Search found 279 matches

by DC3509
Thu Nov 08, 2018 8:10 am
Forum: Personal Finance (Not Investing)
Topic: 1/3 of Baby Boomers have no retirement savings...
Replies: 77
Views: 8147

Re: 1/3 of Baby Boomers have no retirement savings...

Articles like this are a bit misleading. It only counts money in dedicated retirement accounts. I know now from helping my parents navigate retirement that most Baby Boomers started working at a young age and most of them started working before 401ks and Roth IRAs even existed. If you were lucky, y...
by DC3509
Wed Nov 07, 2018 2:53 pm
Forum: Personal Finance (Not Investing)
Topic: 1/3 of Baby Boomers have no retirement savings...
Replies: 77
Views: 8147

Re: 1/3 of Baby Boomers have no retirement savings...

does it say how many of them have guaranteed pensions? They were kind of a big thing back then..... Or how many of them live in LCOL areas and have VA benefits? This constitutes a majority of my family and none of them have retirement savings. SS is plenty. +1. Should people have more in retirement...
by DC3509
Wed Oct 17, 2018 5:17 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

It really depends by geographic area. In some areas, there are huge differences; in some areas, not so much.
by DC3509
Wed Oct 17, 2018 4:53 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

It is really confusing to me as to why someone would want to plan on having to use Medicaid facilities versus private pay facilities. I want more options not less options. Because in most low cost of living areas the two are one in the same -- private pay people can sometimes be living right next d...
by DC3509
Wed Oct 17, 2018 4:21 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

My point in responding was that you said it can't be done with a million dollars -- of course it can . Most people with a million dollars do not want to do this strategy and for good reason -- but it is hypothetically possible even at a million dollars. The only way a $1,000,000 Medicaid-compliant ...
by DC3509
Wed Oct 17, 2018 4:13 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

My point in responding was that you said it can't be done with a million dollars -- of course it can . Most people with a million dollars do not want to do this strategy and for good reason -- but it is hypothetically possible even at a million dollars. The only way a $1,000,000 Medicaid-compliant ...
by DC3509
Wed Oct 17, 2018 2:27 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

Weatherbee did put in $450K into annuity; the taxpayers did pay for his care immediately; and his wife did get the money back. No? This was an actual legal case. That case was from 12 years ago. The Medicaid compliant annuities available for sale today return LESS than the premium paid. Just becaus...
by DC3509
Wed Oct 17, 2018 12:02 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

The last time I priced one was for a woman in her early 80's and her life expectancy was 8 years. The total payouts over the 8 year period were LESS THAN the single premium deposit. That was NOT a typo. The total payments over 8 years was LESS than the single premium deposit. (That is why I said th...
by DC3509
Tue Oct 16, 2018 11:07 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

Which states, specifically? If anything, I thought the trend was in the opposite direction -- see this important court decision from a few years ago. http://www.paelderlaw.com/federal-appeals-court-approves-short-term-medicaid-annuities/ Here is a good guidebook to PA law -- and I have reproduced t...
by DC3509
Tue Oct 16, 2018 3:31 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

Obviously you guys had never priced a "Medicaid-compliant" annuity. I have. Obviously, you're jumping to conclusions. Here's a quote from www.immediateannuities.com. It is for a 70 year old female. For a $1 million premium, the payout is $6,075 monthly, which is $72,900 annually. At that rate, it w...
by DC3509
Tue Oct 16, 2018 2:52 pm
Forum: Personal Finance (Not Investing)
Topic: Placing mother in nursing home - advice
Replies: 37
Views: 3886

Re: Placing mother in nursing home - advice

Contact an Eldercare attorney. Going on Medicaid is not as simple and straightforward as just depleting assets. Medicaid looks back at the sale of any house and other assets for a period of years prior to approving one for financial assistance. While they take their time reviewing your mother's sit...
by DC3509
Tue Oct 16, 2018 12:07 pm
Forum: Personal Finance (Not Investing)
Topic: Placing mother in nursing home - advice
Replies: 37
Views: 3886

Re: Placing mother in nursing home - advice

I am not so sure I would sell the house in this situation. The house is exempt from Medicaid. My guess is -- a $75,000 house in a low cost of living area occupied by a widower in fragile health probably has a lot of deferred maintenance and other issues. It might also be filled with clutter and jun...
by DC3509
Mon Oct 15, 2018 11:17 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

