retired folks. do you spend more or less now?

[JD159]

As a millennial, I enjoy reading these threads. Some really good advice pops up in these. Thanks

I think when I retire, I'll upload my brain to the cloud.

[intakexhaust]

Originally Posted by vash

we are going to buy assisted living insurance (offered at work) for the wife. i am 99% sure i am dying first.

since:
i'm male
way older
ate way to many cheeseburgers.

This is an interesting topic. Who offers a good policy and what are the restrictions, limitations, etc.?

Assume those in the 'young' retirement age have yet to enter the third stage, that being if you make it to the 90's and perhaps need assisted living.

Where and how you fund that is tricky to risky. Revocable Trust can keep one in control but looking particular at the pro-cons of an irrevocable trust, additionally the rapid dispersement of assets, estate, making one qualified for state comp. / run facilities. Though you give everything up and left the control of the estate to trustees, many ways to still use the funds.

This arena definitely calls for highly professional advice, plus consider who's worthy as a trustee. You may have a solid family foundation now but do look at in-laws -conflicts later -a huge risk. Then re-assignments should a beneficiary die, etc.. When one is that old, your kids are also old timers as well BUT spending funds from YOUR trust, worse can lead to releasing trickles to next to none for yourself and needs.

If one doesn't fully grasp the circumstances now, imagine what can happen when your'e in a foggy state during those final years. Todays self center greedy younger generation think everyone owes them and have rights to inheritance.

Family members are likely these days too busy in visiting their old man / woman, or bother staying in contact. Also more and more seniors are left high and dry at state run facilities (negligence and govt. less funding facilities are collapsing) that actually would have been better off spending their assets with less to leave after death.

Might be better off budgeting and whittle down to a more frugal means, hopefully with luck can have a trustworthy live-in / family member to take care of you. To hell with the others on whats left after you're gone.

[motion]

Why on earth would anyone voluntarily wither away in an assisted care home? Such an unnecesary financial burden, as well as an emotional burden on your survivors. Not to mention, a completely crappy way to spend your last days.

[Craig T]

Originally Posted by motion

Why on earth would anyone voluntarily wither away in an assisted care home? Such an unnecesary financial burden, as well as an emotional burden on your survivors. Not to mention, a completely crappy way to spend your last days.

I agree 100%, but what's the alternative?...Sucking on a .44 mag? That would be my plan now, but I hear life get precious at old age.

[intakexhaust]

^ motion- Completely agree but family dynamics can put one there. Also consider when you set up funds / trust accounts, who is managing them when your'e way up in age. One may now decide on avenues to limit estate taxes, avoid probate, etc.. Might look good now but heed caution.

Many former successful, wealthy are whittling away in facilities. Family got control of the estate and one is left behind.

[motion]

Originally Posted by Craig T

I agree 100%, but what's the alternative?...Sucking on a .44 mag? That would be my plan now, but I hear life get precious at old age.

I'm picturing a beautiful beach south of the equator and a handful of pills

Then, maybe something like Weekend With Bernie.

My wife and I have already talked about this. We're not going to be a burden on anyone.

[look 171]

Originally Posted by vash

we are going to buy assisted living insurance (offered at work) for the wife. i am 99% sure i am dying first.

since:
i'm male
way older
ate way to many cheeseburgers.

hahahaha

You are a young man, WTF is all the retirement questions?

I know, I know, planning is the key. I think we are similar age, but that's been in the back of my head for some time and the topic of conversation when I see the old boys I grew up with.

[look 171]

Intakexhaust, good points. I have never look at it that way.

[Craig T]

Originally Posted by motion

I'm picturing a beautiful beach south of the equator and a handful of pills

Then, maybe something like Weekend With Bernie.

My wife and I have already talked about this. We're not going to be a burden on anyone.

HA! Great minds think alike. My wife and I had the same conversation just two weeks ago, after meeting with a retirement advisor who tried to pimp us long term care (nursing home) insurance. Even the method and location was the same. Manuel Antonio Beach and a big bottle of Oxycodone...taken progressively of course. No reason to waste a good buzz.

I just hope we can go through with it if that time comes. Would love to leave something to my daughter and grandson.

[motion]

Originally Posted by Craig T

HA! Great minds think alike. My wife and I had the same conversation just two weeks ago, after meeting with a retirement advisor who tried to pimp us long term care (nursing home) insurance. Even the method and location was the same. Manuel Antonio Beach and a big bottle of Oxycodone...taken progressively of course. No reason to waste a good buzz.

I just hope we can go through with it if that time comes. Would love to leave something to my daughter and grandson.

