Retirement Portfolio Recommendations

[geekette]

I understand. You are terrific, geekette! I, too, learned about money from Jane Bryant Quinn's book, Kiplingers and Money magazine, and tons of other money books. But I think I have reached my limit now. I did alright savign money but no longer being able to save money and noe having to withdraw it and make it last- this is the part I have trouble with.

That is why I have to meet with the FA again. I need a lot of hand holding for this next year and going forward. Plus doing the Roth conversions and taxes, which I always did myself but want to get a CPA this time, and just everything. As long as the FA advises me how to invest my husband's 401k and pension $-AND I will also have my input- I can do that. I guess it is just we have a lot going on, too.

I would have to say that the Unravelling of savings is actually harder than the Savings part. Savings becomes automatic. For decades. stash it away. easy. adult habit, paying yourself first. There wasn't going to be a pension for me and I decided it would be best to expect no SS (it was not, after all, money that I could see). Sock it away until further notice was an easy directive to self.

It becomes a very weird thing to Withdraw! I am not immune to this Mindset Shift and that weird feeling of "wait, this is not normal, this is not natural...." I will also suffer "datatarily" as I do indeed dig my decades of quarterly inputs. The trends are interesting. I hate to stop the compounding train to, you know, live off it...

the easy part of div living is that I don't have many decisions to make, there is no wrong time for a div payment to hit the account. Once you are solid on your withdrawal plan, it can become an easy habit, too. Not too much longer before you are squared away in home and plan and happily Living Life.

 

[Brett]

one key to retirement - invest early

 

[Bucky]

And now it’s considered balanced:

50%. Domestic stock
7%. Foreign stock
25%. Bonds
15%. Short term
3%. Other

my mistake on the above. Evidently all trades had not cleared when I posted this. Below is the correct distribution and the portfolio is now considered balanced. Will reinvest most of the short term after the first of the year in fixed and bond funds.

38%. Domestic stock
5%. Foreign stock
19%. Bonds
35%. Short term
2%. Other

 

[rapmarks]

We have talked about saving, about hating to pull savings out, but I broach a new topic. First let me say we have saved our entire lives, and continue to be frugal. Now that we are facing probable nursing home costs, people always tell me how I need to divest myself of everything and make us impoverished so my husband can get Medicaid. Oh great, I can live in poverty and my husband can get the lowest level of care. Wonderful suggestion.

 

[VacationForever]

We have talked about saving, about hating to pull savings out, but I broach a new topic. First let me say we have saved our entire lives, and continue to be frugal. Now that we are facing probable nursing home costs, people always tell me how I need to divest myself of everything and make us impoverished so my husband can get Medicaid. Oh great, I can live in poverty and my husband can get the lowest level of care. Wonderful suggestion.

People are unethical to even suggest that. Same thing with all sorts of lawyers helping their clients become Medicaid eligible, essentially having tax payers foot their bill, while protecting their wealth to be passed on to their family.

 

[Brett]

People are unethical to even suggest that. Same thing with all sorts of lawyers helping their clients become Medicaid eligible, essentially having tax payers foot their bill, while protecting their wealth to be passed on to their family.

I've seen the inside of medicaid nursing homes. People are sitting in wheelchairs all day long in the hallway, their incontinence pads changed once a day. At night they are wheeled back in a shared room.
It is not a pretty sight.
Those families that divested personal assets to be eligible for medicaid should be ashamed.

 

[Rolltydr]

I've seen the inside of medicaid nursing homes. People are sitting in wheelchairs all day long in the hallway, their incontinence pads changed once a day. At night they are wheeled back in a shared room.
It is not a pretty sight.
Those families that divested personal assets to be eligible for medicaid should be ashamed.

