My age is 52 years old, and I am in generally excellent health. I am not married, and I do not have any children. As a result of the fact that I was a kid who had been granted freedom, I did not have the best possible start in life. After that, I got into information technology and became caught up in the bursting of the dot-com bubble. As a result, I was laid off three times in a span of three years, as one company after another eliminated its information technology departments between the years 2000 and 2003.
Without regard to all of this, I am the owner of a home that is now valued at $275,000 and is completely paid for. The home is located in a fantastic area, near shopping and about halfway between good schools. Additionally, I have not only paid off my student debts but also my car loan. From one month to the next, I pay off all of my bank cards. At the present, my wages amount to around $40,000, while the total value of my 401(k) investment is approximately $190,000.
I am looking for a job that offers a higher salary. I placed almost the maximum amount into a Roth IRA, and I put ten percent of my income into a daily 401(k) with a six percent match and profit-sharing. I have emergency money that should sustain me for the next two years in the event that everything goes wrong.
My investment account has lost close to fifteen thousand dollars over the course of the last seven years, and I have even switched brokers. Due to the fact that I am not a very active investor, I am astounded by the relatively fixed losses. Despite the fact that I sought the assistance of a financial advisor, the losses have not halted. In an effort to stop the bleeding, I started investing my money only in certificates of deposit and Treasury bills, which had an annual percentage rate of 4.5 and 5%, respectively.
I have a disability that is covered by the Americans with Disabilities Act (ADA), but it is not severe enough to qualify me for Social Security Disability Insurance (SSDI). Having said that, I do not believe that I will continue to work for a significant amount of time. I am trying to purchase a smaller house in the woods that is not far from my current residence and then lease out the current one. The current price of the property is around $2,000 per month. Even if I just hang onto $700 per month, I will be able to maintain my current standard of living with that amount. I have spent the last several years living below or just over the poverty line.
The fact that I do not have a family and no one to deal with me in the event that I want it is a source of anxiety for me. If I were to pass away, I would neither want to be forgotten and alone in my own home nor would I want to be uncared for in a nursing home where no one cares about anything other than the money. I do not have the financial means to get long-term care insurance coverage, and I am unsure of what other steps I should take to make preparations for this. I do live in a space with a group of friends (we have been friends for almost thirty years, and there are approximately one hundred of us between New Jersey and Pennsylvania), and we are starting to look out for one another now that we are all in our 50s and 60s. However, I am one of the youngest people in the group, and I am going to probably outlive the majority of them, so I cannot rely on that community. What actions should I take?
An anxious cup of tea in SE PA.
- Consider the following: We have a retirement fund of two million dollars, and we want to spend every single dollar before we pass away.
Pricey Cuppa for Nervous Patients You, Jo
It breaks my heart to see you in such a state of anxiety over this. First and foremost, you should be aware that you are not the only one who is preoccupied with this matter since it is a highly dependable and consistent issue.
In spite of the fact that you claim to have “only” $190,000 in retirement savings, you give the impression that you are extremely well on top of your finances, which is an impressive achievement. Having no outstanding debt and being able to make payments on a home that you own to the fullest extent possible are both excellent responsibilities to accomplish before retirement. For the purpose of this letter, I will not be discussing the financial aspects of living alone; rather, I will concentrate on the things that you may do to alleviate the concerns that you have about living alone.
Educate yourself on the fact that “there are a lot of lonely people on the market.” How is your loneliness affecting you?
In the first place, you should look your long-term ambitions in the eye. In spite of the fact that it is complicated, nerve-wracking, and generally unpleasant, it is essential to have a clear and trustworthy relationship with your elderly age and prospective health needs. This is true regardless of whether you are a single person or have a spouse and ten children. As a result of the fact that your group of companions is most likely preoccupied with their own circumstances, it is possible that they may even let you plan this out. If they do not, you are helping them out by initiating the conversation. In the event that you are committed to living in your space, what kinds of facilities are available to you, and would you be able to afford them?
In the event that this is not the case, what are the facilities that may have reasonable prices (similar to those offered by Medicaid)? When you mentioned worrying circumstances that occurred at places that did not care “about something other than the money,” I was wondering if there are any places that did not make that list that you would want to learn more about. One option is to evaluate all of the facilities by making a list of them and checking them off.
In addition to looking at their websites and reading reviews, you should also make some phone calls. It is possible that you will not require these locations for a very long time (at which point, there may be new locations that appear), and it is also possible that you will not require them at all. However, if you happen to find a location or two that you are interested in, it is possible that you will feel much less concerned about the possibility of moving to a facility that is similar to that in the future. You may also be interested in reading: I am 54 years old and the primary breadwinner, but I am tired professionally. We have a total of $2.18 million, but what about medical compensation?
Despite the fact that this thinking would seem to be completely absurd, people really do it. It is not only Rose, Blanche, Dorothy, and Sophia from “The Golden Women” that follow this practice. A few of the companions have made the decision to share a room with one another, despite their advanced age. Given the size and scope of your community, it is quite probable that a few of your friends and acquaintances will be participating in this endeavor at some point in the future. The first factor that will determine whether or not you are able to know for sure what will happen in the future is your age. In spite of the fact that you are the youngest among your friends, it is possible that some of your older friends will do well to remain by your side during your senior years.
In the event that you are concerned about being alone yourself, another option is to meet more friends who are closer to your age. This may be accomplished through activities like volunteering or attending group events and facilities. In spite of the fact that you may not end up living together under the same roof, having a community that is closer to you in terms of age and distance could help you feel more at ease about being alone in your home and in your later years. You will have the knowledge that someone should not be too far away to return a check on you or to be a companion to you, and the very fact that this is the case is an idea that is comfortable in and of itself.
- Readers, please: Will you be able to provide this reader with any solutions? Please include them in the comments section below.
Theresa Malito, Alessandra
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