> At the basic level, even the idea of growing money to hedge for the deteriorating health at old age doesn't even make sense. In a aging population, the supply (young, working) and demand (old, requiring care) might be so flipped, whatever gain you had will evaporate in price increase. Unless immigration or other unpopular policies.
I've been through this with an elderly relative. She had a very good pension that paid for ~$10k/mo memory care for ~7 years before she passed in her 90s. About $850k total over the run at that one facility, very likely over $1M for the whole retirement.
Even with that quality of medical care, we were over there helping her for every little thing. The facility was great, the people were too. But the legal landscape was such that every fall or trip was an ER visit or we had to come over. I get it, but it's exhausting as a non-primary caregiver.
When people say that they'll skip kids and just make a ton of money and that will take care of them when they are enfeebled, I don't think they understand reality. No one, no matter how much you pay them, is going to take care of you when you're blind and have lost your marbles and it's 3am and you can't get up.
Unless they love you. Only love will go through that long sad ordeal and only love is going to give you that 'kind' death. Even then, it's a total mess.
Money is not going to save you or let you exit stage right on your terms. Do not delude yourself into thinking that.
OTOH, my partner has a kid with disabling autism. He will never live alone and cannot survive without some caregiver support for basic needs like shopping for food or handling money. So instead of having children to care for you as you age, you spend the rest of your life caring for a child who will never be independent, and you beat yourself up for not finding the magic something that would have enabled the child to live an independent life.
I've been through this with an elderly relative. She had a very good pension that paid for ~$10k/mo memory care for ~7 years before she passed in her 90s. About $850k total over the run at that one facility, very likely over $1M for the whole retirement.
Even with that quality of medical care, we were over there helping her for every little thing. The facility was great, the people were too. But the legal landscape was such that every fall or trip was an ER visit or we had to come over. I get it, but it's exhausting as a non-primary caregiver.
When people say that they'll skip kids and just make a ton of money and that will take care of them when they are enfeebled, I don't think they understand reality. No one, no matter how much you pay them, is going to take care of you when you're blind and have lost your marbles and it's 3am and you can't get up.
Unless they love you. Only love will go through that long sad ordeal and only love is going to give you that 'kind' death. Even then, it's a total mess.
Money is not going to save you or let you exit stage right on your terms. Do not delude yourself into thinking that.