Reply to Luxury Assisted Living No Longer Worth It?

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[quote=Anonymous]OP here.  Thanks for all of the replies, thoughts, ideas, and opinions.

Specially thanks to PP's who stated that BIL is a jerk.  Yes he is.  He told us if we did not contribute, he would pull ALL of his financial support and try to find her a medicare facility.  We love her and did not want to have her life uprooted.  We decided to contribute to keep the peace.  She loves/loved her new life there.

Then covid hit.  Then my husband took a 20% pay cut.

But I guess we are on the hook and we will just have to keep contributing every month.  Does seem like too much money but not much we can do about that now.  I just feel bad for her being stuck alone in her apartment going on months now.

Our retirement is on track.  We have about $800K in 401Ks.  DH is lucky to be in a fully funded pension plan and we expect about $7.5K a month.  We are hopeful to inherit another $1M from my father who is also 93 but don't want to count on that as his in-home elder care is also expensive.

We are thinking of reducing contribution to our 401Ks.  I just think I am feeling unsure about the future due to covid as are many.

DH and I are in our early 60s.  Fortunately we only have one child which allowed us to save a lot.

Anyway, thanks again.  And to the PP who doubted my figures, I posted an explanation on Page 2 I think.  I wish my math was wrong! [/quote]

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