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If I had to pay $3,000 on medical per month I'd kill myself and let my family have the money instead of wasting it on my short life span
that is one of the reasons to get the insurance. She doesnt have to rely on us for anything and can still do almost whatever she wants. At this point she can live a relatively normal life without any wories. There are so many people (including myself) that donet think of the "what ifs" when planning for retirement. There are so many tricky things. I am only 32 now and dont plan on any "serious" retirement planning yet but I have a feeling I will be checking out lots of books from the library in another 5-10 years. I love watching and listening to money talk shows so I know I wont have to much catch up if any when the time comes.
Assistive living care can be pricey. However, many of the facilities are wonderful and provide tremendous care for the individual -
Well worth the cost
Since I started researching and visiting many of them I have decided if I can, that is where I want to live once I cant do everything for myself. Maybe before A lot of those places provide a better quality of life than you would get living with your children. Maybe even better than I have now! LOL
Look at the retirement calculator on Financial Calculators from Dinkytown.net and just put your numbers in and it will tell you what you will need. It varies, depending on where you live and what you do. My house in White Plains had $7,000/yr taxes when I sold it 15 years ago! My house in GA has $2700 taxes , so it makes a difference.
You have to figure conservatively, so assume that a 5% return on a safe investment (CD) is reasonable. For every $1,000,000 you save you will get $50,000/yr without touching the principle. Add your pension (if any) and Soc. Sec together and figure how much that is, and subtract it from how much you think you need per month, or better yet, just go to the website and it will figure it out for you.
[QUOTE=questioner2;2426015]If your house is paid for you could survive on no savings but live on social security like 40% of retired Americans.[/quote]
I doubt that because it depends on how much your SS is. You have house maintenance repairs,homeowners insurance among other things and taxes. To pay these you need to continue to save so that you can actually live on your SS.
I don't think a set amount of $$ would do it. You don't know how to exactly spend it. Spend too much and you go without later on. Spend too little and you end up dieing with lots of cash. What I would do is base it off income streams. So I would probably invest in dividend stocks, rentals, maybe some sort of other passive income stream, social security and so on. I am thinking 10k per month after taxes would be optimal. Enough to be constantly on vacation.
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A lot of those places provide a better quality of life than you would get living with your children. Maybe even better than I have now! LOL
