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| Thursday, July 02, 2009 |
| 107 year old VA man outlives money - twice! |
 This Washington Post story: Va. Man, 107, Finds Blessings And Burdens In Longevity about Larry Haubner, who at 107 years of age is once again running out of money while seeming to have plenty of years of life ahead of him, gives me the chills. Haubner, who was born June 14, 1902, is blue-eyed and bald and answers to the nickname "Curly." He lived alone in a Fredericksburg apartment until he was 102. Locals knew him as the older fellow often seen cycling around town. But in 2004, he fell off his bike and was taken to a hospital.
[...]
Robert Prasse, a physician who treats Haubner for free, said he is in good health. "I don't see anything that's going to take him away from us in a hurry," he said.
Haubner never married and has no surviving family or friends. Other residents' families have adopted him, Miller said, bringing him Christmas and birthday gifts.
In his first two years at Greenfield, Ewing said, Haubner covered the $3,500 monthly bill with savings and $1,200 in monthly pension and Social Security payments.
But it became clear by 2007 that Haubner's bank account was shrinking even though he showed no signs of slowing down. Supporters launched savelarry.org to solicit donations, Ewing said, and media attention helped bring in 375 contributions.
Ewing has not told Haubner that he again faces the possibility of moving. "I don't want to worry him," she said. This is why I make saving and investing a priority. I may never make it to Mr. Haubner's advanced age, but I am doing everything I can to try to make sure I have enough means to outlast me.
At least it appears Mr. Haubner's website is bringing in donations for him and he will not have to move anytime soon. This is the kind of online fund raising appeal I am happy to contribute to - keep on ticking Mr. Haubner! |
| posted by Boston Gal @ 8:50 PM *
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| 5 Comments: |
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I'm not really sure there is a take away lesson in this story... How can you really plan for living until you're 107? Sounds like he did pretty well planning into his 90s. If you are a normal person, of ordinary means, how do you really prepare for possibly living until 107?
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I guess I will have to disagree with you on this one anonymous. Here are my take-aways from the story:
1) Prepare and plan for your end years. Don't just assume you can always just stay in your apartment/house until they bring you out in a body bag.
2) Buy Long Term Care Insurance and understand what medicaid will and will not pay for in your last years in your state of residence. If you don't like the terms in your state prepare to move and establish residency in a state with better options before it is too late.
3) Know that the last few years or even decade of your life may be your most expensive. Don't assume at 65 when you first retire that you can always make-do with X amount and just plan on spending the cash down to your projected expiration date. Instead, you have to assume that you will need a wad of cash toward the end - so try to keep as much principal intact as possible for the end stretch and live most of your retirement years off of interest, investment gains, pension income or other income.
I am not saying that everyone can do it - just that you need to be thinking that way now while you are saving and investing and building your retirement nest egg.
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just think if he had bought an immediate annuity...he'd be killing the insurance company!
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I have spoken to several financial planners about LTC insurance. Each have told me that LTC insurance is starting to become an unreachable goal for many people.
The LTC industry grossly underestimated the costs and have since aggressively been raising rates to the point that the annual premiums are not affordable.
In all cases they have made the suggestion that it is far better to start NOW with savings and earmarking investments that you can tap in later years for health care.
Even if you start buying it at a young age. 45 or 50, or 55, its still very expensive and costs will soar later pricing most people out of the market for it. It sure would suck if you paid premiums for 10-15 yrs then suddenly could no longer afford to pay them at age 70 when you get to the point where you start to need them.
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I'm just impressed that he lived that long in such great health. That's certainly not the direction that most of the population is headed in today.
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I'm not really sure there is a take away lesson in this story... How can you really plan for living until you're 107? Sounds like he did pretty well planning into his 90s. If you are a normal person, of ordinary means, how do you really prepare for possibly living until 107?