Retiring with a 1/4 millon $ - opinions? (spouses, wife, senior, activities)
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How many seniors are taken care of by family in the latter years?
How many more seniors will be ending up in nursing homes in the future since elder orphans are increasing?
not many anymore with couples having to work just to support their own families . .
many of our generation already had issues with siblings not doing their part and seeing fights and families blown a part ,even divorces over it . it is not something they would or likely could even do
Last edited by mathjak107; 04-13-2018 at 03:58 PM..
$250k will not get you anywhere near a comfortable retirement. even with ~$25k of SS PA. IMHO one needs at least $2m in savings PLUS a paid for home to really not have to worry. Just my Opinion, I could be wrong.....
Your housing budget includes $8k in property taxes, $3k in HOA, and what sounds like another $3k+ in insurance and maybe way more than that if you're paying FEMA. You probably earmark $20K+ for housing including maintenance.
My age 62 Social Security check would be that $25k. Age 70 would be $43,524. I could retire at age 64 with $250K plus my house and spend a COLA-adjusted $43,524 per year for the rest of my life. The state doesn't tax Social Security. I wouldn't have much Federal tax obligation. My home ownership costs are much lower than yours. With $250k, I couldn't keep the ski condo and I'd have to take a hard look at the boat but I'd be comfortable.
The vast majority of people do not spend time in a nursing home. Your statement of many/most people spending 2 to 5 years in a nursing home is wildly inaccurate. And assisted living dwellings fall in a different category and do not fall in the nursing home category. (very few of the population inhabit the expensive assisted living dwellings)
According to the U.S. Bureau of the Census, slightly over 5 percent of the 65+ population occupy nursing homes, congregate care, assisted living, and board-and-care homes, and about 4.2 percent are in nursing homes at any given time.
The rate of nursing home use increases with age from 1.4 percent of the young-old to 24.5 percent of the oldest-old. Almost 50 percent of those 95 and older live in nursing homes.
Those on this forum who have purchased Long Term Care insurance will often state that 70 percent will need care, but that figure is comprised of and includes all the many people who do not enter a nursing home, but instead have in-home care provided by home care workers.
Alzheimers.net says that 1 in 3 seniors dies with some form of dementia. Most of those don't go the assisted living to memory care facility to nursing home path because they don't have the money for it. They land in a Medicaid-funded double occupancy nursing home room in the memory care section of the nursing home after they've declined to the point where family can't or won't take care of them. If they have no money to private pay to get in the door and later shift to Medicaid, there is a huge waiting list in many parts of the country. It's only going to get worse.
Uh, at the end many (most?) people will spend 2-5+ years in a nursing home or assisted living that will cost $70K plus per year for one and 90K for two.
Do you have a source for this?
From M12's:
- Today, a senior citizen (65+) has about a one-in-four chance of spending time in a nursing home (skilled care facility).
- About 14 percent of all people over age 65 have two to three chronic conditions that erode their ability to live independently.
- Medicare, for example pays for nursing home stays of 100 days or less that follow hospital stays of more than three consecutive days. That covers the nursing home stays of 50% of men and 40% of women, according to the CRR study.
Alzheimers.net says that 1 in 3 seniors dies with some form of dementia. Most of those don't go the assisted living to memory care facility to nursing home path because they don't have the money for it. They land in a Medicaid-funded double occupancy nursing home room in the memory care section of the nursing home after they've declined to the point where family can't or won't take care of them. If they have no money to private pay to get in the door and later shift to Medicaid, there is a huge waiting list in many parts of the country. It's only going to get worse.
I can honestly say every senior citizen over 75 I've known would have benefitted from being in an independent and/or assisted living facility. These are great places, no worry about house maintenance, food; all kinds of cultural, social, and recreational activities; transportation to/from doctors/medical appointments (and if you're in a CCRC, no worry about who's going to take care of you, should you need extensive care in your later years). But, the nice ones aren't cheap..
- Medicare, for example pays for nursing home stays of 100 days or less that follow hospital stays of more than three consecutive days. That covers the nursing home stays of 50% of men and 40% of women, according to the CRR study.
I suspect these figures are much too low. This doesn't account for seniors who are being taken care of by relatives. I took care of my mom for 3 long years and it almost killed me. Also, doesn't account for seniors who elect to stay in their homes with no one to look after them. They sometimes don't receive proper nourishment, and need but are not receiving proper medical care. I have a friend who is 85 who could benefit greatly from assisted living. She has some health issues, and could afford assisted living, but refuses to leave her home. Really sad, she has no children; always in the back of her mind is 'who's going to take care of me if I need help' (she needs help now)?
]I can honestly say every senior citizen over 75 I've known would have benefitted from being in an independent and/or assisted living facility[/B]. These are great places, no worry about house maintenance, food; all kinds of cultural, social, and recreational activities; transportation to/from doctors/medical appointments (and if you're in a CCRC, no worry about who's going to take care of you, should you need extensive care in your later years). But, the nice ones aren't cheap..
Dang, you must be hanging around with the wrong people
not many anymore with couples having to work just to support their own families . .
many of our generation already had issues with siblings not doing their part and seeing fights and families blown a part ,even divorces over it . it is not something they would or likely could even do
where I live it's pretty common to see families of different races to take care of their elders. I'm from Vancouver.
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