@Jolynne_Smyth In what part of the country do you reside? I researched co-housing communities more intently about 7 years ago, and eventually gave up. Most were located in areas we did not live (at the time), or were closed, or in initial forming stages, and because we live in two states, would have been difficult.
I still think the concept is sound, if you can find a like-minded community. But
you might also want to consider “pocket housing” (more prevelent in the PNW), and “Villages” or NORC’s (Natural Occuring Retirement Communities). Google: The Village Movement in Beacon Hill Boston, for a great example of a neighborhood coming together to create their own senior living option.
The Villages are another great concept. Their focus is on seniors staying in their homes for as long as possible. Each one is different, based on the needs of their community. The one I was involved in was based on a “volunteers first” structure. Members who had skills would help others out - driving to appointments, grocery shopping, basic fix-it jobs and chores, that kind of thing. Plus a huge social component.
There is a limit, though, Villages can only do so much when dementia progresses or infirmities pass the point where people are no longer safe in their homes.
Be careful - many people call themselves wealth managers or financial managers are trying to sell you annuities or other proprietary products.
You could consult a licensed CFP who does not sell products who can help you get organized. They will usually charge a flat fee.
If you have significant investment and retirement assets, you might want to use a registered investment advisor (RIA). RIAs are regulated and have a fiduciary duty to you unlike a brokerage.
On co-housing/villages - The villages concept & pocket housing, CateCaparent & kofkw sound very similar and very interesting - I will look into those as well! I live on the east coast but might move in future, depending where kids land (if they don’t mind us being somewhat nearby! lol).
I really think some sort of formalized collaboration among people (of mixed age) is a great way to make it through the latter part of life with some engagement and support (and avoiding the dreaded nursing home) - without putting it all on your own kids. Just don’t want to do that.
On wealth managers - thanks for those insights!! Interestingly, the person I consulted with (very recently) is not a certified financial planner. Not sure how relevant that is? Maybe I should look around more although I liked him a lot and he understands the financial side of the biz I am in. Trusting my friends’ judgment but giving all our info to one person is kind of scary…!
PS Two videos on co-housing that made me think - wow!!!
Yes, we do. There are different types of wealth managers. Out first was with morgan stanley and received Money based on what he sold. Not good. The second was very effective but used only mutual funds as investments ( also not good). Finally have one now that looks at the big picture and works with our CPA on tax issues. We pay a %. Worth every penny and then some. We’ve had two at this small firm. They have both managed our money, took suggestions and have advised about things far down the road. Just great. We had another one at this firm who talked baseball all the time and was arrogant. He was fired by us after less than a month. Know your audience.
Those co-housing videos are interesting. I like the idea but wonder about the logistics of ensuring a good mix of ages / personalities.
I enjoyed this video a few years ago about college students living vacant rooms at a nearby assisted living community … great idea - I think back on it a lot: Senior dorm: college students move into assisted living home - YouTube
(While hunting down the link, I saw some stories about retirement communities being built at/near colleges- that seemed cool too)
Happytimes - it sounds like it might take some time to find the right fit. Glad you found someone! Definitely don’t like the hard sell nor the arrogant type either.
Colorado_mom - agreed, the right mix of ages/personalities would be key. I love the idea of bringing elders and college student together! If kids got cheap housing and maybe helped out the seniors once in a while - what a win/win.
I’ve also thought elders and day care could be a great combo too. Interesting that both populations (daycare and eldercare) have the lowest paid front-line staff. Seems like these two groups could really benefit each other. I’d like something like that.
Interesting re: MS. I was originally with an MS wealth management family office. The office moved to a smaller firm and all of their clients followed. Same great service, lower fee (percentage of the funds under management), but it was well worth it even at the MS fee percentage.
To be fair, we were at a different stage of life and had less money. But, I don’t think the advice they offered was customized. Naturally, you can get someone great. IMO, Financial people should not be incented to sell you stuff just like doctors should not be paid to prescribe a particular RX.
Things may have changed @MS. Perhaps, they are no longer paid based in trades/selling.
YMMV. I like transparency and to pay a %.
I also prefer to pay a percentage of assets managed. When we first started with our money manager, we didn’t have a lot for him to manage. He gave us advice on our 401k and HSA investments, and he charged us a very nominal fee quarterly.
On the aging/care … yesterday I found some optimism in the Jan/Feb AARP magazine page 34 has a sidebar article about Minnesota innovations - “…Among the 48,500 people whose long-term care is paid for by Medicaid, more than 70 percent receive a waiver that allows them to receive services at home and in community-based settings like adult care centers…” That seems a good trend, hope it spreads. same article is in a grey box at right side of this link - Experts Offer 10 Ways to Reform and Improve Nursing Homes
@Colorado_mom that is a good trend for states to be able to take this initiative - it will allow some seniors to actually get some care at the level they need with family support/involvement. For many at this point in time, they only may have skilled care and maybe some home health.
What an encouraging article, Colorado_mom! So much of that is much needed, long overdue. I saw those systemic flaws when my parents were in rehabs (that were also nursing homes). Just an awful model on so many levels (staffing, environment, fiscal structure). How is one overworked, $10 an hour aide enough for 15-20 needy, fragile, ill people? At last the pandemic is shining a light on this situation - like so many other areas of society.
I hope we see some widespread change. The care-from-home is often so much better (not always, but often).
It’s hard for me to think about ‘how much money needed to retire’ (original topic of thread! ) without walking through these various ‘elder-care-need’ scenarios!
Enough that you can do what you want and not have your major decisions be based primarily on $. If we can make our decisions as we like, we have enough $ to retire. Ymmv.
I work in skilled care/rehab and we have a lot of repeat rehab families because we do better than many in our area. The rehab side of the building looks more hotel like. We have excellent therapy services (PT,OT,ST) in house by a company that does well as they rent their therapy space (which unfortunately Covid has kept people from using the rehab facility to the max - the rehab room with lots of machines for PT cannot be used until Covid ends) and every new rehab patient has ST, PT and OT evaluation covered by insurance. The skilled care has more clinical look - some residents have their room fixed up really nice (can bring in furniture etc).
However some elderly people need rehab and beg/cry to go home w/o use of therapy days. I had one man say about his 89 YO mom “if she doesn’t want to stay, I can’t see her staying” - he then had his sister who lives closer to the facility pick her up at 11 pm w/o having any therapy at all - in some ways, if one is more motivated to be home they may physically push themselves - but we are an open door if they decide differently and can get the rehab days restored with insurance; – I asked the sister if she was in the hospital and the woman begged to go home before important medical care was given what would they say? She said they would make her stay.
One lady fell out of the car when she went straight home and tried to get out of the car; she came for rehab the next morning. I try to encourage a new resident to at least have the therapy evaluation and a day of therapy to see what their physical needs are. One lady recently got her family to run circles around her (two nieces) - one flew in so the woman could go home after 1 day; she has to stay very vigilant with the exercises she went through with PT (she had low back surgery).
Tax diversification is very important yet often overlooked. I break things down into “buckets” and have made sure we have a balance of taxable, tax deferred, and tax free income sources. Really not any different than risk tolerance diversification. For those reading this who have some time, at least a few yrs, you may want to consider transitioning some qualified money into Roths . Just take what you can comfortably afford to pay taxes on now and stage your retirement with some tax free money.
I agree. I kind of obsess about elder care. I don’t want to ever be a burden to ds. I want to live in a reasonably nice and clean place, and I don’t want to have to eat cat food. That certainly seems attainable at this point, but I still fret about lots of bad scenarios. No doubt, it’s a control thing.