Obviously, we'll need to look more at our state's particular Medicaid/etc., laws, but this is much better than I had assumed. (Um, obviously, we haven't really started looking at this particular wrinkle yet.) And then there is the complication of what if the two are already in a long-term care faci...
by DC3509
Mon Oct 15, 2018 10:08 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

No, you do not put the 401K in the irrevocable trust. In a minority of states, the 401K is exempted from Medicaid entirely so this isn't an issue. In the majority of states where it is a countable asset, the common Medicaid strategy is to convert the retirement assets into a Medicaid complaint annui...
by DC3509
Mon Oct 15, 2018 10:01 pm
Forum: Personal Finance (Not Investing)
Topic: Placing mother in nursing home - advice
Replies: 37
Views: 3886

Re: Placing mother in nursing home - advice

I am not so sure I would sell the house in this situation. The house is exempt from Medicaid. My guess is -- a $75,000 house in a low cost of living area occupied by a widower in fragile health probably has a lot of deferred maintenance and other issues. It might also be filled with clutter and junk...
by DC3509
Mon Oct 15, 2018 9:49 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

As Willthrill mentioned earlier -- that's really not necessary if you are willing to put your assets into an irrevocable trust and you survive the 5 year look-back. You can hypothetically have 7 figures of assets and still qualify for Medicaid under this scenario.
by DC3509
Mon Oct 15, 2018 9:38 pm
Forum: Personal Finance (Not Investing)
Topic: Long-term Care Insurance
Replies: 184
Views: 8806

Re: Long-term Care Insurance

Yep. IIRC, there were over 100 providers of LTC insurance twenty years ago, and now there are fewer than ten. Someone buying LTC insurance should question whether it's reasonable to believe that their insurer will still be in this business in five or ten years. This is inaccurate. Taking on the ris...
by DC3509
Sun Sep 23, 2018 10:00 pm
Forum: Personal Finance (Not Investing)
Topic: Nursing Home/Medicaid issues
Replies: 10
Views: 1118

Re: Nursing Home/Medicaid issues

My father-in-law recently moved my mother-in-law into a memory care home. My father-in-law is now wanting to give money to family members as well as sell their house. I've told him that these actions could have an impact on my MIL's Medicaid qualifications. We've tried to convince him to consult an...
by DC3509
Sun Sep 16, 2018 9:52 pm
Forum: Investing - Help with Personal Investments
Topic: Thinking of Retiring at 52, Please Critique Plan
Replies: 61
Views: 9519

Re: Thinking of Retiring at 52, Please Critique Plan

Thank you everyone for your kind words and advise. It was more of a relief getting the diagnosis as it explained a lot of the odd behavior instead of me always being wondering why he was late, getting lost, putting syrup in the Keurig, etc. I appreciate the push to get SSDI as I was going with his ...
by DC3509
Sun Sep 16, 2018 6:26 pm
Forum: Investing - Help with Personal Investments
Topic: Thinking of Retiring at 52, Please Critique Plan
Replies: 61
Views: 9519

Re: Thinking of Retiring at 52, Please Critique Plan

Sorry about the diagnosis. Given the new information - I think early retirement is an OK plan as long as you can limit your expenses a little. Have fun and enjoy life while you can! I am very sorry to hear about this. Respectfully, I think this is the wrong advice. Your husband needs to try to keep...
by DC3509
Fri Sep 14, 2018 7:01 am
Forum: Personal Finance (Not Investing)
Topic: Vacation house? Need objective third party
Replies: 67
Views: 6142

Re: Vacation house? Need objective third party

The question really wasn't if one would do this as a personal preference, but rather if he could afford it/whether it made financial sense. Yes, and we all agree he can afford it. My point was that it’s a lifestyle choice not really a financial one. It’s always better not to spend too much and rent...
by DC3509
Fri Sep 14, 2018 6:58 am
Forum: Personal Finance (Not Investing)
Topic: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?
Replies: 118
Views: 11578

Re: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?

I reached my ultimate goal in my career at age 48. It was what I always wanted and worked for. After 3-5 years of working in this position I was FI by quite a wide margin. Did my work ethic and drive diminish? Disappointingly it did. I regret this even now after 12 years of retirement. Wish I could...
by DC3509
Thu Sep 13, 2018 9:48 pm
Forum: Personal Finance (Not Investing)
Topic: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?
Replies: 118
Views: 11578

Re: If you're FI, or close to FI, are still fighting to climb the Corp. Ladder?

