Parents
Well, as some of you may know, I had to move my parents back here from Florida and they've been living with me for the last couple of months. To say that its been adventure would be an obvious attempt to make it sound better than it is, but at least they are finally coming up on moving into their new place next week. The whole thing has really had me thinking lately though... I've really got to get on the stick and take care of some things so that my kids don't have to take care of me when I get old. Its been a lot of work. Who am I kidding, my folks have always been a lot of work for me. I've been taking care of their finances and helping them take care of day to day decisions since I was a teenager. I guess it isn't that big of a step to help them take showers now as well. Anyway, I got my few years of leave, I guess its time to get back to work. Fortunately, my family is finally at a place where I should be able to balance both now.
Anyway, I've come to realize that it will take sizable financial contribution to have enough for the wife and I in our twilight years. The facility I'm getting my folks into (its an assisted living facility) is $2275.00 per month for a 1 bedroom, and an addition $550.00 for the second person. On the bright side, it includes rent, 3 meals a day per person, utilities, cable, etc. Basically, you just have to provide your phone and a few miscellaneous extras. They have regular vans that you can schedule to take you to doctor's appointments, shopping, etc. They do activities in the facility all the time, as well as "field trips". Really, it isn't too bad, all things considered. Finances aside though, I need to try and get into better shape. Otherwise, I'll end up to crippled to be in one of those places.
On the bright side, I've probably got another 10 years of being able to do what I'm doing now, and then probably another 10 to 20 after that doing more of a supervisory capacity. Considering that all my current debt, including my house and child support obligation, should be completely paid off by then, its safe to say that my ability to save big is just around the corner. And hey, if I or my wife die unexpectedly in the meantime, we have life insurance which will pay off everything we owe and leave the living spouse with about $100,000.00 cash to go forward on. Actually, I think that's a little less for me, but that is the amount for the wife with the idea being that since I am the bread winner at the moment, she may need some time to re-establish herself in that capacity. Anyway, still need to do living wills, fill out DNRs for medical care, and that kind of stuff. What a pain in the butt.
Oh well, all things considered, I think we're doing all right for ourselves.
Anyway, I've come to realize that it will take sizable financial contribution to have enough for the wife and I in our twilight years. The facility I'm getting my folks into (its an assisted living facility) is $2275.00 per month for a 1 bedroom, and an addition $550.00 for the second person. On the bright side, it includes rent, 3 meals a day per person, utilities, cable, etc. Basically, you just have to provide your phone and a few miscellaneous extras. They have regular vans that you can schedule to take you to doctor's appointments, shopping, etc. They do activities in the facility all the time, as well as "field trips". Really, it isn't too bad, all things considered. Finances aside though, I need to try and get into better shape. Otherwise, I'll end up to crippled to be in one of those places.
On the bright side, I've probably got another 10 years of being able to do what I'm doing now, and then probably another 10 to 20 after that doing more of a supervisory capacity. Considering that all my current debt, including my house and child support obligation, should be completely paid off by then, its safe to say that my ability to save big is just around the corner. And hey, if I or my wife die unexpectedly in the meantime, we have life insurance which will pay off everything we owe and leave the living spouse with about $100,000.00 cash to go forward on. Actually, I think that's a little less for me, but that is the amount for the wife with the idea being that since I am the bread winner at the moment, she may need some time to re-establish herself in that capacity. Anyway, still need to do living wills, fill out DNRs for medical care, and that kind of stuff. What a pain in the butt.
Oh well, all things considered, I think we're doing all right for ourselves.