[geko29]

Originally Posted by XutvJet

Your Medicare costs seem extremely high. My 76 y/o mother isn't paying anything like that and she carries supplemental as well.

The A&B premium are deducted from the SS before it is deposited, so most people don't think about it. Part D can optionally be, and starting this year (or at least it's the first time it's been offered to my 82 yo Father-in-Law), the supplemental plan can be as well.

I took average costs from here.

Edit: So I am off by about $3k, which doesn't dramatically change the example. I took the actual amounts that my FIL is currently paying for D ($785) and G ($3151), and then added the fixed B premiums for an individual with $100k MAGI ($2770), and the total is $6706. So for two people that would $13,412

Originally Posted by XutvJet

I too look at SS as gravy, but it will be there. They've been saying SS might disappear since the 1980s. Nothing as changed. If SS wasn't there, a vast majority of Americans would in serious trouble seeing that most people retire with less than $200K in retirement savings thus most retirees are dependent on it.

I'm not saying it won't be there, I'm saying I expect benefits to be reduced.

Originally Posted by XutvJet

Once most are in their 70s, they are driving their last car. Sad, but true. Point being, you've only a small window of buying cars when retired.

Probably true in a lot of cases, and note that I did say we probably wouldn't do that. Although I should note that my parents are in their mid-70s, and just leased a car for the first time in their lives, so they'll be swapping every 3 years going forward. They're not car people, so over the prior 45 years, my dad only owned 4 cars, and my mom 5.

Originally Posted by XutvJet

Same with insurance and property tax. Many in their 70s will sell their homes and cars and enter retirement communities or elderly care so your insurance and property tax costs disappear.

Clearly you haven't seen what these retirement communities cost. The one in my area has a buy-in ranging from $61.5k all the way up through $400k, depending on the type of unit desired. There are then the monthly fees--I can't find them right now, but they are not exactly cheap. Alternatively, rentals are available anywhere from $2,400 (semi-private room) to $8,000 (2br apartment), assuming specialized care is not needed.

Don't get me wrong--it's a VERY nice place. But from a financial perspective, the property taxes and insurance I'm paying now are way, WAY cheaper.