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  1. #1
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    People off say you can downsize in retirement and your living costs reduce. That is fine while you are healthy and mobile, and then die suddenly.

    With modern medicine though, you are more likely to live to a very old age, requiring lots of medical and home care assistance. So you need to ask yourself, not just what sort of active retirement do you want, but what sort of retirement do you want once you are no longer healthy and active.

    My Grandparents decided they wanted to say in their own home. That's all well and good but 24/7 care costs $200k a year if you go through an agency and that doesn't include all your other costs. Sure that is the expensive way but what would a similar level of care cost in a nice retirement/care facility? $100k. And how long can you last in that condition - my grandmother was looking dodgy for a while but then they put a pacemaker in (at over the age of 90!) and now she will probably live till 100! 10 years x $200k = $2m - Ouch! and that is just from the age of 90. God knows how much they spent from 65 to 90 when they were still active enough for multiple overseas trips a year.

    I'm aiming for $10m plus on the basis I dont lead a cheap life now so why would I want to in retirement. I'm quite a bit behind where I should be unfortunately.

  2. #2
    Advanced Member BIRMANBOY's Avatar
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    May 2011
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    The size, quantity and variety of cheese usually spurs the avid treadmill devotee on to the necessary levels of effort. Keep up the good work
    Quote Originally Posted by Harvey Specter View Post
    People off say you can downsize in retirement and your living costs reduce. That is fine while you are healthy and mobile, and then die suddenly.

    With modern medicine though, you are more likely to live to a very old age, requiring lots of medical and home care assistance. So you need to ask yourself, not just what sort of active retirement do you want, but what sort of retirement do you want once you are no longer healthy and active.

    My Grandparents decided they wanted to say in their own home. That's all well and good but 24/7 care costs $200k a year if you go through an agency and that doesn't include all your other costs. Sure that is the expensive way but what would a similar level of care cost in a nice retirement/care facility? $100k. And how long can you last in that condition - my grandmother was looking dodgy for a while but then they put a pacemaker in (at over the age of 90!) and now she will probably live till 100! 10 years x $200k = $2m - Ouch! and that is just from the age of 90. God knows how much they spent from 65 to 90 when they were still active enough for multiple overseas trips a year.

    I'm aiming for $10m plus on the basis I dont lead a cheap life now so why would I want to in retirement. I'm quite a bit behind where I should be unfortunately.
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