[quote=gzz]Curious why you need 120k in retirement with no mortgage on your primary.
25k for medical, 10k for cars is pretty rich, 5k on average for for home improvements.
That leaves 80k a year or $219/day. Easy to spend that while traveling in first world areas. $250/day of lux travel times 100 days a year comes to 25k. first class flights, 5k a year.
That then leaves 50k a year.
Your passive income likely will increase over time, even by my pessimistic assumptions for long term returns. Your medical expense will drop when you hit 65 and get medicare, and you will start getting I assume about 25k a year in social security, plus whatever your spouse gets.
I think both you and escoguy are making up reasons to delay retirement and continue working. The 120k requirement for you, the “let me deduct 30% from the value of my primary assets” for him.
I don’t mean to be judgmental with this observation, early retirement when you’re fit and have something to contribute is at least slightly immoral, so I see it as you all as inventing reasons that don’t seem to hold up to scrutiny to do the right thing morally.[/quote]
25k for medical is conservative if you actually have health issues. Also, what if your kid has the same health issues?
And no my medical expenses will not be dropping. My baseline medical expenditures are annually is
1. 1 abdomen MRI annually
2. 1 Upper endoscopy (camera down the throat)
3. 1 Lower endoscopy (camera up the ass)
4. 1 Capsule Endoscopy (camera in a pill that goes through small intestines)
5. 1 Ultrasound for thyroid
6. 1 trip to the ER probably every 2 years to clear random bowel obstructions that seem to happen any time.
MRI is around $15k if not covered by insurance
Endoscopies 2-4 is around $30k if not covered by insurance
Ultrasound is around $4-5k if not covered by insurance
ER visit depends on length, but last time 1 day stay was around $25k.
Don’t even get me started with dental… Fortunately, my teeth are decent. But do you folks have any idea how expensive dental is if you actually need major work done? Look up the prices for a root canal, tooth extraction, oral surgery, crown, or implant. Implants are around $5000 at least, and most dental plan have a cap at $2000-3000/year.
You will not get that much for social security if you retire early. And unless they fix the medicare fund, that might be depleted in 15 years.
Early retirement doesn’t mean sitting on your ass all day rubbing it in people’s face that you were born with money, like some people do *cough* high altitude piggington handle person *cough*. Early retirement means, being able to do what you want to do more under your terms and or maybe spending more time doing like teaching stem class to kids…
I think a lot of people fear losing their job because of the financial loss and not making ends meet. Me? Financial loss from job loss never worried me… I’m fearful of losing my job, because I would take that as an insult that I had to leave under their terms not mine and not having been able to give the last word, middle finger to an ahole boss…
As far as me being fit… I had my fair share of health crisis when I was in my 30ies. Some of it was career ending in some regards, and some that took my life down different paths. I never skipped a beat on working, earning, building even when I was in the hospital. I already paid my health concerns due. Which is also why covid doesn’t really scare me. If it’s your time, it’s your time. Doesnt mean if you want to live, you can be totally irresponsible. But there’s a point when you do what you can and let the cards fall however the fall.
Covid should be an eye opener for folks. Some easily get it, even with a vaccine. Doesn’t matter what financial background, race, religion, intelligence, etc. Some that get it, it’s no big deal. Others, have bad luck and get screwed over by it. I’m not surprised some people are re-evaluating what’s important in life ….
