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September 13th, 2017, 06:42 AM   #1
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Question

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 11:37 AM.
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September 13th, 2017, 11:45 AM   #2
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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.
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September 18th, 2017, 11:19 AM   #3
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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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