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Upon due consideration after reading the posts, and I thank all the posters, I figure because of circumstances that I'll probably wind up in my condominium which I can afford. For informational purposes, although Holiday Touch retirement places sounds good on their website, the reviews are not so good.
same as Linden Pond in MA reviews. Some say it is too big, assisted living cost lots more. also if you sell they take there time to get your money back. Food was great some say not as great now-
imagine if both spouses need skilled nursing and they have no LTCi
When it comes to us - we wouldn't need our house (we have a lot of equity in it) - and would basically have zero in the way of discretionary expenses (like travel). We would be ok. But many couples might not be. OTOH - what I've seen is usually that both spouses don't need SNF care at the same time. Suppose it is possible/happens. But I don't think it's common. Robyn
Here in Texas and also in Arkansas, "meals provided" means it's an assisted-living facility and residents pay mega bucks. It's a clue that the place targets the 80+ y.o. and/or disabled population. Not a retirement place in general.
Here in PA, independent living also has meals included. They are geared to the 55+ active retirees and soon-to-be retirees.
When it comes to us - we wouldn't need our house (we have a lot of equity in it) - and would basically have zero in the way of discretionary expenses (like travel). We would be ok. But many couples might not be. OTOH - what I've seen is usually that both spouses don't need SNF care at the same time. Suppose it is possible/happens. But I don't think it's common. Robyn
I agree but that is worse case scenario and I always want to look at worse case. We have LTCi but I want to also operate on the assumption they crap out on us down the road. I spoke to the folks at one place and we could handle each of us being in LTC without insurance for more than a good number of years. You could go into a luxury place and lock cost down and still have a boat load of cash. The question as to what type of fee structure seems to be do you have income or do you have cash or do you have a mixture of both. If they don't go belly up it becomes a sweet deal.
I agree but that is worse case scenario and I always want to look at worse case. We have LTCi but I want to also operate on the assumption they crap out on us down the road. I spoke to the folks at one place and we could handle each of us being in LTC without insurance for more than a good number of years. You could go into a luxury place and lock cost down and still have a boat load of cash. The question as to what type of fee structure seems to be do you have income or do you have cash or do you have a mixture of both. If they don't go belly up it becomes a sweet deal.
I suppose it's possible that a LTCI company could go under. The current interest rate environment - combined with lousy demographics - has created an unfavorable environment for these insurance companies. Some of the few companies left in the business don't seem to be doing that well:
What is more likely - at least in the short run IMO - is more (large) premium increases.
As for the CCRCs - I guess it depends what you have locally - assuming you're not willing to relocate (my husband and I plan on staying put for now). We have 3 nicer CCRCs here. The one that is closest to us has an average age well over 80 (I would guess at least 85). Not my cup of tea at my age. Another is geared to retired military officers - and located up near the Mayport naval base. Don't like the location - or have anything in common with most of the residents. The third - the newest - has just gone bankrupt for the second time in 5 years. Again - not an attractive proposition.
Another issue is planning for multiple scenarios down the road. Most of which will never materialize. And - of the ones that will materialize - who knows when they'll materialize? For most people - the answer is at some point when you're 80+. And that still seems like a long time away to me. Of course - I could have a big stroke next week. Sh** happens. But I can't see planning for that possibility now.
I suppose one of the most important issues is whether people are happy in their current dwellings. Whether they're suitable - and affordable. If the answer is "yes" - I wouldn't be in a big hurry to move. If the answer is "no" - then I'd start looking for alternatives. Robyn
Robyn, everything you said I agree with. I like ten year plans. We had things mapped out for our first ten years of retirement. Worked to a T with predictable income streams kicking in. That ends at age 70 with the last new income stream kicking in. So as we plan moving forward it is essential that we look at aging needs from reasonable to worse case as you note.
So getting a handle on quality programs and making sure they remain affordable is essential to us. There are a couple of basic ways to go about it with different financial thoughts and planning. Worse case is two in nursing home(rare) with LTCi collapsing or a CCRC bankruptcy.
