My mom is makes too much money? She has no other assets than her retirement. She needs assisted living but can’t afford it? Am I just waiting until she is so unwell that she has to be placed in a nursing home? I just don’t understand how everyone on here is talking about assisted living like it’s no big deal?
Most people in AL are using up savings , sell a home , cash in investments.
My sister was never good with money and she had two lousy abusive husbands . All she has is social security. Her son took her in 10 years ago , and they are in the same spot , waiting for her to “ get worse “.
I’m sorry . I could see where it is often suggested that an elderly person should go into assisted living ( based on their care needs ) , but we often don’t know the finance situation . In some states Medicaid will pay for assisted living . I don’t know which states those are .
Without pretty much a life time of good luck and savings, no one can afford the creme de la creme of care today.
My brother spent his life as a waiter. So not a lot of money in that at all, but his hobby was buying homes in lucky times in San Francisco, downtrodden old glories and bringing them back to their glorious youth, then selling and getting another that needed love. All his life, as we were taught, he saved, even to clipping coupons.
This ended him up, at 85, with, as I loved to taunt all the ALFs that wanted him, about 1M on the hoof. Farmers will know the expression.
His monthly income was miniscule. Only made at the highest about SS from Social Security. My Dad was always right; he should have reported ALL HIS TIPS, hee hee.
He lived in lucky times. He lived carefully, almost monk like. He loved to garden and swim and those were not expensive hobbies. He loved collecting, dishes from the thirties/forties, certain potteries. He always love to have a little antique space in a collective and did well. So he lived a good life, and had the same cast iron pan and pot when he died that he bought at the Fair Store, his first job in the 50s.
So he was smart, but more, lucky times. Without a lifetime of saving for age, I don't know how anyone can afford to meet the needs of aging. Social Security and a paid off home aren't likely to do it. It's a good and a troubling question you ask, and you aren't the first asking it for certain.