Besides I would think you would have to be a multi-millionaire to afford it in the first place.
$3000.00 a month? Did you read the article???
This topic was specifically addressed in the article.
“Besides I would think you would have to be a multi-millionaire to afford it in the first place.”
You should price assisted living for the elderly. Even if the elderly person does not require much assistance, the room and meals can run three to five thousand per month. Companies with multiple levels, from little or no assistance to constant care can get very pricy.
My elderly parents stayed with my oldest sister saving about eight to ten thousand a month. As a result they were able to leave us kids a substantial sum. Typically, if they were in a facility their money would have been taken in pay by an actuarial table that would have left us kids nothing. (The Greatest Generation, which is mostly dead now, worked at a time I’d call America’s Golden Age of the blue collar worker. A careful, frugal blue collar worker could retire a millionaire. Those times are gone.)
There are numerous problems. A friend’s mother developed Alzheimer’s and she got valent. So, after a substantial investment, the home kicked her out and they had to put her in a lesser facility that essentially kept her strapped into a wheelchair for her safety and that of others. There’s also the possibility of abusive staff or staff stealing or substituting drugs.
It ain’t pretty, getting old. If you work out the money angle, it’s cheaper and far better to spend your declining years on a cruise line. (Assuming there are any cruise lines left after Covid. They are scrapping ships with decades of life left because of the cost of maintaining them.) The problem with cruise line living is that when the person needs substantial medical help they can be hundreds of miles away from it.
I’ve heard you buy your room starting at 2MM, plus 100k+ per year per person for meals. Saw the World cruise by a few years back.
About $175,000 a year. We looked at this.
Nah not that much although that would help. Could probably do $50k a year to cover a full year expenses. If you had a million bucks saved, it would generate 4-9% returns a year, plus SS, so multi- million would not be needed.