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"Cost of aging rising faster than expected: IMF" What do you think...?Are you afraid of getting old and not having the money you need?

"Cost of aging rising faster than expected: IMF" What do you think...?Are you afraid of getting old and not having the money you need?

by XENON23 Posted 2012/04/12 15:10:30

Related Topics: Money, Aging, Getting Old, Afraid, Need, Old

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Read More: http://www.reuters.com/article/2012/04/11/us-imf-a...

James 2012/04/12 15:24:28

+3
Maybe buying long-term care insurance (which the premiums are tax deductible) at 45 should be bought sooner.....
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relic 2012/04/12 18:20:17 (edited)

+1
I really don't have sympathy for people that didn't prepare for their old-age.

I started at the age of 18. I have a good retirement income, and I'm set for life. (Note, I wasn't a Public Employee either.)

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kcandi 2012/04/12 18:02:01

+1
Terrified....

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Joe61 2012/04/12 15:44:39

+1
What, is it now a crime to grow old? I am not afraid of growing old, but with all the rhetoric about rising costs of age etc. Is there a plan to start culling folks when they reach the age of retirement.

Let's face facts here! Nobody, ever informed unborn babies about the left wing culling of their numbers under the guise of legalised abortions. Now did they?

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XENON23 to Joe61 2012/04/12 16:13:09

+1
"What, is it now a crime to grow old? I am not afraid of growing old, but with all the rhetoric about rising costs of age etc. Is there a plan to start culling folks when they reach the age of retirement."

Yes, I am one that thinks the youth of today and of the next few decades will be fast to help shuffle older people of this mortal coil. But they will miss us who grew up at a time when we knew freedom and how to live without all the help of modern tech. They will be in deep doo doo if all the power and tech goes off.

But then it will be too late.

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Red_Horse 2012/04/12 15:33:42
Gloria 2012/04/12 15:33:29

+2
I am terrified of living longer than my money does!

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James 2012/04/12 15:24:28

+3
Maybe buying long-term care insurance (which the premiums are tax deductible) at 45 should be bought sooner.....

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Linnster to James 2012/04/12 15:59:38

+1
I have a long-term care policy which I've had for some time now. Yes, the premiums are expensive, but not having a husband or kids to potentially care for me in my dotage, I thought it was a good idea. My policy has no end date - it's for life, but I understand that insurance companies are no longer offering that option or, if they do, it's exorbitant. Used to be that the average length of time in a nursing home was 2-3 years, but with the longer life expectancy and more people being diagnosed with dementia, I suspect the length of time is now extended, too.

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James to Linnster 2012/04/12 16:01:19

+2
I would have a LTC policy even if I had a spouse and kids to take care of me. They are expensive and I think that's why they are tax deductible but they are so worth it.

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Linnster to James 2012/04/12 16:07:03

+1
There are so many different ones out there you have to be really careful before you choose. Yes, it's a good idea even with a spouse and kids because nursing homes here in NY run around $12,000 a month. Medicaid will pay for it if you qualify, but you have to spend down almost all your money before you're approved. My mom's application was submitted August 1 last year and we're still waiting for approval.

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James to Linnster 2012/04/12 16:08:09

+2
Ouch....

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Linnster to James 2012/04/12 16:15:29

+2
Yup - ouch is right.

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James to Linnster 2012/04/12 21:04:53

+1
That sucks though. The cost and privilege of living in New York....

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Linnster to James 2012/04/12 23:09:50

Some states are more senior-friendly. New York is not one of them.

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James to Linnster 2012/04/13 01:37:27

+1
Well, many New Yorkers go to Florida to retire. For Illinois, it's Arizona.

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Linnster to James 2012/04/13 02:13:57

+1
Pennsylvania has a lot of advantages for seniors, especially ones who need apartment rents that are tied to their income and transportation to where they need to go. We wanted my parents to move down near where my youngest sister lives and they refused. Obviously, we couldn't force them and when things got worse, we didn't have many options.

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James to Linnster 2012/04/14 03:04:23

+1
I hear Pittsburgh is really nice.

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Linnster to James 2012/04/14 03:14:00

+2
I don't know about Pittsburgh. My sister lives between Philly and Lancaster and at one point, she looked for a place for our parents to live before they were both so incapacitated. It was an apartment complex specifically for seniors and the rent was based upon your income. They had bus service to and from the supermarkets and a big mall twice a day, they had bus service twice a day to the medical center nearby and they had a community room on the premises with all kinds of activities. Couldn't sell them on it.

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James to Linnster 2012/04/14 03:19:18

+1
Pssh...I would love it if I were an old fart! And yes I would admit when I am one....

