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Re: Sad news for those... Carol
When Frank passed, I had similar concerns. I had a certain amount of SS coming in and I had savings. I took all of the monthly expenses of running the house and found that SS would cover them basically. Things would go up but so did SS. I estimated how much of my savings I'd probably need to draw each year to cover the unexpected. I was 69 at the time. I calculated what my probable life expectancy would be and that was 80, about 11 years and then divided my savings by the 11 which gave me a guesstimated idea of how much it would be safe to withdraw each year if needed. Most of those years, if I withdrew anything it was nowhere near what my estimated figure allowed for and what I did withdraw was mostly covered by the interest it was making. I'm now pushing 85 and I've upped my life expectancy to 90 which I'll be lucky to make. I don't have anything I'm aware of that will shorten my time but at this age tomorrow is not a given. If you decide that an Assisted Living place is for you, its monthly cost should be within the money that comes in each month or close. Your savings are your backup. If you can't pay whatever the cost is at some point, you would probably have to go on Medicaid and that may mean moving to a facility they cover but those kind of details are up to the agreements made. Remaining where you are for as long as feasible is the most beneficial from a financial standpoint. Hiring someone as a housekeeper and/or companion for a couple of days a week is another option. If they drive, they could also get you out.
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