I said unique, old people need a lot of health care, generally way more than a kid. Most kids after birth just have routine checkups and not much else. Infants might get a bit more doctor visits because the parents don’t know if they should worry or not because the infant can’t speak, but generally even those amount to nothing.
Babies more universally need diapers than old folks, and do eat more than an older person, but health care is absolutely bigger for elderly.
Cost per child is $300k, $400k including college. The state (which means workers’ taxes) chip in an average of $17k / year for k-12 which is another $200k. That’s $600k per child, not including the free labor from the parents.
The average savings for someone 65-74 is $200k. End of life costs are $155k for the last 3 years.
So you just said about 20 years of life is only twice that of the last three years of life for your starting figure. Add in college and it’s still not that egregiously more.
You feel the need to add public school costs, but not add in medicare, social security, and other expenses exclusive to old age.
Medicare and SS are prepaid. So you need to figure out the difference between if that money was invested instead of taken in taxes. Then it would be the amount that retires take over that amount.
Only one in three Millennials have gone to college, so you’ll need to pro-rate this. You’re also talking about a population that begun employment between 14-17, even in an advanced economy like the US. So that cost is offset by revenue, especially in those later years.
I suppose if you are just thinking about things like cost of formula, diapers, clothes, education. In terms of time spent, children take less and less one on one time as each year passes. They have a finite timeline of required care.
The elderly become less and less independant, the care they require becomes more and more medical in nature, and there is no timeline. Someone with dementia can require around the clock medical care for decades.
Children need more resources to raise than seniors take.
Not really. The unique expense for a kid is education compared to the old, and elder care can easily eclipse that.
Young kids require a lot of health care, tbf
I said unique, old people need a lot of health care, generally way more than a kid. Most kids after birth just have routine checkups and not much else. Infants might get a bit more doctor visits because the parents don’t know if they should worry or not because the infant can’t speak, but generally even those amount to nothing.
Babies more universally need diapers than old folks, and do eat more than an older person, but health care is absolutely bigger for elderly.
Cost per child is $300k, $400k including college. The state (which means workers’ taxes) chip in an average of $17k / year for k-12 which is another $200k. That’s $600k per child, not including the free labor from the parents.
The average savings for someone 65-74 is $200k. End of life costs are $155k for the last 3 years.
…uhh… do you have ANY citation for those numbers?
https://www.cbsnews.com/news/cost-to-raise-a-child-300000-us-state-by-state/
https://educationdata.org/public-education-spending-statistics
I used low numbers of ranges and rounded down.
So you just said about 20 years of life is only twice that of the last three years of life for your starting figure. Add in college and it’s still not that egregiously more.
You feel the need to add public school costs, but not add in medicare, social security, and other expenses exclusive to old age.
Medicare and SS are prepaid. So you need to figure out the difference between if that money was invested instead of taken in taxes. Then it would be the amount that retires take over that amount.
Please show numbers!
Only one in three Millennials have gone to college, so you’ll need to pro-rate this. You’re also talking about a population that begun employment between 14-17, even in an advanced economy like the US. So that cost is offset by revenue, especially in those later years.
I suppose if you are just thinking about things like cost of formula, diapers, clothes, education. In terms of time spent, children take less and less one on one time as each year passes. They have a finite timeline of required care.
The elderly become less and less independant, the care they require becomes more and more medical in nature, and there is no timeline. Someone with dementia can require around the clock medical care for decades.
Yes, the medical care is 1000x more than cost of food and things.
An infant requires more constant care than a dying elderly. Parents are on rotation 24/7 for the first year. That’s more than elderly get in hospice.
Moneywise it’s $600k for a child. $400k from parents. $200k from the state for the free k-12 education.
Elderly on average have $200k in savings age 65-74 and spend $155k in medical costs their last 3 years.
Children are more expensive in money and direct labor.
Not with modern lifespans, 75-95 take a ton of care and are unable to contribute
Average 64-75 have $200k savings and spend $155k for last 3 years.
A child takes $600k. ($300k from parents. $100k college. $200k paid by state to cover the free k-12.)
yes and theres more old poeple than children, thats like, the whole point of the post??