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Reply to "Parking $300k for 80yo mother in assisted living"
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[quote=Anonymous]It seems like if she only had 300k and goes into memory care (11k) even today, she’d be fairly covered for 20 years. 11000 (memory care) - 7500 (insurance disability) - 2200 (ss) = 1300 /month that needs to be covered. If you’re only withdrawing 1300 a month, you’d get 19.2 years of withdrawals. Assuming a bit of inflation through the years, you should get 15 years out of it. I wouldn’t put the money in the stock market. That’s a huge risk for very little reward because it seems totally unnecessary. CD ladder, high yield savings account, money market, or bonds is the way I’d go. This is assuming she won’t have any other costs of course. [/quote]
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