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Old 11-06-2016, 10:40 AM
 
Location: Loudon, TN
5,767 posts, read 4,825,615 times
Reputation: 19395

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Quote:
Originally Posted by runswithscissors View Post
It's a married couple.

Did you really put any thought into that answer?

You seriously zero'd in on just Memory Care. What about Assisted and Skilled. My client had a stroke 15 years ago and still going strong but needs assistance in activities of daily living. I know about 10 people like that.

You think it's going to remain 5K for 10 years?

And that's an AVERAGE. My clients are paying 6K in FL, not including extra for private care they chose to augment the facility. Which runs about 12K per month additional.

And I never said self insuring is ridiculous. But now that you mention it, yeah, it is.
Costs for AL are extremely varied by area of the country. In Tennessee my MIL, who has mild to moderate dementia, lives in AL for $2500/month. She's been there for 2 years and may be there for 1-5 more. She manages very well with SS, VA A&A, and a pension of $1k/month. At present, her income covers the AL, her incidentals, her Medicare supplemental plan, her prescription deductibles, and she has a couple hundred left over, which is banked for future memory care if needed. In CA where we lived before it would be about $5000/month just for AL.

This is just one of the many unexpected savings opportunities we found when moving to a lower COL state. It's much more than just housing and taxes that can be saved. In CA, she would have had to live with us and use respite care whenever we would need to go away for more than a few hours. There's no way we would have been able to provide $2000/month to subsidize her care.

Last edited by TheShadow; 11-06-2016 at 10:50 AM..
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Old 11-06-2016, 10:48 AM
 
14,257 posts, read 23,974,521 times
Reputation: 20048
Quote:
Originally Posted by TheShadow View Post
Costs for AL are extremely varied by area of the country. In Tennessee my MIL, who has mild to moderate dementia, lives in AL for $2500/month. She's been there for 2 years and may be there for 1-5 more. She manages very well with SS, VA A&A, and a pension of $1k/month. At present, her income covers the AL, her incidentals, her Medicare supplemental plan, her prescription deductibles, and she has a couple hundred left over, which is banked for future memory care if needed. In CA where we lived before it would be about $5000/month just for AL.

In Southern Arizona, you could probably find the same for $3500. However, both rates will increase SUBSTANTIALLY with the large increases in the minimum wage that are projected in the coming year.
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Old 11-06-2016, 10:55 AM
 
26,589 posts, read 52,257,058 times
Reputation: 20405
When minimum jumped to $12.55 in my city it really hit daycare, nursing care and similar hard.

One of the ladies I know was so happy with the boost in minimum... she said the extra money will make her life easier... thing is the daycare with her two kids raised prices and she was almost in tears...
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Old 11-06-2016, 11:02 AM
 
26,589 posts, read 52,257,058 times
Reputation: 20405
Quote:
Originally Posted by Ultrarunner View Post
When minimum jumped to $12.55 in my city it really hit daycare, nursing care and similar hard.

One of the ladies I know was so happy with the boost in minimum... she said the extra money will make her life easier... thing is the daycare with her two kids raised prices and she was almost in tears...
My brother told me last night he is retiring... he has two kids in high school and a hefty mortgage and no pension... he ran the numbers and said his investments and making the ranch an income stream will cover it.

Smart guy and Senior VP managing half billion portfolio of RE holdings and if anyone should know the numbers it would be him... still gutsy with two kids looking at college and mortgage and property taxes of 30k...

My regret is not once did he take me along on one of his business trips... private jet type with limo waiting and pilot on standby... would have been nice if only to experience it once.

For him it meant always missing kids games and activities and having to travel extensively...

The decision came after the other VP dropped dead of a heart attack at 58 on the job... plus a visit from the CEO who said he needed to get his priorities straight... my brother promised his son he would be there for the last football game of the season... just as he was heading home a big client calls with an unexpected layover in SF and wants to get together for dinner in the city to discuss strategic planning... brother said he had a prior commitment and bowed out... there was H*ll to pay for that.

Maybe retirement is just another chapter in the book?

Your Health is your Wealth...

Last edited by Ultrarunner; 11-06-2016 at 11:11 AM..
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Old 11-06-2016, 11:07 AM
 
Location: Paranoid State
13,047 posts, read 10,428,989 times
Reputation: 15678
Quote:
Originally Posted by jasperhobbs View Post
I don't think the government will stop paying out social security. After all, would you want to be the President and congress that took away SS. There would be an uproar from the people.

