plus SS versus expenses. Not foolproof but does give one at least a ballpark estimation of necessary budget adjustments (no matter what your income/net worth is).
pretty much most of us do it that way ...we see what we have to work with and then build a life around that amount .

it does not matter what expenses are or what your old salary was ..old that matters is what you got on retirement day to work with ..

projecting out means little when you try to apply some average return because it really depends how much you have invested when those good and bad times come ,

that is usually heavily dependent on the time frames before and after ...

in my life time we had the greatest bull in history back in the 1980's ... big deal ... the time frame leading up sucked , so all well and good the big bull was here , most of us had little saved to invest ... we did not even have 401k's yet
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Old Yesterday, 11:02 AM
 
Location: In a vehicle.
5,026 posts, read 3,213,089 times
Reputation: 8217
I get a chuckle out of these articles. They should have checked in with my Mother. Retired for good (Fell down 3 times one day before work, inner ear issue) at 70. Sold house at 71, bought house across river and retired there. SS and pension took her to 84 (Alzheimer's took her at 84)....Still had 35K at death....

I know some people who get by living out of a vehicle for $400 a month...I don't think I could do that!
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Old Yesterday, 11:13 AM
Status: "Loving life, wife and job!" (set 7 days ago)
 
Location: USA
996 posts, read 382,712 times
Reputation: 2669
Quote:
Originally Posted by mathjak107 View Post
They want to pin some magic number on retirement , yet we all earned widely different incomes working .
I doubt that was a consensus!
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Old Yesterday, 11:31 AM
 
Location: Ohio
4,992 posts, read 1,802,103 times
Reputation: 4054
Quote:
Originally Posted by Serious Conversation View Post
Medicaid will be paying that bill for the vast majority of people.
The good skilled nursing facilities do not accept Medicaid in many cases. Even if you have hundreds of thousands of dollars going in, those facilities will boot you to the street once you have exhausted your cash. At $10,000 a month it won't take long.

You will spend the remainder of your days in a bottom of the barrel Medicaid facility being tended by incompetent aides earning minimum wage.

Point is that while $1M sounds like a lot, our health care providers are poised to extract every last dollar of it if possible.
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Old Yesterday, 11:32 AM
 
78,859 posts, read 33,547,251 times
Reputation: 15794
Quote:
Originally Posted by Disgustedman View Post
I get a chuckle out of these articles. They should have checked in with my Mother. Retired for good (Fell down 3 times one day before work, inner ear issue) at 70. Sold house at 71, bought house across river and retired there. SS and pension took her to 84 (Alzheimer's took her at 84)....Still had 35K at death....

I know some people who get by living out of a vehicle for $400 a month...I don't think I could do that!
We were talking to our investment guy one day and he suggested my wife should take out $300,000 in life insurance. I asked him why. He mentioned how a decent chunk of her money was going to our income (In retirement probably around 40%.)

I told him that if something happened to my wife, I would sell the house, get a camping trailer and go live on a river lot. She told him, I would. We didn't get the extra insurance.
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Old Yesterday, 11:50 AM
 
71,515 posts, read 71,694,121 times
Reputation: 49088
Quote:
Originally Posted by GearHeadDave View Post
The good skilled nursing facilities do not accept Medicaid in many cases. Even if you have hundreds of thousands of dollars going in, those facilities will boot you to the street once you have exhausted your cash. At $10,000 a month it won't take long.

You will spend the remainder of your days in a bottom of the barrel Medicaid facility being tended by incompetent aides earning minimum wage.

Point is that while $1M sounds like a lot, our health care providers are poised to extract every last dollar of it if possible.
there there is no distinction here ... they just only allow a certain number of beds allocated to medicaid ..however if you come in as a paying customer and eventually shift to medicaid , no problem .
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Old Yesterday, 11:56 AM
 
Location: DFW - Coppell / Las Colinas
31,988 posts, read 36,621,015 times
Reputation: 38595
Damn, I only have $1.6 million saved for retirement.

Guess I'll need food stamps and to move in with my kids.

Better yet, I'll go find me a few rich widows.
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Old Yesterday, 11:59 AM
 
Location: Scottsdale, AZ
7,627 posts, read 4,693,202 times
Reputation: 27916
Quote:
Originally Posted by Rakin View Post
Better yet, I'll go find me a few rich widows.

That should work out...as long as you don't tell them about your girlfriend.
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Old Yesterday, 12:02 PM
 
Location: DFW - Coppell / Las Colinas
31,988 posts, read 36,621,015 times
Reputation: 38595
Quote:
Originally Posted by fluffythewondercat View Post
That should work out...as long as you don't tell them about your girlfriend.
Oh yeah. Small technicalities.

Wonder if there are any old (rich) Hippie Chicks left who still believe in Communal life.

No, I'm too old to handle more than 1 at a time.
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