Health And Retirement Saving Goals

[arakboss]

I realize this would be hard to put firm numbers on but do you factor in your level of health when determining how much you save for retirement?

For example if you are an obese indvidual who is one flight of stairs away from a heart attack do you put more money away for retirement than if you were healthy and walking 2+ miles a day?


This article discussed it and it didn't seem like a significant difference.

https://blog.massmutual.com/post/financial-cost-obesity

Read More

 

[Alexx1401]

I would have to "guess" people who let their health go to that point probably do not make many "wise" decisions anywhere in their life.

 

[gryghin]

I realize that the majority of US citizens don't have this but, I have VA health care due to service connected injuries.

I am healthy and very much a planner. My teenage years in the 70s-80s, I remember them saying that the next ice age was coming and that Social Security is going bankrupt by the time I got old enough.

Guess which one is more likely?

So, I planned my retirement without Social Security.

When I was working, I split my direct deposit 7 ways to automate bills, savings and investments.

I have cancer due to genetic mutation and on the other side of prostate surgery, but I know that there is a 37% chance of catching another cancer within 7-10 years of the first. Everyone that follows baseball knows that if you bat .370 you are an All-Star. I'm a realist, so I know no matter what my wife will be fine once I'm gone.

 

[L84Cabo]

Some things to consider...

• Expected cost of regular healthcare insurance...and especially if you plan to retire before Medicare kicks in.
• Long Term Care Insurance (LTC). Understand that if you end up with dementia or something else happens to you where you need some type of long term facility care, that your regular health insurance and Medicare will NOT cover that. And that type of care is VERY expensive. My mom passed away back in 2013 after a five year battle with Alzheimers. We first put her into an assisted living facility...at a cost of $6200/month. That was 2008. At the end and after we had moved her into a dementia care unit, the cost was $9200/month. And understand that this was a middle of the road facility...not low end, not high end. This was also in San Diego so it may be somewhat cheaper in other areas.
• Consider what you will need to "age in place," if that is important to you. If you want to live in your home as long as possible, what will you need to do to achieve that? This could include everything from making your house wheelchair accessible, to hiring the help you may need...everything from cooking and cleaning help to needing some level of in-home nursing care, etc.

Good luck! And may the odds be ever in your favor!

 

[Mike7b]

Hope for the best but plan for the worst. Old age isn't for the faint hearted.

 

[monkeybutler]

Obesity -> diabeetus -> more expenses.

The other guy mentioned costs for dementia care. By the time my mom croaked in 2020 my dad was paying 10k/month out of pocket for her care. So nothing to sneeze at.

 

[pharmseller]

We run out of health before we run out of money.

 

[ma96782]

This number just came out (8-2-2023).....

How much money do you need to retire? Americans have a magic number — and it's big.

People say they need more money than ever to retire comfortably, but most employees are far from reaching their financial goal.

www.cbsnews.com

BUT, But, but.....Yeah, it's NOT even talking about personal medical issues.

LOL.....I'm doing it on a lot less. Should I panic?

Aloha, Mark

PS......IF......I vote D. Will I get bailed out?

 

[Jay Walk]

Get your spending under control and put away as much as you can.
Never look at the dollar number you need to retire.

 

[ma96782]

Aloha, Mark

 

[ma96782]

Imagine trying to put away $1.8M for retirement, on an average salary?

WAIT, Wait, wait.....what's an average salary? Mind you that, the article is from Feb. 2023.

https://www.indeed.com/career-advice/pay-salary/average-salary-in-us

Yup....there is trouble ahead for many.

Aloha, Mark

 

[Longwalkhome]

My brother died last year because he didn't have $500k for a lung transplant. 76 years old and he did get some retired life.

 

[monkeybutler]

Get your spending under control and put away as much as you can.
Never look at the dollar number you need to retire.

Do both, looking at the latter will inspire the former. I have a number. Keeping it in mind helps me put away at least as much as I spend each month.

 

[JustShoot]

Imagine trying to put away $1.8M for retirement, on an average salary?

WAIT, Wait, wait.....what's an average salary? Mind you that, the article is from Feb. 2023.

https://www.indeed.com/career-advice/pay-salary/average-salary-in-us

Yup....there is trouble ahead for many.

Aloha, Mark

No worries, your government has it all under control for you . ( insert internet sarcasm here ) --> . So you disagree and find fault with the WEF ongoing discussed goal of the worlds population in equality living in bliss. .. All population surviving equal at the lowest common denominator ... LOL
.

 

[Longwalkhome]

At the rate of inflation we have, better shoot for $10 million in savings.