It has been 1 ½ years since my last significant post. As an update, I retired late last year after 39+ years with a megacorp. It wasn’t fully on my terms, but I did receive a severance package which was certainly welcome. I am 65 (and now on Medicare) and my DW will turn 65 in a couple months and will go on Medicare in November. We have an immediate $67.9K annual pension (non-COLAed) and our plans for social security will provide $37.4K annually starting in 2019 and will increase to $67.4K annually in 2023. We have $4.3M in financial assets (95% in qualified plans) and we are in the process of selling our house (free and clear) that we hope to clear $650K after commissions and closing costs. Our expenses are quite high for the next year or so (~ $190K), but will be around $120K annually thereafter. I think we should be OK financially as we journey through our next chapter.
Something I am now starting to investigate is Long Term Care. While DW and I are quite active and in good health now, we certainly are fully aware that things can change as we advance in age, and one or both of us needing some sort of Long Term Care support is a definite possibility. Long Term Care can be quite expensive and I want to make sure we plan for it appropriately. I assume our choices are to self-insure or purchase some sort of Long Term Care policy. I would very much appreciate hearing insights on this topic. With our assets ($4.9M after we sell the house) is self-insuring the best route or should we consider a Long Term Care policy? If we go the Long Term Care policy route are the certain types of policies we should consider? Are there certain types we should definitely avoid?
Any insights and suggestions will be most appreciated.
Something I am now starting to investigate is Long Term Care. While DW and I are quite active and in good health now, we certainly are fully aware that things can change as we advance in age, and one or both of us needing some sort of Long Term Care support is a definite possibility. Long Term Care can be quite expensive and I want to make sure we plan for it appropriately. I assume our choices are to self-insure or purchase some sort of Long Term Care policy. I would very much appreciate hearing insights on this topic. With our assets ($4.9M after we sell the house) is self-insuring the best route or should we consider a Long Term Care policy? If we go the Long Term Care policy route are the certain types of policies we should consider? Are there certain types we should definitely avoid?
Any insights and suggestions will be most appreciated.