I reached my ultimate goal in my career at age 48. It was what I always wanted and worked for. After 3-5 years of working in this position I was FI by quite a wide margin. Did my work ethic and drive diminish? Disappointingly it did. I regret this even now after 12 years of retirement. Wish I could...
by DC3509
Thu Sep 13, 2018 12:36 pm
Forum: Personal Finance (Not Investing)
Topic: Vacation house? Need objective third party
Replies: 67
Views: 6142

Re: Vacation house? Need objective third party

The question really wasn't if one would do this as a personal preference, but rather if he could afford it/whether it made financial sense.
by DC3509
Thu Sep 13, 2018 7:08 am
Forum: Investing - Help with Personal Investments
Topic: What do I do with my investments during a downturn/recession?
Replies: 24
Views: 2861

Re: What do I do with my investments during a downturn/recession?

When you are 30, you should actually be rooting for a downturn and, if anything, invest even more because the prices will be very cheap and the shares are highly likely to recover. You should read Bill Bernstein's Four Pillars of Investing if you need to ask this question. Dr. B explains the concept...
by DC3509
Thu Sep 13, 2018 1:04 am
Forum: Personal Finance (Not Investing)
Topic: Massive Student Loan Debt - Fiancee
Replies: 108
Views: 10442

Re: Massive Student Loan Debt - Fiancee

Mon September 11, 2018 9:10 a.m. I've been dating a wonderful speech-language pathologist for about 2 years and now we're engaged. she took out massive amount of student loan debt (130k+) to pay for her graduate program and she had 25k from her undergrad. Her graduation Date is June 1, 2019 and our...
by DC3509
Thu Sep 13, 2018 12:46 am
Forum: Personal Finance (Not Investing)
Topic: Vacation house? Need objective third party
Replies: 67
Views: 6142

Re: Vacation house? Need objective third party

OP: I haven’t noticed the source of your husband’s income. From your description of him as a partner, I assume he is an attorney or CPA, one with specialized knowledge which enabled recruitment from government work into a lucrative private sector position. This is a gravy-train, except possibly in ...
by DC3509
Thu Sep 13, 2018 12:41 am
Forum: Personal Finance (Not Investing)
Topic: Vacation house? Need objective third party
Replies: 67
Views: 6142

Re: Vacation house? Need objective third party

OP here. Thanks for the thoughtful responses. This level of income is new--within the last two years. Moved from gov't to private practice on the partnership level, so while this level of income is not totally guaranteed, it is relatively safe, and it seems that husband's income is likely to go up ...
by DC3509
Thu Sep 13, 2018 12:34 am
Forum: Personal Finance (Not Investing)
Topic: Vacation house? Need objective third party
Replies: 67
Views: 6142

Re: Vacation house? Need objective third party

When my kids were small, we rented (for two years), then bought a nice vacation home (well, a kind of "luxury apartment" with a hot springs bath) up in the mountains above Karuizawa, Japan. We have many great memories with the kids, and enjoyed doing things you can only do on a mountain like play w...
by DC3509
Wed Sep 12, 2018 10:14 pm
Forum: Personal Finance (Not Investing)
Topic: Vacation house? Need objective third party
Replies: 67
Views: 6142

Re: Vacation house? Need objective third party

OP here. Thanks for the thoughtful responses. This level of income is new--within the last two years. Moved from gov't to private practice on the partnership level, so while this level of income is not totally guaranteed, it is relatively safe, and it seems that husband's income is likely to go up ...
by DC3509
Wed Sep 12, 2018 9:39 pm
Forum: Personal Finance (Not Investing)
Topic: Vacation house? Need objective third party
Replies: 67
Views: 6142

Re: Vacation house? Need objective third party

If it were me, I would ask myself why I only have approximately $2mm saved on an income of $1.5mm. I would be more concerned with building a substantial asset portfolio long before I would consider an emotional purchase of a cash flow drag. At the moment it seems as if you have a bit over 1x gross ...
by DC3509
Wed Aug 29, 2018 7:45 am
Forum: Investing - Theory, News & General
Topic: "75 Must Know Statistics About Long-Term Care: 2018 Edition"
Replies: 56
Views: 6034

Re: "75 Must Know Statistics About Long-Term Care: 2018 Edition"

If you are in a LCOL area you will almost surely end up at a facility that accepts both Medicaid and private pay -- there are simply not enough private pay people to make the numbers work otherwise. Just something to consider that spending all that money on a LTCI policy is going to likely land you...
by DC3509
Mon Aug 27, 2018 7:02 pm
Forum: Personal Finance (Not Investing)
Topic: Getting out of vacation club contract
Replies: 10
Views: 1876

Re: Getting out of vacation club contract

These can sometimes be sold -- from the prior post and description of your parents finances these sound like a major drag.
by DC3509
Sun Aug 26, 2018 2:42 pm
Forum: Personal Finance (Not Investing)
Topic: Helping aging parents (in another state) with housing and care?
Replies: 11
Views: 1311

Re: Helping aging parents (in another state) with housing and care?

