me&thegals
A Major Squash & Pumpkin Lover
Well, I finally read that article, and that's what I was wondering, too. Hopefully they never need nursing home care or major medical help. Otherwise, sounds like they're having fun.cjparker said:
How we went from $42,000 to $6,500 and lived to tell about it!
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Beekissed
Mountain Sage
I don't know what everyone's plans are for old age....is it saving money to pay for their own care at home or in a facility? I'm not sure what this saving for my old age thing is, but I probably won't be the first to tell you that you are eligible for Medicare during that time frame. If you have assets, they will need to be sold to pay for your care before medicare and medicaid will kick in if you have to live in a facility.
If you are saving for in home care, you usually have to rely on agencies that provide staffing. These agencies are pretty costly, as they have to be able to pay taxes, insurance, etc. for their employees. You are looking at possible $45 an hour for in home care, unless you hire a private duty in your community. Then you have to line up 24 hour care, competent staff hopefully(but not always possible....actually, pretty rare) and hope no one calls off or quits.
The typical costs of staying in a facility is anywhere from $6000~$9000 per month. Unless you sign your property over to your children at least 4 years prior to being admitted to a facility, you will have to sell this to pay for your care.
Take an average nursing home cost of $7500.00 per month, it costs $90,000.00 per year to stay in facility. Even if you amass $500,000.00 for your old age, this gives you about 4 1/2 years to stay there before you can have Medicare/Medicaid for the charges.
Now, I'm here to assure you that private pay patients get the exact same care as Medicare patients. No more, no less.
Most people's old age care is Medicare funded and their Soc. Security picks up the slack.
If you are living comfortably in your nice home with a cash cushion or living in a log cabin on your social security, often you will be winding up at the same place getting the same care....unless your kids will "come to your rescue" because you have money? I wouldn't count on that.
If they do it's because they don't want to lose your money to a facility~we see a lot of that around here, but the people still don't get good care as the family fights about who is gonna watch mama over the holidays.
So....what exactly were most folks' plans for their old age? You know that old saying, "If you want to make God laugh, tell him your plans."? Well, this certainly applies to old age.
If you are saving for in home care, you usually have to rely on agencies that provide staffing. These agencies are pretty costly, as they have to be able to pay taxes, insurance, etc. for their employees. You are looking at possible $45 an hour for in home care, unless you hire a private duty in your community. Then you have to line up 24 hour care, competent staff hopefully(but not always possible....actually, pretty rare) and hope no one calls off or quits.
The typical costs of staying in a facility is anywhere from $6000~$9000 per month. Unless you sign your property over to your children at least 4 years prior to being admitted to a facility, you will have to sell this to pay for your care.
Take an average nursing home cost of $7500.00 per month, it costs $90,000.00 per year to stay in facility. Even if you amass $500,000.00 for your old age, this gives you about 4 1/2 years to stay there before you can have Medicare/Medicaid for the charges.
Now, I'm here to assure you that private pay patients get the exact same care as Medicare patients. No more, no less.
Most people's old age care is Medicare funded and their Soc. Security picks up the slack.
If you are living comfortably in your nice home with a cash cushion or living in a log cabin on your social security, often you will be winding up at the same place getting the same care....unless your kids will "come to your rescue" because you have money? I wouldn't count on that.
If they do it's because they don't want to lose your money to a facility~we see a lot of that around here, but the people still don't get good care as the family fights about who is gonna watch mama over the holidays.
So....what exactly were most folks' plans for their old age? You know that old saying, "If you want to make God laugh, tell him your plans."? Well, this certainly applies to old age.
Old age. Hope I make it up the last couple of steps until I get there.
My story is that I don't have medical insurance, just enough life insurance to put me in the ground, no retirement, no savings, not one red cent to my name other than what I get in a paycheck every other week....or whenever the client feels like paying me. (Our checks are a week late as I type this.)
My plans? If I get sick, I will die. That's just the way it is. And actually I don't think I am alone in this. Life sometimes doesn't turn out the way you think it should. And frankly, 88.5% of the people on this planet are worse off than I am (took that test, and I am in the top 11.5% of the wealthiest people in the world). All things considered, I am going to be okay...until I am not...and then it's over.
My story is that I don't have medical insurance, just enough life insurance to put me in the ground, no retirement, no savings, not one red cent to my name other than what I get in a paycheck every other week....or whenever the client feels like paying me. (Our checks are a week late as I type this.)
My plans? If I get sick, I will die. That's just the way it is. And actually I don't think I am alone in this. Life sometimes doesn't turn out the way you think it should. And frankly, 88.5% of the people on this planet are worse off than I am (took that test, and I am in the top 11.5% of the wealthiest people in the world). All things considered, I am going to be okay...until I am not...and then it's over.
big brown horse
Hoof In Mouth
My father's advice: If you are normally a healthy person, put all your extra money in an interest bearing savings account and only buy catastrophic health insurance. http://health.howstuffworks.com/insurance/catastrophic-insurance.htm
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Beekissed
Mountain Sage
Same here. I may not be living off-grid without a golden parachute for my old age....but I am there nonetheless. I have no medical insurance and haven't for many years. I have no life insurance, nor any kind of insurance at all. Can't afford any and my job doesn't offer it unless you are full time. Even if they did, it's so high that no one can afford to buy it.
I try to stay healthy, I don't doctor at all. I don't want to linger into my old age, nor do I want to crutch along on meds until I reach some measure of old age. I'll either live or die or live unhealthy until I then die. It makes no matter to me, as I know where I'm going and can't wait to get there!
