# Much is posted about longevity and collecting max. benifits



## Daniel A. (Mar 20, 2011)

A few thoughts about my thinking yours are welcome.

I retired at 56 and love my life travel ie snowbird in winter.
Summers in Canada going where the weather is.

Long term this is how I see things.

Having lived in the same house for almost 20 years I've seen many of my neighbors pass and watched there habits over the years. 

It seems that as much as people look at longevity when deciding money issues I tend to think in terms of health ability to travel and enjoy what I have.
It seems to me that most people have the ability to travel and have a good time till somewhere in the 75-78 range after that health problems start and limit people.
Their needs start to drop off, content to stay closer to home not requiring as much cash flow. 

I'm trying to decide the best time to take my CPP and the thinking is more about judging the next 20 years.
Yes I do have a DB pension that does nicely for now.
My medical is paid by the company.

Do I see myself traveling and doing the same things now at 80 NO .
We go through change in mindset what matters today changes the further along we go. 

I've noticed that what was important 10 years ago is not today.

Having the money today for travel and fun seems to be winning.

I think at 80 just getting up in the morning may be a blessing forget about being a world traveler.
I may be very content to watch TV if it still is there.


I see myself staying close to home content to putter so now is when the money is important.

I bought my Travel Trailer from a fellow who was 75 and decided it was to much for him after he had owned it for two years. 
He liked it but only had limited use of it.

When I spoke with him he made it clear that if he were younger no issue but things had changed.
He was starting to have health problems that changed his mind.


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## Barwelle (Feb 23, 2011)

I know what you mean ... I'm having a similar mental battle, the 20's version... trying to find a good balance between being super responsible and frugal so I can retire early while still enjoying my youth while I have it. But anyways... back on topic...

My comment: don't underestimate the cost of living in the last decade or so of your life.

I was surprised at what the rental rate is for the assisted-living condo that my grandparents are living in. And they have the "cheap" package.

I make an OK salary for a guy two years into his career, but they pay more in rent (incl. food, laundry, some cleaning) than I gross in a year.

edit: Granted, they don't have to pay directly for groceries and household items anymore, these items are included in their rent, but I am sure their total living expenses at least doubled.


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## Young&Ambitious (Aug 11, 2010)

Barwelle, would you mind sharing the number? Most people seem to underestimate the amount or just assume the government will take care of them so I am always curious about this...

Daniel, thank you for sharing. A family member is going through a similar insight; he worked very very hard doing manual labour all his life, and now that he is mostly retired his body can longer handle taking the vacations that he had waited all of these years to take in retirement, previously, he had done little to no travel. I hope to do more travel myself in the near future while I am young after hearing such good advice from people like yourself, thank you.


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## sags (May 15, 2010)

The cost probably varies from city to city..........but my wife works p/t in an upscale "retirement home", and it costs from 3500 a month for a single bachelor suite to 5,000 a month for a 2 bedroom suite. All the suites are upscale and include private washrooms and showers. They have housekeeping come in every day. The building and amenities are first rate, similar to an upper scale restaurant and hotel. The "guests" as they are called, eat in fancy dining rooms with fine china and table service. They order from a daily menu and the meals are prepared by a bona fide chef. There is a bar (supply their own drinks), library, computer room, games room, entertainment room, and lots of sitting areas. They have a private bus for short trips. The guests come and go as they please. Everything is included in the price.

Although there are RNs and PSWs always on duty..........it isn't a nursing home. When people can't manage themselves, they have to move to a nursing home.

Nursing homes cost quite a bit less and the amenities aren't even close. Often a room or bathroom is shared, and meals are cafeteria style with little choice.

Nursing homes around here cost about 2000 a month and the government will pay for people with no income or assets. Often the people in various stages of aging are separated by different floors or wings.

My grandmother was always an active person in the community.......and she really enjoyed staying at the nursing home. She kept herself very busy and had a lot of friends there. She didn't like to take the time out of her day for visitors...................

That isn't always the case though. Some people don't adjust very well and become depressed. A lot depends on health and a person's outlook on life.

I agree that the "thinking" behind retirement is all wrong. Most of us will have no ambition to travel much after our mid 70s........if that long.

The cost of living goes way down as we age. All my grandparents, and elderly friends we knew..........had difficulty finding ways to spend their money. 

Perhaps a retirement budget for the first 10 years should be double the budget for the next 10 or so years?

I don't know what the magic formula is............but I doubt people will spend as much when they are 75 as when they were 65.


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## Ihatetaxes (May 5, 2010)

Sags my grandmother-in-law is in a high end place that sounds exactly like where your wife works and her one bedroom unit (probably around 800 sf total with balcony and tons of great windows) costs her $5,000 per month with extra billing on top for certain things. I think its worth every penny to be in a very nice place that feels more like a luxury hotel than a retirement home and the family doesn't worry about her due to the level of care. She is late 80's and will probably live another 10 years with rates rising every year its likely a $750k cost at the end of her life. Good thing she has lots of money to pay for it, most don't.


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## kcowan (Jul 1, 2010)

Hi Daniel
I have a biased view based on MIL living to 93 and Dad until 95. Both independent in their own homes until the last month. But I have noticed that many people coming here in PV are active until well into their 80s. Maybe it is a sample problem because they are more adventurous. 

I finished my travel trailer/motorhome days before age 40. Our travel is limited by our household pets so they will likely be our last for 10 more years. They accompany us on our snowbird travel each year (6 months Mexico, 6 months BC). We spend another month elsewhere depending on where it comes out of one of those periods.

I think you need to use it or lose it. If you use it, you will be active well into your 80s. We are deferring taking cruises until we are in our 80s because it is a sedentary activity.

But yes, in general, I would spend your money at the front end even at the expense of severely cutting back after age 80. You can still snowbird very inexpensively then. But you cannot hike to Machu Picchu or the Galapagos without good lungs and limbs!


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## fraser (May 15, 2010)

We are in our early sixties. We are doing what we want now because who knows what will happen next year. Lots of downsizing, lots of travel...and more extended travel on the horizon.


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## Nemo2 (Mar 1, 2012)

In the Fall, (Librans both), I'll be 71 and my child bride will be 61.........next month we head to the Czech Republic, (rented an apartment in Prague), and will be doing day trips by train/bus, or if necessary rent-a-car, for two weeks.


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## lonewolf (Jun 12, 2012)

With experience most people get a better understanding of how to streach a dollar. If when young your a pro @ streatching your dollars to the max the cost of living might not drop that much when you get older if those dollars are already being streached.


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## Barwelle (Feb 23, 2011)

Young&Ambitious said:


> Barwelle, would you mind sharing the number? Most people seem to underestimate the amount or just assume the government will take care of them so I am always curious about this...


It's around $4k a month. I was a bit off, their "package" is one of the more comprehensive ones. All meals served, all laundry, all cleaning, and 24/7 nurses on staff of course. For some reason I thought they did some household duties themselves.


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## Spudd (Oct 11, 2011)

My mom pays around $2.5k I believe, for a 1-bedroom, including weekly maid service & dinner nightly. I'm sure the price would be higher if she opted for all meals. There is no nursing staff in the building.


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