COMMENTS

20 responses to “Financial Planning for “Orphan Retirees””

1. I’m sorry but I’ve heard horror stories about long term care insurance. When it first came out, when they wanted to interest future customers, it was great. Now it’s full of exceptions. This is a serious topic that requires lots of in depth research and I think you could do better and in more depth. There are a lot of pitfalls out there. For example; assisted living facilities do not have to keep you once you run out of money. What nursing home will take you when you are broke?

   Reply to Louise Rocha-McCarthy

   1. Longtime geriatric social worker here – move to as Assisted Living facility that’s part of a CCRC (Continuing Care Retirement Community) – meaning it has different levels of care – Independent Living, Assisted Living, & Nursing Home. You go the the nursing home when you need more care. They also have a Benevolent Fund for when your funds are depleted in Assisted Living.

      Reply to Kathy

   2. The idea is a tiered community that will accept Medicaid is a good one. But I recently read that some were sold to equity firms and they created new contracts and raised rates significantly. So any agreement should include some protection in case that happens.
      I am very glad to see this article. Very glad AARP is finally considering the special needs of single childless seniors. I hope more attention will be given to help this group navigate.

      Reply to Janee

      1. This is true &should be illegal. I know from personal experience w/my uncle who needed temp rehab several times. There was a facility he went to that was fantastic (owned by the Archdiocese); it was a facility that was half rehab, half nursing home. So when he needed rehab again, we sent him there. But in the interim it had been sold to some investment group-without a name change &the difference was like night &day. Horrible care, bad food, understaffed, no real rehab sessions. It was criminal.

2. Thank you for this information. I know that I too will be in this position. I’m an only child, my husband has stage 4 cancer and I know that I will be living alone. I would like to keep up with some of the people who responded here.

   Reply to Francine McAllister

3. I have wondered about long term care as a solo ager. The area where I live has many “step down” facilities but when considering my family history, I may never need one. My Grandmother needed no assistance and she lived to be 95. My Mom and Aunt are near 90 and still very active, driving, doing yard work and more and mentally fit. I bought my current house to be able to age in place. With help as needed. Like everything else in life, nothing is in black and white.

   Reply to Kim

4. This is one of the best and most thought provoking articles ever.

   Thank you

   Reply to Sandra

5. Volunteers of America has Affordable Housing for seniors.

   Reply to Kathleen

6. Sadly Seniors=not “important” nor visible. Why aren’t there living options being available, built, affordable, adapted for disabilities & safe mobility?? Hopefully we can get to age safe and gracefully! No one wants to be punished financially, tortured in substandard housing and community at a time when slowing down, experiencing pain, alone, numerous Dr appts.medical decisions. I was employed at a assisted living residential complex. They are not regulated. Theft, poor nutrition, Concerning!

   Reply to Linda Benson Rawson

7. I purchased long term care in my 50’s I am 73 now the problem for me is that I suffer from a number of debilitating and painful illnesses that are not going to kills me just make me miserable every single day.I could use some help right now but my primary care doctor is leaving, no doctors really care and I must tell you that I am scared.

   Reply to nancy schwartz

   1. what you said makes so much sense
      I too am fearful with very little support and family, but I believe my Higher Power will help me

      Reply to rivka

   2. Nancy, it would be helpful to talk to your long term policy company and see if you can get help now. You shouldn’t have to suffer. Check with your medical insurance company to find a new doctor. Reach out to Your local hospital’s social worker for some advice.

      Reply to Francine McAllister

      1. Assisted Living facilities are regulated by STATES – so ALOT depends on what state you’re in

8. I appreciate this topic being covered, but I bristle at the “orphan” terminology, which to me reads as oddly stigmatizing. Why not just use the phrase unpartnered or solo and leave it at that?

   Reply to GG

   1. ‘Solo Ager’ has long replaced the term ‘elder orphan, as the latter term is negative and misleading. I highly recommend the book,”Essential Retirement Planning for Solo Agers,” by Sara Zeff Geber. Check out her website for videos, podcasts, etc. She is a leader in the solo aging professionals community & is a solo herself.

      Reply to Wendl

   2. It is a realistic term, though.

      Reply to DG

9. Wish you included comments from others reading. I’m sure many had ideas beyond long term insurance especially us in our later 70s and barely making ends meet and totally alone. It is scary! Especially as our world turns upside down unless your deck is stacked.

   Reply to Cj

   1. Well said.
      I have been told that equity firms like to buy retirement centers or nursing homes because it is a cash cow for them. Compassion really isn’t in their vocabulary

      Reply to Brenda

   2. Does anyone have information regarding annuities with long term care option ?

      Reply to Tami

      1. All annuities are complicated. One helpful place to start is “Stan the Annuity Man’s” website. [I have no financial interest]. His descriptions, IMO, are more straightforward and less sales-oriented than those published by companies. Obviously, JMO. Here’s one article from a few years’ ago: https://www.stantheannuityman.com/learn/three-ways-a-long-term-care-annuity-works