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September 13th, 2017, 07:42 AM  #1 
Newbie Joined: Sep 2017 From: Atlanta Posts: 1 Thanks: 0 
It will quickly become painfully obvious that I am not a math person. I work with seniors and try to help give them an idea of how long their money will last once they go into a facility for care. I just want a simple, basic formula to give a senior an approximation of how long their money will last once they start to spend it on their care (not worrying about interest  which would most likely be nominal anyway). If a senior has: \$1,000 / month in SSI income \$99,000 in savings and they are spending \$3,500 a month on their care, how many months or years will their money last? If anyone is willing to help me and can write a formula for that, I would be most grateful, so that I can play with it for each individual senior's needs (i.e. change the care amount to see how many more months a senior can stay in a facility if we decrease the monthly amount). If this is not the place for that kind of request or I need to post this elsewhere, please let me know. All of the calculators that I have come across online are more complicated than what I need. Last edited by skipjack; September 13th, 2017 at 12:37 PM. 
September 13th, 2017, 12:45 PM  #2 
Global Moderator Joined: Dec 2006 Posts: 18,145 Thanks: 1418 
If their net monthly expenditure is \$3,500  \$1,000 = \$2,500, their savings are reduced after 39 months to \$99,000  39 × \$2,500 = \$1,500.

September 18th, 2017, 12:19 PM  #3 
Math Team Joined: Jan 2015 From: Alabama Posts: 2,821 Thanks: 750 
Are they not getting any return on their savings? It seems very strange that a person would have 99,000 in savings but not in an interest bearing account. In any case, assuming that 99,000 is in a cigar box under the bed, if you are spending 3500 while only receiving 1000 per month, you need to take $3500 1000= 2500 from your saving every month (a very bad situation to be in) so your savings will last for 99000/2500= 39.6 months, about 3 and 1/3 years. God have mercy on your soul! 

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