She still has time. I tell retired people in her situation to use your money to buy experiences. However, even if they like the idea, many are too stubborn, too cheap, and too set in their ways to change. Most who are 70+ are very frugal and will always be frugal.
At age 78 maybe she can finally take the skiing and diving vacations she always wanted. How about some hiking in the mountains?
Nope, too old. Spend it all on an extended care facility.
They’ll be grateful for that stash of cash if they ever need assisted living, memory care, and/or skilled nursing.
Seniors who spend down to go on public assistance will regret it if they don’t have family who live them close by.
The quality of care is not the same.
Unfortunately, I fit that mold of being frugal. I don’t need to be. I can never out spend what I’ve put away even if I spent from age 65 to 90 There would be enough for my next generation and hopefully their grandkids. Assuming money does not become worthless The stock market continues upwards.
For the world of me, I just don’t understand this shitty as this economy is why the market keeps going up. Main St., America and Mom and businesses are hurting because of government regulations.
My parents were 20 when the Great Depression hit.
They were frugal all their lives. Even as a PFC during WWII my dad sent about half his pay home to his father.