DM is 87, great health and now ready to move to independent living facility and a 1 bedroom that will cost $3,200 a month (lease). Her income is from SS and pension and small investment account. It looks like her expenses will be about $1,000 over that monthly income.
The plan is to bank the proceeds from the sale of her house to fund the monthly shortfall until it is depleted, which should be a little over 3 years.
Then, she has about 40k in long term bonds to sell. These are generating about $225 a month in income. Selling these off in 3 years will fund an additional 3 years or so of expenses and will keep her comfortable.
That puts her at 93 years old. If she still is able to be in Independent Living, we can downsize her or I can certainly help (I can step in anytime and help, but she looks to be in ok shape unless there is a medical event triggering AL or LTC).
Is there anything I need to know or is anything missing in my thinking?
Here is an earlier thread where I inquired about AL, but I don't see her needing that for awhile and that time comes, all bets are off anyway.
The plan is to bank the proceeds from the sale of her house to fund the monthly shortfall until it is depleted, which should be a little over 3 years.
Then, she has about 40k in long term bonds to sell. These are generating about $225 a month in income. Selling these off in 3 years will fund an additional 3 years or so of expenses and will keep her comfortable.
That puts her at 93 years old. If she still is able to be in Independent Living, we can downsize her or I can certainly help (I can step in anytime and help, but she looks to be in ok shape unless there is a medical event triggering AL or LTC).
Is there anything I need to know or is anything missing in my thinking?
Here is an earlier thread where I inquired about AL, but I don't see her needing that for awhile and that time comes, all bets are off anyway.