UnThreaded | Threaded | Whole Thread (15) | Ignore Thread Prev | Next
Author: 2old4bs Big red star, 1000 posts Old School Fool Add to my Favorite Fools Ignore this person (you won't see their posts anymore) Number: of 76418  
Subject: Re: ScaryStuff on Long-term Care Date: 3/3/2004 11:00 PM
Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Recommendations: 0
The OP was married, so you may wish to reconsider the numbers in your argument.

You are correct, I should have taken the married tax rates into account. But who knows how long these lower tax rates will remain in effect anyway?

In addition, it does not sound like you have followed the link to the the intercst's actual REHP, where there is also alot of good stuff (and no discussion boards, IIRC).

You're correct, I hadn't, but I now have bookmarked the first page of the board where that link appears, for future reference.

I do not know your age, and you seem to have me confused with some 34-year old youngster, so I am not sure whether that statement is accurate.

In my last post I apologized for confusing you with another poster, are you looking for something further, like an invitation to my daughter's wedding? ;-)

You also make no mention of pensions, social security or other potential sources of income for those aged 60+ that you reference.

The only other source of income of those I referenced is Social Security. The OP didn't say he had any other sources of income either.

Truly safe would be to never retire. Is that really the position you want to argue?

The position I was arguing to start with was that $2M might not be enough to retire on at the age of 45. Then OP responded that he could retire on $2M at 34, which I disagreed with, and gave some reasons why. My position was NOT that to be truly safe one should never retire.

Here's an article that supports my position:

http://moneycentral.msn.com/content/Retirementandwills/InvestYourSavings/P34685.asp

Actually, says Katz, "Retiring at 50 years old with $2 million is very risky, unless your expenses are very low, and you are really penurious."

Katz is overstating the case a bit. Retiring at 50 with $2 million set aside isn't very risky; it just might not be as smart, or as liberating, as it seems.

"If you retire at 50 with $2 million, that means you're not working for the last 15 years before Social Security starts paying," says Katz. Social Security benefits are calculated based on your 35 most productive years, income-wise. That can lead to several years of "0" included in the calculations for your benefits...

Then there's medical insurance. Most people get their insurance through work. If you're through working at 50 or 55 (before Medicare eligibility), you have to buy insurance on your own, for yourself, your spouse and perhaps for children who haven't yet headed off to college. And if you think medical insurance is expensive when you're 40, check out the prices when you're 60. "It's a huge cost," says Katz.


2old


Post New | Post Reply | Reply Later | Create Poll Report this Post | Recommend it!
Print the post  
UnThreaded | Threaded | Whole Thread (15) | Ignore Thread Prev | Next

Announcements

The Retire Early Home Page
Discussion on accelerating retirement day.
Foolanthropy 2014!
By working with young, first-time moms, Nurse-Family Partnership is able to truly change lives – for generations to come.
When Life Gives You Lemons
We all have had hardships and made poor decisions. The important thing is how we respond and grow. Read the story of a Fool who started from nothing, and looks to gain everything.
Post of the Day:
Macro Economics

Looking at Currency Ratios
What was Your Dumbest Investment?
Share it with us -- and learn from others' stories of flubs.
Community Home
Speak Your Mind, Start Your Blog, Rate Your Stocks

Community Team Fools - who are those TMF's?
Contact Us
Contact Customer Service and other Fool departments here.
Work for Fools?
Winner of the Washingtonian great places to work, and "#1 Media Company to Work For" (BusinessInsider 2011)! Have access to all of TMF's online and email products for FREE, and be paid for your contributions to TMF! Click the link and start your Fool career.
Advertisement