Shitsky, that's $120k a year, $10k a month at 4% withdrawal. Plus you'd get SS too? That's nice, but more income than I made over most of my career and hard to get enough work to break that level this year, even after all the inflation.
I think most people would be hard pressed to come up with a mil for 2, so that's only 40k. For 2 people that would not be anywhere close to enough even in the boonies. 120k isnt really that much, assisted living is something like 5-6k here so you need 1.5m to just cover that without other expenses.
> assisted living is something like 5-6k here so you need 1.5m to just cover that without other expenses.
For what it is worth, the average person in the US spends about $7,300 per person over a lifetime on nursing homes. Only 32% spend anything. The 95th percentile is $47,000. The median person spent just a week or so in a nursing home. 5% of the population spend more than 4 years in a nursing home. You seem to have costed 20 years. Possibly I don't understand the nature of 'assisted living'.
How much to save for the potential eventuality comes down to your risk profile and appetite. I'm always intrigued by those who on one hand have a very risk-hungry investing approach yet also have a very risk-averse outlook on end of life care.
I have a family member who has been in a nursing home for 4 years. I hope they'll last another 4. Essentially, the person was able to trade in their home for this care, and more. I'd say that's a fairly common transaction.
I’ve been living on less than $40k a year my entire life. I’ve spent years driving around the world, snowboarding, hiking, camping.
I work the least amount possible to make it happen.
When my parents were getting close to retirement Dad an I ran the numbers a hundred different ways. I think the experts said they’d need $100k a year, and no matter what we did we couldn’t get it over $60k. Now in retirement it’s less than $50k.
Yeah there’s two different subjects here. Retirement vs. nursing home, the second being a lot more expensive. Difference between a high and low cost county is important as well. Own a home, etc.
