NavyVet |
12-14-2020 07:24 PM |
This situation is very sad and we all sympathize. I'm sure nobody expects to lose a spouse so soon into retirement. None of us can know who will live outlive who or for how long. That's why it is so critical for good financial/retirement planning, both for worst case scenario and different contingencies.
When my spouse retired after 20+ years service, we decided together to turn down the SBP. We found it quite pricey for the benefits received, especially since it banked on the spouse outliving the retiree by a lot of years to make it worth the cost. What we did was take that same premium amount and bought really good life insurance policies on both of us and invested the rest on our own. My spouse made sure that whenever the time comes that something happens to him, I'd be taken care of, something he learned from his father. Either one of us left behind will 'downsize' when that time comes. It's being practical versus an overly sentimental attachment to a house.
That said, we know very little facts, just a lot of guessing. However, the situation is just not sustainable as it is. The homeowner apparently cannot afford to keep and maintain this large home with a pool on the golf course by herself. Is the pool ever even used? Let's say hypothetically she puts the house up for sale. If there is no money for repairs, then the house would have to sell as is, which means she will not get top dollar and have to settle for a lower price. However, there are many adorable patio villas and cottages for less than half that which would leave her some money leftover to live on for a while, a fresh start so to speak, or even moving outside TV that would be even cheaper. There are many of us who can't afford a pool home on a golf course. I agree with posters that said throwing money at the immediate issues is just a short term fix and doesn't help in the long run. There are too many unknowns; are there any family/relatives? How much can the church or neighbors help out and for how long? Maybe there are cognitive issues, not uncommon at that age. Perhaps there are physical limitations to prevent taking care of so much home. What we do know is this did not happen yesterday or overnight. The spouse passed 8 years ago. People bite off more than they can chew all the time with a big house and then are cash poor. Then one partner loses a job, or gets sick, or dies, losing the income needed to pay the bills - it's just not sustainable.
It makes me think of another possibility; my parents had a thing for many years known as "decision paralysis." Any time there was anything that needed a decision, a choice, or a course of action, they were incapable of making the decision, big or small. Instead of choosing, they would do nothing; they'd stick their heads in the sand and ignore it, hoping it would go away. Not committing to a course of action is in itself a 'choice.' They would always wait until the choice was taken out of their hands. It was so frustrating. It is difficult to help anyone who does not want to accept help, even when providing solutions to a problem. Just saying there might not be much people can do other than to try and point a person in the right direction for financial counseling/budgeting, APS, social worker, elder law, etc.
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