I’m 81 and wife is 79. So far I’m able to drive and we are able to go grocery shopping, doctor and health care procedures as well as go to a local casino once in a while (twice a month and win 20 dollars or lose it, ha) for entertainment. Wife doesn’t drive. We live in a 2000 square foot house, one level, and it’s 13 years old. Overall with minor adjustments we could modify the house for home health. We have no mortgage or other debt. So far we have wonderful neighbors who would help us in emergencies. However, We have helped seniors in TN and know it gets to the point that major financial plus health decisions and actions must be made by distant family members. Neighbors can only do so much.
As a former professor I have a bad habit of trying to do planning and making plans before an event or emergency occurs. My wife thinks I do too much planning and we should nothing until a health emergency or the demised of one spouse happens. Here is my dilemma. Nevada is far cheaper than San Diego for renting, buying residential property, assisted living, or checking into a nursing home if ever needed. Plus, the taxes would be terrible…we’re already at 32percent plus pay IRMMA and NIIT. Our RMD doesn’t offer much flexibility in managing taxes. Economically and cost wise it would be a significant disadvantage to move.
On the other hand our daughter is an NP with over 25 years experience in healthcare in San Diego. She has done Hospice, Home Health, geriatric work, wound care, and the like. Her latest position was developing a clinic for seniors and the homeless. She also has called on a number of nursing homes and assisted living facilities. She has even helped physicians’ older parents In placing them in senior facilities. In a nutshell, our daughter would be a gold mine in taking care of us or placing us if our health deteriorated or a surviving spouse needed help. She be very upset if we didn’t ask for help.
I know many bogelheads dealt with this issue. Do we Move while we’re able to, wait until it’s necessary due to health problems, or just wait and let things evolve. Downsizing would be a major hassle given our ages. The status quo would be the simplest. But I still worry and think a plan or action is needed before it’s too late. (We do have all of the necessary estate documents in place).
I know every situation is different but maybe some of you have experiences, insight, suggestions and ideas that I have not thought of. One option is renting our NV house and moving to San Diego but we have no interest in being landlords. In short, please advise
As a former professor I have a bad habit of trying to do planning and making plans before an event or emergency occurs. My wife thinks I do too much planning and we should nothing until a health emergency or the demised of one spouse happens. Here is my dilemma. Nevada is far cheaper than San Diego for renting, buying residential property, assisted living, or checking into a nursing home if ever needed. Plus, the taxes would be terrible…we’re already at 32percent plus pay IRMMA and NIIT. Our RMD doesn’t offer much flexibility in managing taxes. Economically and cost wise it would be a significant disadvantage to move.
On the other hand our daughter is an NP with over 25 years experience in healthcare in San Diego. She has done Hospice, Home Health, geriatric work, wound care, and the like. Her latest position was developing a clinic for seniors and the homeless. She also has called on a number of nursing homes and assisted living facilities. She has even helped physicians’ older parents In placing them in senior facilities. In a nutshell, our daughter would be a gold mine in taking care of us or placing us if our health deteriorated or a surviving spouse needed help. She be very upset if we didn’t ask for help.
I know many bogelheads dealt with this issue. Do we Move while we’re able to, wait until it’s necessary due to health problems, or just wait and let things evolve. Downsizing would be a major hassle given our ages. The status quo would be the simplest. But I still worry and think a plan or action is needed before it’s too late. (We do have all of the necessary estate documents in place).
I know every situation is different but maybe some of you have experiences, insight, suggestions and ideas that I have not thought of. One option is renting our NV house and moving to San Diego but we have no interest in being landlords. In short, please advise
Statistics: Posted by thenow — Wed May 15, 2024 1:43 pm — Replies 0 — Views 35