Also just one other consideration because I am dealing with it now -- Selling a home where someone has lived in it for a long time is a major task, especially if the parents are the sentimental types and have saved a lot of stuff through the years. Plus, home repairs that they might have deferred or...
by DC3509
Sun Aug 26, 2018 2:30 pm
Forum: Personal Finance (Not Investing)
Topic: Helping aging parents (in another state) with housing and care?
Replies: 11
Views: 1311

Re: Helping aging parents (in another state) with housing and care?

This is something I've been struggling with for a little while, and I would love some input or shared experiences. My parents are 75 (mother) and 80 (father) and live in New Mexico. They are in reasonably good health, other than my father's arthritic ankles which are making it increasingly difficul...
by DC3509
Sun Aug 26, 2018 2:17 pm
Forum: Investing - Theory, News & General
Topic: "75 Must Know Statistics About Long-Term Care: 2018 Edition"
Replies: 56
Views: 6034

Re: "75 Must Know Statistics About Long-Term Care: 2018 Edition"

If you are in a LCOL area you will almost surely end up at a facility that accepts both Medicaid and private pay -- there are simply not enough private pay people to make the numbers work otherwise. Just something to consider that spending all that money on a LTCI policy is going to likely land you...
by DC3509
Sat Aug 25, 2018 9:05 am
Forum: Investing - Help with Personal Investments
Topic: Investing in a Broadway show production
Replies: 28
Views: 2461

Re: Investing in a Broadway show production

I actually know of someone who did this. On the plus side -- he got to attend the opening night preview, wear a tux, mix and mingle with the actors and actresses, directors, etc. He was also a big Broadway person, and I imagine this had some long-lasting, bucket list type value that is hard to put a...
by DC3509
Sat Aug 25, 2018 8:59 am
Forum: Investing - Theory, News & General
Topic: "75 Must Know Statistics About Long-Term Care: 2018 Edition"
Replies: 56
Views: 6034

Re: "75 Must Know Statistics About Long-Term Care: 2018 Edition"

This is extremely misleading: $123,600: Maximum amount of assets that a healthy spouse can retain for the other spouse to be eligible for long-term care benefits provided by Medicaid, 2018. (Actual amounts vary by state.) ...the healthy spouse can retain an unlimited amount of his or her own assets...
by DC3509
Thu Aug 23, 2018 3:18 pm
Forum: Investing - Theory, News & General
Topic: "75 Must Know Statistics About Long-Term Care: 2018 Edition"
Replies: 56
Views: 6034

Re: "75 Must Know Statistics About Long-Term Care: 2018 Edition"

What’re you projecting for the cost of a good facility? It's always difficult to accurately predict price increases, especially in health care, but I've been using a notional figure of 120k/year. That might be high, especially as I'm in a LCOL area, but again you need a number to work with. Some on...
by DC3509
Thu Aug 23, 2018 12:21 am
Forum: Investing - Theory, News & General
Topic: "75 Must Know Statistics About Long-Term Care: 2018 Edition"
Replies: 56
Views: 6034

Re: "75 Must Know Statistics About Long-Term Care: 2018 Edition"

I should further add -- I realize these strategies are not for everyone -- and are probably not the right fit for most people here. But I do think more people should look at these options than currently do, and that executing some of these options may be better than LTCI with premiums that become un...
by DC3509
Thu Aug 23, 2018 12:17 am
Forum: Investing - Theory, News & General
Topic: "75 Must Know Statistics About Long-Term Care: 2018 Edition"
Replies: 56
Views: 6034

Re: "75 Must Know Statistics About Long-Term Care: 2018 Edition"

It's always difficult to accurately predict price increases, especially in health care, but I've been using a notional figure of 120k/year. That might be high, especially as I'm in a LCOL area, but again you need a number to work with. Some online sources say that current averages for private rooms...
by DC3509
Wed Aug 22, 2018 7:47 pm
Forum: Investing - Theory, News & General
Topic: "75 Must Know Statistics About Long-Term Care: 2018 Edition"
Replies: 56
Views: 6034

