Quote from retaildaytrader:
Here is some things to think about.
- When you are 70 years old, do you really want a large house? Will your kids still be living with you? The answers are no and no. You could probably do best with a small 1 or 2 bedroom apartment which would not cost 3000 a month. Also, do you really want to live in a place like New York City or would you rather live in a more humble quieter place in Florida or Texas?
- How many trips and vacations are you going to have energy to go on at age 70? Its not like you are going to be doing keg stands or scaling the side of a mountain. You will probably take quieter and more kick back vacations that require a lot less capital. You wont be jumping on long plane flights either. You will probably take the Amtrak somewhere as your health will probably prevent other travel.
- How much food are you going to be eating at age 70 considering all the health issues? Will you really be at Ruth Chris eating that fatty steak and contributing to the probability of a future stroke or further aggravating your diabetes? More likely you will be drinking an instant cup of coffee in the morning with two packs of Splenda and nibbling on a bagel. In afternoon or evening, a small meal of sauceless spaghetti. Otherwise, you aggravate your health and get that much closer to death.
- Will your senses be sharp enough to handle a large SUV or 400 horsepower monster car? More then likely the Toyota Corolla will be your transportation or even the local bus. You dont see many 70+ year olds driving big suburbans not because they cant afford it, but because they dont have the ability to drive it. Most older folks go with smaller and easier to handle cars nowadays and plus they dont really care what they are seen in as long as it gets from point a to point b.
So there are a lot of things to consider, but believe me. At age 70, you will not need all that cash to live. In fact, your lifestyle will be exactly what it was when you lived in college but without the liquor and greasy food. You will enjoy living with a roommate in a 2 bedroom apartment as it gets lonely at that age and you wont want to be climbing on the roof or doing chores that go with home ownership. You also wont be taking curbs at 100 mph in a BMW, but simply enjoy going from point a to point b.
