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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I cant get over the fact that someone thinks its logical to need TWENTY YEARS of memory care housing. Dang. Youre going to go straight from your desk to full time care facility! How depressing to be that anxious.[/quote]

I’m not “anxious” about it, I’ve just seen long periods of memory care or skilled nursing required for many friends and family, including my own grandparents. [b]They burned through almost all of their estate on those costs.[/b][/quote]

Right. They had multigenerational family money and were extremely frugal and had almost nothing left after death. It’s an indication of the extraordinary costs of intensive elder care.

This is what the estate is for. It worked as designed. [/quote][/quote]

Well, you are making a value judgment with that that it is okay to work to prepare for elder care costs but not to create generational wealth.

You do you.  Who are you to judge other people’s reasons.  Different people have different priorities, for the most part that is not your concern.[/quote]

You misunderstand me. I am in no way saying that my grandparents or anyone else should be estate planning to create generational wealth. I am saying that even very large sums of saved money can be rapidly drained on elder care, and people severely underestimate cost in their retirement planning. I don’t give a hoot about whether you pass money to the next generation. I’m expressing concern about people’s high costs while they’re alive. [/quote]

The flip side of this is the amount we will inherit (from our Boomer parents with the fancy LTC policies for themselves) will more than cover our own LTC expenses. Even if our parents live to 100 (unlikely) we’ll have that money by 70. [/quote]

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