Yes, that is a 2 way street. My mother spent her last 6 years in a nursing home on Medicaid. She had worked minimum wage jobs all her life and had no pension, only Social Security. She had to take care of her mother when she had mental and physical health problems late in life and wrecked her physical health doing so. She divested of her assets, which consisted of a house and car, after her mother died because she didn’t want my brother and I to lose anything we had if/when we had to take care of her. She developed Alzheimers and we had to put her in a nursing home. Fortunately, it was close enough that I was able to visit 3-4 times a week and my brother who lives farther away would visit her once a week. We kept a very close eye on her and the staff knew it. They took very good care of her. There were a couple of other residents in the same wing whose family kept close tabs on them and, likewise, the staff took care of their mothers. There were probably half the residents that I never saw anyone visit them. Maybe they came at different times, but it would seem that we would have crossed paths a few times. I can’t say that the staff took as good care of those mothers. Maybe they did but it just seemed like they weren’t as attentive. As you stated, they were left in wheelchairs in the hall or the day room and kind of left alone. I know everyone has different circumstances, full-time jobs, live in different locations, etc. I also know that you are paying someone to care of them when in the nursing home. But if the staff knows you are aware and keeping tabs on them, i believe it really makes a difference. I never would have believed my mother would have lasted 6 years. It took her several months to accept that she had to stay there, but once she did and learned to trust her caretakers, she was happy and enjoyed her last few years. I’m very thankful for that.


Sent from my iPad using Tapatalk

 

[VacationForever]

Don't forget skilled nursing home facilities that accept Medicaid residents also house private paying residents at the same place. It is not a place to spend one's last years in.

 

[easyrider]

We have talked about saving, about hating to pull savings out, but I broach a new topic. First let me say we have saved our entire lives, and continue to be frugal. Now that we are facing probable nursing home costs, people always tell me how I need to divest myself of everything and make us impoverished so my husband can get Medicaid. Oh great, I can live in poverty and my husband can get the lowest level of care. Wonderful suggestion.

Every ones situation is different but the way an ir-revocable trust works does make your funds last longer, imo. An appointment with an elder care attorney might be the best way to know for certain. Could be the best $600 you ever spent.

Bill

 

[Talent312]

We expect to use our savings (investments) & trade our house for an assisted living place.
We'll also have a pension & SS on which to rely. A nursing home would be a last resort.
.

 

[WinniWoman]

We expect to use our savings (investments) & trade our house for an assisted living place.
We'll also have a pension & SS on which to rely. A nursing home would be a last resort.
.

You might not have a choice. You have to meet the criteria for assisted living. (and believe me not all assisted living places are the greatest either- even the ones that seem like it).

If you do not meet the criteria, you have to go into a nursing home. If you are already in assisted living and go down hill- off to the nursing home you go. Or else you have to leave- to where I don’t know.

 

[bogey21]

If you are already in assisted living and go down hill- off to the nursing home you go. Or else you have to leave- to where I don’t know.

Not at my CCRC. No matter your level of deterioration you are taken care of until the bitter end...

George

 

[WinniWoman]

Not at my CCRC. No matter your level of deterioration you are taken care of until the bitter end...

George

Yes- but you start in independent living, let's say- and then be moved to the assisted living section and then the nursing home if needed. All at the CCRC- but a different level of care and a different living space.

 

[bogey21]

Not exactly. In my CCRC there are three levels, Independent Living where you have your own Apartment and total flexibility to come and go as you please. If you end up needing limited daily care (taking meds, getting dressed, etc), you move to an apartment on a separate floor so they can provide the care but you are still able to come and go within the CCRC (social events, meals, etc.) as you please. Here relatives can come and take you off premises at your and their discretion. Actually if you are otherwise well enough to say drive, you can leave the premises on your own. Only when you lose your mobility are you moved into the Assisted Living Section where you live out your remaining life. You are never sent to a Nursing Home...

George

 

[WinniWoman]

Not exactly. In my CCRC there are three levels, Independent Living where you have your own Apartment and total flexibility to come and go as you please. If you end up needing limited daily care (taking meds, getting dressed, etc), you move to an apartment on a separate floor so they can provide the care but you are still able to come and go within the CCRC (social events, meals, etc.) as you please. Here relatives can come and take you off premises at your and their discretion. Actually if you are otherwise well enough to say drive, you can leave the premises on your own. Only when you lose your mobility are you moved into the Assisted Living Section where you live out your remaining life. You are never sent to a Nursing Home...

George

Wow! I never heard of that. I thought once you need skilled nursing care you have to move on. Must be a state thing because that is how it is in NY- unless you are on Hospice. Then you can stay in assisted living.

 

[Brett]

Not exactly. In my CCRC there are three levels, Independent Living where you have your own Apartment and total flexibility to come and go as you please. If you end up needing limited daily care (taking meds, getting dressed, etc), you move to an apartment on a separate floor so they can provide the care but you are still able to come and go within the CCRC (social events, meals, etc.) as you please. Here relatives can come and take you off premises at your and their discretion. Actually if you are otherwise well enough to say drive, you can leave the premises on your own. Only when you lose your mobility are you moved into the Assisted Living Section where you live out your remaining life. You are never sent to a Nursing Home...

