How this 89-year-old woman can afford to move into a care home and still put money aside for her children

The solution lies in a do-it-yourself term-certain annuity Situation: Late in life, a woman is concerned her assets and pensions won’t be enough to cover care-home costs Solution: Sell condo and lock in ten years worth of annual payments with a term-certain annuity A woman we’ll call Teresa lives in Ontario. At the age of 89, she is considering moving from her $450,000 condo into a care home that will cost her $6,000 per month. She wants to know if she can afford it. “I am not sure that my current finances will cover living costs in the care facility,” Teresa explains. “I hope that in an assisted-living facility, I will have more social interactions and receive good care. My goal is to live out my days comfortably and leave as much money as I can for my three children. Read more here >>>

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