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Old 02-03-2018, 05:16 PM
 
15,074 posts, read 3,983,077 times
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Also, there comes a point where Dust to Dust and Life is for the Living comes into play. Trying to control too much after you pass seems like a pointless exercise unless you are Warren Buffet or Ringling (the Museum is free every monday).
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Old 02-03-2018, 05:18 PM
 
13,313 posts, read 25,542,533 times
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Originally Posted by dothetwist View Post
As a permanent resident of Mexico (green card) I see poverty that I can do something about. Not send something off in an envelope or via PayPal and wonder what it goes for. I am hands-on at an orphanage. ...
That is a wonderful way to contribute to charity. No administrative overhead, no nothing except the very real needs tended to. I hope it gives some joy and hope to the recipients, who might so often feel forgotten. Good on ya.
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Old 02-03-2018, 05:22 PM
 
Location: SC
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Originally Posted by cb2008 View Post
Why do you think you don't need the money?
I didn't say I don't need the money. I asked what would people do if they got to 70 AND don't need the money. I am try to plan for that day.

Many people have accounts other than IRA, and some may be able get well beyond 70 without needing the money from the IRA. Some may never need it; some may need it in five years. I am hoping to be in the former group. Preserving as much as possible without it being reduced by RMDs would be helpful.
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Old 02-03-2018, 05:26 PM
 
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Take a nice long vacation. You aren't going to live forever.
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Old 02-03-2018, 05:58 PM
 
Location: Raleigh
8,046 posts, read 5,884,308 times
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Keep in mind extended care can cost upwards of $4000/month/each at some point.
If you feel really wild dump it in to mutual funds and hope for the best. Don't give it away now, invest it and designate charities to benefit after you are gone. They will be much happier to get lots more money later and you have a shot at better adult living facility care.
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Old 02-03-2018, 06:12 PM
 
Location: SC
8,791 posts, read 5,647,974 times
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Originally Posted by Crashj007 View Post
Keep in mind extended care can cost upwards of $4000/month/each at some point.
If you feel really wild dump it in to mutual funds and hope for the best. Don't give it away now, invest it and designate charities to benefit after you are gone. They will be much happier to get lots more money later and you have a shot at better adult living facility care.
Good point!

I did a search based on your post and was surprised that the average length of stay of 2 and a half years.


40 Must-Know Statistics About Long-Term Care
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Old 02-03-2018, 06:19 PM
 
Location: The South
5,214 posts, read 3,627,108 times
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I deposit it in a brokerage account and keep investing. I want to make sure we can afford that big private room in the nursing home. I have just given the IRS a big chunk of it.
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Old 02-03-2018, 06:35 PM
 
1,185 posts, read 661,897 times
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Originally Posted by blktoptrvl View Post
Good point!

I did a search based on your post and was surprised that the average length of stay of 2 and a half years.


40 Must-Know Statistics About Long-Term Care
The problem is when you last much longer than expected in long term care. I know of several families whose parents had dementia but lived many years requiring very expensive care (9k/month in a 4-5 star facility). They burned through hundreds of thousands of dollars but did have good care for which their families were grateful. Home care can be even more expensive.

These facilities did not accept Medicaid - you either had the funds to pay or you were not there. One of my friends mistakenly believed all facilities accepted Medicaid if you ran out of money.
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Old 02-03-2018, 07:40 PM
 
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High quality long term care often requires 500K up front just as a "bond" to join the place (your heirs usually get it back). Then the total cost varies (for nicer places) from 70-90K per year when everything is figured in. Remember, the people are still paying Medicare supplements and have other needs.

This is doable for maybe the top 5%. Others have to play all sorts of games like going to the hospital and then back to rehab and then back to home then to the hospital again (this allows medicare to pay much).....

But at an advanced age, this doesn't sound like a fun trip.

There are some calculators for long term care facilities online. I tried putting in all kinds of basic info for my MIL who is fairly poor and 96 years old. When I put in 50K per year and 250K in assets it says "no places found".

We will all make it somehow, but it seems stupid to give away money that may be needed for such care.

Note - this does not include expenses and wear and tear on the souls and schedules of your family members who may have to travel to your facility often and take time off, etc.

At the low end, most people should have at least 500K each (couple) just for the last 2-3+ years. There is no telling how long many will live. The charts show my 96 yo MIL has 3.4 years left. Yet she needs full time care or close to it now.
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Old 02-03-2018, 08:11 PM
 
Location: SC
8,791 posts, read 5,647,974 times
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Folks, I understand if you want to veer off on other topics, but this thread was created to ask a FINANCIAL question...

Is there an instrument that allows you to defer Required Minimum Distributions on IRAs.

I have found one, but would still like to know if any others exist. I'd still like to hear about that if you know of any.
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