How are you planning for your *late* senior years? (pensions, move, state)
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Assuming you live to be in your 80s and 90s and may require assisted living, how are you planning for it if you have only SS plus a modest pension, don't have Long Term Care Insurance or relatives to depend on?
I do not think there is much you can do. But if you have room in your home for a roommate that might work. You provide the roof and they help with the other chores.
Maybe a senior center or church could help find someone. Be careful and do not let them handle you finances.
Assuming you live to be in your 80s and 90s and may require assisted living, how are you planning for it if you have only SS plus a modest pension, don't have Long Term Care Insurance or relatives to depend on?
SS + modest pension means in CA (at least) no problem for assisted living.
My pension and Soc. Sec. will be enough for some sort of assisted living, if need be. I am not planning to move anywhere more car dependent than where I currently live.I also consider hiring people (more than I do now?) to come to my house for various needs.
Keep younger friends and handymen.
My pensions; SS; plus investments will be enough for a senior assisted living center. Hopefully I and wife live into late 80's like parents with little help needed and never having had to go to assisted living center. I took my sister to lunch with friends at two and have to say I was impressed.
My pensions; SS; plus investments will be enough for a senior assisted living center. Hopefully I and wife live into late 80's like parents with little help needed and never having had to go to assisted living center. I took my sister to lunch with friends at two and have to say I was impressed.
Like others above, DH & I work on maximizing income flow and conserving investment $'s.
Plus:
- keeping documentation and estate planning in order and simplified as much as possible.
- continuing to downsize and shed personal 'stuff'
- practicing good health habits, not to extend longevity so much as to stave off being a burden
We've had several relatives (my mother*, his aunt&uncle, his mother) who have lived in nice assisted living facilities without LTC insurance. None were wealthy. Currently his mother lives in an ALF and we've cobbled together SS, veteran's aid&assistance, and rental from her house to cover her monthly expenses.
We're reasonably sure that we'll be able to generate enough income to cover our ALF expenses. I'm more concerned that, unlike these relatives, we'll have no one locally to monitor our care and needs. Our sons live 1500 miles away. But we'll adapt.
(* My mom had LTC and it did pay, but it was a waste since her SS & pension would easily have covered the ALF expenses without it)
Last edited by biscuitmom; 06-18-2014 at 11:11 PM..
The OP is not asking how well fixed others are; she's asking a question for herself and those in her specific situation. Hearing others' comfort/security level is of no help. What resources are available, etc.
Assuming you live to be in your 80s and 90s and may require assisted living, how are you planning for it if you have only SS plus a modest pension, don't have Long Term Care Insurance or relatives to depend on?
I have no plan that covers all possibilities. It certainly pays to keep friends and family relations close.
As long as my wife and I can help each other we will do fine. If one or both of us become incapacitated (as my parents did) I have no idea. Since it is patently obvious that most seniors can't afford a nursing home, and that the population is rapidly aging, I just hope the government will be able to work out something. We can't expect that of course, so the future looks grim.
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