My widowed mother worked her whole life, investing in a 401k, basically doing everything you're told to do to “save for your future”. She developed memory and other health problems and eventually needed round the clock care in an adult “home”, at the tune of 5000 a month. Mind you, this does not account for her prescriptions cost or doctors. It went quick. Once she had less than 2000 left, the state kicks in and pays for it all.
My ex MIL rented, owned nothing and never worked or saved a day in her life and currently lives in a senior home at the expense of the state. She has nothing to pay outside of handing over her meager social security check. It's a nice place, debatable better than what my mom paid her life savings for.
(Before you start laundering money to a loved one, I've heard they go back five years to see if you've done just that.) My thought now as I'm getting older myself…is it worth saving all this money? What's the point? If you're “lucky” to live long enough, you will eventually need care that will cost you everything you have. Is it better to just let go and let government? I'd like to hear some thoughts and experiences….from what I've seen it seems like I'm just saving to save the state money later.