Reply to People with $5M+ NW, why do you still choose to work?

Forum Index » Money and Finances

Reply to "People with $5M+ NW, why do you still choose to work?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]20 years of assisted living would cost about $5M according to Google.  Per person so $10 if you need it for both.  
3 kids going to private college is another 1.5, and if they want to be doctors or lawyers you can add onto that.  
I also have anxiety about one of my kids getting a serious medical condition or injury where you need to pay $$$$ out of pocket to get appropriate care.  If that happened and I didn’t have th money because I retired at 50, I’d feel awful.[/quote]

20 years of assisted living? For both partners?? Risk assessment not your strength I see. [/quote]

Do:  yes most are not 20 years.  But the 6-24 months estimates are not accurate for most in my family.  Had one relative in memory care for 6.5 years and another in nursing care for 2.5. Had covid not happened (both took turns for worse health after contracting it) it might have been 10+ years for one and 4-5 for the other

So plan accordingly[/quote]

My grandmother was in memory care for 13 years until we finally got a court order basically allowing us to kill her.  They didn’t call it that, of course.  And that was full on memory care, not just assisted living.  My other grandmother lived for more than 40 years after retiring but she lived with us and my mother cared for her for free.  My kids ain’t never gonna do that.  [/quote]

Exactly!  So while most may not exceed 2 years in advanced care, it happens to plenty. Most females in my family live to 95+.  And even the morbidly obese family members live to 90+ so I'm gong to assume my healthy body (I manage my health issues well and am not overweight either) might just last well into my 90s.  So plan accordingly.  
We plan to join a CcRC while we are still healthy.  You pay entry fee and care is basically covered for all levels for as long as you need it without any additional costs (beyond 3 meals per day).  It's one way if you can afford it to minimize costs [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics