House maintenance, appliances, savings, etc

HollyBerry · June 2023

I'm not sure what my question is but maybe we'll all fiure it out by the time I'm done.

Between 2005 and 2010, we did a major kitchen and bath remodel and replaced every single major appliance in the house. And now it's 2023 and I know those appliances are going to start to need replacement again, as well as a couple other big necessary projects. I did a quick calculation of what that might cost and gagged on the number. I am feeling guilty and crass here, but am I out of line in thinking this is a good time to do some work on the house while we still have two "incomes." Once my partner is in MC, her income and savings will go to her expenses and I assume I'll be carrying the cost of everything related to the house.

What do others do about this? to be clear, I want to be careful to maintain our reserves and not spend down the funds she'll need for MC later. And at the same time, the house needs what it needs and I do intend to continue living here. My current thought is to open some high interest CDs for appliance replacement and start pricing the other projects. It will be too easy to stick my head in the sand and put everything off when the AZ gets farther along.

Thoughts?

Ed1937 · June 2023

My wife passed away 1 year ago. I'm finding that just her little income is missed. In my opinion, you should get the work done while you have 2 incomes.

ImMaggieMae · June 2023

Everything seems so expensive these days. I suppose appliances and such will only go up in price. I wait until repairs or appliances are actually broken or ready to break before I replace them. Things aren’t made as well as they used to be and who knows how long they will last? When I think of what groceries cost us these days compared to a year or two ago, the difference over the months won’t take long to add up to the price of some appliances.

toolbeltexpert · June 2023

Just my 2 cents if you have money that could be in a CD do it. I have been growing the proceeds from our farm sale. I varied amounts and timing so they are spread out if I know the account that funds the MCF is gonna need some cash inflow I an drop one out when it matures.5% of 300k is 15k a year income I don't have to produce. The CDs now are mostly short term 7 to 13 months and then a higher term 27 term is a little less 4.6% even doing short term is great for what you are talking about. most checking accounts, not all are bringing from .01 to probably 2 percent ? if you can budget your basic budget stuff and keep as much in the CDs IMHO.

stewart

Joydean · June 2023

Different opinions, but I agree with Ed, get what needs done now while you can. Once the Alzheimer’s gets worse you want have the time or the energy. Just my opinion. Last year we had a major plumbing problem that ended up being very expensive. The workers were here for nearly a week and my dh wanted them gone 10 minutes after they got here. I had to take him for drives every day and leave the workers in my home just to keep him calm. You will know how to make your own decisions when you have to make them. Best of luck to you.

HollyBerry · June 2023

Thanks for your responses. Stewart, I'm socking as much cash as I can into the 5% cds and a high interest savings account that makes almost as much. My original idea was to stagger the maturity dates so I'd have property taxes set aside for the next few years. I think the next savings goal will be to create some smaller ones and name them "dishwasher" and "water heater." Since we're not saving for vacations or travel any more, we can put it into the house. It desperately needs to be painted and some gutter problems solved, along with some tree work - need-to-do projects that will take a zillion phone calls to get estimates and schedule the work.. good reminder, too, that she will hate having people working inside the house so maybe we start with the outdoor projects first.

Thanks for the reassurance that this isn't selfish and this is probably the best chance I'll have to get it done.

harshedbuzz · June 2023

This was something mom's CELA brought up when we discussed Medicaid planning. Her CELA specifically addressed spending down dad's SEP-IRA ahead of hers and proactively making home improvements in the Medicaid spend-down period.

Ed1937 · June 2023

Another thing to consider is that certain problems should be taken care of ASAP, because letting them go could cause other damage. Gutter problems is only one of the things that would fit that scenario.

Marta · June 2023

Have you spoken to a CELA? This is critical.

Your wife has dementia and is working?

HollyBerry · June 2023

https://alzconnected.org/discussion/comment/175714#Comment_175714

We've taken care of the CELA details. She is retired, I am not.

gampiano · June 2023

HollyBerry,

Take care of the house! Once the first appliance breaks, they all die in succession. If you have plumbing issues, address them NOW. Medicaid doesn't penalize people for home improvements or other types of spending. (gifting is an exception). Ive been replacing old appliances, updating plumbing, having trees trimmed so the insurance company will still keep me as a client. Trust me, having home repair issues on top of caregiving is PTSD waiting to happen.

I also just replaced our 17 year old vehicle. Three calls to roadside assistance with DH in the car and no bathrooms in sight were game changers.

Take Care,

Maureen

House maintenance, appliances, savings, etc

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