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I'm in an expensive city facing a similar scenario with my mother and my father-in-law. My wife and I are planning on adding space in the form of an ADU, which
by dkarl 5y ago
I'm in an expensive city facing a similar scenario with my mother and my father-in-law. My wife and I are planning on adding space in the form of an ADU, which we will be able to rent out before and after our parents use it. The catch is that so far we only have a plan for how to house one of them at a time. My father-in-law is ten years younger, in good health, and already living in the same city, so we're hoping we don't need space for both of them at the same time, but if we do, we'll need another idea.
It's interesting how much the conversation around this has changed. Twenty years ago you could believe you could find a nursing home that you could afford and that your parents could have a good enjoyable life in. Now I kind of figure that when they need more care than we can provide, the best institutional care we can afford, even at our income level, may well be a neglectful hellhole, so we're concentrating on keeping them with us right to the end if possible.
- JshWright 5y ago> Now I kind of figure that when they need more care than we can provide, the best institutional care we can afford, even at our income level, may well be a neglectful hellhole, so we're concentrating on keeping them with us right to the end if possible. Working as a paramedic definitely influenced my desire to do this. Even the best nursing homes are... not great.
- lotsofpulp 5y ago> Twenty years ago you could believe you could find a nursing home that you could afford and that your parents could have a good enjoyable life in. I thought the opposite, due to increasing average age and the population pyramid inverting from people having fewer kids. If I recall, there were quite a few articles even back when I was in late high school of college in early 2000s about the solvency of social security and the problem of baby boomers all retiring and living to older ages without a bigger population of younger generations behind them to keep up the labor supply. And my perception of nursing homes was terrible when I was a kid, so I cannot imagine what it will be like in the future. It is also why I have been so conservative in my estimates for how much I would need to accumulate during my working life to live my target retirement quality of life.