OT: How much $ do you need to retire?

[oldpotatoe]

Originally Posted by Seramount

just retired in Sept.

state annuity is ~70% of my previous salary.

as soon as I tap SS (in 18 mo), I'll be making more in retirement than when I was working. have cash in the bank, IRA, Roth, and an inheritance.

house and car are paid for, no kids.

don't have a very frivolous lifestyle, so things look entirely under control.

Bing, bing, bing, we have a winner!!!

USN retirement, plus 2x SS(wife and I). Get about 75% of what I did when working. $ in investments that we don't use now but will later when managed care rears it's ugly head.

For right below. 84 yr old mother-in-law..memory care center, one of 20 patients. Alzheimer's..$85,000 per year and once her $ is gone, the facility facilitates medicad..poor system, IMHO.

[Ralph]

My 90 year old mother in law currently resides in a relatively modest skilled care facility burning thru a little over $8000 per month of her savings. She is too sick for us to care for her at home, and too sick for a less expensive assisted care facility. She might live a few more years....but will be broke before then. So will need Medicade coverage. Hope it is still there for her.

This is a person of the depression....extremely frugal.....a WW11 nurse....who worked and saved her money all her life. Who never asked anyone for help her whole life. Don't know how she could have prepared her last years different. Now spending down at the rate of over $100,000 per year for health care. Very depressing to us to watch this.....just hope the state and fed programs will be there for her next couple years. Not sure these incoming law makers understand these situations.

[echappist]

Originally Posted by Ralph

My 90 year old mother in law currently resides in a relatively modest skilled care facility burning thru a little over $8000 per month of her savings. She is too sick for us to care for her at home, and too sick for a less expensive assisted care facility. She might live a few more years....but will be broke before then. So will need Medicade coverage. Hope it is still there for her.

This is a person of the depression....extremely frugal.....a WW11 nurse....who worked and saved her money all her life. Who never asked anyone for help her whole life. Don't know how she could have prepared her last years different. Now spending down at the rate of over $100,000 per year for health care. Very depressing to us to watch this.....just hope the state and fed programs will be there for her next couple years. Not sure these incoming law makers understand these situations.

i guess i can see now why you were suggesting one would need to make a significant sum of money (in stocks, real estate, or otherwise) before retiring. That's quite the sobering read...

All the best to your family.

[54ny77]

Almost exact same situation with my grandmother (incl. being child of depression era who experienced very hard times), except we had to burn through everything of hers and now assist and supplement what Medicaid doesn't cover.

It's a dignity-robbing circumstance in life and I hope that I never, ever get to that point. Will instead go skydiving in Greece and enjoy the view all the way to the pristine blue water.

And no, our wonderful govt leaders have no clue because they have the Cadillac of health care plans. The mere joi polloi have to carry the freight.

Originally Posted by Ralph

My 90 year old mother in law currently resides in a relatively modest skilled care facility burning thru a little over $8000 per month of her savings. She is too sick for us to care for her at home, and too sick for a less expensive assisted care facility. She might live a few more years....but will be broke before then. So will need Medicade coverage. Hope it is still there for her.

This is a person of the depression....extremely frugal.....a WW11 nurse....who worked and saved her money all her life. Who never asked anyone for help her whole life. Don't know how she could have prepared her last years different. Now spending down at the rate of over $100,000 per year for health care. Very depressing to us to watch this.....just hope the state and fed programs will be there for her next couple years. Not sure these incoming law makers understand these situations.

[fuzzalow]

Originally Posted by 54ny77

And no, our wonderful govt leaders have no clue because they have the Cadillac of health care plans. The mere joi polloi have to carry the freight.

So the operative challenge is how does the nation expand Tri-Net to the citizenry?

The profitization of health care is immoral.

[oldpotatoe]

Originally Posted by fuzzalow

So the operative challenge is how does the nation expand Tri-Net to the citizenry?

The profitization of health care is immoral.

Agree. As a USN retired guy I have the same stuff as the boys and girls in Government. BUT it should be mentioned, unless you pony up for it, no 'memory/Alzheimer's' care included.

[Schmed]

The trend of extreme healthcare costs coupled with a majority of people that aren't financially prepared for retirement paints a very bleak outlook.

"Unsustainable" comes to mind.

Even if healthcare costs were 1/2 of what they are now, somebody living on social security can't even cover a tiny fraction of the financial burden it will require to take care of that person. Where will that money come from? Other people, I suppose.

[zap]

Originally Posted by oldpotatoe

Agree. As a USN retired guy I have the same stuff as the boys and girls in Government. BUT it should be mentioned, unless you pony up for it, no 'memory/Alzheimer's' care included.

