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Old Yesterday, 03:04 AM
 
72,756 posts, read 72,586,872 times
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Quote:
Originally Posted by suziq38 View Post
Our house is completely paid off, as are the cars (4) and no credit cards. My husband and I both have pensions, $100K together. We have a small office building with two tenants. Small income there. I collected SS early, but my husband decided to wait until FRA at 66 and 4 months. I am penalized with the windfall deduction because I retired early with a pension at 63. Husband also has a part-time job that he loves that brings in a paltry $800.00 a month. Our total income is about $135K a year.

Our expenses are not bad, I think we spend about $4-5K a month together, including $500.00 a month for medical insurance for the two of us. His former employer pays about $1000.00 a month. We have to pay the $500.00 a month until we are old enough for medicare. We pay $400.00 a month for LT nursing care insurance. Hope we never have to use it.

At this time, we make more than we spend. We like to go on one cruise a year.
We decided to retire because we worked hard at our jobs/careers and "life is too short."


Hate the thought of one of us having a health problem and needing to enter a nursing home or have to hire a nurse for longer than a year. That would derail all of our plans.
we went to see a buddy of mine last monday who will be in a nursing home likely forever with severe parkinsons .. he is paying 14k a month .. he just finished spending down all his money and now medicaid will pay .

good thing he has no spouse or she would have been impoverished
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Old Yesterday, 03:48 AM
 
Location: R.I.
1,030 posts, read 629,220 times
Reputation: 4454
Quote:
Originally Posted by suziq38 View Post


Hate the thought of one of us having a health problem and needing to enter a nursing home or have to hire a nurse for longer than a year. That would derail all of our plans.

One of my R.N. colleagues faced ^ exact issue. Her now late husband retired at 65 and she planned to retire a couple of years later. During those couple of years her husband was diagnosed with vascular dementia and cognitively declined rapidly and required 24/7 care. No way was she going to put her husband in a nursing home, and knowing that she herself was not physically able to provide his care all those hours she decided to continue to work in her non physically demanding nursing job and out of her salary and her husband's Social Security benefit paid a CNA $20/hour to provide her husband's care the 40 hours a week when she was working. After the CNA went off duty and on the weekends she and her son who was living with them at the time would take over his care. Good thing she had a good income along with her husband's Social Security to pay for his care because it cost her >$120,000 for that care.
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Old Yesterday, 04:39 AM
 
Location: NY
4,104 posts, read 1,061,689 times
Reputation: 2433
Quote:
Originally Posted by suziq38 View Post
Our house is completely paid off, as are the cars (4) and no credit cards. My husband and I both have pensions, $100K together. We have a small office building with two tenants. Small income there. I collected SS early, but my husband decided to wait until FRA at 66 and 4 months. I am penalized with the windfall deduction because I retired early with a pension at 63. Husband also has a part-time job that he loves that brings in a paltry $800.00 a month. Our total income is about $135K a year.

Our expenses are not bad, I think we spend about $4-5K a month together, including $500.00 a month for medical insurance for the two of us. His former employer pays about $1000.00 a month. We have to pay the $500.00 a month until we are old enough for medicare. We pay $400.00 a month for LT nursing care insurance. Hope we never have to use it.

At this time, we make more than we spend. We like to go on one cruise a year.
We decided to retire because we worked hard at our jobs/careers and "life is too short."


Hate the thought of one of us having a health problem and needing to enter a nursing home or have to hire a nurse for longer than a year. That would derail all of our plans.

Opinion"
God Bless. You are in the top 5% of what I would consider the makings of a truly golden retirement.
Enjoy.
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Old Yesterday, 04:46 AM
 
Location: NY
4,104 posts, read 1,061,689 times
Reputation: 2433
Quote:
Originally Posted by mathjak107 View Post
we went to see a buddy of mine last monday who will be in a nursing home likely forever with severe parkinsons .. he is paying 14k a month .. he just finished spending down all his money and now medicaid will pay .

good thing he has no spouse or she would have been impoverished


Agreed.
Have looked into Long Term Nursing Care Insurance and it is painfully expensive but worth it.
However based on statistics that an incredibly small portion of the elder population actually end up
in nursing homes (approx 2% ) and trends now support more and more choices for folks to
actually help spend their final days at home ( on a much lower budget ) I chose to wait it out and
one day if needed follow the latter.
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Old Yesterday, 04:55 AM
 
