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One program I came across that my mom did NOT need....considered income AFTER certain basic -- and I mean BASIC -- expenses.
So while her income was set -- I mean your pension is your pension, your Soc Sec. is what it is, etc.....they even counted her GROSS Soc Sec. before her Medicare premium was taken out! Clearly a person's GROSS is not what their net is. But some of these gov't programs don't care about that...anyway....at least the program allowed for deductions from income for utilities, a certain food allowance, rent/mortgage, and insurance premiums....and went with the net number after those things.....to decide whether she was eligible for assistance for that program.
BUT I don't think all programs do that.
There are plenty of legitimate ways to get a person's NET income after expenses down. But, Fox Terrier, if you've got suggestions -- that you're wiling to share online -- to get an elderly persons's set incomes down please, do tell.
Oh one way to get GROSS income down is to move stock investments into money market funds, which are paying practically no interest these days. IF a person is REALLY. THAT. CLOSE to JUST, BEING. ELIGIBLE. perhaps moving investments to less money-making vehicles would get you below the income level you need to meet. ALSO, if the person has a rental income property -- LOWER the rent on that property. (note that none of these involve any asset transfers which kicks in other issues like a look back period)
Key is whether the program eligibility is based is based on assets, income or both.....gross or net.
There are plenty of legitimate ways to get a person's NET income after expenses down. But, Fox Terrier, if you've got suggestions -- that you're wiling to share online -- to get an elderly persons's set incomes down please, do tell.
Key is whether the program eligibility is based is based on assets, income or both.....gross or net.
LOL, no, I don't. It just seemed the logical thing to attempt. As you mentioned, the OP isn't really giving out enough information about her mother's income, where it comes from, if she's living with the OP or has her own place, etc. to offer any advice.
Maybe donating $10 to a charity every month can lower the income? IDK. Not enough info.
Petch751
Tomorrow is November 1st, and many times the income limits on Federal programs like Food Stamps and Fed/State programs such as Medicaid reset to a higher income limit effective Nov. 1st, which is the first day the new federal budget will be in effect. Now, I do not know specifically about this year, because I know that they are not giving SS recipients a cost-of-living raise. It may be a good time to reapply.
Here are the Federal rates so you can compare them. And remember, these go into effect November 1st, 2015.
One program I came across that my mom did NOT need....considered income AFTER certain basic -- and I mean BASIC -- expenses.
So while her income was set -- I mean your pension is your pension, your Soc Sec. is what it is, etc.....they even counted her GROSS Soc Sec. before her Medicare premium was taken out! Clearly a person's GROSS is not what their net is. But some of these gov't programs don't care about that...anyway....at least the program allowed for deductions from income for utilities, a certain food allowance, rent/mortgage, and insurance premiums....and went with the net number after those things.....to decide whether she was eligible for assistance for that program.
BUT I don't think all programs do that.
There are plenty of legitimate ways to get a person's NET income after expenses down. But, Fox Terrier, if you've got suggestions -- that you're wiling to share online -- to get an elderly persons's set incomes down please, do tell.
Oh one way to get GROSS income down is to move stock investments into money market funds, which are paying practically no interest these days. IF a person is REALLY. THAT. CLOSE to JUST, BEING. ELIGIBLE. perhaps moving investments to less money-making vehicles would get you below the income level you need to meet. ALSO, if the person has a rental income property -- LOWER the rent on that property. (note that none of these involve any asset transfers which kicks in other issues like a look back period)
Key is whether the program eligibility is based is based on assets, income or both.....gross or net.
selhars I understand what you are saying but she is unable to control (reduce her income). She gets SS, a small pension from her job, a small pension from my dad.
Yep, a persons gross is not their net and you're right, the gov't programs don't care and use gross income in their calculation. They do not deduct utilities, food, insurance, medical care, or medications. She does not have a mortgage but does have to pay real estate taxes and they don't deduct those either.
Sorry this is long....
Petch751, this thread didn't start out to be about your mom's caregiving situation, It was about how people manage to retire early. BUT since your mom's situation IS part of YOUR retirement decision making picture it's clearly part of the discussion.
Yes sorry, I was looking at all options and the subject moved into this.
Also, without the drain of all this parental caregiving, I take it you WOULD be able to retire correct?
I hate to say it but I'm sure you know, once these parents pass on (your mom and his dad) you WILL get your lives back. And THAT drain on your finances will stop.
