Retirement and Assitant Living? Why Did My Profile Show Me Their Were 4 Answers When Ther?
Question by czyszczon: Retirement and assitant living? Why did my profile show me their were 4 answers when ther?
I understand that this is a re-post. But my profile is showing there is 4 answers but I only see 2 of them. Does anyone know why this happened.
Since I have spent 5 points on this question I am going to ask my question again
Ok this is not about Obama’s health care plan. This is a sincere question about todays world.
Here is my concern. I am worried about money and nursing homes. I do not own a home. When I retire at age 67 I hope to have $ 500,000 in retirement. I do not have any kids to look after me.
Please note I do not care about traveling. I just want to live a modest life style. I want to afford an ok car, have a decent place to live and have enough food on the table. Dress half way decent etc.
My question is, what kind of heath care am I going to get? How am I going to get money for the basic needs of life? Will I be able to get in to an assistance living home? I am worried about being abused.
Does any one have any feed back.
Best answer:
Answer by Bill
You question lacks the most important fact — your age now.
We have no way of knowing how long you have until 67. For all we know you could be 37.
You don’t say how you know you will have 500k in retirement, a lot could happen between now and then.
As far as health care – you will probably qualify for Medicare and you will probably receive a monthly social security check.
One of the biggest missings in your equation is housing. I assume since you do not own a home you will have to rent. That will be a big chunk of your monthly income. The best way to retire is with a home that has a zero mortgage, that way you can live in the home as long as you can and if you must move into an assisted living or nursing facility you can sell the home and hopefully make enough to pay for the facility.
Most decent assisted living facilities run apprx. 2 – 3k per month. That’s roughly 30k per year.
You can burn through a lot of money if you have to stay in one of those facilities for 10+ years.
You really need to sit down with a reliable competent financial planner and go through your options.
Good Luck
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