The Economy

Maybe $50 of that will go to someone besides the doctor or nursing home.

 

Hard to know if they mean depending on that figure alone with no other income.

Average 65-year-old woman will live 20 more years. $758,847/20 = $37,942, which sounds reasonable to live on if she will not have any other income.

 

Hell, only $726,847 to go!

 

Grocery store and power bill.

 

Left out the drug companies, which will suck up at least half of that $700K in retirement money.

 

This is the thing that everything depends on.

Assisted-care homes are yet another criminal racket, with most places charging anywhere from $5,000 and $8,000 a month, with costs only likely to go even higher as time goes on. It behooves everyone to stay in their own homes absolutely as long as possible because even a lot of money will drain very quickly at that rate. It is big business, and you are screwed if you have to be a client for any substantial amount of time and are not wealthy.

 

Here's whence came that Coventry Direct number ... https://www.gobankingrates.com/retirement/planning/how-much-need-survive-retirement-state/

Lotta methodological questions, particularly as re: housing. Also, lots of right skew in the state-by-state numbers; the median is only $698K.

 

"Only" is doing a lot of work there.

 

Seems like the average Social Security check is only (ONLY!) $1,705.79. Ouch.

 

That $758,847 is present dollar value; that estimate will rise (hopefully) so the annual benefit would likewise (hopefully) rise.

 

Seeing as how it's 8% less than what the average is, I'd say "only" is reasonable in the context in which I used it.

I know this is gonna shock (!!!) some people, but very often I am irritated as all get-out by economic "controversies" resting on, essentially, a willful ignorance with respect to numerical reasoning.

For example ... how many times have you read something about how the median housing cost (perhaps it's the median monthly rent for a 2BR apartment) compares to the minimum wage? Guess what? The median housing cost is the 50th percentile ... the minimum wage is the 1th (if that) percentile. OF COURSE there's a gap ... and OF COURSE it's a big one!

 

TV ad voiceover: It's Toyotathon... deals like you haven't see all year, come in an enjoy the savings, you won't believe these deals.
Me: OK, cool. I'd like to see a 2024 Tacoma. I've been sitting on a pile of cash and will pay in full when I drive off the lot.
Toyota: Trucks? Oh no, we don't have those.