A million dollars isn’t exactly a lot of money these days.
I agree that a million dollars in the “bank” doesn’t make rich or even financially independent—but it sure does help!
One thing too many people consistently overlook: nursing home/long term care insurance. Medicare DOES NOT pay for the cost of nursing home care. I literally don’t know anyone who has this kind of insurance, it’s Incredible to me. You can build. nice retirement nest egg and have it quickly wiped out by nursing home costs.
Mr RooRoo and I signed up for long term care insurance when we were in our early 40’s—when we were young and healthy, and premiums were low. 20 years later, our monthly premiums are only about $100 per month per person. The current benefit is about $6000 per month per person. In Arizona that’s probably the average monthly cost of nursing home care.
Again, Medicare DOES NOT pay for the cost of nursing home care. Baby Boomers beware!