you need a minimum of 3 million per person if you are to cover for 20 years of life after 70 and live a decent life. It takes about 10K per for one to get coverage of a nurse or nursing home. I will not put anyone dear to me in a nursing home. They are a financial ripoff and the care is substandard.

An important thing I learned  about retirement. Your income might be limited, while your expenses, possible medical, might be  very high.

The way I see life earnings and expenses are as follows....

When we are young and single, we don't seem to pay close attention to our spending.

Then we get married and might combine our earnings and expenses with our spouse.

Raising children seem to be the most highest expenses time in our life, with mortgages, vehicles, school cost, etc.

For this reason, parents and in-laws are important in our married relationships. They could provide some relief.

PLUS, it is never too early to start thinking about retirement income and even though it might be difficulty at this time, a secured plan with savings, needs to be implemented.

During this time it also  is VERY IMPORTANE that we maintain a strong relationship with our spouse and build common interest, because when the children start leaving home, there might not be much to hold on to and many couples separate, due of this scenario.

With  a fast increase aging population, the burden on pension plans and the health care system might increase 100 fold and its very important that we invest securely with savings for retirement, or we might be in trouble, with high unaffordable medical bills.

We seem to be busiest while our children are growing up and many of us tend to ignore our relationships with our spouse. This could be a dangerous trend after our children leave home.

Line of credits are seldom issued after retirement and even though it might never be used, it is advisable to secure one before retirement. 

This might impact negatively on your house insurance, if the house is used to secure the line of credit.

Also, if possible, secure a proper medical plan on a retirement package, because medical insurance tend to increase with age. At 70 most mortgages or loans insurance policies are often  discontinued, or with very high premiums.

But don't forget to enjoy life while all this is happening, by returning to Guyana with your US and Canadian dollars, to build the Guyanese economy.

Ignore the flying bullets, death is unavoidable.

Can an argument be made to enjoy what you have while you're in good health because all that money in later life don't mean squat if you can't do anything.

DO stuff with your children, maintain a healthy lifestyle...shucks, I don't forsee ever not working (Walmart greeter at 70)....

Both can be accomplished although none can guarantee if what we put aside for later would be enough. What exactly is enough? How do we guarantee that market conditions don't crush all our plans. Which insurance company can guarantee that they will be around to write the check. Nonetheless, one cannot just not do anything. One still has to put aside as much as possible to at least have a chance. But to your point, it is important to enjoy life now also. The kids don't stay forever so we have to enjoy them while they are still around. It is all about balance.

What's the current value of homes in PP?

I haven't checked lately but in my area 4B are probably going for around 500k but I could be wrong.

Good point to enjoy life with family while health is good, but don't ignore unforeseen health conditions later in life.

There seem to be mindset with the young, that all will be well later on.  

Unemployment due to age and minimum wage might not be enough support.

A healthy life style now, don't guarantee a illness  free life at an older age.   

Amen! While money is important it is vastly overrated. Some of best things to do cost nothing or very little; riding a bike, playing a musical instrument, reading a book, making a good meal and socializing with friends. 

Travelling cost a bit more but even that can be done on a budget if you are organized and take advantage of the many loyalty programs and other promotions plus travelling in off peak seasons.

Keep it simple - stay healthy and appreciate the little things in life. 

Due to frequent storms house insurance premium also needs to be taken into consideration in this part of the country.

Some could be up to $4000+/annually.  

It is very difficult to get decent homeowners insurance in South Florida. I am lucky that Allstate has not cancelled my insurance as yet. The government has a program that helps homeowners get into an insurance pool but it is still not a lock for good rates/sound company.

I laugh when I read about what is happening in terms of health, home and other insurances in one of the wealthiest nations on earth.  It is quite a disgrace.

Canada universal health care systems might not be the best, but no one in turned away at hospitals.

A visiting friend's child with no insurance, had an injury and was taken to emergency, she was first given treatment, then they go after the bill. The same with an ambulance.

Tola, not being turned away is not the issue, the US will not turn anyone away from a hospital. It is the the bill in the thousands of dollars that keep the poor and many away from seeking life saving treatment in the USA.

The US heath care system is screwed up. Politicians and the Insurance lobby are the ones to blame. Very sad.

No one is left behind and with a hefty health care bill in Canada. We are blessed and thankful for Gil's NDP party for implementing universal health care in Canada many moons ago.

I am a Tory Blue Conservative.

1. Putting aside a minimum of 10% of one's salary into a secured account to be taken out only in extreme emergency situation is a preference.

2. One should then consider 90% of his/her salary as income to spend plus also to save in a separate account.

3. At retirement age, one would have a huge sum of additional money to supplement his/her needs, as required.

Don't you live in Guyana?  From what you wrote here it sounds like you live overseas.  BTW good advice you have here.

Canada, US and Europe, our main programs fundraising resources, are only hours away from Guyana.

Uganda, India, Tanzania, Philippines, Central America  etc   are also only hours away.

Its a very small world for some.

Putting aside 10% for a one-income family with children, might be challenging for some. But implementing a smaller budget can achieve the 10%.

Investments also needs personal knowledge. Don't totally trust others. 

To each his own.

Invest in some real estate in location, location, location and your returns will run into the millions over time. 

tell that to those people who got burned in the housing crisis...

BTW, what's up with the Canadian dollar...I was shocked when I visited this past summer

As a retired person, my motto is CONTENTMENT . I still travel, but I did most of it while I was working. While you are young and healthy, live life the fullest, reward yourself, set goals every year.I go for long walks, eat less but healthy, take time to enjoy the simple things of life, most of all listen to your body, when you are 60 and over you will get aches and pain like never before, take small naps during the day. Go to your doctor for regular check up, know the symptom before the problem arises. To enjoy retirement you must be healthy, so start planning while you are young, save and invest from the day you start working, remember factor 10 ,your money doubles every 10 years with good investment, give and you shall receive, CONTENTMENT.

Well said KP, well said.

CONTENTMENT is one of my favourite words.

To the young, find something enjoyable to do now, that you can also do in retirement.

All investments are under my direct control.

Putting aside a minimum of 10% started with my first paycheck after graduation from university.

KP comments are apt and one needs to remember the 10 year factor.

When was dat, last month and you blew the other 90% on the blown up doll 

Rass banna yuh wuk for the army living all over the place like that?  

KP, we get de bai to share some of his wisdom, gyam a break.

D_G is lang befo me time.

VVP ... cease with your nonsense.

First and last advice.

Na army...Social justice and sustainable development  projects in developing countries.

The reason I said to the young. Find something enjoyable to do now and you might enjoy doing it in retirement. Getting paid to do something you like.

One of the problems I see friends have in retirement, they have nothing to do and spend too much time at the liquor store.    

We are an export nation and USA's largest trading partner is Canada. A weaker dollar is good for exports. 

A weaker Canadian dollar also reduce cross border shopping to the USA. It is a double edged sword with US border cities hurting when our dollar is weak.

Our financial institutions are strong unlike US banks which needed bail outs during the last great USA recession and economic meltdown. A lot of investors parked their money in Canada and now that the US dollar climbs back up, investors are again riding on the greenback.

We are fine with a weaker Canadian dollar at this stage.

As for real estate, it is not a game or gamble but a long term investment. Speculators will always be burnt. Invest wisely, I have.

It works for me.

Excellent commentary.