If you are under 50, by the time you are eligible to retire the age will be 70 and Social Security may or may not be there, despite what politicians say today. Our national debt is huge and SS is the biggest culprit and as long as medical science keeps finding ways to extend life, the SS is on the losing end of the deal...
- How much money will you need at age 70 in order to pay your bills?
- How many more years will you live?
- Will you be in good to excellent health?
- Will you be debt free?
- Will you be married or single?
- Will your children be willing to take care of you?
- Will you need to arrange transportation?
- Will you need assistance with daily chores?
In some areas of the USA, $500,000 TODAY is enough to pay your bills with Social Security and a partner and debt free.
In some areas of the USA, you will need twice that much.
If you are 50 years old and only need $500,000 then you will need to save $25,000 each year or roughly $2,000 each month.
Using SS and estimating your monthly expenses at $4,000, you will need to withdraw $24,000 each year or $240,000 each decade or $480,000 for two decades, assuming you will not live past 90 years of age. This allows for minimal frills and extras. But, you can live a reasonable enjoyable retirement.
If you health is bad, then the odds are you will not make it to 90 years of age.
Most Medicare Supplements will cost you right around $500/month which includes Medicare's share that is taken out of your SS. Certain med are not covered 100% by your supplement.
For instance, my monthly cancer pills are $1,000/month out of my pocket. I have been fortunate enough to get a grant... but, grants may not be available when you get there.
Should you start worrying because of my comments??? HELL NO!!!
What you should do is START PLANNING...
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