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Retiring 4 1/2 years ago & trying to estimate my new finances I spectacularly overestimated how much money would be lost from savings while I waited to start SS. I simply subtracted what I thought i would spend annually from my net worth while added 5% to what remained each year.
I was a bit too frugal the first 2 years until I got a plan in motion & the stock market of the last 11 years has been very good. Even with a (too) conservative asset allocation until I start collecting SS I am only down a bit more than $20K after almost 5 years of mostly normal living. Nothing remotely lost like I had estimated at the start.
Sorry, but that's still a $3,000 cap per calendar year, of course. Doing what you suggested can work fine IF you have no other dental work done before December of year 1 nor after January of year 2 as all of that would have to be paid out of pocket.
Decades ago, I had my 2 bottom wisdom teeth pulled one summer (they were badly impacted and took forever to get out), then waited until January of the next year for the top 2 -- because of my calendar-year insurance coverage. Same logic, just not December/January. But you can really only do this if the dental work isn't absolutely urgent (as was the case with my top wisdom teeth).
On the other hand, your plan is pretty generous for a plan through your employer. Mine has a $1,000 cap (which seems typical) but can be a whopping $1,500 cap if you want to spend $10 per paycheck more (yep, $240/year more for the extra $500 in coverage -- it actually DOES make sense in some circumstances, but geez, what crappy and expensive coverage ).
$10 more per paycheck is $120. So that's a little better but if your teeth are ok, I'd likely forego it too.
But what's nice is if you do need extra dental work, it may be possible to plan it so if you choose, you can pay that extra $10 a month to obtain an extra $380 towards the work.
I guess you were paid once a month. I'm paid every 2 weeks so I actually should have written that it costs $260 extra/year instead of $240 (I budget on the basis of 2 paychecks/month so just forgot to include the "extra" 2 paychecks per year). So an extra $500 of coverage for $260. Worth it if I know I'll be using it in a particular year, but otherwise not.
I know I have at least 1 root canal in my future, but overall I've been lucky with my teeth. At one point a few decades ago I skipped going to the dentist for something like 10 years and I when I finally went (due to my impacted wisdom teeth), the hygienist told me as she cleaned that I had almost no tartar. I AM good about brushing, flossing, using dental picks, etc., but I think a lot of it is genetic so I can't take credit for that (drinking a ton of milk in my younger days probably helped too!).
But dental work is definitely something I will add to my retirement budget!!
Moving to a different state, we did not realize that home/car insurance would be quite a bit more than expected (hail/wind). Seems like we spend a huge portion of our income on insurance of one kind or another. Another thing regarding the weather here is that trees regularly blow over or lose large limbs and tree work is EXPENSIVE. Didn't know about that. Regarding dentistry, google and read the recent Atlantic article. Dentistry is sort of an unregulated industry so many of us may be getting dental services we don't really need. I no longer have dogs and they certainly would have been an expensive line item as vets now charge arms and legs.
I no longer have dogs and they certainly would have been an expensive line item as vets now charge arms and legs.
I agree. I'm animal-friendly but never owned pets. A friend on FB is posting about her doggie, who chewed up part of a rug and the ultrasound shows that it's wound all through her intestines. Surgery will cost $6-$8,000. I know at one point my friend was struggling to get money for major dental work- she's a professional public speaker so she needs to be able to speak clearly. I suspect they'll end up doing whatever they need to let the dog die peacefully.
Moving to a different state, we did not realize that home/car insurance would be quite a bit more than expected (hail/wind). Seems like we spend a huge portion of our income on insurance of one kind or another. Another thing regarding the weather here is that trees regularly blow over or lose large limbs and tree work is EXPENSIVE. Didn't know about that. Regarding dentistry, google and read the recent Atlantic article. Dentistry is sort of an unregulated industry so many of us may be getting dental services we don't really need. I no longer have dogs and they certainly would have been an expensive line item as vets now charge arms and legs.
Basically, anytime you have to pay for labor, it’s going to be expensive. I have 100 feet of 5 ft redwood fence I want to replace. The estimates are so insane I refuse to pay them. I’m not paying someone with that “skill” over $100/hr. Ain’t happening.
Structure your life to reduce the need for labor - rent instead of own, one reliable car, no pets, qualify for ACA subsidies. No stupid toys (like Porsches, boats, etc). That right there will save you a bundle.
I've noticed similar high repair expenses. $100-120 just to show up. Labor costs $50-100/hour or more, per person, and most of the tradespeople around here work in pairs. (They also drive pretty nice trucks). Then there's the markup for supplies and parts. Yet my days of doing all repairs, like climbing on the roof, or crawling into tight spaces, have ended.
Athena, I don’t know anyone that puts a dog to sleep over money unless the dog is old. We have pet insurance from a great company to cover expensive costs although in the past have paid cash before deciding that pet insurance was a good thing.
I've noticed similar high repair expenses. $100-120 just to show up. Labor costs $50-100/hour or more, per person, and most of the tradespeople around here work in pairs. (They also drive pretty nice trucks). Then there's the markup for supplies and parts. Yet my days of doing all repairs, like climbing on the roof, or crawling into tight spaces, have ended.
This is why we don’t have outdoor antenna. My husband wanted to climb up, I said no chance in hell. We’re settling for YoutubeTV.
Basically, anytime you have to pay for labor, it’s going to be expensive. I have 100 feet of 5 ft redwood fence I want to replace. The estimates are so insane I refuse to pay them. I’m not paying someone with that “skill” over $100/hr. Ain’t happening.
I live in a high COL area (despite, or maybe because of, being out in the boonies of southwestern New Hampshire) but I found a great handyman company that charges just $45/hour for labor ($30/hour for their apprentice). They do fantastic work; they've worked on various projects around my house including a complete kitchen remodel (with load-bearing wall removal). I know I got lucky, but it IS possible with some searching. (I found them on HomeAdvisor, IIRC.)
Quote:
Originally Posted by Cabound1
Structure your life to reduce the need for labor - rent instead of own, one reliable car, no pets, qualify for ACA subsidies. No stupid toys (like Porsches, boats, etc). That right there will save you a bundle.
I would HATE renting instead of owning, and I would HATE to have no pets. For me, that would be a pretty awful life. I am pretty much a homebody so my home and my animals (and friends of course!) make me very happy; I would MUCH rather spend money on them than on just about anything else. Everyone's priorities are different, of course.
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Doing what you suggested can work fine IF you have no other dental work done before December of year 1 nor after January of year 2 as all of that would have to be paid out of pocket.
).
I'm paid every 2 weeks so I actually should have written that it costs $260 extra/year instead of $240 (I budget on the basis of 2 paychecks/month so just forgot to include the "extra" 2 paychecks per year). So an extra $500 of coverage for $260. Worth it if I know I'll be using it in a particular year, but otherwise not.
