Richard Hayman

Comments:

• I cannot speak to any issues because my experience with in-home care over the past 30 years has been excellent. We use a local family owned company with the son now in charge. They are now the largest caregiving organization in the area. I suggest investigating agencies way before you need them. The better ones do their own training and have W-2 employees who have been with them for decades. Get lots of references and throughly check them out.

  Post: Final Arrangements, a Learning Curve (from Dana/DrLefty)

  Link to comment from August 19, 2024

• Absolutely, there should be a means test. Those who have the means should receive no more than what they paid in. OK if there is an adjustment for the time value of money.

  Post: Nothing to Trust by Jonathan Clements

  Link to comment from August 16, 2024

• I know you didn't ask me, but the CCRC we are moving to has an 80% business model. No interest and 80% is returned if you never received any monthly assistance and none of the money was used to restore your unit to its original condition. However, they have a unique method of handling when you get your refund. When you release your unit, your name goes on a list. When your turn comes up you get your money. Your refund is not tied to your specific unit getting reoccupied. First come, first serve.

  Post: A CCRC is not an Assisted Living facility

  Link to comment from August 12, 2024

• We're in the 7%.

  Post: Long Term Care? Who has it?

  Link to comment from August 12, 2024

• Be careful. Falling is dangerous.

  Post: Long Term Care? Who has it?

  Link to comment from August 12, 2024

• Kevin, your financial analysis is correct. Except in our area, it's more like $13K/month for a nursing home. LTCI is an expensive "bargain".

  Post: Long Term Care? Who has it?

  Link to comment from August 12, 2024

• You're right, Kevin, my wife surely deserves all the credit. Yes, Genworth is the carrier. Even though they continue to experience financial difficulties, they have never disappointed us. The staff on the phones have always been professional and helpful. My experience might be exceptional. And again, you are right, those unlimited policies have been retired. I plan to keep up with the premium increases - throwing good money after "good".

  Post: Long Term Care? Who has it?

  Link to comment from August 12, 2024

• Having sold my business when I was 54, and attending my “retirement” party at 56, my definition of retirement is based on time. I considered myself retired because I was in total control of my time to do anything or not, work, travel, golf, read, sleep, mentor, coach, play, hobbies, etc. BTW, I have an engineering degree, but I never worked as one. To be good, it helps to be smart.

  Post: Am I Retired?

  Link to comment from August 12, 2024

• My dad said, "It's a smart man that knows his limitations." Mine is that when I retired at 56 having sold my family's company when I was 54, I lost all interest in dealing with money. I decided to hire my wife's friend's son who worked for the best-known money manager in our town to handle all my money. I told him I would not interfere and just take care of us. I worried about outliving our money for about 20 years. I reached a point where that is no longer possible. My plan to leave money to my heirs was to buy life insurance so I would never have to choose between them and ourselves. We took one big trip a year for about 20 years. We have reached the point when we are no longer traveling overseas. We are beginning to spend less. Our stock holdings are down to about 40% of the portfolio as we have less time to recover from downturns. Could I have made more, had better cars, a bigger house, and more stuff? Yes, but our health and quality of life were far more important. When I was working, my attitude about money was that I could always earn more. I could be in retirement for more years than I worked. That takes a lot of cash and living below our means. So, we stayed in our house and kept cars twice as long. We were into experiences, not things. When I was in business, I managed risk every minute of every day. I wanted to retire from that, too. I wanted zero stress in retirement. I got close. To me, having money in the stock market is not "investing". It is simply legalized gambling. Investing is when I invest in new companies that use my money to grow. My accountant cried every time I found a new company to invest in. He wants me to stop because, at my age, I am running out of time to see returns if there are any. Everything in moderation worked for us. We are now happily coasting to the end. Know thyself.

  Post: A Big Question For Me Heading Into Retirement

  Link to comment from August 11, 2024

• Jo Bo, you mention a very troubling issue. Discuss with your eldercare attorney or accountant how a care manager from a care management company can work as an advocate for you. When my wife fell and suffered a TBI, her daughter's friend recommended a care manager. She often worked for children who lived far from their parents and needed local help. I needed help with coordinating my wife's care. Another option might be talking with the best home care company near you. My wife's company had an LTCI specialist who helped me with her insurance company. She also arranged direct payments to her company for ongoing care. While I get copies of all invoices and payments, I do not need to be involved at all.

  Post: Long Term Care? Who has it?

  Link to comment from August 11, 2024