One Million and Health Insurance

[ferco]

Why not just broadly allocate and go have a good time.....enjoy life what the heck. A take-off on the coffeehouse investor philosophy. All this gets a little anal after awhile. Why worry about what will happen in 30-40 years when we need to enjoy today and the next 1,2,3,4..... years.Heck you've got a million bucks, you've saved and sacrified like crazy and you're getting gray, old with ulcers trying to pin things down to the last decimal point.

 

[Simplygib]

...lately my mind has been drifting to other summers in my life. In particular, there was a summer I stayed behind at the town where I went to college in Ohio instead of going back to NYC with my family. <snip> .... What I had at the time that I don't have now is leisure time and a fair amount of freedom. And the time was memorable, since I can still quite clearly recall many of the events of that summer, while now the dreary work days all just seem to drift by in a blur.

Amen to that. That time for me involved a fun little sports car, and the rest of my belongings would just about fit in it. I didn't make a lot of money, but enough to get by and have fun with. No huge bills. No huge worries. No high-stress jobs. The primary focus was having fun, and that rarely involved much money. I've been wanting to recreate that feeling lately, because now that I have the required perspective, I can look back and realize those were some of the most memorable and happy days of my life. Truly happy.

Next year I return to that state of mind, and with nowhere near a million dollars.

 

[Florida]

Is there anyone who couldn't as of today make it on a 1 million portfolio and Medicare or some type of life time guaranteed health insurance plan.No debt and no mortgage. Assuming age 58 (65 if considering M'care), what would be your asset allocation for the 1 m .

Definite Do. $1mm allocated 42% equities, 60% bonds, 8% cash.
Having no mortgage means a fully paid for house which is also part of the net worth.
And free health insurance for one person age 58 means savings of appx. $400 per month in premiums for 7 years till Medicare kicks in.

So $1mm in securities, home equity should be at least $300k and savings of $33,600 in health insurance is a net worth of $1,333,600.

Per the surveys I have seen by posters thats enough.

 

[Independent]

$1 million definitely does it. The median income for a family of four is around $70,000. They've got SS tax, a mortgage payment, and kids, easily adding up to $30,000. The typical 58 year-old couple has all these expenses behind them.