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Elder-Care Costs Deplete Savings of a Generation
Old 01-01-2007, 09:22 AM   #1
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Elder-Care Costs Deplete Savings of a Generation

It's a depressing topic, but how do we ensure we are not a future burden on our children?

http://www.nytimes.com/2006/12/30/us...845&ei=5087%0A

Ms. Rodriguez is among the legion of adult children more than 15 million, according to various calculations who take care of their aging parents, a responsibility that often includes paying for all or part of their housing, medical supplies and incidental expenses. Many costs are out of pocket and largely unnoticed: clothing, home repair, a cellular telephone.

Adult children with the largest out-of-pocket expenses are those supervising care long distance, those who hire in-home help and those whose parents have too much money to qualify for government-subsidized Medicaid but not enough to pay for what could be a decade of frailty and dependence.

The burden is compounded by ignorance, according to a study by AARP, released in mid-December, which found that most Americans have no idea how much long-term care costs and believe that Medicare pays for it, when it does not.
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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-01-2007, 02:05 PM   #2
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Re: Elder-Care Costs Deplete Savings of a Generation

I'm one of the more fortunate adult children, in that my Mom has a good long-term care policy, has a home that is paid for, no CC debt, no loans, and a substantial amount of money saved up in good investments. And best of all she's still very active and in stellar health @ 80 years old!

When I get to be old and decrepid, my kids won't have to worry one single bit....I have NO kids!!! And as I stated somewhere else not long ago....when (if) I get old and decrepid, I plan on taking my last ocean cruise....and slipping gracefully over the rail in the middle of the night! : (hopefully in shark infested water)

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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-14-2007, 08:55 PM   #3
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Re: Elder-Care Costs Deplete Savings of a Generation

Quote:
Originally Posted by Goonie
when (if) I get old and decrepid, I plan on taking my last ocean cruise....and slipping gracefully over the rail in the middle of the night! : (hopefully in shark infested water)
Goonie, just go over the fantail (the back) and get sucked into the props. Zi-i-ip and it's all over. Why would you even THINK of such a thing!?
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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-14-2007, 09:42 PM   #4
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Re: Elder-Care Costs Deplete Savings of a Generation

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Originally Posted by retiredbop
Why would you even THINK of such a thing!?
Because I won't jump out of a perfectly good airplane, and even if I did my chute might open! Therefore it's a late night stroll over-board to feed the fishes. If my quality of life would drop to being confined for endless months or years in a nursing home...NO thanks!!!

As Pat Henry said....."Give Me Liberty Or Give Me Death"....different context, but same feeling here. I can't even stand to be cooped up in my own home for more than a day or two....I couldn't begin to imagine be cooped up in a nursing home.

I would be sure that all of my affairs were in order prior to my 'leap of fate', so my estate would be easily settled....it will be bequeathed to my favorite charity in it's entirety.

Just prior to my leap, if I would ever get to that point, I'll post in the "Life after FIRE" section that either A) I'm going for my swimming lesson, or B) I have to go feed the fish.
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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-14-2007, 09:56 PM   #5
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Re: Elder-Care Costs Deplete Savings of a Generation

Well, don't do it, we'd rather have you posting here. BUT if you do, PLEASE leave a note in your cabin saying you are going to jump overboard and that you've weighted yourself down so you go directly to see Davey Jones. Hopefully, this will reduce the search and rescue hassle for everyone concerned. Your fellow cruisers will curse your memory if they spend a day doing box patterns looking for you instead of visitng Mazatlan.

Oh, and if you want anybody to get your insurance money, you'd better figure out some way to convince the insurance company that you're realy dead, not just living the good life ashore someplace. They really like to see a body before they cut a check.
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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-14-2007, 10:06 PM   #6
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Re: Elder-Care Costs Deplete Savings of a Generation

The thing I like about this forum is the caring nature of its participants :
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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-14-2007, 10:21 PM   #7
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Re: Elder-Care Costs Deplete Savings of a Generation

Quote:
Originally Posted by samclem
....PLEASE leave a note in your cabin saying you are going to jump overboard and that you've weighted yourself down so you go directly to see Davey Jones.
Absolutely....I want to make it simple! :

Quote:
Your fellow cruisers will curse your memory if they spend a day doing box patterns looking for you instead of visitng Mazatlan.
Well, I always did have a tendency to p*ss people off....so that COULD be my parting shot!

Quote:
Oh, and if you want anybody to get your insurance money, you'd better figure out some way to convince the insurance company that you're realy dead.....
Since my estate would be in order with no debt, I will have no need of any life insurance policies at that time.
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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-15-2007, 10:38 AM   #8
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Re: Elder-Care Costs Deplete Savings of a Generation

Wow, I'm awed. You have given this way too much thought.

Don't take this the wrong way, but I hope you go out in a flash of glory doing something you really enjoy or peacefully in your sleep. Not that I'm rushing you!!

My perfect ending would be a massive and instantaneous MI while riding my motorcycle down the most perfect overshaded, twisty country lane I've ever seen.
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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-15-2007, 06:09 PM   #9
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Re: Elder-Care Costs Deplete Savings of a Generation

Quote:
Originally Posted by retiredbop
Don't take this the wrong way, but I hope you go out in a flash of glory doing something you really enjoy or peacefully in your sleep. Not that I'm rushing you!!
Well, My Great-Grandad took an afternoon nap one Sunday and never woke up......My Grandad went to sleep one night, and never saw the sunrise.....My Dad also passed quietly in his sleep. All three at ripe old ages, after long, fulfilling lives!!! So if I follow suit, I won't have to 'feed the fish'.
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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-15-2007, 07:00 PM   #10
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Re: Elder-Care Costs Deplete Savings of a Generation

May it be so.
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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-16-2007, 01:36 PM   #11
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Re: Elder-Care Costs Deplete Savings of a Generation

Quote:
Originally Posted by retiredbop
May it be so.
I second that.

On the same subject though, several of my friends have said that they would choose a consult with Dr. Kevorkian rather than go into assisted living or be a burden on their kids. I wonder if they are really serious and what that could mean for our society in the future. Rampant illegal assisted suicides?
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Re: Elder-Care Costs Deplete Savings of a Generation
Old 01-16-2007, 03:03 PM   #12
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Re: Elder-Care Costs Deplete Savings of a Generation

I have, for many years now, thought that I would choose that route over becoming one of those mindless bone-bags that need a person to stuff one end and wipe the other end.

While I admired his spirit, I always felt a great deal of pity for Christopher Reeves. Is there really any quality to a life like that? Don't know if I could answer that one. Hmmm, perhaps this evening will be spent on retrospection.
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