Anonymous wrote:My plan for when I hit retirement is to buy a small unit with lifetime continuing care in a retirement complex and a second house or condo somewhere either for winters (six months in Florida) or coastal New England (five months in spring to fall). When the time comes, I can sell the second property and upgrade the unit to a bigger 2-bedroom and live there full time. But I will have a foot in the door so they can't kick me out if I suddenly start declining, physically or cognitively. I am single, will always be single so no spouse to help take care of me. I want the guarantee of lifetime care no matter what happens. Yes, expensive, but I can make it happen. This plan is based on what good friends of my parents have done.
CCRCs are the way to go---good goal to be able to get in. If you can afford one, it's the best way to know you will be well taken care of. Paid entry fee to get my parents in (they have enough to qualify minus the entry fee). Best thing we ever did. They are a distance from us and refused to move closer. This way they are well taken care of and should they need more than independent living, it will seamlessly happen, and will not cost them (or us) a penny more---that's what the huge entry fee is for. Best part is, even if they "run out of money", the CCRC will still continue service---you are guaranteed to live your life there and they do NOT touch your monthly SS. Most who have run out of money are women over 95---there are 4 of them currently living there who pay nothing each month, husbands have long since died. 2 are still in independent living, the other 2 are in assisted living.
If you plan well it can happen---my parents are not wealthy. But made it happen.
Do you have any numbers to share? Which CCRCs are you talking about? What's the entrance fee? monthly cost? etc.
I'm not the PP you quoted, but I posted earlier, naming Collington in Bowie and Riderwood in Silver Spring.
They don't detail the "entrance fee." And you don't get all of that back. So, the monthly fee looks low because it isn't including a portion for the entrance fee.
Also, I noticed that the service level for "memory care" does not include assistance for daily grooming and toileting. That doesn't count as an amenity until you are in long term nursing care. The details on the website are lacking and of course they want you to think it's a good deal...to get you in the door.
If it diunds too good to be true, it probably is.
The entrance fees are on that chart.
My mom is currently in independent living there, so I don't yet have firsthand experience with the assisted living areas, but so far we are really happy with it. She wasn't to the point of needing help every day, but she would have recurring incidents (for instance, a UTI causing momentary dementia) that were hard for me to keep tabs on alone. Collington does things like wellness checks if you haven't opened your front door in 24 hours. Not to mention she's made tons of friends, who check in on her as well. The residents are well-educated (former) professionals for the most part, and there are tons of seminars and concerts and activities to keep people engaged. Very happy with it so far.
If you have two parents sharing a 2bd, for example, would you have to pay just one entry fee for the unit and two service packages? Or two entry fees even though sharing a unit?
That's a good question, and I'm sorry, I don't know the answer.
For my parents (not in DCUM, but a bit outside), they paid one entry fee ($450K) plus the 2nd person add on ($85K). Then there is the monthly rent (~4500) for first person plus the 2nd person addition (~$1500). For a 2bed/2bath, ~1200 sq ft. The entry fee "value back" declines by 2% each month for the first 49 months (4 years)---so if you die/no longer live there, you get an amount refunded accordingly during that time. After the 4 years, you get nothing returned.
If one person goes to nursing care, assisted living, or dementia care within the CCRC, the prices do not change drastically for the couple and the other gets to remain in the same 2 bed/2 bath. If one person dies, the other gets to remain for just the $4.5K monthly rent, but can choose to downsize to a smaller unit to save $$ if desired. The only price increase is for 3 meals/day cost that are provided in assisted living/nursing/dementia care, as in independent living you have $360/month per person which gives you easily dinner everyday and another 2-4 meals per week, possibly more depending which restaurant you choose to dine in. So you likely will pay an extra $200-300/month for meals and that is it. The added care levels is included in the entrance fee you paid (the $450K+ for the couple).
Your parents are in a very expensive place. I think it's great that they can afford it, but not everyone needs or wants that level of comfort and care.
Yes, they are in a very nice place/expensive place. For them, it's weird being surrounded by rich people--they are LMC/frugal people and both grew up very poor and never made much as adults. They saved to have a decent retirement, but still needed family to pay half the entrance fee, which family did so they are well cared for at a distance with no family nearby. But minus the entrance fee (which is a lot I agree), they qualified with what they had saved and family only needed to pay half the entrance fee. They also have LTC insurance so if they ever go to assisted/nursing/memory care they will not pay more than for meals and will use their insurance to collect what is due to them.
So they were only ~$225K short of qualifying for this amazing place based on what they saved for, all while being not well off at all (I ate free lunch several years growing up at school) So if they can plan for this, many people could choose to plan and find a slightly more affordable place. People need to save for retirement and plan accordingly, because care is not cheap
Do you have no comprehension of how much the costs of living, getting educated and raising kids have increased in the time since your working class parents managed to save so much for their retirement? Do you have any comprehension of how little wages have grown by comparison? These statistics are readily available all over the Google, I encourage you to look them up.
