Reply #15: I'm not defending the struggling wealthy. [View All]

[pnwmom]

You quote me as using the word "struggle." I'd like to see that post. Because I would never compare the financial management issues of the wealthy with the struggles of lower and middle income people. And I'm a Democrat in large part because of the party's position on the social safety net, and because I believe in progressively higher taxes for wealthier people.

But, with regard to the current thread, I think if people don't think realistically about money, they're much less likely to be able to save enough to manage without help from their children or someone else some day.

Right now, we're helping an elderly relative financially at the same time that we're putting our kids through college. I want my own children to be able to take care of their children without having to worry about my financial needs, too.

Do you know how much assisted living and/or nursing care can cost per year -- per person? If you were to retire early, do you know what health insurance premiums would cost and what costs would be covered? Those are costs that anyone should be thinking about when they're planning their retirement.

My husband and I are not close to being able to retire, and I have no idea what is "enough" as a general rule. For one thing, wouldn't that vary widely depending on where you were living and where the rest of your family was living? And how healthy you were and what sort of longevity you could expect? And whether you could obtain decent health insurance until Medicare kicked in? And how old your children were and whether they were still dependent on you? (Many people in their 50's and even older still have dependent children.) And whether you were helping to support relatives in an older generation, too?