Cela Question?

Faith,Hope,Love

I've started trying to figure out what our financial future will look like.  I have a DPOA, LW and healthcare power of attorney for DH.  I realize now, I need to have those for me too. We both have long term care plans which are currently costing me a fortune each month.  I'm 68 and DH is 66.  I signed up for social security in July but they haven't started it yet.  Once I start receiving mine, I'll sign up DH.  According to social security he can receive his and half of mine (without affecting mine).  I'm trying to figure out how to handle our finances.  I'm worried our money will run out.  Can a Cela help with this?  Or is there someone else that can guide me?  I'm also starting to realize that I can't handle the upkeep of our house by myself.  It's too large for too people and sits on 3 acres.

Quilting brings calm

I do not think your statement about social security is correct.   I believe he will either receive his own OR half of yours, whichever is greater.  For some spouses ( born before a certain date (1954 maybe?), they can start out with half of their spouses and  then switch to their own later.  People do that to maximize their own by waiting until age 70 to draw it.  Widows/ widowers can still do that too.

Rescue mom

SS is too individualized for me to say much about that. But have you looked at all into Medicaid, which can help hugely with facilities.

 Cost for keeping a midstage PWD—when one person can’t do it all alone—often range around $80,000 a year and up, up fast. Many say $100,000 is more accurate.

Home help is usually more expensive than facility, unless you have lots of family helping for almost free. 

But nobody can be a caregiver 24/7 for long, without lots of help. I don’t think SS is much help with that, even for 2 people.

I see people here with some acreage, and I’m in awe. Caring for my DH and house is tough, I cannot imagine having land, too. My mom did; that was the thing that put her in a facility. 

Faith,Hope,Love

Rescue Mom his long term care plan should take care of eventual placement in a facility.  But, that won't kick in until he's unable to dress himself without assistance, he's incontinent, etc.  So, right now that's not going to help me.

terei

Your social security info is incorrect.    He may be able to collect half of yours OR his own, not his + half of yours.

If he collects half of yours, his own will increase til he is 70, when he can collect that.  

Do a little more research.  I recommend this book:

 https://www.amazon.com/s?k=get+what%27s+yours+social+security&gclid=EAIaIQobChMIyp3As5Db-QIVwh6tBh0qcAGtEAAYASAAEgI7kPD_BwE&hvadid=241937226713&hvdev=c&hvlocphy=9019749&hvnetw=g&hvqmt=e&hvrand=13754269582527708852&hvtargid=kwd-126966939880&hydadcr=22593_10348166&tag=googhydr-20&ref=pd_sl_a433vaz9n_e

If you order the book MAKE SURE YOU ARE GETTING THE MOST RECENT PRINTING. Laws have changed + it can be very complicated to make the right move.   The employees at the SS office CANNOT give you advice + they do not always give the right info also…I personally had one give me incorrect info.

Dave Falcone

Hello. I am new to this group and I think I need to create post in order for them my account be recognized. Can some just reply please? Thank you.

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JJAz

Yes, a CELA will help you prepare for Medicaid which you will need to pay for long term care.  S/he helps position your income and assets so that you legally qualify for Medicaid, while preserving your dignity and quality of life.

pennyloafer2

I saw your post

pennyloafer2

I saw your post