Pay Dirt is Slate’s money advice column, offering guidance on financial dilemmas. This query involves a couple in their 80s grappling with conflicting priorities. The husband, a cancer survivor with early-stage cognitive impairment, desires to undertake lavish, once-in-a-lifetime trips. While understanding his wish to enjoy life before his condition worsens, the wife fears these expenses could jeopardize their financial security, especially as they lack long-term care insurance. Their income from pensions, Social Security, and IRAs disqualifies them from Medicaid, and they maintain separate finances due to previous marriages. The wife worries that these financial decisions might leave them unable to afford necessary care in the future.
The advice suggests finding a balance by drafting a detailed financial plan, potentially with the help of a financial planner or elder-law attorney. Such professionals could explore how long their assets might last under various scenarios and discuss the potential for Medicaid coverage despite their current income. This approach would shift the discussion from whether to travel to what kind of travel is feasible. By budgeting prudently, they could prioritize specific trips or establish a travel savings plan. This would allow them to make informed, sustainable decisions that respect both immediate desires and future needs.