Finance - Taking care of your kids

[Legacy 1363]

Notwithstanding killerleaf's comments, it's also worth thinking about how you can ensure your children will be both willing and prepared to look after you when/if you are old and penniless.

 

[killerleaf]

Also look at the benefits of the different ones offered; sometimes just a couple of dollars in the premiums, and it helps pay for at-home nurses, or day care, which is better for everybody all the way around. My parents never owned a house, and Dad was confined to a wheelchair in the last few years of his life. Medicare/Medicaid would not pay anything to help him with mom, so he did everything himself around the house, taking care of her. It is tough to see your parents struggling, and realizing that you aren't in any better shape. I don't want my kids to have to go thru some of the grief and guilt I have gone thru.

 

[Legacy 1363]

Money is not necessarily the most important factor.
Willingness to make efforts/sacrifices based on affection and love is not something that can be taken for granted, nor guaranteed by having an insurance policy in place.

 

[just_jon]

Money is not necessarily the most important factor.
Willingness to make efforts/sacrifices based on affection and love is not something that can be taken for granted, nor guaranteed by having an insurance policy in place.

Absolutely true, sir. With enough effort by loved ones, assuming the family/friends in question have the time to do it, you can get by with a minumum amount of extra cash - as for years was the case with extended families, the taking care of their elders.

However, some of us are physically unable to provide those services - not able to assist with activities of everyday living, and in that case an enormous amount of money may be required.

And as a friend once pointed out, carefull and prolonged investing can leave enough of a nest egg to handle a lot of elder care issues.

 

[killerleaf]

Ok, I have started and restarted this 4 times..and I guess it is because, yes, I do have a lot of guilt because I don't have mom staying with me. It hurts when other people seem to indicate that it is a matter of love and dedication. Sometimes, it is a flat out matter of money. I would love to be able to either hire someone to stay with mom during the day so I could still work, or just stay at home with her. She has to have 24 hour supervision. Unfortunately, I have bills that have to be paid, and my hubby's two jobs don't cover all of them, so I have to work to be able to pay them. We don't have luxuries; we don't go on trips, we are basically one (well, maybe two) missed paycheck from living in the car ourselves.

so..I guess my point is, just be very careful how you word things about future planning. I once thought the same things, but, after being laid off twice from well paying jobs, it has shown me just how things can change in an instant...and all the great intentions don't mean a thing if you can't implement them because you are broke.

 

[Smitty]

All I can say is that I wish you the best.

Smitty