Single/LGBTQ MMMs - how are you planning for FIRE?

[Exhale]

How are single/LGBTQ MMMs with no family/kids planning for (or currently living!) a safe and happy old age?

I'm on track for FIRE and enjoy my frugal lifestyle.

My question is how to plan for possible assisted living/nursing home costs? (Note: I have no family/kids to help me should I need care.) My sense at present is that co-housing is the best way to go. Any other ideas?

[MKinVA]

What are you doing with the rest of your income? Looks like you have $30,000 per year you could be plowing into investments.

I would seriously reconsider long term care. A lot out there recently about those policies going belly up because it's a bad deal for the insurance companies. In that case, you are out of luck with what you have paid so far. You may want to self insure instead.

Disability policies are intended to replace income, not take care of you. Again, self insure. What I mean by that is make sure you have enough money to cover someone coming into your home to help you with daily activities.

When can you take your state retirement? Only at 65? Or is there an early out you could take advantage of?

So first you should figure out how much you need to get from here to 62 if you take ss early. Then how much do you need to get from 62 to 65 when you get your pension. Sounds to me like once you get to social security and pension, you won't need much savings if you live at the level you are planning.

[Exhale]

Thank you for your feedback MKinVA! Here are my responses/info

1) What are you doing with the rest of your income?
=> Rest of my income = $31,080/yr ($2,590/mo)
- Traditional IRA = $5,500 (max)
- 403(B) = $18,000 (max)
- Travel = $1,000
- Remaining amount = $6,580 to be invested, but not yet sure where

2) You may want to self insure instead.
=> By this, do you mean buy my own health insurance?

3) Make sure you have enough money to cover someone coming into your home to help you with daily activities.
=> Do you have a sense for how to calculate this type of expense? I want to estimate it, but not sure how.

4) When can you take your state retirement?
=> Only at 65

5) So first you should figure out how much you need to get from here to 62
=> To get to 65 [when retirement payments start]: 19 years x $12,000/yr = $228,000

6) If you take ss early
=> What is ss?

[GizmoTX]

Self insure means using your own funds rather than buying a policy.

SS=Social Security. Are you eligible, or does your state employee plan take its place?

[Exhale]

SS=Social Security. Are you eligible, or does your state employee plan take its place?

I'm eligible. If I stopped earning today I estimate I'd be able to get $850/mo. However, I don't want to count on it (just in case it isn't available).

Thanks for explaining the self insuring!

[MKinVA]

It's a little complicated to figure out how much you might need instead of long term care. First, do you have siblings or nieces or nephews who could help you with things like getting dressed, going to doctors appointments, making meals? That may get you through everything. Or maybe you need help washing, actually getting out of bed, getting into bed? That's probably a paid helper.  Do some research on how much that costs and then increase for inflation.

Deciding where you will live at this time in your life can help too. God forbid we live in a retirement community but those places have a lot of services for not a lot of money. You'll want to surround yourself with helpful people and helpful situations.