Archive for the ‘healthcare’ Category

$5million & your piggy bank: financial planners’ standard target for retirement
January 14, 2008

“Mrs. Foster, you & your husband should save at least $5million for retirement…at least!”

[THUNK]

That’s my psychological (& literal) piggy bank passing out from that advice. Most all financial planners I met with last year suggested $5million be our retirement savings target (east coast).

What the SAM HECK do we need to save that amount for?! I’ll calm my drama-momma attitude … & attempt to answer with some calm. Feel free adding ideas to this list:

  • Longevity (age 100 to be commonplace)
  • Health care (allocate $150k-200k for health care costs excluding long term care)
  • Inflation
  • Housing (assuming a paid-in-full home, consider property tax per US Treasury)
  • Food
  • Fun (one trip annually)
  • With above factored in the equation — leaving $1k/mo for health care costs during retirement — our current retirement savings quest is $2.5million. It makes financial planners smirk but, although hefty it’s an aggressive goal that doesn’t leave my mental or literal piggy bank in shock.

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    FreeMoneyFinance writes on the $5million topic with an active discussion thread;

new book … rich and thin: slim down, shrink debt, & turn calories into cash
September 6, 2007

I’ve only read excerpts from this book, plus a book review by Michelle Singletary.

Singletary cites major statistics on obesity within the book’s context: better eating means good news for your health physically & financially.

It’s a familiar theory. But Singletary describes a financial tool from the book called the Money Calorie Counter. How many calories annually to you ingest from sassy coffee drinks? And how much could you gain in savings by not buying that designer caffeine?

I’d like to read more on how Rich and Thin authors Deborah McNaughton & Melinda Weinstein address these questions.

Thanks to poet & pal Mary Fumento for the tip.

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