Retirement savings ....Yikes !

[MacLawn]

Good points! Listen to wife, and health! Man, I have a hard time with both.

 

[daugen]

As long as health is OK... there is no reason why anyone shouldn't be able to make it...
I hate to be a wet blanket here but we are all only one diagnosis, one MRI, one CT scan away
from a possible life changing illness. As you get older, you see and hear a lot more of this.
My wife was only 49 when she got her cancer test result. You just never know...

From first hand experience, may I suggest that you incorporate an illness scenario into your retirement financial planning. If not, you'll be up the creek
paddling away against a current that's just stronger than you are. Even with insurance, ill health can be very
costly. So, just a reminder, plan for the worst and hope for the best. And go fishing more often.

 

[newbury]

Yeah. On the other hand, the wife has a pretty good track record. After all, she chose me!!!

Yeah, but everyone is entitled to an occasional mistake

 

[Gator6x4]

After 54 years I have learned she isn't always right, but she is never wrong.

 

[mjarrels]

Four days in UVA hospital $120,000... four months later, less than 24 hours in UVA hospital $60,000. Yes insurance paid most of the bill but I was stuck with a huge amount also. Two years later and I'm still paying on those hospital bills.

mark

 

[Travelover]

Four days in UVA hospital $120,000... four months later, less than 24 hours in UVA hospital $60,000. Yes insurance paid most of the bill but I was stuck with a huge amount also. Two years later and I'm still paying on those hospital bills.

mark

The recent 32 page article in Time magazine was pretty eye opening. Not sure if it is available on the web, but your local library may have a copy. The cover has a picture of a pill and the words "bitter pill".

 

[Gale Hawkins]

Four days in UVA hospital $120,000... four months later, less than 24 hours in UVA hospital $60,000. Yes insurance paid most of the bill but I was stuck with a huge amount also. Two years later and I'm still paying on those hospital bills.

mark

I really think a couple would have to have $1,000,000.00 set aside for out of pocket health care expenses the way things are going. If more and more sources move to private pay care only cash may be the only thing that will get us timely health care services. Already people are staying out of doctor offices and hospitals locally. Places that were booked for weeks now may get you in the next day. Same thing for car repair.

As the credit cards get loaded up due to family incomes dropping for many reasons spending slows. Then the second and third way of spending slow down impacts businesses who then cut back on expenses and the cycle repeats over and over until recovery kicks in.

I know a guy has needed a hip replacement for years but has been waiting to turn 65. There are boat loads turning 65 and getting coverage with 10 years of medical needs awaiting attention.

 

[ultrarunner]

NO one in my family ever had a pension outside of Social Security... we all work until we drop.

Dad was getting Chemo, Radiation and had cancer surgery that put him in Dialysis... he was so frustrated because he couldn't get early AM appointments... the dialysis unit asked why he would want to get up so early being retired...

Dad was 73 and working 50 hours a week... once they understood that, he was able to get 7 am appointments... in time, everyone admired his tenacity... he was a fighter and after a career as US Heavyweight Boxing Champ... his most used phrase at the end was he was not going to throw in the towel...

The same goes for Mom's side of small Dairy Farmers...

Both families credo was to shun debt and put something away for when times are bad...

 

[brin]

I really think a couple would have to have $1,000,000.00 set aside for out of pocket health care expenses the way things are going. If more and more sources move to private pay care only cash may be the only thing that will get us timely health care services. Already people are staying out of doctor offices and hospitals locally. Places that were booked for weeks now may get you in the next day. Same thing for car repair.

As the credit cards get loaded up due to family incomes dropping for many reasons spending slows. Then the second and third way of spending slow down impacts businesses who then cut back on expenses and the cycle repeats over and over until recovery kicks in.

I know a guy has needed a hip replacement for years but has been waiting to turn 65. There are boat loads turning 65 and getting coverage with 10 years of medical needs awaiting attention.

Don't scare folks...the truth is ~ Life is a gamble and not always fair ~ So on that basis you might as well post everyone needs at least $5 million in reserve for possible health problems...I mean many insurance policies have a $5 million cap ...so why not...? That would scare about 90% of the population to the point of maybe just giving up...What % of folks do you think have $1 million in reserve....Answer ..about 1%...start googiling and you will find most folks 55 yrs. or older don't have a net worth over $25K...Imagine that...Life is a gamble...

 

[newbury]

The recent 32 page article in Time magazine was pretty eye opening. Not sure if it is available on the web, but your local library may have a copy. The cover has a picture of a pill and the words "bitter pill".

Linky
Bitter Pill: Why Medical Bills Are Killing Us - TIME

and
http://livingwithmcl.com/BitterPill.pdf