Why should I be saving for retirement when I think that money could be better used when I am younger?

I have seen my parent's savings dwindle from over $200K to almost nothing due to nursing home charges. What is the point of saving if it will all eventually end up as payments to a nursing home? I am retired and have some money in a 401(k), but would like to spend some of it while we are young enough to enjoy it. My husband thinks we need to not touch it. What should we do?

Retirement, Senior Care
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June 2017
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I know it can't be fun when see how much money your parents on spending on nursing home charges.   What is the alternative? Do you want to care for them full time?  Or head to the cheapest nursing home money can buy?


Based on your question you may find some type of Hybrid Life Insurance with Long Term Care Coverage, or straight long term care insurance coverage beneficial.  You will have premiums (they won't be cheap) but it may allow you the freedom to enjoy some of your other saving now, knowing you have some of your Long Term Care cost covered with the insurance.

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