You're talking about Medicaid, not Medicare, and I believe the look back provision for assets is 2 years. Another way around it is to create a living trust and place all your assets in the trust.
My bad, the look back provision is 5 years except for California where it's 2.5 years.
Yes, that is correct...it was 2 years but they changed it further back. My brother fortunately put my mom's assets into the trust and saved her hundreds of thousands of $$$
If you made it to 62 and played a role in society, suddenly a mysterious set of doors open.
Joe Biden has you covered. He's your pal. The government is going to come through.
These "doors" have been in place for decades. They protect people from dying destitute. The US is a horrible country for helping the elderly compared with Europe.
Quite a few don't retire. I have several friends in their 70s who are plugging along just like they were doing all their lives because they can't afford not to work. Even if they retire from their main job they'll get something else that doesn't pay as much and combine that income with their Social Security. Some will move in with their kids. And at the end of the road there's the county home where Medicare pays the bill.
No, Medicare doesn't pay for long-term custodial care (nursing home). Medicaid will, however. However, you have to have very very low income/assets to qualify.
The median net worth of a couple in their 60s in America is like 260k. That is not enough to live off of. What do the 50% of folks in this bucket do to survive? Is it just living off of social security checks?
I've lived comfortably off a whole lot less than that, in real (not nominal) terms, while raising a family. It can be done fairly easily if you manage your expenses and your expectations.
The median net worth of a couple in their 60s in America is like 260k. That is not enough to live off of. What do the 50% of folks in this bucket do to survive? Is it just living off of social security checks?
I've lived comfortably off a whole lot less than that, in real (not nominal) terms, while raising a family. It can be done fairly easily if you manage your expenses and your expectations.
Can you elaborate more? Are you saying you were retired with a family you were still raising?
How angry were you at DJT in 2018 when the 6 mo. average was $2.71 vs. $2.07 under Obama for the same span 2 years prior?
You probably weren't wondering, and I hope it was at least partially true in context, but in case it comes up: I wouldn't suggest that the way this tilts in favor of Obama is, as stated here, a good piece of evidence demonstrating that he was the better president. Why not? I don't think I'm stretching the truth at all to say: because I have integrity and I'm not a moran.
On paper, social security seems like it would pay for the basics and leave a few bucks left over to eat out or go to a movie every now and then. But a lot of seniors end up paying every spare dollar they have on buying prescription meds. So, they get their staples from the local food bank, clothes at Goodwill, spend a fair amount of time at the library on the computers or reading books. Anything else you do is a matter of finding the freebies for seniors. Museums usually have one day a week that is free for seniors. Colleges usually have free lectures or concerts or will have free tickets for seniors. You can also fill your day volunteering. Church is free.
The median net worth of a couple in their 60s in America is like 260k. That is not enough to live off of. What do the 50% of folks in this bucket do to survive? Is it just living off of social security checks?
If you made it to 62 and played a role in society, suddenly a mysterious set of doors open.
Joe Biden has you covered. He's your pal. The government is going to come through.
These "doors" have been in place for decades. They protect people from dying destitute. The US is a horrible country for helping the elderly compared with Europe.
Europeans have a much much higher tax rate as well, so they get more benefits. In the US we like to have control over our money and not be dependent on the government to provide cradle to grave care. The nanny state can be pretty shoddy, but it IS some form of care.
The problem is, people want to leave their money to their kids or whatever, but it should be there to pay for care when you are old. Shifting money and assets around so you will be eligible for welfare is pretty shady IMO. You let the tax payers pick up the bill for your nursing home, but you are fine leaving a house and money to your kids. What's the difference between that and someone lying about getting food stamps?
Poor people have been poor all their life by the time retirement time shows up they have figured out how to survive being poor. No biggie they really don't know any other way to live.
The median net worth of a couple in their 60s in America is like 260k. That is not enough to live off of. What do the 50% of folks in this bucket do to survive? Is it just living off of social security checks?
A married couple TODAY who has $260,000 and is 65 years old and getting Social Security can absolutely make it and even comfortably on that.
Today, the average SS annual payout for a 65-year-old is $29,808. If you're married and one of you never earned a dime, the spouse gets half again that, so $44,712 total for both.
That doesn't make you rich, but if you paid your house off before age 65, and you don't have any debt as you shouldn't in retirement, then you can live just fine on that in the vast majority of the country.
Now, if you take 4% of the $260,000, that's another $10,400 per year, so we're up to $55,112.
That couple would pay next to nothing in taxes, they have no debt and no dependents living with them. Not a problem.
Yes, there are LOTS of people much less well off than that.
For all the complaining I have done about you over the years, this made me feel much better for my chances to actually retire. Thanks.
A married couple TODAY who has $260,000 and is 65 years old and getting Social Security can absolutely make it and even comfortably on that.
Today, the average SS annual payout for a 65-year-old is $29,808. If you're married and one of you never earned a dime, the spouse gets half again that, so $44,712 total for both.
That doesn't make you rich, but if you paid your house off before age 65, and you don't have any debt as you shouldn't in retirement, then you can live just fine on that in the vast majority of the country.
Now, if you take 4% of the $260,000, that's another $10,400 per year, so we're up to $55,112.
That couple would pay next to nothing in taxes, they have no debt and no dependents living with them. Not a problem.
Yes, there are LOTS of people much less well off than that.
For all the complaining I have done about you over the years, this made me feel much better for my chances to actually retire. Thanks.
People really can retire. The main thing, if you don't expect big income in retirement, is to cut expenses to the bone.
My wife and I spend less than $2,000 a month on normal living expenses now that the kids are out of the house - groceries, property taxes, utility bills, streaming services, internet, some eating out, gas, insurance, HUGE biceps competitions for me, etc. In order to do that, you have to have ZERO debt and own your house outright...and not own a home or live in a place where property taxes will kill you.
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