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Linnster to James 2012/04/14 03:24:46

LOL ... I still have a little way to go. :) My youngest nieces (18 and 21) think I still have a little "cool" factor left. My parents, like many people of their generation (and me, to some extent) hated change. The whole idea of packing up and moving to another state in their late 70s was abhorrent. Their lives would have been so much easier and they would have remained more independent. Had they moved, we could have arranged for home care at a much lower cost and maybe a nursing home wouldn't have been the only answer.

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James to Linnster 2012/04/14 03:27:11

+1
I know the feeling. My mother in law is 65 years old and the whole "assisted care" talk is already in the air.

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Linnster to James 2012/04/14 03:32:52

+1
It's a discussion that has to be done, as much as you hate it and they will fight you every step of the way. It's hard for them to admit they need the help, hard to realize that for so many years they took care of you and then continued to care for themselves and now they need you to take care of them. The roles do truly reverse themselves and you become the parent. It's harder though because when you were a kid, they could tell you what to do and you had to listen. It doesn't work that way with them. :)

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James to Linnster 2012/04/14 03:38:17

+1
Not at all. Especially when Dementia is involved.

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Linnster to James 2012/04/14 03:47:20

+1
Dementia is about as frustrating a condition as you can deal with. My father is no longer able to speak because he also has Parkinson's, but my mom can hold a limited conversation except that she has no sense of reality and she will argue with you at the drop of a hat. I tart off every visit with every intention of not getting into a hassle with her but fail almost every time. Then I leave feeling guilty and rotten and three minutes after I'm gone, she has no recollection I was even there.

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James to Linnster 2012/04/14 03:50:51

+1
lol...I get asked what's for dinner 3 times in the same hour. The highlight of her life is going through the sales ads in the newspaper and telling me what they are. Then she spouts off about something that happened 15 years ago and then......she secludes herself to her puzzle claiming nobody ever speaks to her.

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Linnster to James 2012/04/14 03:58:26

+1
I know. Dementia usually robs you of short-tem memory. In my mom's case, she has virtually no recollection of her life after my dad came home from WWII in 1945. She doesn't remember any of the places they lived, doesn't recognize my youngest sister, claims my dad is cheating on her with one of the other residents (he's in a wheelchair, mind you), tells me he's taking some of the women in the home to the diner for breakfast. It's endless and, of course, everyone is stealing her things. She hides things, can't find them, when she finds them, she moves them somewhere else so they can't be stolen. Most of her day is spent straightening up things she hoards in her dresser and hiding things. It's really very sad.

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James to Linnster 2012/04/14 04:03:07

+1
Is it genetic?

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Linnster to James 2012/04/14 04:05:21

+1
It isn't supposed to be, but if it is, I'm in big trouble. :)

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James to Linnster 2012/04/14 04:11:20

+1
Tell me about it....

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Linnster to James 2012/04/14 04:15:07

This is one of the reasons I haven't retired yet. I'm afraid that once I'm home all the time, I won't have the mental stimulation of a job and people at work to talk to and my mental acuity will suffer.

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James to Linnster 2012/04/14 04:17:46

+1
You don't have to retire if you don't want to. I wouldn't want to retire until I'm well into my 70's.

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Linnster to James 2012/04/14 04:27:55

Well, I'll see how things go and play it by ear. If my boss decides to retire, I'm out of there with him. I don't want to work for anyone else.

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James to Linnster 2012/04/15 01:05:54

+1
I wouldn't be able to say the same. Well....yes I could. If my boss retired, I wouldn't want to work for anyone else either.....myself being self-employed anyway :-p

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Linnster to James 2012/04/15 03:04:08

+1
That would be difficult for you to retire unless your boss did. :) I think my boss is planning to retire when he's 70 - that would be 18 months before I turn 70. We'll see how it goes, but I'm pretty sure I wouldn't want to hang around if he isn't there.

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James to Linnster 2012/04/16 01:34:30

+1
You could always have me as a boss.

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Linnster to James 2012/04/16 01:36:12

+1
I'm not sure I'd like to be bossed around by someone as young as you. :)

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James to Linnster 2012/04/16 01:44:17

+1
What, you think I would have some Mrs. Robinson complex or something?

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Linnster to James 2012/04/16 01:48:57

+1
No, that would be if I bossed YOU around. :) What kind of business do you have?

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James to Linnster 2012/04/16 01:51:26

+1
I own my own CPA firm.

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Linnster to James 2012/04/16 01:52:45

+1
Nice. I need a calculator to add two and two.

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