Annual premiums for long term care insurance went up as much as 70% this year. Know people who are thinking about dropping long term care insurance and setting aside funds in a retirement account for possible expenses.

[tuscanyswe]

The numbers in this thread.. bonkers.

[54ny77]

Wish I had good idea. I don't.

One thing though: the regulatory and administrative burden to get things to market are a staggering cost. Got a pal in medical research, it took almost an entire professional career (~25 years) to get a drug to market in U.S. Meanwhile, Europe and LA markets were open at least a decade prior. That's a lotta time, commas and digits on run rate borne by the company, which is expected to earn a return on that invested capital someday.

Who knows, maybe tweak the construct of R&D to be more of a co-operative structure.

I def. know, based on personal experience, the regulatory costs for just administering healthcare are stupid and burdensome and are a protected fiefdom by the state-specific regulators, who want nothing more than to collect a fee by an insurance company/provider that is domiciled in another state. All of that has nothing to do with my doc's ability and actual time cost for shoving a thermometer in my throat in his upper east office, but my employer, and him, pay the cost for that ability and, thus, I absorb some of it as well via increased premiums.

The costs just plain have to come down! Rent's too damn high!

Originally Posted by fuzzalow

So the operative challenge is how does the nation expand Tri-Net to the citizenry?

The profitization of health care is immoral.

[shovelhd]

My situation is closer to Jeff N's than anyone else. I own my home, and the kids college is under control. The one thing that I didn't see mentioned is job loss, which affects the whole picture. I have been unemployed since March. This will set back my retirement timetable, although I haven't been contributing more than the match minimum for a while, choosing instead to build a cash bank. Man has that come in handy lately. I use a financial advisor who makes his money from my IRA and trading account gains. I'd like to retire at 62 but I'll probably hold out until 65. I have my retirement job already.

[Ralph]

In addition to the example of my mother in law above....I also have experienced a challenging situation with another family member who had a long term care policy.....that caused more problems than it solved.

She had this LT care policy.....that was to pay $100 per day of approved charges at a licensed approved long term care facility. She had paid about $2000/year premium for almost 25 years....policy taken out when it was assumed $100 per day reimbursement plus her SS check plus health insurance would pay her nursing home bill.

Fast forward to current time. SS paid first 20 days of an approved rehab/skilled care facility. Secondary insurance (BCBS for her... Plan F) will pay an additional 80 days if you can prove she needs it. Then she is private pay for her skilled care (big bucks). After about 6 months this person broke. So applied for Medicaid. Medicaid says with the LT care policy reimbursement she has too much income to qualify (plus her SS check). So we have to set up a qualified income trust to accept the LT care checks. Meantime she is broke....and although we have satisfied the 100 day waiting period of her policy.....she has another LT care premium due....and no money to pay it with. However....premium is waived in you reside in a LT care facility for 80 days beyond the 100 day waiting period.....but she still had to pay the premium (family) then got a reimbursement. Paperwork goes on every month proving you qualified for reimbursement....insurance company fair enough....but still a pain.

Would suggest you think of LT care insurance as insuring a family's assets....and even then....my experience is it's a pain to deal with.

So....when you get old and maybe sick....be very rich....so none of this matters....or have nothing at all.....and society will take care of you....modest home and car are exempt from the income and asset calculation at Medicaid....so spouse can carry on. Move to cheap part of USA. Or...do some family asset planning at least 5 years before you need these services....leave a modest amount in name of the future sick person to draw down.

[eddief]

at some point we may agree there is another approach to how long we should "choose" to live:

https://www.amazon.com/Boomsday-Chri.../dp/0446697974

[rounder]

Originally Posted by Louis

That's why BMW makes the 1200 GSA:

Yeah. You are probably right.

I am not in to motorcycles, so hope that day does not come too soon.

[dgauthier]

Originally Posted by 54ny77

Wish I had good idea. I don't. (...)

I was born in Canada. Government run health insurance (what you call "Medicare for all" here in 'Merica) is terrific. See any doctor you want, because every doctor takes the same insurance. The numbers work too, because everyone is insured in the same insurance pool, not just the oldest and the sickest.

I was born in Canada. I will go back if this country (governed by the orange clown) drops Medicare.

Repeat after me:
Government run health insurance.
Eliminate the insurance industry bean counters, keep your doctor.
Government run health insurance.
See any doctor you want.
Government run health insurance.
Everything is covered, zero deductibles.
Government run health insurance.
Demand it. Vote for it.