Yes I could retire but preferred to continue working a little longer. This is a big change in plans/goal. This will definitely hurt my finances and that's why I so upset. I looked into all kinds of programs to find help, jumped through all the hoops, but all doors closed in my face I have no other options.
A main issue affecting RETIREMENT -- is how much are YOUR lives and finances disrupted and drained in the meantime??? Will this set YOU back for retirement, and YOUR later years?
Yes, it also affected many of our plans
I and others here are NOT UNsympathetic. Many of us DO get it. We have posted in the caregiving board about our own situations and have read your posts about yours. We've also toyed with retiring early to take care of mom...leaving and job and moving to take care of dad.
Thank you, I'm more resigned now. It was shocked how bad our safety net is. It taught me the safety net is not for the middle class who become elderly and poor.
-- You said your husband takes care of his dad? How many hours a day and how many days a week?
He helps some and never says anything about the money I'm spending and he knows it is effecting our future. His life has been put on hold too but has been a sweetie about it. I have a brother who won't help and I can't expect more from my husband. He's not comfortable with the level of care needed either.
-- You've hinted at your mom's needs but never said. Does she absolutely NEED 24-7 care? She can't be left alone AT ALL -- or you just feel better with her having that much attendant/companion care.
Believe me, if she didn't both of us would love it. She had a broken hip, a fractured back, can't cook, takes forever to get her to the bathroom, on O2, on a bipap at night, needs help with her baths. The list is long. My husband couldn't care for her with these needs.
-- Why specifically can't your husband look after BOTH his dad AND your mom? Where's the Dad? in his own home? What are HIS finances like. If the DAD has income, would it work to bring him into your house, so you get his income coming into your household, and your husband can watch him at your house? If nothing else it's less travel time drain on your husband.
IF you're retiring earlier than planned just to take care of mom and mom dies....now you're left with a possibly reduced pension, instead of the higher one you might have had. If you're spending money for mom's care, that's money you're not saving for YOUR OWN retirement years.
Yes, I am well aware of this and another reason I was so upset she couldn't get help knowing the other option.
This caregiving is costing you money, right? How much are you willing to have it cost you in time, energy, and finances? How much is mom's situation and care -- costing YOU -- now -- and in terms of lost FUTURE earnings?
A lot, we will take a financial hit, it's too late for me and why I was so upset that people who don't even try through life get all kinds of help. For people like us, forget it. Another reason why I've said many times, if you don't have plans for your elder years, please don't do this to your kids and don't just take for granted that your kids will do it.
ALSO -- can some other adult children who have wealth with this issue or are dealing with it please tell us how you managed, juggled or avoided the financial drain that can affect your own retirement. (I had my own case with my mom, who had Alzheimer's -- luckily she didn't not outlive her money, and until she died was able to afford the care she needed. So while I spent money that COULD have been saved, in all honesty it was money I'd likely have spent on other things anyway, so her care never really affected my finances or retirement planning. And we had asset protection plans well in place. It makes all the difference in the world if your elder has planned or will let you plan and make the right moved AHEAD OF TIME.
And me and my husband thought we had it all planned out.
Refuses? no he helps but I'll get the whip out and DEMAND he do his 40 hours a week for MY mother ok? And then go help his dad out. Good for you?
Let's tack that 40 hours on. That will bring what we have to pay down to
7 x 24 = 168 hours a week
- 40 hrs (me)
- 40 hrs (brother)
- 40 hrs (my husband)
- 0 hrs (baby brother won't help)
----------------------
48 hours a week (pay someone)
x 4 weeks a month
----------------------
192 hours a month
x $10 an hour
----------------------
$1,920 per month (before taxes)
x 12 months
----------------------
$23,040 per year (before taxes)
I wonder how much I would have to make before taxes to make $23,040 per year plus what I need to make to pay healthcare premiums of $600 per month ($7,200 a year) = $30,240.00 before taxes plus pay for our other expenses.
LOL, no, I don't. It just seemed the logical thing to attempt. As you mentioned, the OP isn't really giving out enough information about her mother's income, where it comes from, if she's living with the OP or has her own place, etc. to offer any advice.
Maybe donating $10 to a charity every month can lower the income? IDK. Not enough info.
$5.82
Yep $5.82 a month too much and off the cliff you go.
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