[tw8345]

I think most people would be hard pressed to come up with a mil for 2, so that's only 40k. For 2 people that would not be anywhere close to enough even in the boonies. 120k isnt really that much, assisted living is something like 5-6k here so you need 1.5m to just cover that without other expenses.

[yzydserd]

> assisted living is something like 5-6k here so you need 1.5m to just cover that without other expenses.

For what it is worth, the average person in the US spends about $7,300 per person over a lifetime on nursing homes. Only 32% spend anything. The 95th percentile is $47,000. The median person spent just a week or so in a nursing home. 5% of the population spend more than 4 years in a nursing home. You seem to have costed 20 years. Possibly I don't understand the nature of 'assisted living'.

Source: https://www.pnas.org/doi/full/10.1073/pnas.1700618114

How much to save for the potential eventuality comes down to your risk profile and appetite. I'm always intrigued by those who on one hand have a very risk-hungry investing approach yet also have a very risk-averse outlook on end of life care.

I have a family member who has been in a nursing home for 4 years. I hope they'll last another 4. Essentially, the person was able to trade in their home for this care, and more. I'd say that's a fairly common transaction.

[grecy]

I’ve been living on less than $40k a year my entire life. I’ve spent years driving around the world, snowboarding, hiking, camping.

I work the least amount possible to make it happen.

When my parents were getting close to retirement Dad an I ran the numbers a hundred different ways. I think the experts said they’d need $100k a year, and no matter what we did we couldn’t get it over $60k. Now in retirement it’s less than $50k.

I don’t know how people spend so much

[nothercastle]

40k a year does not even cover cost of basic housing in high cost of living areas.

[mixmastamyk]

Yeah there’s two different subjects here. Retirement vs. nursing home, the second being a lot more expensive. Difference between a high and low cost county is important as well. Own a home, etc.