Reply to Approaching Retirement at 65 - What kind of insurance do we need or not need?

Forum Index » Money and Finances

Reply to "Approaching Retirement at 65 - What kind of insurance do we need or not need?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous]Life insurance is to replace income while you are working or to help care for your children if you die. There is typically no need for it in retirement.

Long-term care insurance may be wise if you are at an income level where you can't afford to self-insure (meaning you can't cover it yourself) but you are not destitute. It's expensive, though.

[b]The only insurance I plan to have in retirement is property, auto, umbrella, health (Medicare + Supplement Plans D, G) and dental.[/b] [/quote]

Same for me. LTC insurance will be prohibitively expensive if you haven’t gotten it before age 65. Also it sounds like a better deal than it often turns out to be. My spouse is in the LTC business and has always said we will not be buying it. [/quote]

As people live longer, more LTC plans will not be fiscally sound and will go under.  Their financial plans assume they won't pay out for more than 3-6 months, not for someone using the full 2-3 years (or as is the case for some older plans, for 5-7+ years for dementia/assisted living).  Much better to save and fund it yourself. [/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics