|
This would blow a big hole in my RE plans
06-24-2009, 03:27 PM
|
#1
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
|
This would blow a big hole in my RE plans
I do not want to read about bad news. Please, can someone read this article and tell me this is just a joke?
Quote:
Men retiring at age 65 in 2009 will need from $68,000 to $173,000 in savings to cover health-insurance premiums and out-of-pocket expenses in retirement if they want a 50/50 chance of being able to have enough money, and $134,000 to $378,000 if they prefer a 90% chance, according to a study published last week by the Employee Benefits Research Institute.
Meanwhile, women -- with their greater longevity -- will need even more money. A women retiring at age 65 in 2009 will need from $98,000 to $242,000 in savings to cover insurance premiums and out-of-pocket expenses in retirement for a 50/50 chance of having enough money, and $164,000 to $450,000 for a 90% chance, said Paul Fronstin, an EBRI researcher, in the report.
|
retirees-may-well-worry-health-care-reform.html: Personal Finance News from Yahoo! Finance
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
|
|
|
|
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!
Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!
You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!
|
06-24-2009, 03:29 PM
|
#2
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,004
|
Quote:
Originally Posted by mickeyd
I do not want to read about bad news. Please, can someone read this article and tell me this is just a joke?
|
I wouldn't worry about it. You'll be dead long before anyone wastes that kind of money on your medical care. Or mine.
__________________
Numbers is hard
|
|
|
06-24-2009, 03:55 PM
|
#3
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Charleston, SC
Posts: 13,566
|
See, don't you feel better already?
__________________
“One day your life will flash before your eyes. Make sure it's worth watching.”
Gerard Arthur Way
|
|
|
06-24-2009, 04:36 PM
|
#4
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2003
Location: Kansas City
Posts: 7,968
|
1993 - 2005, no insurance a bad attitude and an up to date American Passport.
Not recommended but I suspect medical tourism, and or no insurance shall continue to rise.
At age 65 - a relatively inexpensive state(and no pre-existing conditions) helps.
Still $178/mo ain't chump change.
heh heh heh - I don't expect to hear any solutions in the future.
|
|
|
06-24-2009, 04:52 PM
|
#5
|
Moderator Emeritus
Join Date: May 2007
Posts: 12,894
|
Quote:
Originally Posted by mickeyd
|
MIL, 66, spends about $6,200 a year on health care (including out-of-pocket expenses and premiums) and she is in relatively good health. If she lives another 30 years, that's $186,000 she will need to continue covering those expenses (assuming that those $186K can keep up with health care costs inflation). Of course, it's probably an underestimation. It doesn't even include the potential costs associated with a serious illness or the costs of long term care...
But why worry? She doesn't even have the $186K now...
|
|
|
06-24-2009, 05:56 PM
|
#6
|
Thinks s/he gets paid by the post
Join Date: Jul 2006
Posts: 1,901
|
Quote:
Originally Posted by FIREdreamer
MIL, 66, spends about $6,200 a year on health care (including out-of-pocket expenses and premiums) and she is in relatively good health. If she lives another 30 years, that's $186,000 she will need to continue covering those expenses (assuming that those $186K can keep up with health care costs inflation). Of course, it's probably an underestimation. It doesn't even include the potential costs associated with a serious illness or the costs of long term care...
But why worry? She doesn't even have the $186K now...
|
This seems realistic to me. With medicare part B & D premiums, a medigap policy, deductibles and co-pays 5K per year is a best case for me. And don't forget dental and vision costs. Root canal and a crown 2 to 3K.
If this kills your retirement you better keep working.
__________________
“I guess I should warn you, if I turn out to be particularly clear, you've probably misunderstood what I've said” Alan Greenspan
|
|
|
06-24-2009, 06:11 PM
|
#7
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jul 2008
Posts: 35,712
|
Quote:
Originally Posted by REWahoo
I wouldn't worry about it. You'll be dead long before anyone wastes that kind of money on your medical care. Or mine.
|
We are doomed!
The only question in my mind is whether one would die a quick merciful death, or a prolonged one in agony.
__________________
"Old age is the most unexpected of all things that happen to a man" -- Leon Trotsky (1879-1940)
"Those Who Can Make You Believe Absurdities Can Make You Commit Atrocities" - Voltaire (1694-1778)
|
|
|
06-24-2009, 07:41 PM
|
#8
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Sep 2005
Location: Northern IL
Posts: 26,821
|
Well, $134,000 divided by 25 is $5,360 a year. So using the 4% guide (same as 25x), you would need that much to cover $5,360 in premiums. $5,360 is in the ballpark for premiums. That assumes ins = CPI, which it has exceeded for a long time (but may revert to the mean, or not).
-ERD50
|
|
|
06-25-2009, 11:14 PM
|
#9
|
Recycles dryer sheets
Join Date: Mar 2009
Location: Newcastle, WA
Posts: 208
|
Why is this surprising?
I've always figured $250,000 apart from my retirement savings for healthcare costs. Admittedly, I'm in fair-to-poor nick, what with diabetes and all. But, increasingly I'm becoming convinced that eventually the gov't will begin cutting Medicare benefits and S.S. payouts; there's just not enough $ available in our demographically-challenged future economy to cover Boomers like me.
Initially I thought I could retire at 65 or so with $750,000 or so; current plan is, work 'til I have $1,300,000 or so.
Only a million to go!
__________________
Don't just do something; stand there!
- Jack Bogle
|
|
|
06-26-2009, 04:46 AM
|
#10
|
Full time employment: Posting here.
Join Date: Oct 2007
Location: New York
Posts: 898
|
I fear that medicare will become means tested in which case my medical expenses post 65 will be higher than that.
__________________
Money's just something you need in case you don't die tomorrow.
|
|
|
06-26-2009, 07:26 AM
|
#11
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: May 2005
Location: Lawn chair in Texas
Posts: 14,183
|
Quote:
Originally Posted by Maurice
I fear that medicare will become means tested in which case my medical expenses post 65 will be higher than that.
|
If they only soak "the rich", I should be ok...
__________________
Have Funds, Will Retire
...not doing anything of true substance...
|
|
|
06-26-2009, 09:10 AM
|
#12
|
Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,645
|
Mickey, do you have any sort of military health care benefits? That's a CIB in your avatar, right?
|
|
|
06-26-2009, 02:29 PM
|
#13
|
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Apr 2004
Location: South Texas~29N/98W Just West of Woman Hollering Creek
Posts: 6,671
|
Quote:
Originally Posted by Bimmerbill
Mickey, do you have any sort of military health care benefits? That's a CIB in your avatar, right?
|
Yea, but when I turn 65 in Nov medicare become primary and TFL secondary.
__________________
Part-Owner of Texas
Outside of a dog, a book is man's best friend. Inside of a dog, it's too dark to read. Groucho Marx
In dire need of: faster horses, younger woman, older whiskey, more money.
|
|
|
06-27-2009, 02:23 PM
|
#14
|
Dryer sheet wannabe
Join Date: Sep 2007
Location: Houston/Texas
Posts: 21
|
Reality bites! My wife and I pay ~ 1300/mo for medical insurance alone through our former company's retirement plan (and they kick in some on top of that.) No dental included. It is our single largest monthly expense by far.
|
|
|
06-29-2009, 08:13 AM
|
#15
|
Thinks s/he gets paid by the post
Join Date: Jan 2006
Posts: 1,645
|
I'll get some sort of Tricare at age 60, TFL at 65 also. I hope that will keep some of the costs down. But, I don't get anything until age 60 (2026) and a lot can change before then. Heck, we may have universal health insurance by then.
|
|
|
|
Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
|
|
Thread Tools |
|
Display Modes |
Linear Mode
|
Posting Rules
|
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts
HTML code is Off
|
|
|
|
» Recent Threads
|
|
|
|
|
|
|
|
|
|
|
|
|
» Quick Links
|
|
|