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Originally Posted by CaptainYooh
This 2022 Retirement Update Guide came up from JPMorgan Bank today, so I thought it was somewhat relevant to this thread. Even though it is aimed at the Americans, the points are relevant. In essence, people are expected to live longer and spending is expected to be quite a bit higher due to inflation, which means investing in only income stocks/bonds will not be enough. Also, an interesting observation about spending trend for people being highest in mid-fifties, then slowing down through 60s and 70s and then going sharply up in 80s, because of expensive health care and residence. This is believable. A family in their 80s we know, had to move to a retirement place here in Calgary and pay close to $10,000 per month in combined living costs. It is on a nicer side and they can afford it, but still, very expensive.
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Quote:
Originally Posted by Slava
This must be more than a "retirement place" though. I've been dealing with this on the personal front (for a family member) and we're nowhere those costs.
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My wife's grandmother has to move out of the place she was in for the same reason. She's in her 90's now with no income other than OAS etc. Her bill for 2021 was $56 000 IIRC with much of that subsidized by the taxpayer but she still could not afford her portion. At an extended care place the costs add up in a hurry. Rent, meals, medical care, staffing 24/7, entertainment, transportation etc.