I’m so sick of boomers boasting about how they saved so much, and judging the experience of people born in the 70s and 80s and beyond who are (and have been for decades) living in an entirely different economy, with the greatest wealth disparity in the history of the country. People are struggling to stay housed in numbers greater than we’ve seen since the Great Depression nearly 100 years ago. Jobs everywhere, but even with rising wages for the working and lower middle class folks the wages are nowhere near high enough to house, feed, clothe, educate and doctor a family in any of the major metropolitan areas across the country.
Ladies in the DCUM bubble seem to have zero concept of what real life is like out here for the many many millions of us. We are getting angry.
Anonymous wrote:This is why after age 65, I will not seek any life saving medical care.
I don't want to pay, nor have my relatives pay, tens of thousands of dollars for me to merely exist in a LTC facility.
My mom said and did this, but unfortunately her body is perfectly healthy but she still has Alzheimer's disease.
Anonymous wrote:My plan for when I hit retirement is to buy a small unit with lifetime continuing care in a retirement complex and a second house or condo somewhere either for winters (six months in Florida) or coastal New England (five months in spring to fall). When the time comes, I can sell the second property and upgrade the unit to a bigger 2-bedroom and live there full time. But I will have a foot in the door so they can't kick me out if I suddenly start declining, physically or cognitively. I am single, will always be single so no spouse to help take care of me. I want the guarantee of lifetime care no matter what happens. Yes, expensive, but I can make it happen. This plan is based on what good friends of my parents have done.
CCRCs are the way to go---good goal to be able to get in. If you can afford one, it's the best way to know you will be well taken care of. Paid entry fee to get my parents in (they have enough to qualify minus the entry fee). Best thing we ever did. They are a distance from us and refused to move closer. This way they are well taken care of and should they need more than independent living, it will seamlessly happen, and will not cost them (or us) a penny more---that's what the huge entry fee is for. Best part is, even if they "run out of money", the CCRC will still continue service---you are guaranteed to live your life there and they do NOT touch your monthly SS. Most who have run out of money are women over 95---there are 4 of them currently living there who pay nothing each month, husbands have long since died. 2 are still in independent living, the other 2 are in assisted living.
If you plan well it can happen---my parents are not wealthy. But made it happen.
Do you have any numbers to share? Which CCRCs are you talking about? What's the entrance fee? monthly cost? etc.
I'm not the PP you quoted, but I posted earlier, naming Collington in Bowie and Riderwood in Silver Spring.
They don't detail the "entrance fee." And you don't get all of that back. So, the monthly fee looks low because it isn't including a portion for the entrance fee.
Also, I noticed that the service level for "memory care" does not include assistance for daily grooming and toileting. That doesn't count as an amenity until you are in long term nursing care. The details on the website are lacking and of course they want you to think it's a good deal...to get you in the door.
If it diunds too good to be true, it probably is.
The entrance fees are on that chart.
My mom is currently in independent living there, so I don't yet have firsthand experience with the assisted living areas, but so far we are really happy with it. She wasn't to the point of needing help every day, but she would have recurring incidents (for instance, a UTI causing momentary dementia) that were hard for me to keep tabs on alone. Collington does things like wellness checks if you haven't opened your front door in 24 hours. Not to mention she's made tons of friends, who check in on her as well. The residents are well-educated (former) professionals for the most part, and there are tons of seminars and concerts and activities to keep people engaged. Very happy with it so far.
If you have two parents sharing a 2bd, for example, would you have to pay just one entry fee for the unit and two service packages? Or two entry fees even though sharing a unit?
That's a good question, and I'm sorry, I don't know the answer.
For my parents (not in DCUM, but a bit outside), they paid one entry fee ($450K) plus the 2nd person add on ($85K). Then there is the monthly rent (~4500) for first person plus the 2nd person addition (~$1500). For a 2bed/2bath, ~1200 sq ft. The entry fee "value back" declines by 2% each month for the first 49 months (4 years)---so if you die/no longer live there, you get an amount refunded accordingly during that time. After the 4 years, you get nothing returned.
If one person goes to nursing care, assisted living, or dementia care within the CCRC, the prices do not change drastically for the couple and the other gets to remain in the same 2 bed/2 bath. If one person dies, the other gets to remain for just the $4.5K monthly rent, but can choose to downsize to a smaller unit to save $$ if desired. The only price increase is for 3 meals/day cost that are provided in assisted living/nursing/dementia care, as in independent living you have $360/month per person which gives you easily dinner everyday and another 2-4 meals per week, possibly more depending which restaurant you choose to dine in. So you likely will pay an extra $200-300/month for meals and that is it. The added care levels is included in the entrance fee you paid (the $450K+ for the couple).
