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Old 03-31-2011, 07:34 AM   #61
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I'm 55 and project somewhere between 75 and 82....based on family history.

Of course...since things are going downhill...pretty fast could be sooner.
Knees not liking the exercise, right shoulder not liking the weights..

I use 30 years for planning ...but every year I can save same during retirement and add to it... bumps that out. Really want to leave my heirs something as I think their lives may be very different going forward.
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Old 03-31-2011, 07:57 AM   #62
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So many people plan to live to their 90s and beyond! This matches with the statistics showing most people believe themselves to be a better-than-average driver, and investor too.

Other than long-term care, I do not see what a typical 80-yr old would need money for. One only needs to walk through a nursing home or a convalescent home to see what its occupants long for: to regain the ability to walk, even if it means using a walker, to be able to make it to the toilet by oneself, to be able to reach and scratch that itchy spot. Travel, fancy homes, cars, and clothes have been purged off their minds.
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Old 03-31-2011, 08:14 AM   #63
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So many people plan to live to their 90s and beyond! This matches with the statistics showing most people believe themselves to be a better-than-average driver, and investor too.

Other than long-term care, I do not see what a typical 80-yr old would need money for. One only needs to walk through a nursing home or a convalescent home to see what its occupants long for: to regain the ability to walk, even if it means using a walker, to be able to make it to the toilet by oneself, to be able to reach and scratch that itchy spot. Travel, fancy homes, cars, and clothes have been purged off their minds.
Agree, we just went through this with my 96 year old grandmother who still lived at home on SS, and my wifes 85 grandfather who went from self sustaining on a modest income to assisted living to nursing home, hospice and death in less than 6 months. Supplimental insurance and MC covered his medical bills, SS and his modest savings paid assisted living rent easily and would have for many years.
Even though both were in relatively good health up until the end, after around age 75-80 both no longer had the desire or need for anything lavish, simple things were what counted.
If you take long term care out of the equation simple living expenses can be pretty low after age 75-80.

A few years back I met a guy on the lift while skiing out west, 85 yo gentlemen that had move to a retirement community in Florida about 10 years earlier. He said after a couple of years of living with and listening to all the woe is me tales, and chronic complainers where the topic of the day was which doctor someone was seeing, he decided to sell everything and travel cheaply to enjoy his remaining years not worrying about long term care. Said he'd rather ski off a cliff when the time comes than live like those people.
I liked his attitude.
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Old 03-31-2011, 08:30 AM   #64
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It's interesting to see how many folks compute their own lifespan as compared to their immediate "blood" relatives - those that share a direct lineage rather than via marriage.

In "my" family (e.g. consisting of grandparents/parents/siblings) the range thus far goes from less than two years old (brother) to mid-90's (paternal grandmother), with every variation in-between the two extremes. BTW, all passings were due to natural causes - not by accident or abnormal ends.

While DW/me planned to live till 100, we know if it is a crapshoot. Of course, in our case (having a disabled "adult child") if we pass before him, it will just go into his SNT trust. We don't have to worry about that "leaving money on the table" item (but of course, we have other "challenges" to worry about in that area of our life).
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Old 03-31-2011, 08:35 AM   #65
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A good friend told me:
"If there's any money left when I die, I either died to young or mis-calculated"

Overheard at a Eulogy: (joke)
Minister: "It's a shame that a man like Mr Johnson died penny-less"
Someone yelled: "Nope, I think he timed it pretty good"
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Old 03-31-2011, 08:49 AM   #66
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Other than long-term care, I do not see what a typical 80-yr old would need money for. One only needs to walk through a nursing home or a convalescent home to see what its occupants long for: to regain the ability to walk, even if it means using a walker, to be able to make it to the toilet by oneself, to be able to reach and scratch that itchy spot. Travel, fancy homes, cars, and clothes have been purged off their minds.
Try hanging out at the YMCA rather than nursing homes and you'll meet a whole different set of 80-yr olds. I've been very impressed at many folks over 80 that I've met over the past few years.

Last year we stayed in a student house at York University in England for a couple of weeks and talked a lot with a 60 yr old lady who was over from Australia accompanying her 85 yr old mother for a 3 month holiday. Her mother was footing the cost of the flights and they were flying business class with Emirates Airline.

I'd like to think that we'll be well enough off and still fit enough to manage trips like that in our 80's. Perhaps we are hopeless dreamers but we've always been optimists.
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Old 03-31-2011, 08:49 AM   #67
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.

Other than long-term care, I do not see what a typical 80-yr old would need money for..
My Mom is 95 and she still needs money . Hairdresser , clothes, presents ,lunches out , red hats , bunko bets , card game bets , dinners out , movies , books , travel is now pretty much day trips ,manicures .
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Old 03-31-2011, 08:58 AM   #68
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Perhaps we are hopeless dreamers but we've always been optimists.
It's better than the alternative ...
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Old 03-31-2011, 09:00 AM   #69
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My Mom is 95 and she still needs money . Hairdresser , clothes, presents ,lunches out , red hats , bunko bets , card game bets , dinners out , movies , books , travel is now pretty much day trips ,manicures .
Your mom is an exceptional lady. My father-in-law of a couple of years younger is not in such a good shape. For more than 1 year now, he cannot get out of bed by himself. And in his nursing home, many of its occupants are nowhere near his age. Some are in their 60s, but most are in the 70s. It's depressing!

