Comments on: Do I need a million dollars to retire? http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html Financial independence, frugality, self-sufficiency, ecology, capitalism, and voluntary simplicity Sat, 11 Oct 2008 02:23:30 +0000 http://wordpress.org/?v=2.6.2 By: lisa http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-2075 lisa Sun, 14 Sep 2008 00:15:24 +0000 http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-2075 Consider Thailand as an alternative for medical care if you aren't insured and end up needing an expensive procedure that would bankrupt you in the US. I have two friends who live in Bangkok and work for the foreign service. They've been to the doctors and hospital several times, and say the hospitals there are excellent. Most of the doctors were trained at a US University and speak english. Do some research, see what your alternatives are. There are other alternatives to US healthcare. An early retired, non-insured friend of mine here in the US travels to Thailand for his medical care, too, and says it's so much less expensive, they really spend a lot of time with you, and the Thai nurses are very sweet. Consider Thailand as an alternative for medical care if you aren’t insured and end up needing an expensive procedure that would bankrupt you in the US. I have two friends who live in Bangkok and work for the foreign service. They’ve been to the doctors and hospital several times, and say the hospitals there are excellent. Most of the doctors were trained at a US University and speak english. Do some research, see what your alternatives are. There are other alternatives to US healthcare.

An early retired, non-insured friend of mine here in the US travels to Thailand for his medical care, too, and says it’s so much less expensive, they really spend a lot of time with you, and the Thai nurses are very sweet.

]]> By: Jacob http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-137 Jacob Sat, 12 Jan 2008 17:19:47 +0000 http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-137 I think I have an idea, where the one million comes from. The median household income is about $40,000. Multiply that by the classic factor 25, and you get a million. It is assumed that retirees need to live the median expenditure lifestyle. I think I have an idea, where the one million comes from. The median household income is about $40,000. Multiply that by the classic factor 25, and you get a million. It is assumed that retirees need to live the median expenditure lifestyle.

]]> By: fathersez http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-111 fathersez Tue, 08 Jan 2008 02:44:58 +0000 http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-111 This is a very positive and cheering post. Thank you. Down with rules of thumb....and let us just live and save the best we can. Progress in technology has been exponential, so only God knows what will be made available to us in terms of healthcare in 10 - 15 years. Having said that, living frugally and not having excesses never hurt anyone. So this is what I am doing. This is a very positive and cheering post.

Thank you.

Down with rules of thumb….and let us just live and save the best we can.

Progress in technology has been exponential, so only God knows what will be made available to us in terms of healthcare in 10 - 15 years.

Having said that, living frugally and not having excesses never hurt anyone. So this is what I am doing.

]]> By: Brooke http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-110 Brooke Tue, 08 Jan 2008 00:40:37 +0000 http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-110 I agree, these estimates are always built on the "typical person," but not everyone is the same. Thanks for breaking the traditional expectation. I agree, these estimates are always built on the “typical person,” but not everyone is the same.

Thanks for breaking the traditional expectation.

]]> By: Debbie M http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-108 Debbie M Mon, 07 Jan 2008 21:18:00 +0000 http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-108 I think I will need only a half a million, including the value of my house. I have a small house and don't live on the coast. But two things worry me. One is medical expenses. (By the way, I didn't see any savings for health care costs besides insurance in your discussion above.) Part of me thinks that because I have good genes and I exercise, I will do better than average here. And I like to think I can just say no to crazy expensive treatments that have a poor history of actually working and just gracefully accept death (or at least pretend convincingly). But then what if something goes wrong that requires expensive stuff with a good history of working (like AIDS drugs)? The other thing that worries me is change. I can live more cheaply than the average person now partly because I live more like someone from olden times than someone from modern times in many ways. I have a 50-year-old house, 20-year-old car, and no TV or cable or cell phone. I also don't wear make-up or dye my hair (even though some of it's grey) and I cut my own hair. On the other hand, I love computers (well, when they work and do my bidding) and ibuprofen and digital cameras and DVDs and CDs. Who knows what new inventions I will want in the future and how much they will cost by the time I am tired of waiting for my turn? I think I will need only a half a million, including the value of my house. I have a small house and don’t live on the coast.

But two things worry me. One is medical expenses. (By the way, I didn’t see any savings for health care costs besides insurance in your discussion above.) Part of me thinks that because I have good genes and I exercise, I will do better than average here. And I like to think I can just say no to crazy expensive treatments that have a poor history of actually working and just gracefully accept death (or at least pretend convincingly). But then what if something goes wrong that requires expensive stuff with a good history of working (like AIDS drugs)?

The other thing that worries me is change. I can live more cheaply than the average person now partly because I live more like someone from olden times than someone from modern times in many ways. I have a 50-year-old house, 20-year-old car, and no TV or cable or cell phone. I also don’t wear make-up or dye my hair (even though some of it’s grey) and I cut my own hair.

On the other hand, I love computers (well, when they work and do my bidding) and ibuprofen and digital cameras and DVDs and CDs. Who knows what new inventions I will want in the future and how much they will cost by the time I am tired of waiting for my turn?

]]> By: moneymonk http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-106 moneymonk Mon, 07 Jan 2008 18:38:26 +0000 http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-106 I guess I could buy a Jaguar on credit to demonstrate how I appreciate “emotional engineering” and “daring visions”. LOL I guess I could buy a Jaguar on credit to demonstrate how I appreciate “emotional engineering” and “daring visions”.

LOL

]]> By: Randall http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-105 Randall Mon, 07 Jan 2008 16:58:05 +0000 http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-105 Agree with Calgirfinance. Even NOW healthcare costs for doctors and prescriptions can cost well over $1000/month. I saw how much my mother's medicines and doctor visits cost. Her other expenses were a pittance in comparison. Now take the trend where healthcare costs are CONTINUALLY going up (unless we get socialized medicine in the U.S. and I'm not holding my breath for that) and there's a good possibility that in 20-30 years, nearly half your outgoing money will be for healthcare alone. Agree with Calgirfinance. Even NOW healthcare costs for doctors and prescriptions can cost well over $1000/month. I saw how much my mother’s medicines and doctor visits cost. Her other expenses were a pittance in comparison.

Now take the trend where healthcare costs are CONTINUALLY going up (unless we get socialized medicine in the U.S. and I’m not holding my breath for that) and there’s a good possibility that in 20-30 years, nearly half your outgoing money will be for healthcare alone.

]]> By: calgirlfinance http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-104 calgirlfinance Mon, 07 Jan 2008 16:05:26 +0000 http://earlyretirementextreme.com/2008/01/why-do-i-need-a-million-dollars-to-retire.html#comment-104 I think the major variable is the cost of health care. Right now you're probably young and healthy so it's easy to get a high deductible plan for less than $1K a month. But in the future, will you still be able to get that plan? I think the major variable is the cost of health care. Right now you’re probably young and healthy so it’s easy to get a high deductible plan for less than $1K a month. But in the future, will you still be able to get that plan?

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