How to protect home from Medicare?

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Daughter, I agree. My maternal grandparents lived on a farm with no running water and no bathroom. They were very frugal. Never took vacations and grew their own food. Had lots of kids. My paternal grandparents were about the same.
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Oregongirl, Federal law prevents members of Congress from getting full-pay retirement when they leave office.

Under the most recent pension program, adopted in 1984, the size of a pension is based on the highest three years of a member's salary, the number of years of service and a multiplier, which is 1.7 percent for the first 20 years of service and 1.0 percent for subsequent years.

Here’s an example, using a typical 25-year rank-and-file member who retired this year. The pension would be the sum of two calculations. First, multiply $172,443 [the average salary over the last three years] times 20 years times 0.017. Then, multiply $172,443 times 5 years times 0.01 and add that number to the first calculation. The total: about $67,250 per year.

A three-term Congressman (or one-term Senator) who has now reached retirement age would be eligible for an annual pension of $17,588 for six years of work. That's generous, but not close to full pay. [source: Politifact]
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Freqflyer...Yes I agree, I am so thankful that my Partner was stingy with his money. He has enough to take care of himself, but will have to pay his own way in a facility for sure. We BOTH were self employed - owning our own companies. We paid our SS BOTH SIDES, but we only benefit from the Employee side. The employer side which we both were forced to pay is gone and goes into the USA pot. That hurts. I got smart toward the end of my business and became a Corporation for a few years. Should have done it sooner. I paid myself a salary. BUT STILL HAD TO PAY BOTH SIDES OF MY SS.

I am happy there is something there for people who need it. BUT that need it is growing with the costs of healthcare. I know some young people are paying the penalty instead of buying into the Obama Care. They find it cheaper to do it. I don't understand why but that is what they tell me.

As for our Govt employees and leaders. They become millionaires even tho they are on the same SS we are. Don't kid yourself. They go in (or used to) poverty and poor and become very wealthy being leaders in the Senate. They get full pay for their retirement. How many of you can say that? Maybe that is changing, but I doubt it. If you could vote for your benefits and pay what would you vote for?

I will not run from the statement that some abuse our system. PERIOD. There are people who have been on welfare from birth to death. I wanted to hire new employees and with all the unemployment, was very short on applications. I kept at least 5 to 6 people on my private office staff until the end. Then, I closed the office and went on working at home for a few years Oh how nice it was not to pay wages anymore. I never had a shortage of employees wanting work. NOWDAYS, you have to BEG people to make an application. Our Country has become hooked on government.
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When I live to age 95(? in 30+ years) like my mother did last year, my entire assets may be long gone by then. I will probably either live alone in CA or move out of CA to live with a relative until unable to care for myself. I had no children, and I am the youngest member of my family. I just hope I will live in a decent, hopefully not an ant or rat infested worn down facility, assisted living whether it is in CA or elsewhere.
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While I agree with much of what you said, Jeanne, I do take issue with one part. You said that it now takes two incomes to have the same lifestyle as our grandparents had with one. My grandparents' lifestyles were nothing like what most families have today. My maternal grandparents lived in a two-bedroom, 700 square foot house where they raised three daughters. They never had more than one car. No money was spent on activities for the girls, and I don't think they ever even had a bicycle. My grandmother sewed most of their clothes, they each had two dresses for school, and two pairs of shoes each year. Of course there was no money spent on big screen TVs, computers or cell phones. They had a radio (just one) in the 40s and 50s, and got a TV in the late 50s. They had a big garden and fruit trees, bought pork "on the hoof" and butchered it themselves. Grandma cooked and canned. Meals out were extremely rare, even after the girls were grown and out of the house. They were considered "average" or middle class in their area. I don't see any middle class families living like that today.

They worked hard and saved, even with one income and wage levels of the 40s, 50s, and 60's. Grandma died in her 60s, but grandpa lived to almost 92. He had some health issues in his last years, but still left an estate of over $200,000. When he died 20 years ago, nursing home costs were about $3,000 per month, so he would have been able to pay for six years or more when his social security income was factored in. Average nursing home stays are far less than six years.

While I am glad that Medicaid exists for those who are unfortunately afflicted with devastating long-term illnesses, I am disgusted by those who don't try to live below their means and save for an uncertain future. I see young families take on large car payments, and stand in line to spend hundreds of dollars on the latest tech gadget. Even worse are those who try to hide assets and expect the taxpayers to pick up the tab. Medicaid should be a safety net and not an expected benefit.
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I hope my first sentence in my previous post doesn't come across and sarcastic. I am truly sincere.
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Wow, freqflyer, my hat is off to you if you've saved enough for the rainy days of your old age. I'm truly impressed.

I look at my young adult grandchildren just starting out. It is going to take them years to pay off their college loans. (My generation mostly didn't have big debts leaving college.) Then they start saving for their own children's college, hoping they can get through with lesser debt load. They are maintaining a house and supporting their children. They may be trying to save for their own old age, but it takes two incomes to live a lifestyle equivalent to what their grandparents managed on one income. Then they may be expected to help out their parents. And, for better or worse, whereas previous generations had to save for perhaps 10 years beyond their retirement and frequently died after relatively short illnesses, they are looking forward to supporting themselves for a quarter of a century or more beyond their retirement, and a high likelihood of a prolonged period of chronic (and expensive) illness.

Those in my grandchildren's generation who choose not to have children might have a better chance of being self-supporting in their old age. Those whose jobs provide a high-value pension might make it.

But the folks with three kids struggling on two or more jobs near the minimum wage? I don't think they have a snowball's chance in h*ll of preparing financially for their own old age.
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Oregongirl, in order for the Federal and State government to have enough money to take care of everyone in assisted living and/or nursing homes, our tax rate would also double. How many of us would pay 40-50% of our income into taxes?

We have only ourselves to blame because how many voters gone to the polls and voted *no* to a tax increase..... thus money budgeted by the Federal and State has to be rearranged to fund new projects that we need.... thus what gets cut is usually education and health care.

As for Obama Care, put into place were new items that will benefit those who are receiving Medicare.... such as free once a year wellness exam. Go to Google and type in "ACA Medicare" to get a list of the positive changes.

Our elective officials in Washington DC are on the same retirement/health plan as every Federal worker. In fact, many are 65 and use the same Medicare as the rest of us use.

As for paying for assisted living and/or nursing home.... we all recall our parents and grandparents saying "save for a rainy day". My parents have done that, and so have I and my sig other. We just lived below our means, thus putting savings into retirement.
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People aren't saving for retirement; they're saving for Long Term Care.
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Igloo, I wish I could click like on your comment 50 times.
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