AIP Rumor Mill
09-12-2020 | 11:03 AM
#31
Gets Weekends Off
Joined: Jul 2017
Posts: 141
Likes: 0
Therin lies the rub. There's lifespan and then there's the quality of that span. In my state the average cost of a full-time nursing home is approaching ten grand per month. That kind of money can decimate a retirement portfolio in fairly short order. Unless you started very young and were very aggressive and a bit lucky. It's a moving target.
Plus, I like toys. None of the calculators I have seen say, "And you can afford (to buy, maintain and feed) one of these!"
Plus, I like toys. None of the calculators I have seen say, "And you can afford (to buy, maintain and feed) one of these!"
09-12-2020 | 11:04 AM
#32
Gets Everyday Off
Joined: Aug 2016
Posts: 6,995
Likes: 1
From: Fully Retired
My investment management company does a Monte Carlo simulation of probabilities, updated once a year. Uses inflation growth for income needed. My parents made it to 88 and 94, so use age 95 for me. What is the percentage probability I will not run out by then? What is the most likely residual assets for my estate at death? You can calculate it as a single or a couple.
09-12-2020 | 11:55 AM
#33
Gets Weekends Off
Joined: Jul 2008
Posts: 5,575
Likes: 316
Therin lies the rub. There's lifespan and then there's the quality of that span. In my state the average cost of a full-time nursing home is approaching ten grand per month. That kind of money can decimate a retirement portfolio in fairly short order. Unless you started very young and were very aggressive and a bit lucky. It's a moving target.
Plus, I like toys. None of the calculators I have seen say, "And you can afford (to buy, maintain and feed) one of these!"
Plus, I like toys. None of the calculators I have seen say, "And you can afford (to buy, maintain and feed) one of these!"
09-12-2020 | 12:06 PM
#35
Gets Everyday Off
Joined: Aug 2016
Posts: 6,995
Likes: 1
From: Fully Retired
09-12-2020 | 01:08 PM
#36
Line Holder
Joined: Jan 2007
Posts: 440
Likes: 14
From: 30 West
Hopefully you won't need a nursing home for a very long time if ever. Because the lifespan once one goes into fully time nursing is very short (the median length of stay in a nursing home before death is five months), insurance is available at somewhat reasonable prices if you are willing to accept an exclusion clause that limits the insurance company's exposure to begin after 90 days. The longer the exclusion the lower the rates. You can protect yourself from a catastrophic bill if you're willing to accept the cost of the first three months or more.
09-12-2020 | 04:13 PM
#38
Gets Weekends Off
Joined: May 2009
Posts: 3,076
Likes: 3
From: The GF of FUPM
Pretty sure it's a Weaver. Gorgeous boats.
https://www.weaverboatworks.com/
http://weaverprice.blogspot.com/2008/02/composite-yacht-26.html
https://www.weaverboatworks.com/
http://weaverprice.blogspot.com/2008/02/composite-yacht-26.html
09-12-2020 | 04:57 PM
#39
Gets Everyday Off
Joined: Aug 2016
Posts: 6,995
Likes: 1
From: Fully Retired
Hopefully you won't need a nursing home for a very long time if ever. Because the lifespan once one goes into fully time nursing is very short (the median length of stay in a nursing home before death is five months), insurance is available at somewhat reasonable prices if you are willing to accept an exclusion clause that limits the insurance company's exposure to begin after 90 days. The longer the exclusion the lower the rates. You can protect yourself from a catastrophic bill if you're willing to accept the cost of the first three months or more.
I have been told half of all elderly need time in a nursing home, 4 years is a pretty good high end probability. My mom was at 4.5 years.
Be sure to look carefully at having a Home Health Aide rider. My folks had 2 year, paid for 6 hours a day, Max. They used 5 years, until my dad passed away. Initially 4 hours a day. Increased to 24/7.
At that point, a nursing home room for one is cheaper.
My folks went through all their assets, which never was much. I paid for my mother to be in a private room. I was out of pocket $250,000 beyond policy and income. I was glad to do that. YMMV
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