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Silver Conversationalist
Posts: 2,581
Registered: ‎12-06-2010

RE: How much do you need for a comfortable retirement?

Message 71 of 141 (1,710 Views)

In Response to RE: How much do you need for a comfortable retirement? by KidBoy2

Sorry for the confusion!

I'm not saying you said any of that,... in context of what I wrote, I am stating the ideas of what others may say, think , etc...

Treasured Social Butterfly
Posts: 19,390
Registered: ‎12-25-2011

RE: How much do you need for a comfortable retirement?

Message 72 of 141 (1,653 Views)

In Response to RE: How much do you need for a comfortable retirement? by SLEEPERCELL

I never said everyone can afford facilities, or that I thought they did. But government subsistance programs should be for people who legitimately don't have the money .. not people who deliberately hide it, to benefit from those programs.


Registered on Online Community since 2007!
Valued Social Butterfly
Posts: 18,611
Registered: ‎02-14-2008

RE: How much do you need for a comfortable retirement?

Message 73 of 141 (1,661 Views)

In Response to RE: How much do you need for a comfortable retirement? by SLEEPERCELL

 

So one can be flippant and say look at me at what I have done or bring to light what many can't do, discuss it and venture into making or seeking changes.

 

________________________________________________________

 

I have said that people THAT CAN AFFORD LTC should consider it. 

 

If you have assets that you want to leave to others you should consider it.

 

Or you could give away all your assets and then if you go to a nursing home Medicaid will pay your bill. 

Silver Conversationalist
Posts: 2,581
Registered: ‎12-06-2010

RE: How much do you need for a comfortable retirement?

Message 74 of 141 (1,660 Views)

In Response to RE: How much do you need for a comfortable retirement? by KidBoy2

Average American worker earns under 50K per year pre tax-- do some research and you can either conclude or dispute--- I suggest you start with the IRS published statistics for the MSA's or work top down from the tabulated brackets of income - tax ratios for the population in general.

I don't relish the idea personally of paying for LTC insurance premiums forever---- at any age. There are many options that don't include social welfare--- at least for me. For more than half of all Americans they don't have that option nor will they afford something so intangible as LTC insurance when they are struggling to make ends, raise a family, etc.

So one can be flippant and say look at me at what I have done or bring to light what many can't do, discuss it and venture into making or seeking changes.

The question remains unanswered-- how much do we REALLY need for retirement and this same question applies pre-Retirement only it would be stated, "HOW MUCH DO WE REALLY NEED?"

Consequentially there are those that "have mine" and why don't you have yours attitude. That isn't revolutionary it's just the norm but aside it shouldn't be such a SHOCK that many Americans cannot afford LTC and the game played is dissolution of assets to meet the waivers and gain the benefits of socialized care. To be ignorant of the game is akin to being blind that trusts of certain structures exist that protect most wealth and assets and still reap the social benefits.

That ain't graceful.

 

Valued Social Butterfly
Posts: 18,611
Registered: ‎02-14-2008

RE: How much do you need for a comfortable retirement?

Message 75 of 141 (1,660 Views)

In Response to RE: How much do you need for a comfortable retirement? by SLEEPERCELL

 

LTC policies are not afforded by more than half of all Americans---

 

Did you mean not affordable by half the people. That could be true. Do you have a link?

 

The problems most people do not purchase LTC when they can get is at a low cost, like when they are 40 or so. We did not. I was 57 when we purchased LTC insurance. 

 

I bet most people under the age of 50 have no idea of what LTC is.

Valued Social Butterfly
Posts: 18,611
Registered: ‎02-14-2008

RE: How much do you need for a comfortable retirement?

Message 76 of 141 (1,640 Views)

In Response to RE: How much do you need for a comfortable retirement? by ASTRAEA

 

Well stated.

Silver Conversationalist
Posts: 2,581
Registered: ‎12-06-2010

RE: How much do you need for a comfortable retirement?

Message 77 of 141 (1,640 Views)

In Response to RE: How much do you need for a comfortable retirement? by kom2010

All good points.

Silver Conversationalist
Posts: 2,581
Registered: ‎12-06-2010

RE: How much do you need for a comfortable retirement?

Message 78 of 141 (1,640 Views)

In Response to RE: How much do you need for a comfortable retirement? by ASTRAEA

It's not a contradiction--- it's a common practice.

You seem to misunderstand me--- I'm not condoning it, I'm reporting on it because you seem to think that everyone can pay for LTC, nursing homes and assisted living.  They cannot-- that is on record.

The government has been bilked for billions of fraudulent claims at whose expense? On top of the frauds in Medicare there's the gross negligence and inefficiency of the system.

Silver Conversationalist
Posts: 2,581
Registered: ‎12-06-2010

RE: How much do you need for a comfortable retirement?

Message 79 of 141 (1,640 Views)

In Response to RE: How much do you need for a comfortable retirement? by KidBoy2

LTC policies are not afforded by more than half of all Americans---

They are interestingly sticky when it comes to how much people pay out even if they don't use the "benefits"

Regular Social Butterfly
Posts: 370
Registered: ‎03-29-2010

RE: How much do you need for a comfortable retirement?

Message 80 of 141 (1,640 Views)

So many people, regardless of generation, are in a state of denial. "If I don't think/talk about it, it won't happen."

In many Net forums I participate in, people very often say, "This is my FOREVER home. I will die here, I will never leave it"....and yet it's not a 'universal accessible' design. The hallways aren't large enough for wheelchairs, let alone the master bath which is often upstairs, and just try filling a pot with water and carrying it over to the stove when you're using a walker, let alone a chair!

I remember when I was a kid, and read somebody's saying that, "The moment you are born, you start to die." The idea being, of course, that death is inevitable, so make your life's moments worthwhile.

Looking at life in a series of phases is perhaps less threatening to people. Heck, anything that gets them to face a realistic assessment of their morbidity/mortality is something I'll encourage!

I may feel young at heart, but I'm physically in decline from my 30's. It's harder to shake off injuries, for example, and I don't have quite as much energy as I did three decades ago. My hearing isn't as acute, and I'm starting to face the idea of bifocals instead of having two separate pairs of glasses. 

It's not such a leap to assume that twenty years from now, even at best, I'm going to find getting around, seeing and hearing require more assistance. Even the very active, energetic seniors we know start to really slow down around 85, and any kind of serious illness/injury takes a massive toll on their energy and even appearance. The body can take only so many 'hits' before the accumulative damage wears it out.

I have read in several different articles that 80% of all patients in nursing homes are supported by Medicaid. I don't know if this is true or not. What I do know is that Medicaid-only facilities already have long waiting lists, and aren't usually the top-rated facilities.

Because I'm in a couples relationship, we cannot assume that one of us will conveniently "die quickly" to leave the other in enough financial comfort to afford a slowly declining old age. We have to assume that one of us may need care, and that eventually the other will as well. So that's why we have LTC policies, because if you split our assets it's uncertain whether we could manage long periods of requiring care without running out of funds.

Just because we have sufficient to live on comfortably does not mean we have adequate liquidity to handle every scenario of disability.  We have more than most, and that's why we opted for a three-month elimination period. This means we think we can afford six months total of any kind of home healthcare or facility care for the two of us, at any time in the future. But past that, we want to have protection for the unforeseen, hence the LTC benefits.

Nobody knows what home aides or facility care is going to cost 20 yrs from now. But you can bet it's not going to a smaller number than it is today. Not everyone needs LTC insurance, but more people need it than have bought it.