After staring at spreadsheets, FIRE, Flexible Retirement Planner, etc. I retired earlier this year and have been caring for my parents. They have a fair-sized nest egg, but it isn’t huge. We’ve discussed the possibility of moving them to an assisted care facility that could provide better care today and would be able to provide more care later on.
I’m having a hard time getting a clear figure of what their spending has been, but well, OK, maybe we can assume only certain costs remain for the next phase of life and then add them to the known costs of assisted care for both, assisted for one and nursing for the other or nursing care for one and memory care for the other… so many ways this could go. 75k/yr for assisted care, 175K/yr for assisted for one and nursing for the other. They have a long term care policy, but it isn't clear what it covers for assisted living unless you meet all the requirements for nursing care.
And then who knows how long they’ll live? When you’re looking at FIRE, etc. and figure a life span of 85-95 when you’re 60, that’s a fairly small range as these things go. The Social Security Administration actuarial tables show they both have around 5-6 years left on average. One has had strokes and heart attacks and is on great life-extending medications while the other has no life-conditions issues. So it could be 2 years and 4 years, or it could be 5 years and 10 years.
We met with their financial advisor who looked it all over and said they’re looking fine – they have more than lots of their clients, but umm, a plan? A graph? A confidence level? Monte Who?
Has anyone planned out the last years with elevated spending to figure the odds of making it?
I’m having a hard time getting a clear figure of what their spending has been, but well, OK, maybe we can assume only certain costs remain for the next phase of life and then add them to the known costs of assisted care for both, assisted for one and nursing for the other or nursing care for one and memory care for the other… so many ways this could go. 75k/yr for assisted care, 175K/yr for assisted for one and nursing for the other. They have a long term care policy, but it isn't clear what it covers for assisted living unless you meet all the requirements for nursing care.
And then who knows how long they’ll live? When you’re looking at FIRE, etc. and figure a life span of 85-95 when you’re 60, that’s a fairly small range as these things go. The Social Security Administration actuarial tables show they both have around 5-6 years left on average. One has had strokes and heart attacks and is on great life-extending medications while the other has no life-conditions issues. So it could be 2 years and 4 years, or it could be 5 years and 10 years.
We met with their financial advisor who looked it all over and said they’re looking fine – they have more than lots of their clients, but umm, a plan? A graph? A confidence level? Monte Who?
Has anyone planned out the last years with elevated spending to figure the odds of making it?