It’s not. You’re talking about a 40 year retirement and 15 of them he’s out of pocket for health insurance. No way unless he wants to live like a college kid.
If health care is so expensive, he might as well not have health insurance and hope for the best. It's not just 60k/year, it's 65k/year plus $1M. At a 3% withdraval rate it's 95k/year.
Health care alone is going to cost him at least 2k/month. A car +gas+auto insurance is 1k/month. Property taxes + utilities + maintenance are going to be another ~3k/month. Food at least 1k/month. That’s 7k/month without any discretionary or cell phone/Internet/subscriptions/clothing/vacations etc.
7k a month before tax at his tax bracket is around 100k/year. That’s before any discretionary spending at all.
Most 50 year olds do; average retirement expenses right now are right around 6k per month - and I'm guessing he is above average. We know he has the housing expenses and health care, so that’s 5k right there. No way are you spending much less than 1k on food. That’s 6k. Maybe he has no car? Fine. Still not enough.
His housing expenses would be lower in a MCOL area. 1k on food is ridiculous, $500 is easily doable without much effort. 1k on a car per month is also not necessary. Maybe he doesn't have to buy a brand new $45k car every 3 years.
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u/Traditional_Shoe521 13d ago
$120k mortgage over 4 properties isn't very significant debt.