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.
UnwashedPeasant,
You provided the best outcome for this woman. I love the fact that you said if she used her Walmart stock for rent, she would have 10 years worth. If she only has 2 years left, then she DEFINITELY won’t run out of rent money. The rest of the money can be for the car and medicare supplement and then she will still have money left over for small little entertainment or other things that come up. I think from everything I read, your post is the best and makes the most sense!
Thanks, Daffy.
Considering she retired with no pension and just $53k plus a car she couldn’t afford, I would say that money is the last thing she needs.
Her best bet is to pay off the car and settle in. She makes enough in Social Security to afford her rent and still have enough to live on every month. The real question is “Why does she think she can’t live on $1,200 a month”?
By the way, is she a Democrat?
don’t see the problem. She is filthy rich compared to some of the people I help
Her expenses are so low that she has a ton of disposable income compared to most people. I wish I had that much spare income each month! :-) Really!
That extra cash can mean living well: Organic food, servants if she moves somewhere like Thailand, bioidentical hormones (do-it-yourself for cheap, because the doctors that specialize in this are super expensive).
She can afford to live well beyond 10 years and should not count on living only 2 more years.
Since she is a Christian and does not have to work, she can spend time cultivating her relationship with God and fellow Christians. Really a fortunate position to be in.
She does have have many options beyond her plan.
Good she lives in a senior center so they can help place her when she runs out of money. You need to be on hand to help her when this phase comes. You can do the research up front to know what housing options she will have if she does not die in two years. She may need to get on a waiting list now.
Since noone knows when they will die, the only unrealistic part of her plan is assuming she’ll only live two years. She’ll be around for as long as God needs her to be around. She is fortunate to have you to call and it’s a fantastic service project you are giving to her.
Thank you SaraJohnson
Thanks again èveryone. She feels much better about her plans. Any other input is greatly appreciated. You people are great!!
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