Posted on 11/12/2024 1:14:04 AM PST by where's_the_Outrage?
As we get older and contemplate the possibility of declining health, many of us worry about becoming a burden on our family members. Among the questions I hear are: Will I have enough money to last? Can I afford the healthcare I’ll need? How can I make it easy for my family to settle my affairs when I’m gone?
But what does it mean to not be a burden? What actions should you take now? After discussing the issue with accountants, estate attorneys and clients, I’ve identified five steps to help reduce the likelihood that you will be a burden on your family as you age:
Step 1: Have a long-term care plan. Understand whether you have the resources to remain financially independent and pay for long-term care if you need it.....
Step 2: Simplify and organize your financial information. Make it easy for your adult children to find your financial information if you have a medical crisis or upon your death. Medical emergencies and death are stressful;......
Step 3: Provide contact information for the professionals you use. This list should include your accountant, financial planner, estate attorney, banker, and insurance agent.
Step 4: Make sure your estate planning documents reflect the law and your family situation. Your will, power of attorney, and health care directive should be current, and your children should know where to find them.......
Step 5: Take the next step. You do not have to complete steps one through four immediately, but do take action.
(Excerpt) Read more at msn.com ...
Step 1) Outlive them all.
LOL. I recall a story I think from France where some business man bought a property from an old woman that she could use the money and continue to live there free as long as she was alive. She ended up out living him.
But the reality in my case is that I’m almost 70 and my daughter is 11, I pray she outlives me.
2) Marry a rich single woman
3) Marry a rich single woman
How do you like Utah?
This old age is OK!
All that and take up hang gliding and motorcycle racing immediately upon a dementia diagnosis.
Maybe preaching the Gospel in Gaza.
I oppose suicide, but going out big by accident while having a blast in your final years sounds great.
Red state - Conservative
Might work!!
👍👍😃
2. Most of the investments are in Roth IRA’s — no tax implications until the kids inherit them. Even after that they have 10 years to move the money into their own accounts. We’re converting tax deferred accounts to Roth IRA’s each year, but never enough to put us into the next tax bracket. Eventually all of it will be in Roths.
3. Automatic bill paying. Each one listed in the aforementioned document. Along with login and passwords to each account and each email address used for two-factor verification.
4. Everyone knows what they’ll inherit. No surprises when we die. And if something happens to me first, the wife not only knows about the document, I make her read it once per year to make sure she understands it.
5. Investment withdrawal strategy is just 4% per year. With portfolio invested 75% in equities. So it grows more than inflation (most years) in case we live a long time. That includes enough for us to be in the nursing home for decades, or pay for at home care. By “live a long time” I’m talking about fully retiring at about 58 or 59.
6. Only debts are the house and 1.5 years left on a car. I have trouble with the math on paying off early the debts that have low fixed interest rates. I instead put the excess into our Roth IRA’s and my Roth 401k during my quasi-retirement. The retirement accounts have enough to pay off the house in a day if we have to, but still be enough left to live on.
Save for later
https://en.wikipedia.org/wiki/Jeanne_Calment
She lived to be 122. Signed the life estate contract when she was 90. The deal worked out well for her.
LOL!
BUT I HAVE worked out a 5-step plan for retirement. I think I’ve got this figured out: 1) Marry a rich single woman 2) Marry a rich single woman 3) Marry a rich single woman 4) Failing that, the Rapture 5) Failing that, World War IIII expected that from Laz!
I’ve been hanging around Laz too much
Especially since he found the robot woman!! LOL
https://freerepublic.com/focus/f-chat/4230661/posts
Common sense approaches. I have a folder I provided to each daughter... Anything happens to the wife or I and everything is listed on what to do including a single phone number and we’re taken care of. Everything’s in a living trust, living wills, all finances laid out, long-term care etc. Well be no financial burden to them ever.
We don’t want them to worry about us. Their priority is their families.
Does she make sammiches?
If you run the right program...
from tide pods to death pods.
That was EXACTLY my response and it should be among one of the first.
In 2011 I downsized by about 98%, auctioned off my stuff and sold my home, then moved to Thailand. What a relief to get rid of all that crap.
Forward to 2018 I have a 4 year old and want her to speak American English so we moved to the USA and now I have all the crap back and more. I remarked to the wife (that is much younger than me) that I’ll just kick off and she can get rid of all the stuff. Now she wants to move back to Thailand so I have to get rid of the junk.
I knew a man, Old Man Jim Davis from Mt Crogan SC who when he realized he could no longer take care of himself and would be a burden on others, pulled his 32 caliber lemon squeezer out of his pocket and shot a hole thru his own head.
Bourbon and booty?
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