Your parents are in a very expensive place. I think it's great that they can afford it, but not everyone needs or wants that level of comfort and care.
Yes, they are in a very nice place/expensive place. For them, it's weird being surrounded by rich people--they are LMC/frugal people and both grew up very poor and never made much as adults. They saved to have a decent retirement, but still needed family to pay half the entrance fee, which family did so they are well cared for at a distance with no family nearby. But minus the entrance fee (which is a lot I agree), they qualified with what they had saved and family only needed to pay half the entrance fee. They also have LTC insurance so if they ever go to assisted/nursing/memory care they will not pay more than for meals and will use their insurance to collect what is due to them.
So they were only ~$225K short of qualifying for this amazing place based on what they saved for, all while being not well off at all (I ate free lunch several years growing up at school) So if they can plan for this, many people could choose to plan and find a slightly more affordable place. People need to save for retirement and plan accordingly, because care is not cheap
Do you have no comprehension of how much the costs of living, getting educated and raising kids have increased in the time since your working class parents managed to save so much for their retirement? Do you have any comprehension of how little wages have grown by comparison? These statistics are readily available all over the Google, I encourage you to look them up.
I’m so sick of boomers boasting about how they saved so much, and judging the experience of people born in the 70s and 80s and beyond who are (and have been for decades) living in an entirely different economy, with the greatest wealth disparity in the history of the country. People are struggling to stay housed in numbers greater than we’ve seen since the Great Depression nearly 100 years ago. Jobs everywhere, but even with rising wages for the working and lower middle class folks the wages are nowhere near high enough to house, feed, clothe, educate and doctor a family in any of the major metropolitan areas across the country.
Ladies in the DCUM bubble seem to have zero concept of what real life is like out here for the many many millions of us. We are getting angry.
NP
Do you have no comprehension of how standards/expectations have increased? As a child, "vacations" were all road trips with our family of 5 crammed into one Econolodge hotel room.
Head over to the travel board here on DCUM and you'll see families who are 'barely scraping by" and "can't afford to save for college/retirement" but their families take multiple international luxury vacations each year!
"We're shut out of the housing market" because there's no way our family of 3 can live in anything but a perfectly updated 6,000 sqf home within a 2 minute commute of my office!
Uber eats every night
3 row luxury SUVs to transport the one child
Thousands of dollars each month spent on "tutoring" so child can keep up in the extremely advanced classes instead of just admitting the kid just isn't qualified and shouldn't be in it.
I'm sick of millennials complaining about how they can't live the luxury lifestyle they want and how their parents had it so easy by getting by on much less.
Anonymous wrote:My plan for when I hit retirement is to buy a small unit with lifetime continuing care in a retirement complex and a second house or condo somewhere either for winters (six months in Florida) or coastal New England (five months in spring to fall). When the time comes, I can sell the second property and upgrade the unit to a bigger 2-bedroom and live there full time. But I will have a foot in the door so they can't kick me out if I suddenly start declining, physically or cognitively. I am single, will always be single so no spouse to help take care of me. I want the guarantee of lifetime care no matter what happens. Yes, expensive, but I can make it happen. This plan is based on what good friends of my parents have done.
CCRCs are the way to go---good goal to be able to get in. If you can afford one, it's the best way to know you will be well taken care of. Paid entry fee to get my parents in (they have enough to qualify minus the entry fee). Best thing we ever did. They are a distance from us and refused to move closer. This way they are well taken care of and should they need more than independent living, it will seamlessly happen, and will not cost them (or us) a penny more---that's what the huge entry fee is for. Best part is, even if they "run out of money", the CCRC will still continue service---you are guaranteed to live your life there and they do NOT touch your monthly SS. Most who have run out of money are women over 95---there are 4 of them currently living there who pay nothing each month, husbands have long since died. 2 are still in independent living, the other 2 are in assisted living.
If you plan well it can happen---my parents are not wealthy. But made it happen.
Do you have any numbers to share? Which CCRCs are you talking about? What's the entrance fee? monthly cost? etc.
I'm not the PP you quoted, but I posted earlier, naming Collington in Bowie and Riderwood in Silver Spring.
They don't detail the "entrance fee." And you don't get all of that back. So, the monthly fee looks low because it isn't including a portion for the entrance fee.
Also, I noticed that the service level for "memory care" does not include assistance for daily grooming and toileting. That doesn't count as an amenity until you are in long term nursing care. The details on the website are lacking and of course they want you to think it's a good deal...to get you in the door.
If it diunds too good to be true, it probably is.
The entrance fees are on that chart.
