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I'm counting on my kids to help me if I do run out of money. I'm sure with 2 kids, at least there is an increase in probability that one might turn billionaire someday, I hope.
Location: Was Midvalley Oregon; Now Eastside Seattle area
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We bought a series of deferred annuities with some of our IRAs.
We also have investments in the Markets that I manage. These investments act as a buffer for economic shocks. I am fairly conservative with this account with a current high cash balance.
Should be adequate.
I learned you are better off with not much than you are with just a bit more! My SO's cousin moved here and his total income is right at 1K per month. He lives in subsidized housing, he pays 30% and all his bills are paid. He gets SNAP and all the food banks are open to him. His phone is free. He has Medicaid and they pay his Medicare premium. Everything health related is free. He even has transportation to appointments. So he ends up with money left over because he pays very little for anything.
He is in a better situation than a senior in the exact same position who makes $1500 per month. He gets everything free or discounted. The other person gets nothing. And after they pay market price for an apartment and utilities, they have less spending money than the poor person who gets all the help.
You are right, and it is that middle of the road senior who is impacted the most because they do not qualify for any entitlement programs. And, depending on where the sources of their retirement income is derived from their taxes in retirement may be not much different than they were during their working years.
Even though my taxes in retirement will be higher than your SO's cousin's retirement income, I would not trade places with him for all the tea in China. He is at the complete mercy of entitlement programs to meet all this living expenses, and those entitlement programs are not set in stone. If this country can allow Veterans to be homeless as well as historically have provided them inadequate health care, your SO's cousin is not exempt from maybe one day facing the same fate as many of our Vets have.
I'm counting on my kids to help me if I do run out of money. I'm sure with 2 kids, at least there is an increase in probability that one might turn billionaire someday, I hope.
they both better or you became a financial burden to one of them which is something i would never want to do to any of our kids . nothing breaks up a family and a marriage quicker .
just wait until one kid steps up to the plate and the others step back . that has busted up more siblings in fights and hostility than anything else .
when a spouse is involved it can never end well when they start with why are we being burdened and your brothers and sisters do nothing ?
When my mother ran out of money during retirement we kids bought a small house and let her live there for free. We also supplemented her small SS check each month so she had enough to live on comfortably.
She helped us out by babysitting our kids. Families are like that. We help each other.
Yes. My mother. She still brings in around $1400/month in SS, spends much of that in monthly payments to the ALF she lives in (her choice), and my husband and I pick up the rest of her expenses, needs, wants.
I'm counting on my kids to help me if I do run out of money. I'm sure with 2 kids, at least there is an increase in probability that one might turn billionaire someday, I hope.
You are kidding right ???
I work with a physician who is married to an engineer. They had one child a son who is currently age 24. This kid is brilliant, graduated two years early as valedictorian from an academically demanding private high school. He was immediately accepted into MIT at age 16 and went on to graduate from there in 3 years instead of the traditional 4 in the top ten of his class. Before he even graduated from MIT he was offered a job with a small Boston based hedge fund company where he still works. This kid's current salary after 5 years working for this company is greater than the combined income of his physician mother and engineer father which I suspect is in the $400,000/year range. This kid is probably on the path to becoming a billionaire not just from the income he earns but the work that he does which is investing.
Having an exceptional kid like this is rare as is having a kid like Tom Brady who is an exceptional athlete which both will likely become billionaires in their lifetimes which I suspect Tom is already. Most of us have perfectly wonderful average kids, and although they may prove to be more financially successful than us, they too have to fund their own retirements which may prove to be a more daunting task than what we had to do to fund ours. I highly doubt that most of our kids are expecting us to fund their retirements so why should we expect our kids to supplement ours ???
Assisted living facility. It's a long story, but she followed a gentleman friend there, and he ended up in a Medicaid-funded nursing home about 50 miles away, diagnosed with Alzheimers.
I'm counting on my kids to help me if I do run out of money. I'm sure with 2 kids, at least there is an increase in probability that one might turn billionaire someday, I hope.
You shouldn't count on that. At age 78 my M-I-L is still subsidizing three of her five adult children! Worse yet, she is nearly dead broke herself. Yes she gets a pension and her SS check each month, but she has no savings and no assets other than a 30 year old mobile home.
Meals-on-Wheels is not free. They deliver seven pre-cooked meals (and can be more) per week to their clients for subsequent reheating, but someone needs to pay for the subscription. This payer can be a child, other relative, friend, Church, Charity, etc., and can be anonymous. Delivery areas may be limited as well.
We were planning on setting up my M-I-L with Meals-on-Wheels but she refused to participate and said the monthly menu was Yucky. (emotional maturity has never been her strong suit and we thought all the food items looked great) Food delivery, other than internet ordering of staples, is not available in her area (a suburban area only three miles outside a major city!), so we take groceries with us every time we go to visit. My wife has also driven 3 hours each way to take her Mom grocery shopping. The four other kids all live in the same city, ONE EVEN IN HER TRAILER WITH HER, and they can't seem the find the time to regularly take their Mother grocery shopping. But no hesitation in eating her food!
Don't count on your kids. In your time of need you may discover them to be the greatest disappointment of your life.
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