My husband is 74 has Alzheimer's and his only income is $1200 ss a month. He has no assets. We do not own a home or a car. I have a $3000 a month pension and get $62 a month ss. We have large bills. We are in the second year of a five year lease for a condo--this June our rent will go to $1400 a month for 2 years and then $1450 a month for the last year. I have 2 more years on a $520 month car lease. We went into all of these leases when we were both working and making good money. My husband no longer can work and I have cut down from 30hrs a week to 12hrs a week, I depend on my husband's ss to pay some of our household bills. If he has to go into a facility will I be able to keep a portion of his ss to pay bills?

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Leeda, doing the math, looks like you and hubby get over $63,000 per year in income [pension and social security not counting the income from your current job] which is pretty good household income. I am just curious, you get $36k pension per year, why is your social security so small or was that a misprint?

As for your income vs rent, it is right in line. In fact, without that car lease, you could afford a higher rent but I wouldn't recommend it, better to live below your means. What else is eating up all your income?

What I would do is get rid of that new car lease. Buy a nice 2yr old vehicle which would probably cut your monthly car payment in half, and then you would own the vehicle once the financing ends.

Those car leases are a money pit unless you are self-employed and can write it off as a business expense. I bought a 2 year old Jeep 18 years ago and it still rides and looks like a much newer vehicle, and knock on wood, the yearly repair costs are less than $500 so look how much money I have been saving :)

As for if you can keep your hubby's social security to help pay for the bills, sounds like you are thinking about hubby going on Medicaid to help pay for a memory center.... you would need to contact your State Medicaid office as each State has their own rules, regulations, and programs.

It is good that you are planning ahead, and I hope everything works out for you.
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I'm so sorry to hear about your problems! I remember when $3000 a month was good money. I also remember rent that was $120 a month!

I recommend going to your local Area Agency on Aging. Google that plus the name of your county or city. If there is a local senior center, they can steer you to someone who can help you figure out what you need to do. Don't be ashamed of having financial troubles. Illness is the cause of so much trouble.

You need good advice from professionals. God bless you.
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