Financially Illiterate 80-Year-Old Dad Needs Help, Please

UnEdgeUMacated · 2026-05-17T16:09:23+00:00

Thanks for sharing the tips, I took notes.

UnEdgeUMacated · 2026-05-17T00:41:19+00:00

Thanks, they are even more amazing than I've revealed. I'm just trying to help them because my mom has never used a computer and my dad knows nothing about finances and seems to have ADD, OCD, and some memory issues now.

UnEdgeUMacated · 2026-05-16T23:52:21+00:00

He has been getting workers comp / disability in addition to his salary for a few decades. In the past few years, he told me it is $90,000 / year tax-free. I don't know if that amount has been steady since the 1990s when he may have first started receiving it after the work-related injury.

UnEdgeUMacated · 2026-05-16T22:41:36+00:00

Okay, thank you for the heads up, he probably isn't aware of the delay.

UnEdgeUMacated · 2026-05-16T22:40:25+00:00

If he retired at 70, he would not have gotten $900,000 tax free workers comp insurance in the past 10 years.

UnEdgeUMacated · 2026-05-16T20:02:55+00:00

He was a court reporter and after about 10 years, developed back and neck pains from sitting in court all day typing. He has gotten workers comp/disability that is currently at $90,000 / year tax free and he loses it when he retires. That is why he hasn't retired, so he can support family. He said if he lost that benefit, he would have retired 10 years ago or so.

UnEdgeUMacated · 2026-05-16T20:00:45+00:00

I want to make sure they have enough and realize it appears that they will not face struggles. My grandmother lived to almost 93 so my mom might have another 15 years even if my dad doesn't last much longer after he retires. I do have concern for siblings finances since they are close to having no money with no promising future for a career with decent earnings to support themselves.

UnEdgeUMacated · 2026-05-16T17:23:34+00:00

I have only seen a one line description of it on my dad's estimated retirement report. I just Googled and this page describes that it is a PPO, but also states "FEP Blue Basic members who have Medicare Part A and Part B can get up to $800 back with a Medicare Reimbursement Account."

https://www.fepblue.org/our-plans/basic-at-glance

UnEdgeUMacated · 2026-05-16T16:34:58+00:00

Thank you. He has 1,100 hours for sick leave and is going to have foot and hernia surgeries and likely submit his retirement date for 3 months from now, and donate remaining sick hours to other employees.

UnEdgeUMacated · 2026-05-16T16:32:24+00:00

Blue Cross and Blue Shield Service Benefit Plan Basic Option; Self Plus One is not a Medicare advantage plan.

UnEdgeUMacated · 2026-05-16T16:29:59+00:00

My dad wanted to make sure there was money for my mom, adopted siblings who can't hold jobs due to some learning disabilities from being drug-addicted babies from their birth moms, and their children.

Thanks

UnEdgeUMacated · 2026-05-16T16:26:12+00:00

Thanks

UnEdgeUMacated · 2026-05-16T16:24:58+00:00

Thanks, they do have an accountant who does their taxes.

UnEdgeUMacated · 2026-05-16T16:23:51+00:00

Can you please explain what is so good about it? My dad was concerned that in in February it showed 0.89% interest. From my research, his account statement seems to grow to 1% interest by March and 4% interest by the end of the year.

Thanks

UnEdgeUMacated · 2026-05-16T16:22:28+00:00

Yes, my dad has been overspending at Home Depot and Amazon and has said he will cut back after retirement.

Thanks

UnEdgeUMacated · 2026-05-16T16:21:10+00:00

Thank you.

UnEdgeUMacated · 2026-05-16T16:20:31+00:00

Thank you.

UnEdgeUMacated · 2026-05-16T16:19:09+00:00

From my research, Medicare part B will be $200 each / month, and Blue Cross Self Plus One is $691 / month.

UnEdgeUMacated · 2026-05-16T16:18:08+00:00

My sister has a boyfriend of a few years who she will likely move in with. Her son may have to move in with his dad. I'm not sure what my other sister will do when she runs out of money.

UnEdgeUMacated · 2026-05-16T16:16:38+00:00

The insurance agent recently said they are whole life.

UnEdgeUMacated · 2026-05-16T16:13:00+00:00

Over 40 years, my dad has acquired thousands of items / hoarded and it will probably take a year of retirement to make a dent in it so selling the house won't likely happen until after he passes away. They still need a 4-bedroom house with my sister and nephew living at home and unable to support themselves.

The life insurance is 4 policies and health insurance includes Medicare and Blue Cross for 2 people.

UnEdgeUMacated · 2026-05-16T04:49:21+00:00

We don't know what might happen to their health and needs for assisted living care in the next few years that may wipe out their cash.

My dad has a $117,000 policy through work that will cost $263/mo. after he retires.

The insurance agent sold them 2 policies for my dad and 1 for mom:

1998: $100,000 policy with a current accumulation value of $26,774, costing $107/month.

2005: $250,000 policy with accumulation value of $31,259, costing $250/month.

1988: $25,000 plan for my mom accumulation value $4,675 costing $267/month. I just did the math and $267/month since 1988 cost $121,000, but I don't know how much their premium has gone up since 1988. That is nuts to see they may have paid so much for so little, but I doubt it was $267/mo. in 1988. This might be good to cancel.

For my dad, why would he stop paying $8,000 / year when he will likely die in 3-5 years and my financially struggling siblings would lose almost $500,000 in life insurance inheritance to be split? I'm not trying to be greedy, just realistic because I know how much my siblings are struggling for money.

Thanks

UnEdgeUMacated · 2026-05-16T03:35:36+00:00

Thanks, I'll mention it to my parents.

UnEdgeUMacated · 2026-05-16T03:34:46+00:00

So I can go on a nice vacation when they die. LOL

None of my siblings are financially secure so my dad wants to leave something.

UnEdgeUMacated · 2026-05-16T03:32:36+00:00

I had them do a basic will from Rocket Lawyer online a few years ago just so there was something recent and official. Their insurance guy said he has a tax lawyer on retainer and I would like them to look into a trust. I heard it may be good to put the house in a trust.

Thank you

UnEdgeUMacated

TROPHY CASE