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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 142 (1,785 Views)

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

I admire your ethics and I think you are sheltered from the facts or realties of everyday life in America when it comes to LTC for most Americans. Not an admonishment just my opinion which may be right or wrong.

Bravo to both your Aunt and Grandmother!

The practice that I mentioned is the "norm" and that's not an endorsement from me either. The system is broken.  

I just reviewed a local LTC provider with Assisted Living:

Average employee wages: $15 hourly (Not medical staff)

Average residence cost: $85,000 yearly

 

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

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

Message 72 of 142 (1,786 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: 19,468
Registered: ‎12-25-2011

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

Message 73 of 142 (1,728 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: 18,663
Registered: ‎02-14-2008

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

Message 74 of 142 (1,736 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 75 of 142 (1,735 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: 18,663
Registered: ‎02-14-2008

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

Message 76 of 142 (1,735 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: 18,663
Registered: ‎02-14-2008

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

Message 77 of 142 (1,715 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 78 of 142 (1,715 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 79 of 142 (1,715 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 80 of 142 (1,715 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"