This is my second topic about fixed income.
We are in our early to almost mid seventies.
My wife is beginning to show some early dementia symptoms that are really worrying for all of the normal reasons.
We have almost 2 million all in fixed income spread out through IRA’s, Roths, and taxable.
We have good LTC plans with 5% riders that will be close to 400,000 each in a couple of years.
We have a very good SS income.
My hope is that we can generate about 80,000 from our fixed income and combine that with our SS to provide about 160,000 between the two sources.
We can then take about 50,000 from our LTC policy to extend it out as long as possible.
If we do this it should be enough to pay for good assisted living for my wife if need be and for me to stay in our home which is paid off.
We have already discussed staying at home if one of us needs 24 hour care or akin to it.
We have decided not to do that because of the multiple problems associated with having caregivers coming to the home.
I am looking for advice on the best financial path to address this situation if it occurs, while hopefully not drawing down our assets or selling our home.
Hopefully this will not happen but trying to be best prepared.
I would appreciate any help or ideas.
We are in our early to almost mid seventies.
My wife is beginning to show some early dementia symptoms that are really worrying for all of the normal reasons.
We have almost 2 million all in fixed income spread out through IRA’s, Roths, and taxable.
We have good LTC plans with 5% riders that will be close to 400,000 each in a couple of years.
We have a very good SS income.
My hope is that we can generate about 80,000 from our fixed income and combine that with our SS to provide about 160,000 between the two sources.
We can then take about 50,000 from our LTC policy to extend it out as long as possible.
If we do this it should be enough to pay for good assisted living for my wife if need be and for me to stay in our home which is paid off.
We have already discussed staying at home if one of us needs 24 hour care or akin to it.
We have decided not to do that because of the multiple problems associated with having caregivers coming to the home.
I am looking for advice on the best financial path to address this situation if it occurs, while hopefully not drawing down our assets or selling our home.
Hopefully this will not happen but trying to be best prepared.
I would appreciate any help or ideas.
Statistics: Posted by Goodenuff — Fri May 24, 2024 2:54 pm — Replies 0 — Views 58