Real Answers for Life’s Money Challenges
My spouse suffered from a stroke three years ago.
He is unable to work and is receiving Social Security and is very noncompliant about his health.
I am currently and have been the breadwinner for this family.
I fear he could end up in a nursing home.
I have thought about divorce, but I know he would take half of my retirement.
I am 62, and I hope to be able to retire at 65.
How can I protect my retirement from the possible nursing home and medical expenses?
Paying for a nursing home can quickly erase a lifetimes worth of savings.
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Thats not much if youre expecting a long retirement.
But you do have options for preserving the money youve worked hard for over the years.
Its essential that you consult with an elder care attorney.
Medicaid planning is extraordinarily complex, and the laws vary significantly by state.
Youre correct in that if you divorced, your husband would probably be entitled to part of your retirement.
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One option you should discuss with an attorney is a Medicaid-compliant annuity.
A Medicaid-compliant annuity takes part of your assets and converts it into a fixed income stream.
The payments are based on your life expectancy, calculated according to Social Securitys life expectancy table.
You use that $120,000 to buy an annuity.
The insurance company makes its money by investing your principal.
There are many rules an annuity has to follow to be considered Medicaid compliant.
If youd opt to go this route, its important to look specifically for a Medicaid compliant annuity.
Annuities advertised as Medicaid-friendly often dont meet all the rules.
You could have other options depending on your state.
These are just a few strategies that may be possible in the event that your husband needs long-term care.
You may not need to take any action right away.
But just knowing what options you have will set your mind at ease.
Robin Hartill is a certified financial planner and a senior writer at The Penny Hoarder.
Send your tricky money questions to[email protected].
Probably not as good as youd like.
It always seems like an uphill battle to build (and keep) a decent amount in savings.
But what if your car breaks down, or you have a sudden medical bill?
Ask one of these companies to help…
