Reply to DW doesn’t want my mother to move in with us.

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Do not move her in. Is money the problem?[/quote]
When is money not an issue for elder care?  Elder care is expensive.  [/quote]

+100.A lot of elder apartment buildings cost more than $10k a month for a unit. Visit one and you'll find out that a lot of the people are retired law partners and VP's because average or even slightly above average earners cannot afford the cost.[/quote]

My parents never made over $45-50K total between the two of them (and that was only after the SAHM went back to work when we were in MS to help save/pay for college).  They lived frugally and by their late 70s, decided to sell their home (35 years there, all paid off), and with the $250K from the home, had a net worth of ~$800K.  They got there thru saving/investing whenever they could.  And most importantly, living frugally.  
As a reward, they now live in a very nice CCRC where almost all residents are much "richer" than them.  They did need me to pay the entry fee, but after that they can afford to live into their 90s with their LTC insurance (2 year payout when needed).  Heck they'd be able to without the LTC payouts when needed.

It's called planning.  My parents didn't want to be a burden, they didn't want to run out of money, so they just saved saved saved and lived below their means.  In return, they have more than most, even people who had so much more while working 
[/quote]

Please explain how you can time travel onti the past and plan when your parents find themselves unable to afford $10k monthly for their community  [/quote]

Obviously you cannot time travel.  But it shouldn't be a shock to anyone what care costs.  
So you plan for it.

Just like, it shouldn't be a surprise what college costs.  Our FA helped us correctly estimate 3 price points for college about 15 years before our kids went to college.

In state (think UMD)
OOS/mid point private (think UVA OOS or a mid level private (not the 90K))
Elite/current 90K

The estimates were only $1-3 K off.

Similarly, you can look at what LTC costs and how facilities have increased over the years.  So if you don't want to be a burden to your kids, you plan to save enough so you can afford a facility when needed. And for people in their 80s now, you buy a LTC plan good for 2-3 years.  I'm PP and my parents also did that and somehow managed to make payments over the years.  So if/when they need advanced level care, we will collect the payouts for up to 3 years for each of them.

But you cannot retire with only $100K and barely be able to live on SS (or even worse, not really be able to live on SS) and expect not to be a burden on your family.  [/quote]

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