Hi Folks,
I recently retired at 55.25 with a small pension (would have been much bigger if I stayed working til 62 or 63 but circumstances forced me and others I was working with to leave). Earlier than I had planned but no regrets.
Last week, I received a letter from Genworth, that they will be raising my LTC premiums from about $3300 to $4500 a year. I have been paying for this policy since I was 32 so I've paid a lot of premiums into it. It started at $1800+ but they raised it to $3300 over the past 10 years and I still paid. Now I'm thinking of just letting the policy lapse. It just feels so wasteful to have paid for 23 years. If the market doesn't tank, I should have enough to self fund, I think.
Any thoughts on the pros and cons of keeping it or letting it go?
I recently retired at 55.25 with a small pension (would have been much bigger if I stayed working til 62 or 63 but circumstances forced me and others I was working with to leave). Earlier than I had planned but no regrets.
Last week, I received a letter from Genworth, that they will be raising my LTC premiums from about $3300 to $4500 a year. I have been paying for this policy since I was 32 so I've paid a lot of premiums into it. It started at $1800+ but they raised it to $3300 over the past 10 years and I still paid. Now I'm thinking of just letting the policy lapse. It just feels so wasteful to have paid for 23 years. If the market doesn't tank, I should have enough to self fund, I think.
Any thoughts on the pros and cons of keeping it or letting it go?