Empty Nest Moms

Our "Senior" Empty Nesters! => Our "Later Years"...What we've learned as we've aged => Topic started by: Indiana on October 30, 2017, 11:43:27 AM

Title: Paying Down Debt
Post by: Indiana on October 30, 2017, 11:43:27 AM
Most of us here have acquired debt through the years. A good share of it from raising children. Now, not having them in the house anymore, do you think about paying down any debts that you may still have?
Title: Re: Paying Down Debt
Post by: Quiet Abode on October 31, 2017, 12:42:25 AM
We aren't in debt, but I worry about funding our needs as we get older.  We're still working now, and I'm grateful for that, but I know the time will come when we need full-time care and I'm not sure how we'll cover that.  We have retirement money, but from my own elderly family I know that's not enough.  I've been looking into insurance to see if that will help.  Neither of us wants to be a burden on our kids.  What do you think?
Title: Re: Paying Down Debt
Post by: Kidless on October 31, 2017, 06:58:59 AM
Having just put my mom in a rest home, I can tell you it "ain't" cheep.  $5,000.00 + every month.  We had better start thinking about this if we haven't already.  I hope that my kids will take as good care of me as we have of mom.  It might be worth consulting an elder care attorney to see the best route to go so you won't lose all your assets when the time comes. 
Title: Re: Paying Down Debt
Post by: Indiana on October 31, 2017, 11:27:54 AM
You are both right, care homes don't come cheap. Not by any stretch of the imagination, and with the health care system the way it is right now, it won't be getting better soon.


It's tough.