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.
Is she planning on selling off those stocks? What does she mean by “living it up”.
At her age, what is she capable of as far as “living it up”? I take she is ambulatory. How about a vacation? Where would she like to go? has she anybody to go with her?
I like her plan and I help people plan their portfolios, If she has a year or two left...live.
Ill send a little money...where, and how...
Not clear what the problem is that you are trying to solve.
Sounds like she has her own plan.
If her health is failing and it appear she might need a nursing home soon, she will need to spend down.
I guess I missed the problem you are trying to resolve.
Where is here church family in all this? You mentioned she is Christian. We have plenty of seniors in ours, and none of them are going to do without the bare necessities. They are family. That is God’s economy and insurance plan.
What exactly is the question? If she has only got two years to live, help her enjoy it.
Even if she qualifies for HUD housing, it will still be 30% of adjusted gross income, not much less than this apartment.
The only thing I might change would be to move some of the paper assets into PMs (for added insurance), say about 20%. May not work for her, but works for me.
I'd bet she is the kind who lives life to the fullest as well.
She should pay off the car, it’s a bill she can afford to eliminate. Everything else sounds OK. She has ample assets to enjoy what time she has left. Let her do it.
I would butt out unless she asked specifically for advice. Sounds like she is doing what she wants and I see nothing wrong with that.
I would butt out unless she asked specifically for advice. Sounds like she is doing what she wants and I see nothing wrong with that.
One of the lawyers said “What a sad way to end up.” One of the accountants responded “Sounds to me he had a heck of a budget and great timing.”
If she really “lives it up” to the fullest, the last check she writes will be to the IRS and it will bounce.
Why isn’t she using her savings as part of her income?
That’s what I’m doing.
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She plans on selling stocks along as she needs for expenses.
Her idea of ‘living it up’ is to live at this very nice place with fellow seniors and take advantage of all the amenities..like club/game room, exercise room etc.
She is ambulatory, still drives shops for groceries.
She would not want or be up to a vacation somewhere.
She is content within the senior compound.
Thanks. That’s sweet.
Not asking for contributions.
I just wanted to know what you all thought of all this.
Is it a good idea. What do you think?
She says she’s worked hard, tried to lead a good productive life and she wants to enjoy what little assets she has managed to accumate through her hard work, instead of keeping it hoarded up to pay into hospitals, nursing homes, etc.
She goes to church. Not sure how much they would be willing/able to help.
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