For around a 10 year period of time, I ended up taking care of my Mom, Dad and Grandma as they all got hit with medical issues late in life.
My Dad owned pest control company called Maricopa Exterminating.
He always got hit pretty hard with taxes as a business owner.
As he got hit with health issues later in life, what savings he had quickly evaporated.
He was a bigger guy and needed lots of care so he had to go in a nursing home.
My Grandma, with her and my Grandfather, he retired at 65, but unfortunately passed away from a heart attack right after he retired.
Something that probably could have been routinely fixed today but not back in the 1970’s.
My Grandma had their savings and his black lung pension from his days as a coal miner.
But she lived to be 93 and simply outlived her savings and ended up living with me the last few years.
My Mom’s story was a little different.
She got an inheritance from a life insurance policy from her Grandfather back in the last 1970’s.
Roughly $70,000 or so, which was a lot of money back in the day.
Unfortunately, based on some bad advice she ended up investing it in a stock that turned out to be an “Enron” type company and she ended up losing that entire nest egg.
Later on in life, due to some complications from a car accident she ended living with me for the last four to five years before she passed.