Reply to “They’re only worth a few million. Not really rich”

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]My inlaws are worth 3 million and then their house is another $900k. They are certainly rich by many standards. But if they go into nice assisted living that money will evaporate so fast. And it's what they saved for in the first place. Drove one Japanese car for 20 years before getting another, kept the house cold in winter and hot in summer, no European vacations for kids, no private, rare new clothes. [/quote]

This.  Without a pension, that money is unlikely to last until the next generation if one or both of them ends up needing long-term care.  It's a hedge against having to go into an medicare-paid nursing home, not a resource for free-wheeling living. [/quote]

This is sad. I get it and I'm not judging -- costs ARE atrocious. But to get to a place in life where you've accumulated $3 mil plus another 1 mil in housing and STILL it involves keeping the house hot in the summer and no new clothes!?[/quote]

As DH and I are getting older and costs are looming for our respective parents as they reach the frail health years, I see the truth of this. Now I'm thinking about how sad it is that people have to hoarde all this money in order to pay for nice assisted living at the end of their lives. [/quote]

I just watched my father pass this past February. His mother had been in a nursing home, and he swore he would never go to one - she had a stroke and was there for almost 5 years.  He'd been going through chemo for a recurrence of lung cancer (had a miraculous recovery in 2015) and the chemo was torture.  He basically stopped eating, got pneumonia, was admitted to the hospital on Jan 31, was doing better, then said the hell with this, was in hospice on Feb 9, and passed on Feb. 15.  The hospice was a medicare facility and was lovely (I spent about 10 hours a day there with my mom).   I think he had the right idea.  I'm hoping by the time I am that age that assisted suicide will be an option.[/quote]

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