Robyn, everything you said I agree with. I like ten year plans. We had things mapped out for our first ten years of retirement. Worked to a T with predictable income streams kicking in. That ends at age 70 with the last new income stream kicking in. So as we plan moving forward it is essential that we look at aging needs from reasonable to worse case as you note.
So getting a handle on quality programs and making sure they remain affordable is essential to us. There are a couple of basic ways to go about it with different financial thoughts and planning. Worse case is two in nursing home(rare) with LTCi collapsing or a CCRC bankruptcy.
Worst case for us in terms of out of pocket would be one in a SNF - the other in our current house. Two in a SNF would be better (we could get rid of our house).
I think after 70 to 80 or 80+ - anything goes. You just don't know what's going to happen. Or when. Although it's probable that something will happen at 80+ or near to it. Of our 3 dead parents - my late MIL had big deal problems starting in her late 70's and died of kidney failure at age 79. My late FIL had a big stroke at age 82 and died of multiple problems (including 2 cancers) at age 84. My late mother got colon cancer at age 82 and died of it also at age 84.
My MIL/mother both died at home with home hospice. My late FIL died in a SNF after living there for 2 1/2 years. My father at 97 is still alive and living in independent senior living. It's the old Forrest Gump thing. Life is like a box of chocolates - and you don't know what you'll get.
But - overall - given what I've seen when it comes to immediate family - no way I'm going to move into a CCRC with a bunch of 85 year olds when I'm not even 70. Robyn
I wouldn't automatically reject a place because it was run by a religious organization. Here in NY, while it's common for religious organizations to run senior housing communities, it's also common for the actual residences to be essentially non-denominational. I don't know if that's just custom/tradition because New York State is so very religiously diverse or if it's because of state law or both. I've known Catholics who've lived in senior apartments in communities associated with Jewish congregations, and Protestants and Jews who've lived in Catholic communities.
As I'm single and don't have children, I've looked into retirement communities/facilities in my area although my plan is to stay in my little house for at least the next 5-10 years. The two communities that I'm most interested in are run by two different religious organizations, and I'm not religious, and if I was, neither is the religion I would identify with anyways. My biggest issue would be whether I want to live in a country setting or a village/suburban setting, not any religious consideration.
Hi. Sorry I haven't been posting for a while but I appreciate the comments. I saw a very nice community in central Florida that I liked. We live in sw Pennsylvania now and I saw a nice enough place there that maybe I can afford. My husband is reluctant to move so that makes a problem. But I want to be prepared mentally somewhat if something happens so I'm examining my options.
Worst case for us in terms of out of pocket would be one in a SNF - the other in our current house. Two in a SNF would be better (we could get rid of our house).
I think after 70 to 80 or 80+ - anything goes. You just don't know what's going to happen. Or when. Although it's probable that something will happen at 80+ or near to it. Of our 3 dead parents - my late MIL had big deal problems starting in her late 70's and died of kidney failure at age 79. My late FIL had a big stroke at age 82 and died of multiple problems (including 2 cancers) at age 84. My late mother got colon cancer at age 82 and died of it also at age 84.
My MIL/mother both died at home with home hospice. My late FIL died in a SNF after living there for 2 1/2 years. My father at 97 is still alive and living in independent senior living. It's the old Forrest Gump thing. Life is like a box of chocolates - and you don't know what you'll get.
But - overall - given what I've seen when it comes to immediate family - no way I'm going to move into a CCRC with a bunch of 85 year olds when I'm not even 70. Robyn
Haha Robyn. When I toured a very nice place in central Florida I asked to see one of the apartments. The resident was out of town and about 80. Very active. She is a painter and one of the bedrooms was filled with her paintings. Some places are better than others I have found. The older I get I see little difference in age for seniors. But of course if a person has dementia or Alzheimer's, that makes a difference.
Here in PA, independent living also has meals included. They are geared to the 55+ active retirees and soon-to-be retirees.
I assume Pitt means you're near Pittsburgh. I'd love to know which ones you are talking about because we live near Pittsburgh but the communities are probably too expensive for us.
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