Different take on spending
What would you feel comfortable spending annually if you were in the following situation and retiring in 6 months? We have no children so have no need leave any legacy. We also have no LTC coverage so plan on paying those expenses from assets if necessary.
DH 62
DW 57
Every opinion welcome!
I have a different take.
I'd spend what you currently spend +/- fun things you really want to do, on yourself. With the extra, and by the looks of it there will be extra, I'd invest and spend significant time and effort finding a niece, nephew or second cousin that you can get along with while alive, that you can count on to take care of you when the S*it hits the fan.
After you develop that relationship, and the end is close (health scares), clue them in to their place in your estate plans. Advise them on what you would want done, and provide them authority to implement your wishes. You should provide a springing power of attorney, and maybe even decide on a "care" fee they will receive.
My father had a great social network, until he didn't.
In the end the last few years, you will need someone to manage the care takers on your behalf.
From personal experience the only one who will make the sacrifice will be family. I've heard second hand from people who experienced elder care institutions with scabies, selling dentures on e-bay, and feeding patients whole apples to the patients. Not to mention the phony two person assist requiring a $500 per day adder to the nursing hoe fee. That will blow some doe for you. So unless someone is watching out for you who has the authority to move you, and some reasonable incentive to do so, you are left to the kindness of the corporate elder care industry.