Hello,
Due to having a child with autism who may likely live with us for the rest of our lives, and due to us wanting to live close to our other child as we age (not an easy choice or decision), we may always have housing costs. Unfortunately, my preliminary research indicates that the best services for the disabled tends to be in areas which are also HCOL or VHCOL, where we may never be able to afford a decent home.
Do you have any advice for people with a modest nest egg, who may have housing costs in retirement as well? We expect health insurance and the state to pick up most of our son's medical and therapeutic needs & costs, and we are in the process of setting up a special needs trust for him, but the idea of having to pay rent in retirement really worries / concerns me, especially as that means leaving less money for our son after we're gone?
How can we minimize housing costs in our situation? Is that even possible?
Due to having a child with autism who may likely live with us for the rest of our lives, and due to us wanting to live close to our other child as we age (not an easy choice or decision), we may always have housing costs. Unfortunately, my preliminary research indicates that the best services for the disabled tends to be in areas which are also HCOL or VHCOL, where we may never be able to afford a decent home.
Do you have any advice for people with a modest nest egg, who may have housing costs in retirement as well? We expect health insurance and the state to pick up most of our son's medical and therapeutic needs & costs, and we are in the process of setting up a special needs trust for him, but the idea of having to pay rent in retirement really worries / concerns me, especially as that means leaving less money for our son after we're gone?
How can we minimize housing costs in our situation? Is that even possible?