Retirement-Making sure Wife will be OK.

[Al]

if anything happens to me.

As many of you know I moved to Masonic Village in Elizabethtown, Pa 6 weeks ago. I am enjoying it. Everything is covered except 125$/month cable/wifi. What makes me feel really good is no mater what happens to me she will be taken care of. If we run out of money they would downgrade to a small apartment with a kitchenette. But that would be fine. I know m y friend did the "lawyer-up" thing (he lives in a regular house and non-retirement living). So in the worst case if one of them were to go into extended care he can keep is home and "X amount of money" You can't do that here. Its part of the agreement.

You turn over your financial records so they know what you have. If you give money away when you are there and can't pay they may not take care of you. So its a type of insurance. The other thing is when you go in they vet you so they feel you will die there with money. You can't get in if you have say $200K. I don't know what the amount actually is.

But I am comforted to know that she will be OK. And after 57 years that is important !! I certainly am one of the lucky ones. But we lived well below our means for 50+ years. We know folks who lived life to the fullest with vacations and cruises. Who is to say who is right. One good thing in my favor is I was never slightly interested in a cruise.

 

[GON]

if anything happens to me.

As many of you know I moved to Masonic Village in Elizabethtown, Pa 6 weeks ago. I am enjoying it. Everything is covered except 125$/month cable/wifi. What makes me feel really good is no mateer what happens to m e she will be taken care of. If we run out of money they would downgrade to a small apartment with a kitchenette. But that would be fine. I know m y friend did the "lawyer-up" thing (he lives in a regular house and non-retirement living). So in the worst case if one of them were to go into extended care he can keep is home and "X amount of money" You can't do that here. Its part of the agreement.

You turn over your financial records so they know what you have. If you give money away when you are there and can't pay they may not take care of you. So its a type of insurance. The other thing is when you go in they vet you so they feel you will die there with money. You can't get in if you have say $200K. I don't know what the amount actually is.

But I a m comforted to know that she will be OK. And after 57 years that is important !! I certainly am one of the lucky ones. But we lived well below our means for 50+ years. We know folks who lived life to the fullest with vacations and cruises. Who is to say who is right. One good thing in my favor is I was never slightly interested in a cruise.

Thanks for sharing and wonderful to learn of your priorities and the way you are fulling your duties and responsibilities as a husband.

Only question I have- what protections do you have in case the Masonic Village has a financial collapse?

https://www.mcknightsseniorliving.c...althcare-bankruptcies-again-in-first-quarter/
https://prospect.org/familycare/the-collapse-of-long-term-care-insurance/

 

[ecotourist]

One thing I've been doing is making sure my wife knows how to do simple household tasks - change a light bulb, mow the lawn, etc. It can be hard to find someone to do these minor tasks and you don't want to impose on family constantly.

 

[Number_35]

One thing I've been doing is making sure my wife knows how to do simple household tasks - change a light bulb, mow the lawn, etc. It can be hard to find someone to do these minor tasks and you don't want to impose on family constantly.

I keep meaning to make a "If (I) were out of the picture" (life-insurance sales-lady jargon from over 30 years ago) list for my wife.

Thanks for the reminder!

 

[AZjeff]

Al, if you wanted to buy a $75k vehicle do you have to get permission? In your previous post it sounded like you turned over control of your finances.

@GON, while anything is possible the Masonic Village being tied to Freemasonry makes it a bit different than straight up corporation health care.

I'm blessed with a wife who would get along fine without me as far as taking care of household and car things and she understands finances far better than I.

As said it's great to hear you've secured your wife's future no matter what it brings.

 

[oldcodger]

When I took retirement I took the option which pays a little less but when I die my wife will continue to receive the full amount for the rest of her life.

 

[JeffKeryk]

I salute your planning attitude. Take care of business.
Speaking of that, I have a few changes to make...

 

[CKN]

I toured a place like the Masonic Village in Utah. The buy in was $500,000.00 and when you die or leave you are (or your heirs) get $400,000 of that back-supposedly. Then there is a monthly fee that I can't remember the amount. A garage was extra-of course. You never have title to where you live.
It had cruise ship type amenities (restaurants, clubs, very warm pool etc.)-it was very, very nice-all sorts of activities.

The only thing I have to say is that if you don't have a Lawyer and a Financial Consultant look at the paper work and run some numbers you are beyond naive.

 

[ecotourist]

When I took retirement I took the option which pays a little less but when I die my wife will continue to receive the full amount for the rest of her life.

I did that too. Two of my 3 pensions have no reduction in the event of my death. That cost us a bit in terms of monthly pay-out but there is security in it. The third one does have a reduction (don't remember how much).

One of my pensions is 100% adjusted for inflation. The other 2 are adjusted for 67% of inflation.

Pretty good pensions all in all.

 

[Leo99]

One thing I've been doing is making sure my wife knows how to do simple household tasks - change a light bulb, mow the lawn, etc. It can be hard to find someone to do these minor tasks and you don't want to impose on family constantly.

My wife is already planning to sell the house and move to a condo/townhouse where the "HOA" takes care of the outside stuff.

 

[Al]

Only question I have- what protections do you have in case the Masonic Village has a financial collapse?

Never say never. But is so well funded, it is a Charity, The buy in is high (say $500K), when you die the apartment/house goes back to them. The cost (one meal per day) is $3550. That includes everything including cable. Its not a for-profit company. As a practical matter it won/can't happen.

 

[Al]

Al, if you wanted to buy a $75k vehicle do you have to get permission? In your previous post it sounded like you turned over control of your finances.

@GON, while anything is possible the Masonic Village being tied to Freemasonry makes it a bit different than straight up corporation health care.

No they need to just insure that you don't give away money and 9if you run out of $$$ they will look at your tax records and you would give them permission to look at your finances. They do this to INSURE you continue to pay your way to end of life.