Drop long and short term disability?

[dave65]

It's benefit enrollment time at my state job. I'm currently eligible to retire with medical and a pension. I'm planning to retire June 2023 at the latest unless I see an additional substantial drop in my 403b. Is there any benefit in keeping long and short term disability insurance?

 

[njhowie]

What is the cost to you?

 

[dave65]

What is the cost to you?

Knew I forgot something -
ST - $20/month
LT - $60/month

 

[Dash man]

You need to ask yourself if you need the disability income for you or your family should you not be able to work tomorrow due to a stroke or other debilitating health event.

 

[Aerides]

I'm assuming these are annual enrollment/renewals that come with being employed and both would end when you leave in a year? In that case:
Retiring in a year, and the cost is under $1k to keep the insurance until then? I'd keep it.

If these continue post retirement, that's a different question

 

[marko]

You need to ask yourself if you need the disability income for you or your family should you not be able to work tomorrow due to a stroke or other debilitating health event.

My brother had LTD from work when he got his stroke. Not only was it a Godsend, they assisted in his getting disability SS...in fact they did it all and paid for the lawyers too. All I had to do was sign some papers.
Of course, it was to their benefit, but still....well worth the small outlay he'd been paying

 

[38Chevy454]

Disability insurance is to cover lost wages. Since you're still working and maybe past mid 2023 (worst case), for the small amount you listed it's probably good to continue as long as you are working.

 

[dave65]

Thanks for the replies. I will keep it.

 

[COcheesehead]

I self funded my disability policy and dropped it about two years out from retirement. It saved me about $1000 a year and I was at a point where I had plenty to live on so getting the extra payments, if or when something happened would not have mattered.