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Old 03-27-2018, 07:20 AM
 
9,191 posts, read 9,269,502 times
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Quote:
Originally Posted by Winter Sucks View Post
The depressing point the OP was making is that what good is it to save up a big nest egg only to have it go to pay a nursing home?
Not everyone ends up in a nursing home. My mother died at age 98 and never spent a day in a nursing home. She did spend seven weeks of her life in an assisted living facility.
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Old 03-27-2018, 07:28 AM
 
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it would be so much easier if we just knew who of us are the unlucky ones .
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Old 03-27-2018, 08:37 AM
 
Location: Ohio
194 posts, read 116,244 times
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The CCRC's are intriguing. At what age does one begin looking and perhaps trying to get on a waiting list? It seems you would need to know where you are going to end up in 10 years - or get yourself on waiting lists in different locations.
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Old 03-27-2018, 08:49 AM
 
13,319 posts, read 25,554,182 times
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Quote:
Originally Posted by dwnmo View Post
The CCRC's are intriguing. At what age does one begin looking and perhaps trying to get on a waiting list? It seems you would need to know where you are going to end up in 10 years - or get yourself on waiting lists in different locations.
Well, you'd have to be interested in the independent living aspect first, without an assumption of needing more intense care later. I have considered a CCRC for if/when I cannot drive or lose my eyesight or something. The CCRCs would like to be seen as an independent place of active seniors. One that I looked into (for the distant future) has requirements that you pass an assessment that you are likely to be independent for at least two years. One that I visited seemed full of walkers and very old people (although a lot of them were swimming and lifting in the beautiful workout room) and they tried to say that the more active people were in their other homes for the season and used the CCRC like a condo, which is certainly a good idea but I doubt it was true.

People don't seem to go to a CCRC until they are somewhat compromised at home. I have seen people with dementia squeeze into assisted living places way too late and they are not able to be managed safely or properly in that setting.

I think a good CCRC is a great idea. I will keep one in mind although I actually don't care about leaving an estate, and the buy-in (with return to your estate) is high. I'd rather pay a high monthly fee than have a big buy-in, but haven't seen CCRCs structured that way. Now, I haven't looked too hard, either, but I do keep the Erickson facility near Denver in my mind in case I become unable to live in my house in Colorado. Nothing wrong with the place near Denver, I'm just wanting to live in my house in my new town at this point in senior life (fully functional, employable and really wanting to live where I'm moving).

But ah, the idea of an indoor beautiful pool and restaurant meals, I could see that if the time comes. I won't wait until it's too late to enjoy but would expect to be with a lot of compromised older people.
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Old 03-27-2018, 09:44 AM
 
29,775 posts, read 34,860,277 times
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Quote:
Originally Posted by dwnmo View Post
The CCRC's are intriguing. At what age does one begin looking and perhaps trying to get on a waiting list? It seems you would need to know where you are going to end up in 10 years - or get yourself on waiting lists in different locations.
Investigating 68-70. Signing on waiting list 70ish. Move in 80ish

You can go on more than one waiting list. Not everyone on list will be ready When their time comes up and some won’t live that long to make it to the top of the list
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Old 03-28-2018, 03:04 AM
 
26,085 posts, read 28,490,143 times
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Quote:
Originally Posted by Winter Sucks View Post
The depressing point the OP was making is that what good is it to save up a big nest egg only to have it go to pay a nursing home?
I think this is just another in the long litany of excuses not to save money. The OP doesn't even know he/she will go to a nursing home. Not every old person goes to one, but he/she is acting as if that's inevitable.

In any case, 300K to 500K is really a very doable amount to save if you are young. It's really not a lot of money.

30 years of saving $300 a month in something like Vanguard Balanced Index, assuming a 7% rate of return, gets you 368K. Most people can save that much if they really want to.

FinAid | Calculators | Savings Growth Projector
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Old 03-28-2018, 03:07 AM
 
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Quote:
Originally Posted by Winter Sucks View Post
Realistically, how long is it going to last? If you save $100,000.00 a nursing home will eat that up in a year. Yet, that amount of money could change your son or daughter's life.
Why does it have to be either / or? And why do you keep assuming a nursing home is inevitable?
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Old 03-28-2018, 03:13 AM
 
26,085 posts, read 28,490,143 times
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Quote:
Originally Posted by EmilyFoxSeaton View Post
What if they come up with a cure for dementia / altztimers then you probably would want to have that money?
Exactly. And there's a lot you can do to stave off or completely prevent alzheimers/dementia in the first place.

https://www.amazon.com/Simple-Things...per+alzheimers
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Old 03-28-2018, 03:17 AM
 
26,085 posts, read 28,490,143 times
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Originally Posted by silibran View Post
You sound depressed.

The best retirement plan includes practicing healthy habits leading up to retirement. This means visiting doctor on schedule, not smoking, not overindulging with food or alcohol, and eating healthy.

Regarding savings, you invest a little out of every paycheck, and you keep adding to it, and, if you are lucky, you leave it alone. Thatís how you save. If you are lucky enough to have an investment plan available to you through your wirk, participate in that.

Pay down your debt. Limit yourself to one credit card.
Try to live just below your means.

These are the strategies you use to prepare for retirement.

Find a class on money management and attend and pay attention. Donít be a victim! Be proactive.
I agree with all of this, but I'd say the bolded needs to say "Live a lot below your means". It's so worth it. I'm 47 and could go down to part time work right now if I wanted to--and I never earned an above average income. I've loosened up on the spending this year after about 15-20 years of serious debt paydown and double digit savings. It was worth it.

The benefits of living well below your means accrue long before you hit your 60s. Your life is a lot less stressful when you save a double digit percentage of your income. I guarantee it.
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Old 03-28-2018, 03:34 AM
 
26,085 posts, read 28,490,143 times
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Quote:
Originally Posted by s1alker View Post
I know some whom their retirement plan is the lottery.
Except 70% of lottery winners are broke again within 5 years.

Why do 70 percent of lottery winners end up bankrupt? | cleveland.com
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