What are the best free retirement calculators out there? I have an autistic child who will need lifelong care
I'm 52 and have saved enough to "probably" retire comfortably next year. This doesn't even include my real estate which is currently in the toilet - and has high carrying costs - which I can absorb for another 18-36 months, if need be, till the real estate market improves and get a better price. Problem is, I have a mentally handicapped child that will need lifelong financial assistance after I'm gone, so I have to plan for the money lasting at least 50+ years. Anyone have any suggestions or experience with this. No, I cannot work another 5 or more years - I can barely get around in excruciating pain as a result of severe injuries a few years back and no, I'm not on disability. I worked my butt off before having kids and saved like hell, hoping for a globetrotting retiree lifestyle and hike across the world. Unfortunately, God had other plans for me as I approached what I thought was financial independence as I can barely get around the block anymore. Any words of wisdom? Thanks
Public Comments
- I recommend going to a financial advisor (at your bank or through the yellow pages). Discuss your situation and see what deals they can offer you. They may suggest putting some of your money in CD's for 18 to 24 months at an interest rate of about 5 to 7%! You can also look into community groups and finding people in the same situation as you and what they did to "ease the burden". God Bless and Good Luck.
- As a parent that has a developmental disabled child I will share what is going on in our house. I am retired and so is my wife. At present your child receives SSI (if not he/she should be) when either parent starts to draw Social Security then your child will be able to draw a SS check this is half again as much money as the SSI. Do you have other children? We do. Texas has a wonderful program to take care of children like ours and yet they live or can live in the home. open an account for the child that has autism at the bank and when you die leave that child $1000 and have it put into his bank account leave all of your other assets to your other children. That sounds very cold, it is not meant o be but what will happen is they will take every dime and use it for his/her support until such times as it is used up and then they will give him/her back social security but not until all moneys over like $2000 in the savings. We don't have a huge amount of money but we do have after insurance about 1/2 million in cash and assets. I will leave the money to my other children with the understanding that they are to assist with his total care if he needs he gets whether that is under pants or a TV he will get. our son is 37 years old and we are in our sixty's
