Happy Saturday :)
I was having a hard time getting/staying in the work mode yesterday, but I did and managed to get quite a bit done. We're still a few months behind at work, due to that audit taking so much time. Anyhow I got Sept financials all done and started working on October and got almost halfway done on that. It also sounds like I'm going to get a little help with some of the more time consuming/less difficult task. One of the managers has an exchange student for the year, who wants to work, so we are going to have her do some of the data entry work. My goal is to get October done by the end of next week and hopefully have November completed by the end of February.
About a year or so ago I did up a spreadsheet to try to project how long my mom's money should last. I put a note on it the last time I updated (last Feb) what her investment balance was at that time. I put in a conservative rate of return of 4% a year, included her social security annually, an estimate of her annual expenses, plus the other bank balances she had at that time.
I went to update my spreadsheet and went to get her current investment account balance. Holy cow! I know it's gone up a lot, but it's actually seeing the #'s! it's like $102k more than it was this same time a year ago. I know her broker is earning more than 4%, closer to 10%, last time he updated us.
Basically, at this point, with her social security income and expenses only at about $3k a month, she's not even reducing her investment account. Sure, she has to do the RMD, but she only needs to spend about $5k of that RMD a year, the rest she can keep in savings/money market account. In addition her earnings on her retirement account is exceeding what she's having to mandatory withdraw for her RMD. Geez, at this rate she's never going to run out of money, LOL. It still boggles my mind how my step brother thought she was going to run out of money in about 10 years. The only thing I can think is he wasn't factoring in that this million dollars is going to keep earning a rate of return on it and that rate of return and her social security will more than cover her annual expenses, even when she has to go into a higher cost assisted living. Was he just dividing the approx $850k (at that point he sent me that email) by having to spend $85k a year on assisted living and expenses? Well, if so, he's an idiot and shouldn't have been in charge of her finances. I'd have to re-read his email, but I'm kind of remembering his estimate might have even been 8-10 years. And again, even if she did run out of money, it's not like she'd be homeless and have no care! Medicaid would take over and pay for her nursing care, just like it did with my grandma when she ran out of money. (she lived to 95 and actually almost had her money last until the very end - and she didn't have anywhere CLOSE to a million dollars)
Sitting here waiting for the big dump of snow we're supposed to get all day today. Hmpf! I looked on the weather radar map and we're in this little pocket area of not snowing, LOL. Yesterday morning dh shoveled and plowed the 3-4 inches and by afternoon it warmed up to 42 and melted, LOL.
I gave dh a haircut (just buzz him with the hair clippers) last night, so while I had the vacuum out to vacuum the hair on the bathroom floor I just continued and vacuumed the closest and our bedroom while I was at it. One less thing to do today.
Now, it's starting to snow. According to report we are supposed to get 12" or more this weekend. More than likely it'll be like half that.
DH used up a box of screws he had and I went online to order them from Lowes, but it's $45 for free shipping and these only cost $20. I'll have to have him figure out something to add. We do also get the big 55 gallon drum liners from there but those are only like $13 for the box, so I'm still short.
DD got some good news. She and her dh will be getting bonus's from their jobs. They both work for the same company and I guess were told no bonus's this year, but they changed their mind. She doesn't know how much, but were happy to hear the news.