300UGUY
Super Member
Changed it to 2x per week got 5 years.
All my grandparents exceeded the number I got by 10 years. My father's side by nearly 20. I don't take it too seriously!!
Retirement planning
- Thread starter wmonroe
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Changed it to 2x per week got 5 years.
All my grandparents exceeded the number I got by 10 years. My father's side by nearly 20. I don't take it too seriously!!
MossRoad
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Funny how that works! :laughing:
300UGUY
Super Member
Doing so really helps out SS though as that gets rid of at least ONE retired person prior to getting to that age
I have only once or twice earned near 50K never solidly broke it (gross) yet by making wise choices & taking my finances seriously. I have 4 or 5 times that amount in the market/IRAs Savings etc, with (next year) will be paid off my 2nd home (farm,) & my other half still has 4 years to pay off her's. Biggest costs have been her medical bills. I am back in school for more education to make even more for next 20 years prior to my "full retirement age" so I can figure that I can easily bank 6 figures into the accounts...
The farm was bought in 2000 Dec 30th, 15 yr mortgage I have not paid additional onto it as variable rate has been stuck at 4%, not worth it however the first home I paid off & sold I made a LOT of double payments to keep the extended costs down from having higher interest of the 80's and yes I was still in my Teens when I signed paperwork for the 1st place. Starts with Working my @$$ off from time I was rather young, living within my means and putting my saved $ to work.
Mark
I hate to say this, but one bit of illness can send you backward financially. I had a friend of mine from school, he had a stroke at 36. He never worked again. Life can deal some cruel blows, I looked at my friend and thought " there but the grace of god "
300UGUY
Super Member
I'm just passing on the wisdom of professionals....
If you need a pro to tell you that.....
MossRoad
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I plugged in my dad's numbers. He passed away in 1995.... it resurrected him and gave him 8 more years to boot!
MossRoad
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If you need a pro to tell you that.....
Goes along with needing to be told to live within your means....
riptides
Super Member
Oh yeah. I tried full retirement two years ago. Healthcare costs for me and the family were over 50k for the individual policy time period. I had no pension or cobra coverage. On top of the money for insurance, we met our out-of-pocket deductibles for family.
Mind you, I make a crap load of money when I choose to work, but I mean really. 50k in insurance? For a great amount of people in the USA they might not make that money in two years.
riptides
Super Member
The interesting thing for me on the Dealth Calculators (there are many on the internet BTW) they all seem to predict my demise within one or a few years of each other. They nailed my mom, uncle and grandfather.
Anyway, it was not meant to be a serious addition to the conversation, just some insight into how people plan. And I bet the insurance industry has stuff like this with a lot more data they can use.
Anyway, it was not meant to be a serious addition to the conversation, just some insight into how people plan. And I bet the insurance industry has stuff like this with a lot more data they can use.
300UGUY
Super Member
I put my dad's numbers in, and he drinks a lot. He is 80, and it gave him another 8 years, but his parents lived to be 90 & 96. He is in better health than most his age. The liver should go to the Smithstonian !!
Last year was the first year the Affordable Care Act was really in full effect. Ideology aside, I saw the healthcare marketplace as a great way to get an idea of healthcare costs when we want to retire. Your number above doesn't jive with what I was estimating, so I went ahead and ran some numbers here:
https://www.healthcare.gov/see-plans/
I made a hypothetical family of five where the parents want to retire early. The parents are 55 and 58, and the "children" are 22, 23, and 24. I figured this is about the worst-case scenario for a family, since you'd expect some of your children to qualify for their own insurance. I chose a very high household income, so that there is no subsidy at all for any of the plans. Again, worst-case. Nobody in this family smokes. If you choose to spend $8/pack to wreck your health, you don't get to complain when you have to pay more for medical coverage.
I ignored "bronze" and "silver" level coverages, since the out-of-pocket maximum tends to be higher and they will be expensive if anybody has any major medical issues. I found that there is a lot of "gold" and "platinum" coverage available for around $2k/mo with reasonable out-of-pocket maximums (There was a Humana plan for ~$1800/mo with a $3k out of pocket maximum for the family, for instance). Even if you hit the out-of-pocket maximum every year, your total spend will be under half of what you were spending on premiums alone.
You may want to look around again for coverage and see if you can't find something more reasonable.