I know I saw posts on this a few weeks ago but I can't find them. I have a decision coming up this June and really can't come to a conclusion.
I'm going to be 64 soon. Nest egg is $825K. SS will be $28K a year at 66 1/3. No spouse and no kids. I am intending to leave about $25K to some relatives, the rest to charity.
I have had my LTC plan for something like 15 years. It was $1,300 for most of that time. Now it goes up $100 year; currently $1,500. I tried to reprice it, even with the same company, and was told that it would be $4K in premiums now. The agent confirmed for me that the coverage limits are top notch. He encouraged me to never let it lapse.
My takeaway last postings was that if you really wanted to leave a nest egg, it might be a good expense. But if you have enough money and don't really care about legacy, let it go.
My mom paid in for three decades and got back $5.6K. She was in great health and mind until 90 and died at 95 and I seem to be taking after her.
Right now I'm leaning to letting it go. (I live on nestegg distributions until SS in an attempt to lower my tax torpedo.)
Anyone want to weigh in here?
I'm going to be 64 soon. Nest egg is $825K. SS will be $28K a year at 66 1/3. No spouse and no kids. I am intending to leave about $25K to some relatives, the rest to charity.
I have had my LTC plan for something like 15 years. It was $1,300 for most of that time. Now it goes up $100 year; currently $1,500. I tried to reprice it, even with the same company, and was told that it would be $4K in premiums now. The agent confirmed for me that the coverage limits are top notch. He encouraged me to never let it lapse.
My takeaway last postings was that if you really wanted to leave a nest egg, it might be a good expense. But if you have enough money and don't really care about legacy, let it go.
My mom paid in for three decades and got back $5.6K. She was in great health and mind until 90 and died at 95 and I seem to be taking after her.
Right now I'm leaning to letting it go. (I live on nestegg distributions until SS in an attempt to lower my tax torpedo.)
Anyone want to weigh in here?
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