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this post was submitted on 08 Sep 2023
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Showerthoughts
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Getting older means losing mobility, dexterity, and mental acuity. It's not a question of if you will need assistance, it's a question of when you will need it. Most retirees go on living independently for as long as possible until an event. Sometimes they set the kitchen on fire, sometimes they get in the car and get lost, and most often they fall and break a hip. Once they hit this event it changes their life dramatically.
The best case scenario is that you will have enough money to afford 24/7 care after your event. Idk what the current rates are, but 10 years ago it was $25/hr for CNAs and $50/hr for RNs. This means that the cost to have a CNA care for you around the clock was over $200,000/yr. This doesn't include the additional costs of food, shelter, utilities, insurance. I'm sure that things haven't gotten any cheaper.
The best case scenario is that your $1M nut grows enough to cover all your expenses before you die. Every other scenario means you will run out of money. So it's really a question of how long you intend to live.
For what it's worth, I'm not the one downvoting you. I appreciate your perspective. However, if nobody can retire without the ability to pay $200k/year, very few people will ever be retiring. I believe working with patients in these terrible situations, has created a form of selection bias were you don't see the successful retirements. Not everyone needs a Fat FIRE, and I would prefer to live frugally and retire early vs working away my life until a regular retirement age.