U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
 
Old 11-04-2016, 12:07 PM
 
Location: Herndon, VA
2,086 posts, read 2,103,444 times
Reputation: 7382

Advertisements

Quote:
Originally Posted by golfingduo View Post
Stop putting out misinformation about public pensions. It is not multiple millions of dollars. Try an average of 25k per year and multiply that by an average of 30 years and tell me how you come up with multiples in millions.

Quote:

Income from Pensions | Pension Rights Center


Type of pension benefit Median benefit, 2015
Private pensions and annuities $9,376
Federal government pension $22,669
State or local government pension $16,742
Railroad pension $21,017
Military pension $19,306
Veterans benefits $11,786

Maybe you are talking about those Enron pensions?
My federal government pension will be around $40k per year along with another $22k per year for social security supplement at age 60 until I quality at age 62. A $22k federal pension would be someone that retired with a high three of around $74,000 a year and retired after 30 years of service under the new retirement system. They would also qualify for social security. Someone making $74k per year under the old retirement system would have a pension of closer to $44k but may not qualify for social security. That could be close to average, but I make much more than that in my federal position and will continue to gain salary over the next 7 years as I approach retirement.

Quote:
Originally Posted by zugor View Post
So long as it is not a private sector multi-employer plan. Many of them have been in the red since 2009, having lost so much due to the crash.

It's what I have and it's about to be cut by 60%. I will soon be receiving only 40% of what I now get and the cut is permanent.

Unfortunately my financial planning when I retired 12 years ago did not foresee this change to my income . What I'll get will cover the mortgage and maybe the phone/internet service. I really want to hang on to this house if at all possible and will have to get creative. I have enough in savings/investments to draw a supplement for 5 to 8 years depending on how much is needed for things beyond regular monthly expenses.
Mine will be a federal government pension. It sucks that people are going through what you are.
Reply With Quote Quick reply to this message

 
Old 11-04-2016, 12:27 PM
 
10,604 posts, read 14,190,943 times
Reputation: 17199
Because the ones with no healthcare planning rely on the taxpayer to foot the bill.

So do their children. They "protect the assets'. Then they come on the Caregiving Forum and ask "Well, we protected mom's assets so how do we find a dirt cheap 'caregiver' to babysit her so she can stay in her house'".

Other times, even with assets the people cannot be kept at home no matter WHAT they "want".

It's totally NOT true your entire parents' estate will go to healthcare if they have common sense and purchase the correct insurance, including moving to a Continuing Care Lifetime Community that offers Independent Living, Assisted Living, Memory Care and Skilled Nursing Care. (the 4 categories of elder care). Where they can live for the rest of their lives with no increase in their monthly expenses regardless of the category of care they require.

Example:

https://www.actsretirement.org/

At the present time, a la carte care say, in Memory Care, can run you around average $5000 per month if you don't have insurance for that type of care. Medical insurance (healthcare) doesn't cover that.

Your parents need to see their CPA/Estate Planner (FEE ONLY!) and an elder law attorney, make sure they have the proper Powers of Attorney in place for when the time comes....and make their PLANS- that don't involve their CHILDREN in any way. Either as the financial POA or the "caregivers".

If any of you end up being awesome, yay for them. But you don't know what you don't know and most times, relying on family is NOT a good choice in these matters. Even with the best intentions and good heart it's often not possible for the people to get "care" from family and they need a professional setting. I'm not talking about hospice when the people are close to passing away but other common generic medical conditions.

Last edited by runswithscissors; 11-04-2016 at 12:42 PM..
Reply With Quote Quick reply to this message
 
Old 11-04-2016, 12:43 PM
 
Location: Northern panhandle WV
3,007 posts, read 2,168,437 times
Reputation: 6691
Quote:
Originally Posted by Tominftl View Post
Before retiring pay off your house, car and credit cards. You can't retire with overwhelming debt. Don't even try....
Yes you can, it is called going Bankrupt!
Reply With Quote Quick reply to this message
 
Old 11-04-2016, 12:48 PM
 
Location: New Mexico
6,545 posts, read 3,653,233 times
Reputation: 12301
How do people without millions manage to retire?


I don't know anyone who retired with millions and they are all doing fine. I have yet to dig into my retirement savings in any real way and I've been retired fifteen years. I still add to my savings each month.
Reply With Quote Quick reply to this message
 
Old 11-04-2016, 01:03 PM
 
13,874 posts, read 7,386,288 times
Reputation: 25351
Quote:
Originally Posted by runswithscissors View Post
Because the ones with no healthcare planning rely on the taxpayer to foot the bill.

So do their children. They "protect the assets'. Then they come on the Caregiving Forum and ask "Well, we protected mom's assets so how do we find a dirt cheap 'caregiver' to babysit her so she can stay in her house'".

Other times, even with assets the people cannot be kept at home no matter WHAT they "want".

It's totally NOT true your entire parents' estate will go to healthcare if they have common sense and purchase the correct insurance, including moving to a Continuing Care Lifetime Community that offers Independent Living, Assisted Living, Memory Care and Skilled Nursing Care. (the 4 categories of elder care). Where they can live for the rest of their lives with no increase in their monthly expenses regardless of the category of care they require.

Example:

https://www.actsretirement.org/

At the present time, a la carte care say, in Memory Care, can run you around average $5000 per month if you don't have insurance for that type of care. Medical insurance (healthcare) doesn't cover that.

Your parents need to see their CPA/Estate Planner (FEE ONLY!) and an elder law attorney, make sure they have the proper Powers of Attorney in place for when the time comes....and make their PLANS- that don't involve their CHILDREN in any way. Either as the financial POA or the "caregivers".

