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I've been told for quite some time that my wife and I should be shooting for somewhere in the ballpark of $2.5 million. Our combined SS should be between $5k to $5500 a month. I anticipate about $800k in savings and home equity (2 homes) of roughly $1 to $1.2 million. I'm just wondering which figure is more accurate ($1 million or $2.5 million)?
One item you don't mention is how much you spend in a year as your budget.
If you have no debt and only spend $40K a year
vs
Car/home debt and you spend $110K a year.
Yes, TFL (Military retirement health care) pays for most things except the Part B premium, IRMAA and in facility LTC costs. There is also a small drug copay if you can't get it from a military facility.
TFL takes the place of Medicare Advantage, Medigap and Part D plans for most. It acts kind of like a zero premium Medigap F policy (which is no longer available) - paying essentially all the Medicare copays. They also cover 75% of medical costs overseas, not just emergencies.
A question for you military retired folks. Do you still contribute to Medicare while you have TFL/ Tri Care as medical insurance?
The reason I asked because as a federal retiree I am qualified to continue to have my blue cross/ blue shield as FEHB. But I'm also enrolled in Medicare and, because of my income, I paid over $200 a month for part B premium. I have a choice to discontinue the Medicare enrollment to save some money but wondered about the pros/ cons of this choice? Meanwhile, I continue to enrolled in Medicare as "insurance".
JMO, a wise choice.
Platforms probably, Prius transmission -electronic drive train + Lexus body and gas engine. All proven to be exceptional.
Hybrids are going to be with us beyond 2035.
Even though it takes premium at a buck more here because of the turbo , it still costs us less a week for gas then our Subaru
I don't have anything close to a $1M saved. I do have a 6 figure IRA and decent savings account.
But I have 5 income streams currently. If I draw from the IRAs, that could be a 6th. 2 of the income streams are tied to inflation. I currently get around $75K - $85K annually a year.
Home, car & truck are all paid off. House is only 9 years old and in great condition.
I live better now than when I was working. I don't require a lot monthly to stay afloat.
I think my lean year taught me well how to live economically. And for that I'm grateful.
A question for you military retired folks. Do you still contribute to Medicare while you have TFL/ Tri Care as medical insurance?
The reason I asked because as a federal retiree I am qualified to continue to have my blue cross/ blue shield as FEHB. But I'm also enrolled in Medicare and, because of my income, I paid over $200 a month for part B premium. I have a choice to discontinue the Medicare enrollment to save some money but wondered about the pros/ cons of this choice? Meanwhile, I continue to enrolled in Medicare as "insurance".
When working you pay regular FICA so eligible for Medicare and SS. After retire, you pay must pay Part B premium and IRMAA to qualify for the TFL.
I actually am on FEHB and Medicare/TFL currently - on the Medicare portion of DW's plan (she isn't 65 yet and one kid is still on it) - they rebate back $250/mo of my Medicare / IRMAA charges. TFL rebates back all my co-pays so little added cost.
We have considered just going to FEHB but I think we will stick with TFL when DW is eligible.
I loved living in NYC. We didn't even need a car and didn't have one. We rented them on weekends to go to the beach out on the Island.
Soon as I left NYC though I had to learn to drive.
you don’t need a car in manhattan but in the boroughs life is sucky without one.
my wife didn’t drive before i met her ..she got around oksy , but now she couldn’t think of life without our car
you don’t need a car in manhattan but in the boroughs life is sucky without one.
my wife didn’t drive before i met her ..she got around oksy , but now she couldn’t think of life without our car
Depends where. I lived in Queens and the Bronx...bus/train were always options.
My aunts, uncles, grandparents lived their entire lives in NYC when they arrived from Ireland.
None of them ever learned to drive. My parents never drove either.
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