Reply to Why save for retirement if medicaid will cover your costs!?!?

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[quote=Anonymous][quote=Anonymous]Anyway, Speaking with my SIL parents, who are both recently retired, I found it fascinating and surprising that they have saved NOTHING for retirement. Why? because they both worked and are currently receiving social security and disability payments, moved to delaware and can survive just fine on what they are receiving. If the need ever arises where they need nursing home care, medicaid will pick up the tab.[/quote]

I think this sounds a lot rosier than it really is. It is stressful to live close to the edge. (Also, unclear how much they are really getting--you can't generally receive social security and SSDI at the same time, and most long term disability programs stop covering you at 65.) The average SS check is about $1200 and spousal benefits are about $600 more. Social security payments do not always go up as fast as prices, so while they may seem OK now, over time they may become more poor. Plus, even if they are healthy now, most people end up needing more medical care as they get older--the average out-of-pocket costs for people on Medicare is several thousand dollars a year. I would rather have saved some of my own money so I have choices as long as I can, even if eventually I need assistance to pay for long term care. [/quote]

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