This site provides useful resources that helps you with your retirement. Do you want to know how much you need to save in order to retire the way you want? Do you know what types of options exist for you for when you need in house or retirement home care?
Use the free tool below to get you an idea of the types of retirement living options.
Your results
Home Sales Income Estimate Summary
Home Sales Amount
$400,000
Home Sales Costs
Home Mortgage Remaining
$50,000
Amount of Home Sale Subject to Income Tax
Home Sale Income Tax Amount
Funds Available From Home Sale
Monthly Income Estimate Summary (over 20 years)
Current Cash Assets
$100,000
Current Cash Assets Growth*
Continued Annual Contribution**
Net Cash Assets At Retirement
Cash Assets Income Per Month***
Fixed Income Per Month
$3,000
Monthly Income Tax
Fixed Monthly Bills
$3,000
Disposable Monthly Spending
$4,000
Funds Available Per Month
Residual Cash Assets Remain After Retirement*
*This is the amount of interest or other gains you would earn before you enter retirement living if all of your current
cash assets increase by 0.07
in the 1 years before you move to a retirement home and earnings are tax deferred.
**This is the amount you would have available monthly if you contribute
$2,000 each year to savings for the
1 year(s) before retirement living
earning an interest rate of 0.07.
***This assumes you spend ALL of your net cash assets over your 20 year retirement period. This assumes that you would be earning interest at
4.000% per year so the amount
you actually have available is more than your cash assets at retirement. The formula accounts for all these factors to come up with this resulting monthly number.
What are my retirement living care options?
In Home Care
In home care means living at home and hiring a skilled professional to provide
in home care. This option assumes you won't sell your home (although you could always sell your home and move to a
smaller unit.
Based on your monthly funds available of you could have
approximately hours of home nursing care per day for the duration of your retirement.
You would have an extra per month (or total)
from your monthly funds not being spent on in home care that you could apply
to your disposable monthly spending or leave to your beneficiaries. You would also have your home value to leave to your beneficiaries.
CCRC
This option assumes you move into a CCRC with independent living, assisted living,
and skilled nursing - covering all phases of retirement living needs
UPGRADE - Example CCRC Facility - La Costa Clare
Your financial profile estimate shows you may not be within range of this type of property. Please see details below on what you would need to
accumulate to afford this type of facility.
Initial Deposit Requirement:
Met
by Funds Available From Home Sale
Monthly Rent Requirement:
Met
by Monthly Funds Available
Based on your funds available for your home (assuming CCRC takes initial deposit) and
monthly income you can afford:
The Clarion - 2 Bedroom (monthly rent ~$7000-$8000) ~1500SF
Deposit requirement ($1M): met from home sale funds of
Monthly requirement ($7000-$800): met from monthly funds available of
Extra assets from deposit and monthly delta: $250,000 ($5,000/mo. if used for monthly spending)
Guaranteed refund amount from deposit (75%): $750,000
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Assisted Living/Skilled Nursing
This option would be to move straight into assisted living when needed and
skilled nursing as well.