If any of you end up being awesome, yay for them. But you don't know what you don't know and most times, relying on family is NOT a good choice in these matters. Even with the best intentions and good heart it's often not possible for the people to get "care" from family and they need a professional setting. I'm not talking about hospice when the people are close to passing away but other common generic medical conditions.
Long term care insurance and self-funded long term care are beyond the financial reach of easily 80% of all upcoming retirees.

If you do the math, Medicaid can't possibly fund all the indigent boomers who are going to need memory care lockdowns and nursing homes. 60% of states have filial responsibility laws. It's kind of inevitable that by the time the last of the boomers hit their 80's and need those kinds of services, today's estate planning dodges are going to vaporize. If you do generational transfers, the state is going to claw them back regardless of today's 5 year Medicaid lookback rules and trust/gift law. If you're in your 50's, you'd have to be nuts to have a plan where you feed your wealth to your children expecting Medicaid to pay for all your long term care. In 25 years, what Medicaid funds is going to be really nasty warehousing. No thanks. The things I'm quoting from runwithscissors here are appropriate for someone age 75. If you're age 50, there's no way any of that is going to exist when you get there.

...and every adult should have all their legal paperwork like durable power of attorney and health care power of attorney in place. I procrastinated it for decades and finally got an attorney to draft it all up this year.

Last edited by GeoffD; 11-04-2016 at 01:12 PM..
Reply With Quote Quick reply to this message
 
Old 11-04-2016, 01:10 PM
 
71,470 posts, read 71,652,652 times
Reputation: 49032
actually recent court rulings are going the other way . the judges realize that impoverishing 2 people and having a state full of broke stay at home spouses too would be even worse for medicaid and social welfare .
.
states like ours , ct and florida actually encourage the stay at home spouse to use all the asset protecting tools purposely left in place for that purpose . they ordered medicaid to reach acceptable payments with stay at home spouses that do not impoverish them in ct and ny and florida courts have adopted those views . .

ny went so far as to form a new version of medicaid called extended medicaid which is tied in to the ny long term care partnership plan.

we have 100% asset protection with no look back , asset shifting or anything else required as well as income protection for the stay at home spouse .

when the 3 years mandatory insurance runs out our deal is we hand ny the bills to pay through extended medicaid .

Last edited by mathjak107; 11-04-2016 at 01:31 PM..
Reply With Quote Quick reply to this message
 
Old 11-04-2016, 01:20 PM
 
13,874 posts, read 7,386,288 times
Reputation: 25351
[mod cut]

Every state I know of has reined the worst that pension abuse in for their younger employees. In the Northeast, the 2% per year vesting is being replaced by defined contribution schemes or a blend of the two. The pension spiking nonsense that lets cops with $90K base pay collect $150K pensions by cashing in accrued sick & vacation time and logging "guarding the hole" overtime have mostly gone away.

With the older workers, particularly the union ones, the states are stuck with the contracts they've signed. That deal doesn't exist for the younger workers.

Last edited by volosong; 11-05-2016 at 10:56 AM.. Reason: orphaned, referenced post edited
Reply With Quote Quick reply to this message
 
Old 11-04-2016, 02:22 PM
 
6,353 posts, read 5,154,974 times
Reputation: 8527
Quote:
Originally Posted by runswithscissors View Post
>At the present time, a la carte care say, in Memory Care, can run you around average $5000 per month if you don't have insurance for that type of care. Medical insurance (healthcare) doesn't cover that.
If you have "multiple millions" self-insuring this risk is not a ridiculous decision. People with Alzheimer's don't live forever. 10 years at $5000 a month is $600,000.
Reply With Quote Quick reply to this message
 
Old 11-04-2016, 02:27 PM
 
12,825 posts, read 20,129,272 times
Reputation: 10910
Quote:
Originally Posted by GeoffD View Post
Long term care insurance and self-funded long term care are beyond the financial reach of easily 80% of all upcoming retirees.

If you do the math, Medicaid can't possibly fund all the indigent boomers who are going to need memory care lockdowns and nursing homes. 60% of states have filial responsibility laws. It's kind of inevitable that by the time the last of the boomers hit their 80's and need those kinds of services, today's estate planning dodges are going to vaporize. If you do generational transfers, the state is going to claw them back regardless of today's 5 year Medicaid lookback rules and trust/gift law. If you're in your 50's, you'd have to be nuts to have a plan where you feed your wealth to your children expecting Medicaid to pay for all your long term care. In 25 years, what Medicaid funds is going to be really nasty warehousing. No thanks. The things I'm quoting from runwithscissors here are appropriate for someone age 75. If you're age 50, there's no way any of that is going to exist when you get there.

...and every adult should have all their legal paperwork like durable power of attorney and health care power of attorney in place. I procrastinated it for decades and finally got an attorney to draft it all up this year.
I had a dream some years ago. I was very old. I looked around me and I was in something that reminded me of a military base. All around me were other old people. There were rows after rows of barracks. A bit later in the dream we were being ushered into a massive pool. Not to swim. To be bathed.
Reply With Quote Quick reply to this message
 
Old 11-04-2016, 02:28 PM
 
71,470 posts, read 71,652,652 times
Reputation: 49032
Quote:
Originally Posted by Larry Siegel View Post
If you have "multiple millions" self-insuring this risk is not a ridiculous decision. People with Alzheimer's don't live forever. 10 years at $5000 a month is $600,000.
we run 120-140k a year here for snf . that is on top of what the stay at home spouse needs to live on .
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Similar Threads
Follow City-Data.com founder on our Forum or

All times are GMT -6.

2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top