I will want to spend my last days in an old age home or in geriatric care depending on when the end comes. If it comes even before I go to an old age home, I might be happier, but one needs to plan, right?
I have done some research and seen a few practical examples of people going to an old age home, and these are my views:
- Most of us are in small families – I have one daughter
- We have to accept that some of the children will not and many of the children CANNOT look after you in your old age
- If you live to 97 years of age do you really expect your widowed, arthiritic, childless daughter in law to look after you ?
- I will shift to an old age home at my age of 70-73, when I guess the desire to manage the admin of a household will vanish
- I have a few kids in mind who will be the second / third holder in my bank account, and I will delegate some of the banking – they will get a fee to do this. These are lovely kids in their 30s…so they will be in their 50s by then
- Many people have no idea of what it is costing them to live alone on their own, so they find ‘old age home’ expensive.
- I find most Senior Citizen homes fairly priced – rather a price that I am willing to pay and can afford
- Geriatric care will get more and more expensive, and people in their 50s now will have to provide a lot of money for that period
- As real estate and labor become expensive old age care cost will go up at a faster rate
- I will shift to a portfolio of annuities, bank fixed deposits, and Index funds at age 72-75 with the help of the kids I have in mind
- Most people have no clue when to shift to a home and the kids wonder how to tell them
- At a particular age you have to shift – decide on when, where, etc. and do not leave it to the society members or own children
- Simplify your portfolio and leave instructions in writing
- Making a ‘Living Will’ and giving a Medical Power of Attorney
- Aruna Shanbag was taken care of by NURSES of KEM for 42 years FREE. YOU have to provide for paying the bills
- Trying to find friends / cousins / friends with similar hobbies and go to a common place is a smart choice
Many more things to add…
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