Old and dying

[coffeeFreak]

Then you have the other side of this; seniors "giving" away everything now so they can qualify for all the govt subsidies available out there (yes, I have heard of a few who have done this).

[Captain Awesome]

Then you have the other side of this; seniors "giving" away everything now so they can qualify for all the govt subsidies available out there (yes, I have heard of a few who have done this).

You mean if you have nothing, your retirement life is awesome and worry-free thanks to govt taking care of you AND it doesn't include eating cat food? I somehow doubt it.

[Queen K]

Estate planning may include giving ownership to people in advance of dying and that's okay too. Otherwise the govt. and the lawyers get their share.

However, no one is "care free" in govt. care. You doubt right Capt. A.

[coffeeFreak]

Then you have the other side of this; seniors "giving" away everything now so they can qualify for all the govt subsidies available out there (yes, I have heard of a few who have done this).

You mean if you have nothing, your retirement life is awesome and worry-free thanks to govt taking care of you AND it doesn't include eating cat food? I somehow doubt it.

I'm not talking about the wealthy retired here Captain, of course they wouldn't choose being subsidized. I'm talking about the people who are don't have a great pension, but some property and savings. Assets are signed over to family so the seniors qualify for low-income housing (there are some really nice units), free medical, renter grants (SAFER), and if they end up going into assisted living or complex care, they are well subsidized...

[Captain Awesome]

Assets are signed over to family so the seniors qualify for low-income housing (there are some really nice units), free medical, renter grants (SAFER), and if they end up going into assisted living or complex care, they are well subsidized...

Once again, I somehow doubt that there's a whole lot of help out there for seniors and govt just gives you money, low income housing, assisted living, and free medical.

[coffeeFreak]

Assets are signed over to family so the seniors qualify for low-income housing (there are some really nice units), free medical, renter grants (SAFER), and if they end up going into assisted living or complex care, they are well subsidized...

Once again, I somehow doubt that there's a whole lot of help out there for seniors and govt just gives you money, low income housing, assisted living, and free medical.

They do Captain:

The PharmaCare program subsidizes the eligible cost of prescription drugs and designated medical supplies:
http://www.seniorsbc.ca/healthcare/msp/pharmacare/

The Shelter Aid for Elderly Renters (SAFER) program helps make rents affordable for BC seniors with low to moderate incomes:
http://www.bchousing.org/Initiatives/Providing/SAFER

If you are seeking subsidization for supportive services you must be able to direct your own care, but require both personal assistance and hospitality services. Subsidized rental payments for Supportive Living settings are calculated at 70 percent of after tax income.
m
If you are admitted into a subsidized Complex Care facility, you will be charged a daily rate, for care services, based on your level of income.
http://www.seniorlivingmag.com/articles ... care-in-bc

Plus a few more benefits:

GIS Guaranteed Income Supplement: for low income seniors
BC senior's supplement for those collecting GIS
Bus Passes for $45 per yr for low income seniors
Subsidized housing units.

There are many supports out there for people who need them but the ones who set things up so they can take advantage of these are pathetic.

[grammafreddy]

There are many supports out there for people who need them but the ones who set things up so they can take advantage of these are pathetic.

Why are they pathetic?

[coffeeFreak]

There are many supports out there for people who need them but the ones who set things up so they can take advantage of these are pathetic.

Why are they pathetic?

I am referring to the people who hide or get rid of assets in order to take qualify for subsidies.

[fvkasm2x]

There are many supports out there for people who need them but the ones who set things up so they can take advantage of these are pathetic.

Why are they pathetic?

I think she means the people who don't really NEED this stuff but manipulate the system in order to have their cake and eat it too.

[Smurf]

Is that any different than investors setting up their plans to avoid taxes. The rich avoid many taxes because they can afford to.
What about people That haven't looked after things properly. I know of a case where a fellow got Alzheimer's. They did not have proper advice (no family) and as he got worse she realized that everything they had was in his name. She could do nothing, banking, insurance, car licence. There was an awful struggle before she got powers to handle all these things. Make sure even at a young age all these things are looked after. Accidents happen and these situations can arise in a moment.

[grammafreddy]

Sometimes it is done to protect the ones not in care so that they have enough to live on. When the government takes all but 20% of what you have coming in, its a little hard to maintain a home and get assistance with that 20%. If the assets and income are transferred to another person, they are protected.

I have also heard of cases of people in care having some issue (like perhaps they broke their denture or they need new eyeglasses and the money allotted to them from their pensions is not enough to cover those extras. If they had their assets in another person's name, they would not have to wait months and months for the government to push their snail''s pace pencils over their red-coloured paper to determine IF they would cover the cost or how much of it they would cover. The financial help is there immediately for them because their money is entrusted to a person who would pay for them from their transferred assets. If they hadn't transferred their assets or if they don't have anything but their pension money, they wait far too long and sometimes in great pain for the government to do anything.

[Loed]

Old age, and all it's expenses and worries, scares me so much I pray I die long before it ever comes to that.

I see no benefit in living past 60 anyways, personally.

Seriously though, as a young person, the idea of all that retirement crap scares the hell out of me. All we hear are horror stories, NOTHING positive.

[Smurf]

Don't be. Senior and retired is a great life for many, probably most of us, but you have to be prepared for it. I have as much fun and probably more than I did when I was young. Now I basically do what I want when I want. Not everything I would like to some times because the old body won't allow it but I can still have fun doing different things. We are lucky that although we are not rich we do have the money to do many things we like, within limitations. We have to spend our money wisely so are careful to spend it on what we want the most, which includes a lot of travel, with and without our now small but extremelly comfortable motorhome. Make sure you plan and save for a long and enjoyable future and you will very probably have one. Look ahead, figure out what you like to do and what you would like to do on retirement. Set yourself up for it. It has it's moments, it's not easy, but none of life is. My wife and I are both seniors and are as happy now as we have ever been.

[Loed]

I appreciate the vote of confidence, but I just can't bring myself to look forward to it.

I find plenty of time to do whatever I want as it is now.

Retirement just seems like a stressful bore, maybe I should have kids so they can set everything up!

[fvkasm2x]

Old age, and all it's expenses and worries, scares me so much I pray I die long before it ever comes to that.

I see no benefit in living past 60 anyways, personally.

Seriously though, as a young person, the idea of all that retirement crap scares the hell out of me. All we hear are horror stories, NOTHING positive.

I'm with ya. I plan on "retiring" around 60. Blow my savings for some really really well deserved time off and then go out in a blaze of glory.

As in drive off a cliff or something. Of course, when that time actually comes... I'll probaby forget what it was I wanted to do and will instead go buy some discounted cat food and call it a day.