I will work until I can no longer work and live this SS life until I can no longer do it. Then my kids can take me in or not, I really don't have a preference. I'll manage to be happy wherever I land, it's all a matter of getting your mind right.
FarmerChick
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Old age
hmm...if I make it thru tomorrow, lol, I plan on kicking and screaming as long as I can!
I planned for old age, now if it works out fine, great--if it doesn't, oh well.
I am not and will not worry about "then"--life changes constantly and what will be will be---but bet your bottom dollar I am planning for it "my way" and "what I hope will happen to me". I do not leave my retirement to chance (not as much as I can possibly help it)
I plan on living good while old.
hmm...if I make it thru tomorrow, lol, I plan on kicking and screaming as long as I can!
I planned for old age, now if it works out fine, great--if it doesn't, oh well.
I am not and will not worry about "then"--life changes constantly and what will be will be---but bet your bottom dollar I am planning for it "my way" and "what I hope will happen to me". I do not leave my retirement to chance (not as much as I can possibly help it)
I plan on living good while old.
me&thegals
A Major Squash & Pumpkin Lover
I guess I'm spending so much energy living life now that I don't think too much about old age. I hope to get there and try to live in a way now that I won't prevent it from happening.
As for money, I figure I still will need clothing, food, property tax, car insurance, gas, hopefully some travel money, gardening and canning costs and pretty much everything that costs me money now, except mortgage and children. And I would like to eventually be able to retire. So, that's what I'm saving for. I haven't gotten as far down the line as nursing home or in-home care, but perhaps my husband and I will purchase long-term care insurance. Don't know. Maybe our kids will insist on caring for us to the end.
So, my question is, while this couple is subsisting now, what will they do when they can no longer earn money but still have *some* costs, even if small. This is not an attack on anybody or these people. Just an honest question.
As for kids and their motives in caring for parents, I'm sad that all the people in your (Bee's) life only fight for their parents' money. So far, that hasn't been the case in my life. My grandparents have nearly nothing, but they are completely surrounded by their kids caring for them every step, financially, housework, medical appts., all of it. I'm sure it exists out there, but fortunately it's not something I have yet to see among my friends and family.
As for money, I figure I still will need clothing, food, property tax, car insurance, gas, hopefully some travel money, gardening and canning costs and pretty much everything that costs me money now, except mortgage and children. And I would like to eventually be able to retire. So, that's what I'm saving for. I haven't gotten as far down the line as nursing home or in-home care, but perhaps my husband and I will purchase long-term care insurance. Don't know. Maybe our kids will insist on caring for us to the end.
So, my question is, while this couple is subsisting now, what will they do when they can no longer earn money but still have *some* costs, even if small. This is not an attack on anybody or these people. Just an honest question.
As for kids and their motives in caring for parents, I'm sad that all the people in your (Bee's) life only fight for their parents' money. So far, that hasn't been the case in my life. My grandparents have nearly nothing, but they are completely surrounded by their kids caring for them every step, financially, housework, medical appts., all of it. I'm sure it exists out there, but fortunately it's not something I have yet to see among my friends and family.
FarmerChick
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yea me&thegals
family life is important to many issues we face thru life and how we face those issues.
My life is very content in all of us thru the families do care and take care of family and don't get jealous etc. That is something I am proud of definitely. We allow everyone to live their own life and if they require help at any time, it is always a phone call away!
My Mom and I chatted. She wanted to buy a condo if Dad goes first (joke between them is who can last longer)---I said nope, move in with me. We will build a bedroom/tv room suite and fancy old lady bathroom to the house and that is final. She said fine. She doesn't want to be a burden but since we get along so well, I said heck come on in and don't give it a seconds thought. My brothers would support it in a heartbeat.
We never let money come between family members.
So hard to do for alot of folks. I guess everyone has their burdens to bear with family...but when I hear the family drama, I just thank goodness it is not my life in any way. Sounds like you have a wonderful family life also!
I find myself grateful and super lucky!
family life is important to many issues we face thru life and how we face those issues.
My life is very content in all of us thru the families do care and take care of family and don't get jealous etc. That is something I am proud of definitely. We allow everyone to live their own life and if they require help at any time, it is always a phone call away!
My Mom and I chatted. She wanted to buy a condo if Dad goes first (joke between them is who can last longer)---I said nope, move in with me. We will build a bedroom/tv room suite and fancy old lady bathroom to the house and that is final. She said fine. She doesn't want to be a burden but since we get along so well, I said heck come on in and don't give it a seconds thought. My brothers would support it in a heartbeat.
We never let money come between family members.
So hard to do for alot of folks. I guess everyone has their burdens to bear with family...but when I hear the family drama, I just thank goodness it is not my life in any way. Sounds like you have a wonderful family life also!
I find myself grateful and super lucky!
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Beekissed
Mountain Sage
I'm presuming, since they have paid into social security for some time, they will be eligible for it just the same as you or I at that point in their lives. Since they are already scaled down and aren't paying a mortgage and such, I would say their SS should provide for their needs.
It has for my parents, very well. They drove a great truck and had plenty of money for extras like food, clothing, etc. Since they really concentrated on their health for the past 15 years they had no medical expenses all these years.
I'd say, if they are living on $6500 a year now, living on SS should be a breeze.
FarmerChick
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I wonder if they (do, but not mentioned or spoken aloud) take advantage of food stamps or any other govt. program?
hey ya never know.
not saying they are, but hmmm...one never knows what goes on behind closed doors.
hey ya never know.
not saying they are, but hmmm...one never knows what goes on behind closed doors.
