RESOURCES FOR SENIORS
Seniors have their own special issues – ranging from the cost of long term care to senior housing and benefits programs. Here are some places to turn for help.
Long Term Care Cost Estimator
https://www.genworth.com/long-term-care-insurance/il/make-a-plan/cost-of-care.html
The largest unplanned cost for most seniors is the need for long term care, either at home or in assisted living or nursing home. It can wipe out all your retirement plans. Genworth annual posts the cost of care in these alternatives by state. Use this calculator to see your potential costs.
Reverse Mortgage Calculator
https://www.reversemortgage.org/About/Reverse-Mortgage-Calculator
A reverse mortgage, done correctly, can provide you a lifetime income as long as you stay in your home. Decide whether you (or your parents) can afford the property taxes, condo fees, and insurance – and will likely live there for at least 10 years. Then use this calculator to figure out how much they could take out – tax-free—on a monthly basis. They can never “run out” of home equity. Search my columns for an article explaining. It worked well for my Dad, who lived in his condo till age 96!
