Posted on 02/01/2013 7:23:13 PM PST by patriot08
A school friend and I have sort of a little project going to try to help the elderly.
We know this lady in her late seventies who needs help with life choices, finances.
She has no family. She is not in good health with several health problems and expects to be around maybe a year or two more at most.
She earns about $14,000 per year in Social Security. She has about $53,000 in stocks- mostly Walmart. She has about $4,000 in a retirement and checking account. She only owes a couple of thousand on her car. That's the extent of her debts. Car payments are around $200.00 a month. Medicare supplement is around $200.00 a month
She has recently taken a rent controlled apt for seniors that will cost $451.00 per month plus bills. It's very nice with all kinds of amenities for seniors.
I asked her how she would make it on her limited income. She said she had too much in the way of assets to be given HUD housing, food stamps and all the other things really poor seniors get, so she planned to 'live it up' for the time being, and spend it down (her assets) until she qualified for all the stuff destitute seniors are awarded.
I don't know quite what to tell her, so I'm going to the smartest people I know- Freepers.
Please don't judge her too harshly. She has led a good Christian, productive life (retired nurse) and is really a nice lady.
She plans to spend down what assets she has until she only has the $14,000 in annual social security- then go HUD, food stamps and all.
Thanks, smoothsailing.
I meant to ask about paying off the car. She wondered if she should.
I’ll tell her.
She asked us what we thought about her plans.
I only want to help her.
Sounds like she has a plan. She might live longer than her money, but it sounds like she plans on enjoying herself while she can.
She might want to get her name on a the waiting list as soon as she can for low income housing when or if she needs it. She may not even be able to get on the list until she spends down.
LOL Very good.
It’s really very nice what you’re doing. I hope it works out well. :)
“She might want to get her name on a the waiting list as soon as she can for low income housing when or if she needs it. She may not even be able to get on the list until she spends down.”
Very good idea. I’ll pass along the information.
Hud housing for the elderly has long waiting lists here,
I understand.
Thanks.
Does her residence facility offer non-ambulatory care and full care if she should need it? Are there additional fees for that level of care? If that day should come will she need to move to a full care facility?
She may want to talk to a counselor who specializes in elder care needs. The county may offer social services for seniors with free or inexpensive counseling.
Seriously, you can pace out the money so she does not blow it all at once. The exhilaration and fun of playing slots is very beneficial health wise. Gets them active mentally and in the limits of their physical abilities.
If she is not up to it mentally, then it is a waste of time and find another idea. But we have an elderly lady in our neighborhood and I swear she is 10 years younger when she is thinking of going to play the slots and when she comes back.
It gives her something to think about, talk about and look forward to.
Of course, it might make her financial situation “worse” if she starts hitting jackpots.
Does she have any children to help her???
Pay off the car so she can live her remaining days in debt freedom.
She may live 2 years or 5 or 10. Only God knows—but she will be able to live more comfortably with no debt.
yup, they require you to drain your savig first before you get any help. if she’s by herself her way is the way to do it. if she was married and had someone else who needed the money, best thing would be to set up a trust so that the other person could have money sheltered from having to be spent before she could qualify for care.
One of the first things I’d do is go with her to her doctor for a complete summary of her medical condition. I’ve known seniors who were only expected to live “a year or two,” and they were still around a decade later. If there’s even a small chance (say, one in four) that she will be around five or ten years from now, that changes her financial calculations completely. On the other hand, if her life expectancy is no more than two years (at the outside), I’d say she has a viable plan.
Thanks. Good advice about seeing her banker.
The stock mkt has been pretty good lately. Walmart stock is enjoying a boom- but you’re right. Something could cause a downturn.
How about she convert her money into gold then if stocks are too iffy?
Her rent controlled senior compound does not have facilities for the non-ambulatory or full care.
There is a place down the street that does these things.
She would probably need to go there or some place similiar if she got down.
I doubt if this lady could endure a long trip to a casino.
No casinos in Texas. Illegal.
Some go to Louisana I think, but that’s a long long trip that she could not endure.
I am not seeing where the problem is either
If she only expects to be around a year or two longer, then even at $1000 bucks a month taken from her savings she has enough for 4 years
$14,000 a year plus $12,000 from her savings is a decent living
Move to Thailand- she can live in a beach house for that kind of money (with servants)
Do you really think she’s ok financially?
Hope you’re right.
As I understand it, she was married and had a daughter but both husband and daughter have passed.
Very sad. She really is a nice person.
Thanks. She was wondering if she should pay off the car.
It’s a 2001 Cadillac Seville. LOL
Original owner was a paraplegic who drove it very little.
This lady drives it to church and maybe to grocery shop once a week. It’s almost like new.
I’ll tell her my friends on FR advised her to pay it off.
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