So remember plans can change in 1 second as now our goal is to make sure he will have enough to survive after we are gone...
FWIW, Look in to an ABLE plan which allows tax free savings for family members who need extra care.
https://www.irs.gov/government-enti...unts-tax-benefit-for-people-with-disabilities
I don't post much here but do take in all words of wisdom. I still work as a laborer and DW and I have always struggled to put what we can towards our retirement. Anything we have will be what we saved and maybe a small amount of SSi . Our plan was moving along and on schedule until,,, adult son got very ill and is now disabled. He will never work again and as of now lives with us and requires tons of meds and drs.
So remember plans can change in 1 second as now our goal is to make sure he will have enough to survive after we are gone...
We often frame this issue as a logical one with the answer pivoting on planning and forecasting. In all honesty, it's actually an emotional issue for most people who have achieved this level of wealth. "Bag lady syndrome" (at least that is what we call it) or the fear of ending up broke is very common. It's friend, "what will happen to it when i'm gone" is just another version of it (and often a reflection of one's own feelings and issues about money).
One does the math (a lot of times in many cases as a tool to contain the fear). The math, and simple logic, says one has a vanishingly small chance of losing it all. So why does the (outsized) fear persist?? How is this fear shaping my choices? What would I do (or not do) if this fear was proportional to the risk? And, most importantly, what do I want to do differently??
One may not like to use the word "fear", so it is simply a matter of picking another word that works and go with it.
Net net, it's as important to acknowledge and do the emotional work as it is the financial planning IMO.
I don't post much here but do take in all words of wisdom. I still work as a laborer and DW and I have always struggled to put what we can towards our retirement. Anything we have will be what we saved and maybe a small amount of SSi . Our plan was moving along and on schedule until,,, adult son got very ill and is now disabled. He will never work again and as of now lives with us and requires tons of meds and drs.
So remember plans can change in 1 second as now our goal is to make sure he will have enough to survive after we are gone...
I think DW's grandparents got it right.
They owned & ran a dairy farm, their only real asset...when they retired in their 60s they divvied it up (separate deeds) between their children, but continued living there until their late 80s...IIRC, granddad went from home to hospital then directly to the funeral home.
.
Sorry if this is a hijack,
Glad it worked for them. My grandfather had a dairy farm in Wisconsin, spent some summers up from Chicago visiting him or the uncles, none of which took up farming. Met a few happy farmers and could appreciate aspects of the life but just shoot me before ever becoming a DAIRY farmer, there is just no let up. Other farmers worked hard in their seasons and enjoyed their downtime (ice fishing?) but there is no downtime with dairy farming.