veremchuka
Thinks s/he gets paid by the post
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?
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?
