Alabama) without the fear of going broke. I'm having a difficult time convincing him he has enough finances to last his life time. Who could I take him to see that could explain this to him because I don't think he trust my judgement.
My banker has software that can calculate how much money you need to put aside for retirement based on your future monthly expenditures, having him go through this with someone official may make it more believable for him.
Similar to cwillie, I have a financial planner who also uses software to estimate needed future capital and to guide my investment strategies.
You can usually find these types of advisors at banks that have an investment division and at brokerage firms. But beware - they will certainly try to get you to invest. Which isn't an all together bad idea if there are any doubts as to whether the person your asking about has enough funds to last his lifetime.
Do you have the documents saying how much it would cost to live in the assisted living place near you? Divide that amount into her 300,000 and see how many years that would be.
Rosie55, my Dad was like that, he was afraid he would use up all of his funds. A CPA or Elder Law Attorney could help your friend see if there is enough money. Elders tend to look at us as still being "kids" and what do we know :P
If the person is 90 now, it is hard for us to know how long a person could live. My parents lived into their mid-to-late 90's. My Dad had 3-shifts a day caregivers at home, it was costing him $20k a month, so Independent Living worked great thus cutting the cost big time, then later into Assisted Living/Memory Care.
One has to see how much it cost for Assisted Living [it varies from area to area], and what is included in the monthly rent. Some places will include all meals, linen service, personal laundry, medic alert pendent, med tech for pills, housekeeping, and wake-up service helping with showers, dressing, etc. and night-service getting the person ready for bed.
Other places that are less expensive might have a menu of add-on items, then one can pick and choose what is needed.
Let's say you find a really great Assisted Living that included everything for $8k per month... the $300k would last 3 years. Or at $5k per month... the $300k would last 5 years.
If the person can live out his time in Assisted Living that would be great. But he might need a higher level of care down the road. The Assisted Living might be able to supply the care, or maybe not. Then a move to a nursing home would be $10k-$15k per month [varies from area to area]. One option, Medicaid would help pay for his care in a nursing home if his funds had run out.
You can usually find these types of advisors at banks that have an investment division and at brokerage firms. But beware - they will certainly try to get you to invest. Which isn't an all together bad idea if there are any doubts as to whether the person your asking about has enough funds to last his lifetime.
If the person is 90 now, it is hard for us to know how long a person could live. My parents lived into their mid-to-late 90's. My Dad had 3-shifts a day caregivers at home, it was costing him $20k a month, so Independent Living worked great thus cutting the cost big time, then later into Assisted Living/Memory Care.
One has to see how much it cost for Assisted Living [it varies from area to area], and what is included in the monthly rent. Some places will include all meals, linen service, personal laundry, medic alert pendent, med tech for pills, housekeeping, and wake-up service helping with showers, dressing, etc. and night-service getting the person ready for bed.
Other places that are less expensive might have a menu of add-on items, then one can pick and choose what is needed.
Let's say you find a really great Assisted Living that included everything for $8k per month... the $300k would last 3 years. Or at $5k per month... the $300k would last 5 years.
If the person can live out his time in Assisted Living that would be great. But he might need a higher level of care down the road. The Assisted Living might be able to supply the care, or maybe not. Then a move to a nursing home would be $10k-$15k per month [varies from area to area]. One option, Medicaid would help pay for his care in a nursing home if his funds had run out.
Oh, if only we had a crystal ball !!!