My mom is currently in independent living there, so I don't yet have firsthand experience with the assisted living areas, but so far we are really happy with it. She wasn't to the point of needing help every day, but she would have recurring incidents (for instance, a UTI causing momentary dementia) that were hard for me to keep tabs on alone. Collington does things like wellness checks if you haven't opened your front door in 24 hours. Not to mention she's made tons of friends, who check in on her as well. The residents are well-educated (former) professionals for the most part, and there are tons of seminars and concerts and activities to keep people engaged. Very happy with it so far.
If you have two parents sharing a 2bd, for example, would you have to pay just one entry fee for the unit and two service packages? Or two entry fees even though sharing a unit?
That's a good question, and I'm sorry, I don't know the answer.
For my parents (not in DCUM, but a bit outside), they paid one entry fee ($450K) plus the 2nd person add on ($85K). Then there is the monthly rent (~4500) for first person plus the 2nd person addition (~$1500). For a 2bed/2bath, ~1200 sq ft. The entry fee "value back" declines by 2% each month for the first 49 months (4 years)---so if you die/no longer live there, you get an amount refunded accordingly during that time. After the 4 years, you get nothing returned.
If one person goes to nursing care, assisted living, or dementia care within the CCRC, the prices do not change drastically for the couple and the other gets to remain in the same 2 bed/2 bath. If one person dies, the other gets to remain for just the $4.5K monthly rent, but can choose to downsize to a smaller unit to save $$ if desired. The only price increase is for 3 meals/day cost that are provided in assisted living/nursing/dementia care, as in independent living you have $360/month per person which gives you easily dinner everyday and another 2-4 meals per week, possibly more depending which restaurant you choose to dine in. So you likely will pay an extra $200-300/month for meals and that is it. The added care levels is included in the entrance fee you paid (the $450K+ for the couple).
Your parents are in a very expensive place. I think it's great that they can afford it, but not everyone needs or wants that level of comfort and care.
Yes, they are in a very nice place/expensive place. For them, it's weird being surrounded by rich people--they are LMC/frugal people and both grew up very poor and never made much as adults. They saved to have a decent retirement, but still needed family to pay half the entrance fee, which family did so they are well cared for at a distance with no family nearby. But minus the entrance fee (which is a lot I agree), they qualified with what they had saved and family only needed to pay half the entrance fee. They also have LTC insurance so if they ever go to assisted/nursing/memory care they will not pay more than for meals and will use their insurance to collect what is due to them.
So they were only ~$225K short of qualifying for this amazing place based on what they saved for, all while being not well off at all (I ate free lunch several years growing up at school) So if they can plan for this, many people could choose to plan and find a slightly more affordable place. People need to save for retirement and plan accordingly, because care is not cheap
Do you have no comprehension of how much the costs of living, getting educated and raising kids have increased in the time since your working class parents managed to save so much for their retirement? Do you have any comprehension of how little wages have grown by comparison? These statistics are readily available all over the Google, I encourage you to look them up.
I’m so sick of boomers boasting about how they saved so much, and judging the experience of people born in the 70s and 80s and beyond who are (and have been for decades) living in an entirely different economy, with the greatest wealth disparity in the history of the country. People are struggling to stay housed in numbers greater than we’ve seen since the Great Depression nearly 100 years ago. Jobs everywhere, but even with rising wages for the working and lower middle class folks the wages are nowhere near high enough to house, feed, clothe, educate and doctor a family in any of the major metropolitan areas across the country.
Ladies in the DCUM bubble seem to have zero concept of what real life is like out here for the many many millions of us. We are getting angry.
NP
Do you have no comprehension of how standards/expectations have increased? As a child, "vacations" were all road trips with our family of 5 crammed into one Econolodge hotel room.
Head over to the travel board here on DCUM and you'll see families who are 'barely scraping by" and "can't afford to save for college/retirement" but their families take multiple international luxury vacations each year!
"We're shut out of the housing market" because there's no way our family of 3 can live in anything but a perfectly updated 6,000 sqf home within a 2 minute commute of my office!
Uber eats every night
3 row luxury SUVs to transport the one child
Thousands of dollars each month spent on "tutoring" so child can keep up in the extremely advanced classes instead of just admitting the kid just isn't qualified and shouldn't be in it.
I'm sick of millennials complaining about how they can't live the luxury lifestyle they want and how their parents had it so easy by getting by on much less.
Amen.
Our “vacations” were a day trip to the beach in the middle of the week.
As someone who is out here in real America making working class wages and living amongst similar folks, I can assure you that your heads are stuck in your colons if you think folks like us are taking multiple luxury vacations every year. I haven’t had a vacation since 2015 and I know plenty of other folks who barely get time off or could afford to take it, and when or if they do it’s a staycation to work on the house, or they borrow a few days at a family cabin (NOT the luxury second homes DCUM folks call cabins), or they do a cheap weekend away at a location within a day’s drive of home.
DCUM people are entirely out of touch with most of America’s experience of life. I have no sympathy for any of y’all, either, because you condescend like royal Bs.
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