Reply to $7M vs $10M

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Reply to "$7M vs $10M"

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]It really depends on your level of spending and  comfort with uncertainty. For me, the difference between those numbers is the security of being able to cover my mother’s elder care and potentially my own if I live as long as she has. I’m 58 and could easily live another 40 years. The $250,000 the $7M generates is before taxes and inflation. Yes, I will certainly tap principal at some point, but still, $250,000 30-some years from now will not be a fortune. It’s crazy and cruel what decent elder care costs. [/quote]I understand.  The $7M is not static, its invested in a diversified portfolio, probably yield about 3.3%  plus capital appreciation in the market near S&P 500 returns. Back to my point $7M or $10M today is really immaterial.  If you don't have the skill set or  a financial manager to tend to this sum it is pointless.  As far as elder care, my plan  is to stay at home and bring in hourly workers.  Much cheaper than going into a specialized care facility.  You can make it complicated if you wish. [/quote]

bringing in hourly workers for elder care is not cheaper than a facility.  Get yourself into a CCRC by early to mid 70s, then you are covered for much less[/quote]

I would rather blow my head off than go into a CCRC in my mid 70s - particularly if i have $10M liquid. I'll pay for in-home care, if/when I need it.

If your 58 today and have $10M and don't touch it, that 10M will be easily 25M + by the time you're in your late 70s. That would throw off safely $1M of cash flow, and you could spend more if needed considering at that point in time (if you need care) your life expectancy won't be too long.[/quote]

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