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What could derail your retirement - how I acted
Old 08-26-2012, 08:19 AM   #1
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What could derail your retirement - how I acted

Coincidence that someone started a thread about Erin Botford's book because I was intending to post this today. I watched Wealth Track this morning, it was one I had seen before, but I watched it anyway. Erin Botsford was the guest and her premise is that you need to cover your needs with guaranteed/safe sources of income.

My twist on this is when I retired the 1st thing I considered was "What could ruin this and derail my retirement?". Things were so good I just had to protect this lifestyle.

So the 1st thing I did was I bought a second LTC policy with inflation protection to supplement the one I bought years earlier. I failed to understand the importance of the inflation rider then and I thought it was inadequate. This cost $1305 a year and provides good coverage.

The 2nd thing was I did was to add earthquake insurance to my home owners policy. I live in an area that rarely has earthquakes but they can happen. Many tens of thousands of dollars in damage or total destruction of my house would be disastrous to my retirement's financial condition. This cost about $110 a year with a $5,000 deductible.

What considerations have you made prior to or in retirement to ensure you can remain in the land of critical mass?

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Old 08-26-2012, 08:25 AM   #2
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I thought this thread was going to be about this WSJ article:
Common Mistakes Pre-Retirees Make -

From the article, it looks like divorce might be something to worry about, so get divorced before you retire.

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Old 08-27-2012, 07:49 AM   #3
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Review all my insurance policies to make sure they are adequate. One big loss or lawsuit could ruin everything.

Keep a little more in cash, just for my peace of mind.

Update my power of attorney form.

Exercise more and eat healthier.

Meet with my financial planner and discuss this very topic - what more should I do to protect myself?

Continue LBYM - maybe even turn it up a notch until I get comfortable with retirement. However, I'm not skimping on the important things, like medical care, heating/air conditioning, and other safety expenses. My late father always said "don't skimp on tires or brakes". Smart man.

Having said all that, it's impossible to know exactly what the future may bring. While I want to be prudent and make sure I don't experience major losses, I don't intend to spend a whole lot of time worrying about every little thing that can happen.
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