LOL!!! Don't forget the $500 bottle of Bordeaux

I think it would be a beautiful thing, except she is 9 years younger than I am, so it is probably wishful thinking on her part

[Baz]

Originally Posted by ted

Spent my life planning on retiring at 50, that part worked out perfectly.
Just that my vision of retirement was quickly reshaped after I retired.

---snip---

I think that's a very good point, Ted.

What we think may happen --- is probably not the way it will happen.

That's the "Life is the journey, not the destination" thing, right?

Additionally...retirement means different things to different people.

Physical and mental condition will likely play a major role in what can and will happen.

That said....one's attitude will be the major player, no matter how everything else plays out....

[JavaBrewer]

Originally Posted by Craig T

HA! Great minds think alike. My wife and I had the same conversation just two weeks ago, after meeting with a retirement advisor who tried to pimp us long term care (nursing home) insurance. Even the method and location was the same. Manuel Antonio Beach and a big bottle of Oxycodone...taken progressively of course. No reason to waste a good buzz.

I just hope we can go through with it if that time comes. Would love to leave something to my daughter and grandson.

My father was the definition if a control freak. All the way to his mid 70's he asserted that he would be in control of his destiny. I had no doubt he could "go through with it" when the time came. He was never afraid to die, but around 76 or so he no longer spoke so bravely about the concept. His life was horrible at the end, diabetes, dementia, and in the last year Alzheimer's. He wanted it to be over, badly, but he was understandably afraid. As the body and mind age they become more frail. Look at how as kids we took all kinds of chances, the "superman, invincible" mindset. Becoming frail has an impact on your psyche making you more cautious and fearful. That starts to add up for most of us and at 75-80 may completely change your outlook from today. Last December my Dad was in the hospital for a week for complications with alzheimers/dementia. They moved him to skilled nursing and after the second evening he never woke up. We stayed with him for 2.5 days until his body realized what was happening and said it was enough.

Richard, nobody wants to go into assisted living. But what are the real options here? Many families just cannot move Mom and/or Dad in with them, or afford to pay for in-home care. Routine tasks become challenging. Losing the ability to drive. My parents lived in Goleta, a small town, but became prisoners in their own home. Stores were 2 miles away. What friends they had left were in the same boat. I moved them to San Diego so that I, the only child, could logistically help. Tried a standard apartment and had food delivered, shopped for them, etc... but they needed more help. So off to assisted living it was. When aging is complicated with medical/psychological issues the stress becomes unbelievable. Either my wife or I would have had to quit work to take care of them. I don't see any magical solutions here, because there are none. My wife and I dream of spending our retirement on some beach but at this point it's just a dream. I just had a personal window into reality and it's stressful and for the most part outside our immediate control.

[911 Rod]

^^^ Unfortunately you have just described many peoples lives.

[ted]

from what I was told...
These days most Affordable Long term health insurance policies provide only 2 or 3 years of long term coverage.
My MIL has a long term health care contract she purchased 20 years ago that provides her long term care indefinitely.
We bought a long term care policy 15 years ago and could only afford 10 years of long term health care shared between my wife and I.
Annual premium is near $5k a year.
The insurance helps protect your assets.
Hoping we will never use it.

[dmcummins]

Moving my dad into a retirement cottage soon. He can't drive and has some dementia, but is not on any medication and can still get around reasonably well. We found a nice place that provides meals and cleaning services. The assisted living home is next door and is run by the same company.

Cost is around $3000-4000 per month. This is small town Missouri. My sister lives close by.

[ted]

Originally Posted by motion

Why on earth would anyone voluntarily wither away in an assisted care home? Such an unnecesary financial burden, as well as an emotional burden on your survivors. Not to mention, a completely crappy way to spend your last days.

The nice homes are impressive.
It's just an expensive apartment with many amenities and a skilled nurse.
Senior Living in San Diego, CA | La Vida Real

[vash]

Originally Posted by Craig T

I agree 100%, but what's the alternative?...Sucking on a .44 mag? That would be my plan now, but I hear life get precious at old age.

me? wing-suit.

[KFC911]

Originally Posted by masraum

So are you retired, as in, not working or making new income? Or are you retired as in, I quit my old corp gig, but now I have a new source of income from something I started doing after I quit the corporate gig?

Oh I "work".... I just don't earn any income from it ......but I like it much better and life is good...

[ckelly78z]

What is really scary, is how many of my friends making less than me spend over thier income on car leases, fancy homes, new trucks/campers/boats/toys. They have the opinion that retirement will take care of itself, and they are living in the day.

[Jim Richards]

That sounds scary/crazy. We're consistently spending less than our monthly pensions/SS, with the exception of planned big ticket items that we previously saved up for. Couldn't imagine doing this any other way.