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Hello fishes, need help in finding a suitable job change for one of my relative. She is an Associate at Cognizant with 7.5 years of experience. Her experience domain is in functional testing and manual testing. Her preferred job location is Kolkata.
Any leads would be very much helpful. TIA
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Sooo AMC.. who’s in?
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You work with your most likely scenario. I am old enough to only have one surviving parent and one survivin law. law. My parent needs support, and I factored that into my analysis based upon current needs and inflation of 10% annually (it should be less, but I would rather assume more). I also factored in some support of my college age kids post college, as an additional buffer. If I end up saving too much, it will just help the kids anyway.
It should be 'one surviving in-law' in my comment above.
Coach
The average adult only needs 2-3 years of care / assisted living. There are statistics on this. Highly unlikely all four will need 20 years of care. Since you asked our situation: Our parents have far more money than we do so I assume they have a plan, they haven't asked us for help at least. I'd guess theyd sell a couple of their vacation homes to handle it. Their needs aren't part of my fire plan.
Our plan is to build an ADU and have them live in that for as long as possible. My city gives 80k to their construction do that'll cover 50% of the cost-ish
Which city?
1. Both parents are financially wealthy (8 figure net worth) so privileged in that financially should be set
2. My mom had anxiety about her being a financial burden potentially (why I do not know) and bought long term care insurance. She’s 7 years younger than my father.
3. Spouse’s siblings (3) live in same state as their parents and most likely will never move so they will be our plan to help them
4. What keeps me up at night is that my parents live on the other end of country from us, I’m an only child, and so are both of my parents so I am their medical proxy etc. and very far away, so we are debating buying a place in the vicinity of my parents to have for longer term vacationing and then if we need to transition to some type of more permanent living situation we have a place ready to go.
If your parents are open to the discussion, I don’t think it’s faux pas to ask what their after care plan is especially if they’re not financially secure or expect to live with you/other family. Also, have the conversation with your spouse on what everyones’s comfortable with: some people would never let their parents or in-laws move in, some are adamant they won’t do a state funded facility and private only, some are relying on siblings etc.
Good job SM1. You drop some out of touch post then when somebody calls you out on how out of touch it is you run away.
Honestly this keeps me up at night. In the best case scenario, we move my parents into one of our rental properties and they stay healthy, take care of each other with minimal help from us. There’s other scenarios that build in cost of long term round the clock care or retirement facility costs that could easily add an extra $1M to save towards.
Do you plan to have them live with you? That would make it substantially cheaper and better for them overall. Retirement homes are truly awful, basically prisons.
Mentor
This is a personal budgeting choice.
$0 could be appropriate, or you could allocate millions.
If you want to cover worst case, then buying them all LTC insurance is probably the cheapest way to guarantee worst case coverage. Could easily be $1m+
You could try to pool the risk to some extent. But if you get very unlucky you could theoretically be looking at 40+ cumulative years across all 4
I don’t. They were abusive growing up and we have a strained relationship, so I have no intentions of them being my problem in retirement.