People who live in small towns will routinely be job hoppers who work at places like that.
Retirement Targets
- Thread starter yowza
- Start date
That's too bad. Could be a fairly steady job.
I know I'd have a tough time constantly seeing people near the end.
Had an older guy who attends our church, his wife was in a care facility and sat at the same meal table as my mom. One time when I was in there, he said to me that people will disappear but nobody ever asks; either it’s the hospital or they aren’t ever coming back and no one wants to discuss that.
He also is the guy who got mad at what the staff put on for TV shows. Said they were all murder shows and stuff like that. Said people at the end of life don’t want to watch people die.
Well the article I read about 99 year old Jimmy Carter today says he's been watching Law and Order during his 8 months in hospice
You are not going to get close receiving $2400 a month from SS on those wages retiring at 62. The cost of retirement homes or assisted living eats up any savings a couple may have. I know a husband that ended up divorcing his wife of over 40 years after she was placed in an assisted living home. It was either divorce her or sell the farm to pay for her care.
The cost is based upon what they determine what you can pay, and they have no problem emptying your bank account before you get on government aid to pay the bills.
Those numbers were just an example of what a $15 an hour job pays a year compared to social security. My mother gets around $1200 from social security and $951.00 from a life time annuity. She needs $4,250.00 a month. Plus telephone, cable, clothing etc.... I am just trying to tell others what can happen. Can you imagine betting your going to die before you go broke? If there is some kind of program for those like her I would like to know where it exists.
Unfortunately it’s not available to her now, but long term care insurance is something that helps with this.
One thing that irritates me is when people slap stuff in a trust and then go on Medicaid. The reason you save money is to provide for yourself when you get older not so you can give it to your kids and when let the government pay everything.
LTC has gotten very expensive and the fine print and exclusions of existing policies are very restricted on when it starts and how the policy states the true benefits. Please have a decent lawyer and an unbiased financial advisor (hard to find) read the fine print before spending a dollar.
It’s definitely something to know each detail about, but it’s about the only option for those who haven’t saved enough to cover a couple years in a care facility.
One thing that happens with care facilities is that if you go to the hospital and get released to the care center, Medicare cover up to 99 days of care from the day you were admitted into the hospital, care centers bill for this (the patient should not be billed then) and it can stretch dollars and care policies some.
Very true on the above. The catch 22 is if u haven't saved enough, or couldn't afford to, will u be disciplined enough to buy what is a very expensive LTC policy? Obviously, the vast majority in this situation don't save or cannot afford LTC; hence, Medicare and ultimately Medicaid.
My mom had a one year deductible (or whatever you call it) for a policy that paid about half the cost. So it took the 280/day cost to 140 after one year. Her house would have covered more than that had she not had enough saved (she did and was only there a few months). That cost her anywhere from 1200 at purchase to 3000 when she went in. With very few homes being below 200k in towns of any size, That alone should handle two years of care.
I wonder what the difference between an annuity and LTC costs are. Guessing LTC is cheaper since it pays out way less often than an annuity.
Retired Australians spent almost 500 days at sea after booking 51 straight cruises because it’s cheaper than a retirement home
The great-grandparents have stayed on board Princess Cruises’ 2,000-passenger Coral Princess for more than 450 days — longer than most of the crew, including the captains — and ex…
nypost.com
There's always this option....hahaha.
I thought this was interesting when reading about the history of SS:
The first monthly payment was issued on January 31, 1940 to Ida May Fuller of Ludlow, Vermont.[33] In 1937, 1938, and 1939, she paid a total of $24.75 into the Social Security System. Her first check was for $22.54.[33] After her second check, Fuller already had received more than she contributed over the three-year period. She ultimately reached her 100th birthday, dying in 1975,[33] and she collected a total of $22,888.92.[34]
The first monthly payment was issued on January 31, 1940 to Ida May Fuller of Ludlow, Vermont.[33] In 1937, 1938, and 1939, she paid a total of $24.75 into the Social Security System. Her first check was for $22.54.[33] After her second check, Fuller already had received more than she contributed over the three-year period. She ultimately reached her 100th birthday, dying in 1975,[33] and she collected a total of $22,888.92.[34]
I would agree that LTC is probably cheaper. Just look at the time value - lump sum vs paying premiums over time. Plus, depending on the annuity, those monies are gone forever upon death.
Snippets gathered from data sources.
- Approx. 65% of people COULD use some level of LTC (assisted living/nursing home) during their life. Approx. 40% of people will actually enter into an assisted living facility and 12% into a nursing home. The average stay in an assisted living facility is 28 months. The average stay in nursing home is 44 months for women, 26 months for men. Most people admitted to nursing home have multiple conditions that require care.
- 6% of people over 65 are in assisted living/nursing home facility.
- 15% of people over 85 are in assisted living/nursing home facility.
My wife and I looked into long term care insurance last year before we retired. The cheapest we could find the premiums started at $500 a month, up to right at a $1000 a month. The cheaper plan last 10 years from the time you entered into assisted living. After running the numbers, we passed on the insurance and decided we would be better off putting $500 a month into a savings account to use down the road if we need too.
We are also in the process of setting up a trust to protect our assists in the future.
After being in the memory assisted facility I want to have the option for euthanasia
It's a mental and physical prison. I'd rather have a path with dignity and not go through what I saw.