Quote:
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Try hanging out at the YMCA rather than nursing homes and you'll meet a whole different set of 80-yr olds. I've been very impressed at many folks over 80 that I've met over the past few years.
Perhaps my perspective has been made gloomy by "hanging around" my elderly relatives. But after seeing enough of older people, I do not think of going to YMCA to see even more old people, even though they may be sprightly geezers.
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Old 03-31-2011, 09:04 AM   #70
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My Mom is 95 and she still needs money . Hairdresser , clothes, presents ,lunches out , red hats , bunko bets , card game bets , dinners out , movies , books , travel is now pretty much day trips ,manicures .
+1....and ..."ordering from the clothes catalogs"...since they don't (can't go to the malls), still pays someone to maintain her home and yard..

Have a 94 year old friend of my moms...who is still driving...but has kicked back a lot the last year. She does all of the above...
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Old 03-31-2011, 09:13 AM   #71
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We are 44, and our plans include 40 years for me and 50 for DW.
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Old 03-31-2011, 09:36 AM   #72
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We love that thing--we once did it for the old boss and it said he was already dead through pessimism.
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Old 03-31-2011, 11:20 AM   #73
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Other than long-term care, I do not see what a typical 80-yr old would need money for. One only needs to walk through a nursing home or a convalescent home to see what its occupants long for: to regain the ability to walk, even if it means using a walker, to be able to make it to the toilet by oneself, to be able to reach and scratch that itchy spot. Travel, fancy homes, cars, and clothes have been purged off their minds.
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Your mom is an exceptional lady. My father-in-law of a couple of years younger is not in such a good shape. For more than 1 year now, he cannot get out of bed by himself. And in his nursing home, many of its occupants are nowhere near his age. Some are in their 60s, but most are in the 70s. It's depressing!
That makes your father-in-law 93. Was he like the typical 80-yr old you mention?

I can see that it is tough if you have a lot of your elderly relatives who are as you describe typical 80-yr olds to be.

We are very fortunate that none of our parents or grandparents ended up in nursing homes, which undoubtedly feeds our optimism.
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Old 03-31-2011, 11:58 AM   #74
 
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Based on the way I've lived my life I'm amazed that I made it to 72.

When you are young you never think about you life span. When you are older you don't want to think about it.
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Old 03-31-2011, 12:15 PM   #75
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Tiger that is quite a truism about life span.
Wow, I may have to gnaw at that one for a bit. This week marks the 3rd anniversary of the sudden death of a dear friend in his 40s. I am sure he never thought much about his life span.
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Old 03-31-2011, 12:20 PM   #76
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I have run our numbers through the Life Expectancy calculator on various websites and have concluded they are a crock of crap.

Mine always comes out as me living to 93 which seems unlikely. Parents died at 58 and 69 of cancer, 3 of 4 grandparents died before 69. Heart disease, diabetes and cancer is rife throughout my family on both sides.

On the other hand DH's life expectancy comes in at 85, his parents died at 85 and the other is 88 going strong. Grandmother lived to 95, no history of any disease.

I'm thinking mid 80s for both of us.
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Old 03-31-2011, 01:16 PM   #77
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I certainly understand most peoples reasons to over estimate their life expectancy, because the fear of running out of money would be a scary thought. I imagine that most of us envision ourselves alive at 85, with the only difference being a few more wrinkles. Unfortunately for the majority of people that is not the way it's going to play out. No harm in being an optimist though!
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Old 03-31-2011, 02:24 PM   #78
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So many people plan to live to their 90s and beyond! This matches with the statistics showing most people believe themselves to be a better-than-average driver, and investor too.
I often see this sort of thing mentioned with the apparent implication that it is self-contradictory. But it isn't, really. The people who devise some plan involving their longevity are not a random population sampling, and no more the people who formulate specific opinions about their driving or investing skills.
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Old 03-31-2011, 05:43 PM   #79
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By that point, I'll probably only be "half-fast" so it will take me twice as long to accomplish hobby projects...thus using half the money. R
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Old 03-31-2011, 05:48 PM   #80
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Other than long-term care, I do not see what a typical 80-yr old would need money for. One only needs to walk through a nursing home or a convalescent home to see what its occupants long for: to regain the ability to walk, even if it means using a walker, to be able to make it to the toilet by oneself, to be able to reach and scratch that itchy spot. Travel, fancy homes, cars, and clothes have been purged off their minds.
Good luck if you're wrong when you're 80 though, and of course that's the rub, and the reason many plan to their mid-90's or beyond.

My parents didn't do anything special to preserve themselves when they were younger, but they're both 89 years old and maintained a 3400 sqft house entirely themselves. They still live in that house and begrudgingly hired someone to cut the grass about 2 years ago and a once/week maid about a year ago. They still do everything else for themselves, albeit slower.

Life is uncertain, at every age...
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