George

right, I suppose it depends on the definition of "nursing home". In Virginia there are places that have independent living and assisted living and "memory care" in one complex. And there are "long term care" facilities for those that have a physical disability but don't suffer from dementia.

 

[VacationForever]

Not exactly. In my CCRC there are three levels, Independent Living where you have your own Apartment and total flexibility to come and go as you please. If you end up needing limited daily care (taking meds, getting dressed, etc), you move to an apartment on a separate floor so they can provide the care but you are still able to come and go within the CCRC (social events, meals, etc.) as you please. Here relatives can come and take you off premises at your and their discretion. Actually if you are otherwise well enough to say drive, you can leave the premises on your own. Only when you lose your mobility are you moved into the Assisted Living Section where you live out your remaining life. You are never sent to a Nursing Home...

George

Does your CCRC have a medical director and registered nurses? The issue is that if the resident needs medical type care - G-Tube etc, an assisted living is prohibited from providing medical care to such resident. Only facilities with a medical director and registered nurses are allowed to provide this care, which means a skilled nursing facility.

 

[bogey21]

Does your CCRC have a medical director and registered nurses? The issue is that if the resident needs medical type care - G-Tube etc, an assisted living is prohibited from providing medical care to such resident. Only facilities with a medical director and registered nurses are allowed to provide this care, which means a skilled nursing facility.

We have a Health Services Director and what I believe are 3 RNs. What I'm not sure of is the background and qualifications of our Health Services Director and if what I believe are RNs actually are. I need to check before I can competently respond. We are only 5 minutes from 3 major Fort Worth hospitals. Residents are shuttled there for procedures after which they return. What I do know is that after their hospital stay they return here. They are never shipped elsewhere...

George

 

[VacationForever]

We have a Health Services Director and what I believe are 3 RNs. What I'm not sure of is the background and qualifications of our Health Services Director and if what I believe are RNs actually are. I need to check before I can competently respond. We are only 5 minutes from 3 major Fort Worth hospitals. Residents are shuttled there for procedures after which they return. What I do know is that after their hospital stay they return here. They are never shipped elsewhere...

George

You should check it out. Ask if your CCRC includes skilled nursing facility. If not, where do residents go if they require skilled nursing long term care. Such facilities must have a MD.

 

[bogey21]

As you suggested I visited the Assisted Living floor and checked. The entire floor is a certified (by the State of Texas) Skilled Nursing Facility; the Health Services Director is an MD; and the 3 nurses are all RNs. In addition it was rated a 5 (on a scale of 1-5 with 5 being high) when examined 4 months ago by the State...

George

 

[VacationForever]

As you suggested I visited the Assisted Living floor and checked. The entire floor is a certified (by the State of Texas) Skilled Nursing Facility; the Health Services Director is an MD; and the 3 nurses are all RNs. In addition it was rated a 5 (on a scale of 1-5 with 5 being high) when examined 4 months ago by the State...

George

Fabulous. You are in a great CCRC!

 

[Talent312]

Speaking of disability(on a tangent)...
Today, I saw a Jaguar parked in a handicapped parking space.
IMO, anyone who drives a Jag (or a Lamborghini) should not be allowed to park in one.
<apologies to Jaguar & Lamborghini owners>

 

[Bucky]

Speaking of disability(on a tangent)...
Today, I saw a Jaguar parked in a handicapped parking space.
IMO, anyone who drives a Jag (or a Lamborghini) should not be allowed to park in one.
<apologies to Jaguar & Lamborghini owners>

This is probably the most stupid post I have ever read here! I have a buddy that had both of his legs blown off by a claymore in Vietnam. He was medically retired and ended up eventually opening up his own business that thrived. He has some very sweet rides. So I guess in your eyes he should not be able to park in a handicapped space. Just an FYI: they don’t ask you income when applying for a handicap sticker, they ask for your need of one? Like I said, very stupid illogical post.

 

[Talent312]

This is probably the most stupid post I have ever read here!

But this isn't my first, nor my last dumb-ass post.

 

[rapmarks]

But this isn't my first, nor my last dumb-ass post.

I needed a good laugh today, thanks