My grandmother Rose was a schoolteacher and a single mother. She owned her own home and rented the additional upstairs space for extra income. A proactive planner, she had active investments and a pension from the Miami school system to help pay for her eventual retirement.
From the outside looking in, Rose did everything “right” when it came to her finances. What she failed to account for was three decades of income needs and the high cost of her future long-term care, which meant the majority of her wealth went to taxes and health care costs instead of her family.
