Join Early Retirement Today
Thread Tools Search this Thread Display Modes
Old 06-27-2008, 11:38 AM   #21
Thinks s/he gets paid by the post
2B's Avatar
Join Date: Mar 2006
Location: Houston
Posts: 4,330
Be careful when you do a budget based on her housing costs. With what you've said it is probably going to be the biggest chunk of her spending. What's nice is that housing is probably one of the easiest things to cut back on. It's an emotional issue but its where the leverage is.

I'm firmly against a reverse mortgage because by taking one you've admitted you can't afford your housing costs anymore. There are also lots of fees involved that makes the return pretty poor. When she finally needs assisted living, her one big asset will basically be gone.

I'm always against any annuity but except for her health it might not be too bad an idea for her. Check with Vanguard and see what the payout is. There isn't an heir issue and the payout might be over 10%. A key issue is how is she going to fund assisted living an nursing care so if she goes with an annuity she needs to not go in too deep.

The object of life is not to be on the side of the majority, but to escape finding oneself in the ranks of the insane -- Marcus Aurelius
2B is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 06-27-2008, 02:39 PM   #22
Full time employment: Posting here.
Join Date: Jun 2004
Location: E. Wash
Posts: 908
One other possibility to check is the unclaimed property listings for your Mom's state and any prior state's of residence. While working through my deceased Mom's information I found a stock disbursement from her life insurance which demutualized. I then did a search on her deceased husband's name and found several listings in his name. Bunch of paperwork depending on the state but you might be surprised what is out there, especially given their apparent low interest in managing their finances.

nwsteve is offline   Reply With Quote
Old 06-30-2008, 12:32 PM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
harley's Avatar
Join Date: May 2008
Location: Following the nice weather
Posts: 5,782
2B - I agree about the reverse mortgage. Another decent idea ruined by high costs. I don't even want to think about LTC. Any coverage she could get would be prohibitively expensive, even for me to pay. I suspect with this one we'll just have to hope for the best and pay out of pocket if and when the time comes.

nwsteve - excellent idea.Should have thought of it myself. I actually recovered a decent chunk of change for myself a few years ago when I did the unclaimed property search. Thanks for the idea.

"Good judgment comes from experience. Experience comes from bad judgement." - Will Rogers
DW and I - FIREd at 50 (7/06), living off assets
harley is online now   Reply With Quote
Old 06-30-2008, 05:04 PM   #24
Thinks s/he gets paid by the post
Join Date: May 2006
Location: Largo
Posts: 1,945
Did she file for her stimulus payment? You can still file for free on many sites including TaxAct. They have a selection in one of the drop-down menus to shortcut most of the questions for a "stimulus payment only" return.

Buckeye is offline   Reply With Quote

Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off

Similar Threads
Thread Thread Starter Forum Replies Last Post
This Lady is 42? haha Other topics 2 06-23-2008 10:25 PM
TX Lady Wants to Retire; Should She? SSQQ Hi, I am... 25 04-24-2008 04:50 PM
Lady Bird Martha Other topics 6 07-12-2007 01:22 PM
Lady Longs to Retire ASAP Beryl Hi, I am... 12 06-25-2007 01:31 AM
Wow, lady jumps to her death where I live OldAgePensioner Other topics 21 06-26-2006 03:37 PM


All times are GMT -6. The time now is 09:43 PM.
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2016, vBulletin Solutions, Inc.