72,756 posts, read 72,586,872 times
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we bought a new york state partnership plan . but not for the 3 years coverage .. it has perks after the insurance runs out that are fabulous ... all assets are 100% protected , no look back , no spend down , no restrictions on the stay at home spouses income . a special version of medicaid just takes the bills from you .

new york and i think Indiana are the only two states with full asset protection plans ..all other are called dollar for a dollar ..that means if medicaid pays 250k as an example then 250k in assets is protected ... but these must specifically be state partnership plans not just LTC insurance
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Old Yesterday, 05:17 AM
 
Location: NY
4,104 posts, read 1,061,689 times
Reputation: 2433
Quote:
Originally Posted by mathjak107 View Post
we bought a new york state partnership plan . but not for the 3 years coverage .. it has perks after the insurance runs out that are fabulous ... all assets are 100% protected , no look back , no spend down , no restrictions on the stay at home spouses income . a special version of medicaid just takes the bills from you .

new york and i think Indiana are the only two states with full asset protection plans ..all other are called dollar for a dollar ..that means if medicaid pays 250k as an example then 250k in assets is protected ... but these must specifically be state partnership plans not just LTC insurance
Opinion:

Well done. You have your bases pretty much covered.
Curious: Did it run you about $15 G's a year ?
If it helps....
The average lifespan at a nursing home is 2 to 3 years.
When choosing a nursing home the answer I give anyone who asks which facility is the best?
My answer is the one you visit everyday. Keeps the Nurses and staff on their best behavior concerning a loved one.
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Old Yesterday, 06:55 AM
 
72,756 posts, read 72,586,872 times
Reputation: 50264
Quote:
Originally Posted by Mr.Retired View Post
Opinion:

Well done. You have your bases pretty much covered.
Curious: Did it run you about $15 G's a year ?
If it helps....
The average lifespan at a nursing home is 2 to 3 years.
When choosing a nursing home the answer I give anyone who asks which facility is the best?
My answer is the one you visit everyday. Keeps the Nurses and staff on their best behavior concerning a loved one.
we pay about 8k a year for the two of us and we get a 1600 dollar tax credit from the state for having it . plus that includes a 1k surcharge for me because i waited to take a plan until i had a blood test come back diabetic even though i am at prediabetic levels .


you need to be very healthy for these ..they came and did an exam , hiv and drug testing and a memory test
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Old Yesterday, 07:18 AM
 
Location: Tennessee
24,037 posts, read 17,889,359 times
Reputation: 28200
Quote:
Originally Posted by mathjak107 View Post
we went to see a buddy of mine last monday who will be in a nursing home likely forever with severe parkinsons .. he is paying 14k a month .. he just finished spending down all his money and now medicaid will pay .

good thing he has no spouse or she would have been impoverished
Just kind of spitballing here - do you know a lot of people in this situation who get divorced to attempt to preserve assets?
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Old Yesterday, 07:43 AM
 
72,756 posts, read 72,586,872 times
Reputation: 50264
Quote:
Originally Posted by Serious Conversation View Post
Just kind of spitballing here - do you know a lot of people in this situation who get divorced to attempt to preserve assets?
no one divorced i know was in that situation ...the singles i know don't really care that much about the assets
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Old Yesterday, 08:58 AM
 
14,250 posts, read 7,617,970 times
Reputation: 26042
Quote:
Originally Posted by Mr.Retired View Post
If it helps....
The average lifespan at a nursing home is 2 to 3 years.

That's very dependent on gender. Men are less than half that. For men, the median stay before death is a bit under 6 months. A very large slice of men don't live beyond their 3 months of Medicare coverage. If you go into any memory care facility or skilled nursing facility, it's always mostly women. My mother is in memory care. 52 rooms in four wings with a few of those double-occupancy Medicaid rooms. Maybe 55 to 60 residents. There are three men. My mom has landed in the skilled nursing part of the CCRC a few times after hospitalization. The ratio is similar there. There is a higher fraction of men in assisted living but the typical LTC policy won't cover that. Assisted living is also far less expensive.
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