Elder housing (for lack of a better term) is another issue where uncertainty about health complicates one’s decision making. Our current house is actually great for an older couple; it’s not that big (1800 sq ft, 3 beds/2 baths), it’s all on one floor. We are in deep suburbia but live close to a nice little city 1 hour from Manhattan and we can uber there for dinner, concerts etc. But we have a big lot (.75 acre) in the woods. We’ve spent 38k in the last year on tree work, deck resurfacing (wood to composite) and siding repairs. Woodpeckers were attacking the house so we had to have exterminators come out to kill whatever the birds are getting at, then we replaced many cedar shingles and restained them. The chimney needs to be repointed. The house is 50 years old. I’m just getting really tired of all of this. I want to live in a unit where I can just call someone and not worry about it.
Mom started to let things go - not because of money, but she just didn’t have the energy or the focus. Her favorite comment was “you can do it when I’m dead”. Well, we just did - foundation work, a new roof, brickwork, full house painting (interior and exterior), new electrical, new carpeting…the list goes on. She had a wonderful neighbor who was always trying to help but she just didn’t want to deal with it. We moved from a house I loved but just wasn’t suited for aging in place. Split level - every trip from the grocery or Costco meant carrying everything upstairs to the kitchen. Plus, everything needs work - a lot of work! Far better for a young family.
I thought I would want to move to a CCRC eventually but now I’m not so sure. If it was like the one in Arizona, sure! Fees are a bit steep for me, however.
I think there is a need for a business for a sort of delegated house maintenance rep. It would need to be trustworthy substitute for kids who are not local (or who are local but busy with other stuff, parents unwilling to burden them). A person who can handle small tasks and is familiar with local businesses who can handle the more complicated stuff. It would not be cheap, but for some couples it would be an appealing “one person to call” option. I actually have a young friend who is a handyman in a CCRC, might someday suggest it as a possible side gig.
Many apartment owners have something like this. A trusted maintenance man that they count on.
That’s a fantastic idea, @Colorado_mom!
There’s a local guy who’s developed a handyman service in the area. He has a crew that can do things like smaller repairs, maintenance, and installations. He also has a slate of specialists he recommends for more complex jobs. We’ve used them to replace a ceiling fixture and garbage disposal, minor plumbing and door alignment, etc. His prices are relatively reasonable. I’m always happy when husband decides not to try this stuff himself!
We also have a major appliance repair guy, electric repair company, palm tree trim company, sprinkler system repair guy, and our pool maintenance guy who can recommend others for bigger pool system issues. All we had back in our old suburb was a plumbing company that I said we should put on retainer due to burst frozen pipes and sewage line blockage. The owner knew us well.
My mother has a jack-of-all-trades handyman through her church who she prefers to use rather than bother us apparently. He does everything from replacing her garbage disposal to ordering, picking up, and planting a new citrus tree for her. He does basic car maintenance, roof repair, cabinet and tile installation, etc. If she needs it done, he does it, no house call fee, just parts and a $75 labor fee. I hope he never moves away.
My 88-year-old dad continues to do everything himself, including getting up on the roof (!) and trimming his own trees on a ladder. 
Fortunately, my husband is very handy…we don’t let him do anything related to plumbing! But other stuff…he is great…when he gets around to doing things.
I’d love an on call handy man…and I would budget for it!
We have a friend who used to work in/run an organization that provided those a variety of services, including property management/repairs to seniors in our town or area (not sure about the mission/boundaries). It was designed to help seniors age at home. I haven’t kept tabs on the organization.
Our house has an in-law suite – 2 BR, 2 BA and a sitting room. One of the two BRs could be an office (and I used it as an office when we were renovting the main house). One of the two BRs has handicapped bars at the toilet and tub and in other places as well.
Well, we just had a meeting with some Wells Fargo Advisors that our good friends use. The advisors seemed really sharp and I could see how they could be helpful to us, however, I don’t know if I want to pay the fees. I’m going to ask what they are, but online it looks like the fees are between 2-2.5% of assets managed (seems crazy high), at least according to AI. Wells Fargo makes it hard to find the advisor fees. We don’t actually even want anyone managing our money, but the overall retirement/estate planning seems very useful.
One program they use is emoney, which looks fantastic. I was thinking that maybe we could get that on our own, but it looks like it’s only for financial advisors. Does anyone else use a software program to help with financial planning that they think is good? Emoney looks very comprehensive, as far as figuring out when to take ss, Roth conversions, tax and estate issues.
2-2.5% is very excessive! Most AUM advisors are 1% for the first $1M, less for the next $1M and so on. I don’t even think 1% AUM is a good deal FWIW, but it is common.
Yea, 2 to 2.5 does sound high… if it is annual. Maybe it’s one time fee?
That’s just what AI said, so who knows! Weird that Wells Fargo makes it impossible to see their fees. There’s no way they could be so high. But even 1% on money I don’t actually need managed, I don’t know. Unless their minimum is 10K invested, then I’d be fine giving them $100.
They seems like amazing guys, but I think what we need is just someone to review what we’re doing a few times a year, a good software program and some tax advice.
You don’t have to have all your assets under management. (We do share our other info with planner so that the total asset allocation split is appropriate). But even 1% on part of your portfolio may be more than you’ll want to pay.
I got a few quotes from fee only advisors (not percentage based annual fees) - they do a holistic overview with probabilities and projections. Both were in the vicinity of $3,000 - $4,000…
wow, that’s rapacious. I know guys who break legs for a living who charge less.
I really like the Vanguard personal financial adviser we use. They charge .3% of AUM as long as you have at least $500k under management. They don’t manage all our money. We meet twice a year online but you can schedule a meeting more often if you want/need. If you want to PM me I can give you more info.
Thanks, but I’m not crazy about the Vanguard advisor thing. My mom has that, and though I love her guy, they really follow whatever Vanguard’s formula is. Personally, I don’t want my stuff in any bond or international funds, but they don’t consider that you’re not interested in that, it’s just the formula they have. We’re not looking for someone to manage our money at all. I just want someone who will give good tax related advice, look at our overall picture and let us know if there’s something we should be doing differently. I’m thinking a good financial software program might be the most useful.
My aunt and uncle bought a 1Br and Den unit at the Palo Alto Vi as described in WSJ. Now after a year and a half, they are still in their own one story home 12 miles south. I think they were on a waiting list for a long time and when the opportunity came, they grabbed it, just in case they may be needing the help. I’m looking at the yearly costs they’ve forked out without using the facilities. 
I think that’s a big issue.
Lining up the need to move and availability of the place you want to move to.
I know of a couple who looked at a place but weren’t ready to move. Now they are ready but there are no spots.
Seems a bit crazy to not move when spending all that money but it’s their money.