Quote:
Originally Posted by Mutt
those places are not cheap - how many people in retirement can afford a 3-5K a month place, in 10 years you've spent 350-500K - what happens if you do this at 70 and you live to 90?
i also wonder what % of people over 65 have $500K
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I have been talking a lot to the social security people and the people at the nursing home and assisted living place and they were telling me that the basically most of the baby boomers have little or no retirement. The reason is that when most of them started working when they were young companies didn't really offer 401K and retirement benefits. They started to later on, but by then many of the boomers were in their 40's and 50's so they didn't have much saved. Not to mention how the cost of living has outpaced wage growth in the last 20 years and you end up with a lot of people just on social security.
At least these days a person has a lot of options and they are more aware of it, but like you say at $5K a month the money goes fast.