What I do think will happen and it already has is they will keep raising the age to collect SS. Government is hoping many will pass away before collecting anything. Also social security tax will be raised to collect enough for payout.
Don't forget means testing so that the affluent will receive little or no SS benefit.
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Old 11-06-2016, 01:09 PM
Status: "Nobody's right if everybody's wrong" (set 23 days ago)
 
Location: New Albany, Indiana (Greater Louisville)
9,829 posts, read 21,132,956 times
Reputation: 9418
Most people in my family retire with no savings and live off SS. That would be impossible in an expensive city but doable in rural Kentucky, where a house might only cost $40k and a mobile home can be rented for $350 a month.
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Old 11-06-2016, 01:15 PM
 
9,578 posts, read 8,880,566 times
Reputation: 5808
Quote:
Originally Posted by Ultrarunner View Post
My brother told me last night he is retiring... he has two kids in high school and a hefty mortgage and no pension... he ran the numbers and said his investments and making the ranch an income stream will cover it.

Smart guy and Senior VP managing half billion portfolio of RE holdings and if anyone should know the numbers it would be him... still gutsy with two kids looking at college and mortgage and property taxes of 30k...

My regret is not once did he take me along on one of his business trips... private jet type with limo waiting and pilot on standby... would have been nice if only to experience it once.

For him it meant always missing kids games and activities and having to travel extensively...

The decision came after the other VP dropped dead of a heart attack at 58 on the job... plus a visit from the CEO who said he needed to get his priorities straight... my brother promised his son he would be there for the last football game of the season... just as he was heading home a big client calls with an unexpected layover in SF and wants to get together for dinner in the city to discuss strategic planning... brother said he had a prior commitment and bowed out... there was H*ll to pay for that.

Maybe retirement is just another chapter in the book?

Your Health is your Wealth...
I don't get it.. the guy is clearly a multi millionaire. Why wouldnt he be able to retire?
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Old 11-06-2016, 01:20 PM
 
2,443 posts, read 2,068,483 times
Reputation: 5690
Quote:
Originally Posted by SportyandMisty View Post
Don't forget means testing so that the affluent will receive little or no SS benefit.
I'm not sure that will fly. What about what they paid in over the years?
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Old 11-06-2016, 01:21 PM
 
Location: Albuquerque NM
1,656 posts, read 1,521,661 times
Reputation: 3627
Quote:
Originally Posted by jp03 View Post
Living to age 100??? huh?

1 million is NOT neccessary if you have a pension AND social security.. with your house paid off? Some of you people live DELUSIONAL LIVES. Do you realize how LITTLE OF the population has even 500k at retirement? And do fine.
"Doing fine" is a matter of perspective. My folks had SS and a small pension worth about $500K and my SIL's large assortment of west Texas uncles and aunts have similar retirements. They led/lead a very dull boring life in small town America. The highlight of their day is going to the library to check out a couple of new books or a visit from a neighbor.

Redguard got an estimate of $3.2M needed for retirement from one calculator and I plugged in his numbers and got an estimate of about $3.7M to replace 75% of his current $80K salary. What happened to the 4% rule? Of course I used a Mutual of Omaha calculator and they are in the business of selling insurance and annuities. My guestimate of $1M was meant to be an attainable amount that would allow for a few luxuries and some travel assuming SS and a small pension. The guy is a PhD looking to have a comfortable retirement, not some hayseed with a minimum wage job.
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Old 11-06-2016, 01:44 PM
 
6,353 posts, read 5,154,974 times
Reputation: 8527
Quote:
Originally Posted by Ultrarunner View Post
My brother told me last night he is retiring... he has two kids in high school and a hefty mortgage and no pension... he ran the numbers and said his investments and making the ranch an income stream will cover it.

Smart guy and Senior VP managing half billion portfolio of RE holdings and if anyone should know the numbers it would be him... still gutsy with two kids looking at college and mortgage and property taxes of 30k...

My regret is not once did he take me along on one of his business trips... private jet type with limo waiting and pilot on standby... would have been nice if only to experience it once.

For him it meant always missing kids games and activities and having to travel extensively...

The decision came after the other VP dropped dead of a heart attack at 58 on the job... plus a visit from the CEO who said he needed to get his priorities straight... my brother promised his son he would be there for the last football game of the season... just as he was heading home a big client calls with an unexpected layover in SF and wants to get together for dinner in the city to discuss strategic planning... brother said he had a prior commitment and bowed out... there was H*ll to pay for that.

Maybe retirement is just another chapter in the book?

Your Health is your Wealth...
If he can make $250K from his investments and ranch he should be able to pay for the mortgage, kids in college, and property taxes. He's probably used to making much more but will have to adjust.

It also sounds like he could get another high-paying job if he needs or wants one.

Good decision. You can't take it with you.
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