I am concerned about my parents saving up enough money for retirement. How much is necessary? They live in New Zealand and currently earn a combine $30 000. Once they retire the government will give them $25 000 per year. They own their house and have paid off their mortgage. They are currently approaching 60 years old.
The government covers for all urgent hospital care and specialist care and most prescription drugs ($5 per prescription). They have no health insurance so non-urgent but necessary specialist care/operations mean they get waitlisted for a few years and may lead to deteriation in health. Rehabilitation from accidents such as slips and falls is paid for for limited amount of rehabilitation (may not be enough). GP visists are subsidised not free. Should they get health insurance? If they need to go into retirement care they have to either sell their house and buy a house in retirement village (but high yearly costs still apply) or they can exchange their house for lifetime of retirement care with the government (not exactly sure of the details of this).
Despite my parents not earning much, my grandparent are quite wealthy owning ~5 properties. I assume some of this will be inherited by my parents when they pass.
Tdlr; how much money is necessary to save up for retirement. Only asset is house (mortgage is paid off). My country highly subsidizes healthcare but they have no health insurance.
Submitted June 22, 2018 at 11:29PM by everlights121 https://ift.tt/2yAfSUs
