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Reply to "Dealing with $$ and aging parent - when to tap investments? "
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[quote=Anonymous]She's 89 for goodness sake, I think it's ok to draw down some principal. The rule of thumb for retirees (in their 60s) is that you can usually safely withdraw 4% a year-- which would be about $600/month, so I would think $300/month is not wild or crazy. Even if she lives to 97, that is less than $30k, or about 15% of her savings. That said, this is also about relationships (you and DH, you and brother), so you need to think about what makes sense from that perspective. You might also consider what happens if she does need nursing home care-- would it be better if she had more savings or if you did (I could see it either way). Maybe consider offering some smaller amount?[/quote]
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