Re: "75 Must Know Statistics About Long-Term Care: 2018 Edition"

For me, I would still have my pension coming in, plus I or my POA would start Social Security if not already going (assuming this is after my next birthday). Those two probably pay half of costs at a good facility currently, but it's difficult to project with certainty too far into the future as th...
by DC3509
Wed Aug 22, 2018 5:56 pm
Forum: Investing - Theory, News & General
Topic: "75 Must Know Statistics About Long-Term Care: 2018 Edition"
Replies: 56
Views: 6034

Re: "75 Must Know Statistics About Long-Term Care: 2018 Edition"

For me, I would still have my pension coming in, plus I or my POA would start Social Security if not already going (assuming this is after my next birthday). Those two probably pay half of costs at a good facility currently, but it's difficult to project with certainty too far into the future as th...
by DC3509
Tue Aug 21, 2018 12:42 am
Forum: Personal Finance (Not Investing)
Topic: Is a million really the benchmark for retirement
Replies: 109
Views: 12179

Re: Is a million really the benchmark for retirement

you can set 1 mil as a milestone target. with 1 mil and proper investment to beat the inflation assuming you withdraw 3% , it would last 30 years of your retirement. Assuming you would also get 20k from SS, so the total $50k would get you some sort of "decent" retirement cost covered. But would thi...
by DC3509
Tue Aug 21, 2018 12:16 am
Forum: Personal Finance (Not Investing)
Topic: Is a million really the benchmark for retirement
Replies: 109
Views: 12179

Re: Is a million really the benchmark for retirement

you can set 1 mil as a milestone target. with 1 mil and proper investment to beat the inflation assuming you withdraw 3% , it would last 30 years of your retirement. Assuming you would also get 20k from SS, so the total $50k would get you some sort of "decent" retirement cost covered. But would thi...
by DC3509
Tue Aug 21, 2018 12:05 am
Forum: Investing - Theory, News & General
Topic: "75 Must Know Statistics About Long-Term Care: 2018 Edition"
Replies: 56
Views: 6034

Re: "75 Must Know Statistics About Long-Term Care: 2018 Edition"

This is extremely misleading: $123,600: Maximum amount of assets that a healthy spouse can retain for the other spouse to be eligible for long-term care benefits provided by Medicaid, 2018. (Actual amounts vary by state.) The institutional spouse can transfer $123,600 of his or her own assets to the...
by DC3509
Sun Aug 19, 2018 9:01 pm
Forum: Investing - Help with Personal Investments
Topic: Elderly Relative Short on Money
Replies: 98
Views: 8901

Re: Elderly Relative Short on Money

I am actually very surprised at the number of responses that suggested she take some minimum wage job at McDonalds or a supermarket -- even though she can be a very good babysitter for the OP's family, and apparently does have some small decorating side gig. News flash: not everyone is cut out for ...
by DC3509
Sat Aug 18, 2018 12:50 am
Forum: Investing - Help with Personal Investments
Topic: Elderly Relative Short on Money
Replies: 98
Views: 8901

Re: Elderly Relative Short on Money

Two options I would consider: Invest age appropriately, have her withdraw 4%, your family and your brother in laws family make up the difference every month. Invest age appropriately. Let MIL withdraw what she needs every month, when the money runs out make up the difference. I think option 1 is th...
by DC3509
Fri Aug 17, 2018 12:34 am
Forum: Investing - Help with Personal Investments
Topic: Elderly Relative Short on Money
Replies: 98
Views: 8901

Re: Elderly Relative Short on Money

1. Point taken about "elderly." I should have titled it "retired relative..." 2. She has been working part time helping one of her friends plan parties and decorate for the last few years. I didn't include this in the initial post because her friend will be moving in a year or so and the job will g...
by DC3509
Fri Aug 17, 2018 12:31 am
Forum: Investing - Help with Personal Investments
Topic: Elderly Relative Short on Money
Replies: 98
Views: 8901

Re: Elderly Relative Short on Money

Why do people think the medical expense part of this is tricky? She is on Medicare. If she needs LTC it would be foolish to pay that out of the $290K. She would simply convert the $290K into a Medicaid complaint annuity, start taking the annuity payments, and immediately qualify for Medicaid. It is...