I have averaged 12% over the past 28 years. Thanks for the cautionary note. It's almost as if you didn't realize it took me 28 years of learning and good decisiins in order to accumulate $5M.
I have averaged 12% over the past 28 years. Thanks for the cautionary note. It's almost as if you didn't realize it took me 28 years of learning and good decisiins in order to accumulate $5M.
If you do all you can, then what is there to fear? You will have a few opportunities to make some good change. I regret those. To my younger self, I would say "study the opportunity more before you walk out". Even though, at the time, I thought I studied it plenty - not enough. But you cannot regret a disciplined life. You cannot predict how long you will live or the onset of inflation that will cause your savings to diminish. Nothing is linear. Take control of your retirement rather than leaving those decisions to someone else. Follow your own instinct. Someone else's specific regrets are not necessarily good advice for you. You start out with a lot more than I had at your age.
right but the point is a lot of people don't save at all
What do old people need a lot of money for? They don't do much of anything.
They often move into Assisted Living facilities…
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at $10,000 per month.
that's about right.
But on average, the length of stay now averages about one year only. A couple of years back it was a little longer, but now has come down to only 12 months on average. I guess this is important because that cost does look rather sizable.
Funny you should ask. I’m 79 and probably won’t get much past 80 so will not outlive my funds. My mother, on the other hand timed it perfectly. Up until 95, she travelled extensively, places I will never see. She lived to be 102 1/2 and was just about broke when she passed.
-What’s your net worth/ how much did you save? Saved around $200k--whittled down to ~$150k now; own (free and clear) an apartment that's probably worth a couple million.
-How much do you wish you had saved? Would it have possible for you to do so? I was a coach with a family. Couldn't have saved more.
-What did you do with the money you would have saved? vacations/parties/family? was it worth it? NA
-Do you worry about money? Do you have to scale back your lifestyle? How so? Don't worry much about money, but will have to maintain my lifestyle: will have to work the rest of my life and never retire.
- Do you regret not saving enough? It is what it is. I don't regret coaching. I wish it paid better, but it's always been a buyers' market.
But on average, the length of stay now averages about one year only. A couple of years back it was a little longer, but now has come down to only 12 months on average. I guess this is important because that cost does look rather sizable.
that's ridiculous. The only plausible reason for that expense is medical needs, and that should be covered by their Medicare. Just stop these places from ripping Medicare off.
In any case, fancy drugs to keep you alive in complete misery is a hell of a thing to save up for. No quality of life, what's the point?
I go for the middle way. Lucky to have had the tools to make decent money at a decently early age. Saving, being frugal, but also going 100% on anything that will improve life and esp experiences.
I don't see the point of having $5 mil in the bank at age 60. If anybody older disagrees, I would like to hear. But traveling has already changed drastically from age 21 to age 30 and I know by 60 it will not be something viscerally enjoyed as such in youth.
Besides that, what do you need at age 60? Healthcare, family, low stress, good food, fun projects and goals... none of those require much money besides healthcare.
But on average, the length of stay now averages about one year only. A couple of years back it was a little longer, but now has come down to only 12 months on average. I guess this is important because that cost does look rather sizable.
that's ridiculous. The only plausible reason for that expense is medical needs, and that should be covered by their Medicare. Just stop these places from ripping Medicare off.
In any case, fancy drugs to keep you alive in complete misery is a hell of a thing to save up for. No quality of life, what's the point?
My mom was in an assisted living facility for about 18 months. She frequently said that she enjoyed it very much. My sister lived a short drive a way and visited her very frequently whereas my brothers and I visited from farther away every few months.
that's ridiculous. The only plausible reason for that expense is medical needs, and that should be covered by their Medicare. Just stop these places from ripping Medicare off.
In any case, fancy drugs to keep you alive in complete misery is a hell of a thing to save up for. No quality of life, what's the point?
My mom was in an assisted living facility for about 18 months. She frequently said that she enjoyed it very much. My sister lived a short drive a way and visited her very frequently whereas my brothers and I visited from farther away every few months.
Likewise, similar experience here. A relative of my spouse was in an assisted living facility nearby and we had quite a few pleasant get togethers over about a year or more. It was a high-end facility, and I recall at the time, a few years ago, hearing that the cost was about $87 K per year at that time, though surely more now. Checking national averages, that represents just about the top of the ladder for averages by state, but consider that if the average for a state is that amount, some facilities will of course be higher.
Then the facilities have fees that rack up really quickly, and those are everything from haircare, single rooms, assistance with medications, doctor's fees, etc. The costs really skyrocket when you start adding in the additional fees.
And if some might question, what is the point, I find that rather insensitive, frankly. As the executor to my mother's assisted living arrangements, providing a comforting situation for your loved one's final days is a serious matter. Maybe those entrusted to looking after yours will have views like 'what's the point?", and you will learn the hard way exactly what is the point.
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