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> $1 million nest egg can replace about 85% of a $70,000 median household income. While property taxes depend on zip code, if the mortgage is paid, why does a
by landemva 4y ago
> $1 million nest egg can replace about 85% of a $70,000 median household income.
While property taxes depend on zip code, if the mortgage is paid, why does a couple need this much income?
- xupybd 4y agoMedical costs keep growing as you get older.
- scifibestfi 4y agoDoesn't Medicare cover most of that?
- adgjlsfhk1 4y agono.
- gshubert17 4y agoMedicare covers a lot, but excludes a lot (glasses, hearing aids, long-term care, for example). Add in Medicare premiums, supplemental premiums, and co-pays, and it's not inexpensive.
- smileysteve 4y agoThankfully, glasses and hearing aids have been disrupted recently. And the most costly supplements have now been disrupted by Mark Cuban (along with Medicare able to negotiate).
- runamok 4y agoMost but depending on how healthy you are it can be very expensive. You will pay $170 a month for Medicare Part B premium and then IIRC my mom pays around $400 a month for Medicare supplement because Medicare often pays like 80% of the bill until you hit deductable. https://www.medicare.gov/basics/get-started-with-medicare/medicare-basics/what-does-medicare-cost https://www.medicare.gov/basics/get-started-with-medicare/me...
- tristor 4y agoPaying for enjoyment. Most people don’t live near their kids or grandchildren in retirement and want to travel to see them and otherwise. The popular idea of retirement is about leisure which has a cost. On top of this, most money goes to medical costs due to age.
- pyrrhotech 4y agoNo one needs this much, but lots of people want this much or even a lot more. Some folks have expensive tastes while others are content with reading library books in a cabin in the woods.
- guessbest 4y agoProperty taxes in Texas are large enough to be half a mortgage payment, but the appraisal can be stopped when someone hits 65
- quaffapint 4y agoLong term care is incredibly expensive (much more than those college bills) and medicare doesn't cover all of that. They recently started offering long term care insurance so you can sign up for that when you're younger and get the cheaper rates (of course you have to determine how long you want to save vs how much you'll be saving).