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Originally Posted by Por_sha911
Side question: a lot of folks talk about medical insurance costs. Are you not taking advantage of Medicare and associated add on plans? If so, why not?
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I'm on Medicare with a supplemental policy that is excellent. Medicare, so far, has been great. My prescription costs are low as well. I'm also by myself. Health costs can get expensive fast especially if you have a spouse/partner isn't covered on any plan or if preexisting conditions require prescriptions that are very costly. That all has to be factored in for monthly expenses.
I spent many years tracking monthly expenses to determine what I needed to live on. Then I compared it to what I saved to see if the model works. My financial wealth got hammered with a divorce and issues with my youngest son. My model works with no debt of any kind - which I succeeded to do. I build a reserve for unknown unknowns. 2024 is the first year I'm living this model. My finance guy tells me I'm ok, but you never know.