youbet
Give me a museum and I'll fill it. (Picasso) Give me a forum ...
How does the lookback thing work on 401k and IRA assets as well as future SS income?
If you and your spouse are 60 and have a million in one 401K plus a few hundred thousand in Roths, plan to take SS at 70, can they make you start SS early to pay for LTC or make you tap the 401K or IRA of either spouse?
Our plan is to exhaust almost all of our money in taxable accounts by the time we are 60, leaving all remaining assets in Roth and 401K. The Roth IRAs by then will be large enough to replace our yearly spending needs until we draw SS.
So there would be no big nest egg outside of those funds. This also provides some level of bankruptcy protection and legal protection.
My understanding is that in Illinois, qualified dollars (IRA, 401k, 403b, etc,) are not generally except from being considered for Medicaid financial qualification.
Understandably, states are trying to crack down on relatively wealthy folks pleading for the dole to pay for their late life needs. Investigate the policies of the state where you plan to be at NH time and understand the details there.