• Question
  • At my age I want to stay home having a house keeper about 3 or 4 times a week and a gardener once a

    Asked by a 94 year old woman from Vallejo, CA on 10/7/2012

    At my age I want to stay home having a house keeper about 3 or 4 times a week and a gardener once a month. Could I affort it?

  • Categories: Your Life in Retirement, Retirement Planning, Leisure, Budgeting


  • Editorial 


    San Francisco, CA

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  • The NewRetirement Retirement Calculator should be able to calculate this for you. Just make sure that the costs of your housekeeper and gardener are added into your expenses.

    -- NewRetirement Calculator: https://www.newretirement.com/retirement-calculator/default.aspx

    In addition to making sure that your income covers these expenses, you will want to consider the source of your income. Is it at risk in anyway? The MOST important aspect of retirement planning is to make sure that you have guaranteed adequate LIFETIME income to cover all of your necessary expenses.

    If Social Security and other lifetime income sources like pensions do not cover your basic retirement expenses, then many financial planners highly recommend a lifetime annuity with inflation protection to make sure that you can maintain your quality of life. You can estimate the cost of monthly income here:
    --> https://www.newretirement.com/annuity-marketplace.aspx

    Additionally, the real problem with you need to consider in your quest to stay at home will be planning for if you ever require long term care assistance. Long term care is prohibitively expensive -- especially if you should ever require help 24 hours a day. While long term care insurance is not always a good solution, you can learn more about it here:

    We wish you all the best!

  • Login to rate this answer:   Answered on 10/8/2012
**All above answers are provided as general information only. No warranty is made regarding the fitness or accuracy of the information provided in this answer. You should seek advice from a licensed CPA, attorney or CERTIFIED FINANCIAL PLANNER™ as to your unique financial situation.