About Money, Old Age, not Necessarily Retirement

Now I would like to speak of a time when we get older and don't have a choice about retirement....because our health no longer lets us fuction in the work world or the world of being self emploeyed.

My whole point is that you should plan on working a really long time or make some really good investments so that when the time comes to stop working that you can be comfortable financially.

I give the example of an elderly woman I know who had savings, and owned a home and fine jewelry. She also had her social security. Her Total worth without her monthly social security was about $300,000.

She got sick and couldnt live in her house anymore and had to sell it and go live in what is called assisted living. Not a nursinng home....but a place where the housekeeping was done for her. A nice one room place, and three meals a day. She still had insurance to pay for any doctors and medicine she would need.

How long do you think her $300,000 lasted? At the end of two and one half years all her money was used up for having to have paid the rent at the assisted living and for the various incidentals incurred. Now she is totally paid for by government funding because she is wiped out financially.

The point is that this woman had planned for this moment. She had saved her money for her old age and the possibility of having to go into some type of nursing home. She was lucky she was healthy enough to go into assisted living and not so sick that she needed a nursing home or else her $300,000 wouldn't have even lasted as long as two and one half years.

So this is just some friendly advise to plan ahead. Even if retirement isnt in your future for quite some time...just because you may be young doesn't mean you shouldnt start thinking about the future when you are older.

Always Wishing You Happiness, Long-Life and Wealth.
Frederick
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