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Old 03-02-2015, 03:41 PM
 
Location: Mount Airy, Maryland
10,490 posts, read 5,957,375 times
Reputation: 16231

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Quote:
Originally Posted by mathjak107 View Post
there will be exceptions to anything and everything in life and like every aspect of life some there is no answer for.

INFORMATION POSTED IS ALWAYS FOR THOSE IT APPLYS TO.

there is nothing that can be posted that applies to everyone across the board about anything. someone will always say but what about this one or that one.
Oh I totally understand this and I'm a big fan of your mathematical approach. Just thought it was worth mentioning seeing as you are constantly advising people to wait to retire for the reasons you list. Given the 7 new positive reps I got since this my post this morning I'm thinking others agree with me. Again not a shot at you, just giving the other side of the coin.
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Old 03-02-2015, 03:42 PM
 
71,983 posts, read 72,020,102 times
Reputation: 49559
Quote:
Originally Posted by BellaDL View Post
Here is the link to information on what states have the partnership for long term care programs & state reciprocity

Partnership for long term care State maps

The NY premium paid by mathjak107 may be reasonable in comparison with the private LTC insurance by I don't think it is affordable to many people.

Although it is frequently stated that LTC is critical for estate planning, I have not been convinced that it is worth it. I may take a closer look at the offers and run the numbers for our situation to decide whether to consider these plans.
the key is if you want it to take it young.

the premiums are configured so by a certain age you pay in x-amount. taking it later doesn't save anything , if anything surfaces like with me when the diabetes surfaced last year you can either pay alot more or be rejected. 50% of those who apply are rejected so the rejection rate is very high.

you never know when you will need the benefits younger so you may as well do it. my co-worker is 55 and fell off a ladder painting . he broke his hip and had a stroke during hip surgery.

now it is costing him his life savings for care.

if you wait until you are older the premiums are alot of money.

as far as chances of using it ? we only need it or we don't ,so statistics mean nothing.

my feeling is there are only a few things in life that can be as financially devastating so that is a risk i wanted to mitigate. you may feel different.
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Old 03-02-2015, 03:44 PM
 
Location: Near a river
16,042 posts, read 19,014,482 times
Reputation: 15649
Generally, those who retired/are retiring well do not need the advice of anyone on here, they're doing just fine. And the advice is mostly lost on those who did not retire as securely as they did, because the advice is coming too late. Once retired, yes you can be frugal and do things like reverse mortgage and annuities, but the bigger game plan is not going to change much unless there is a windfall such as inheritance. That is why those who have retired less well off often feel exasperated by the "well off' commentators and why (though I will never be heard on this) I have for a long time advocated a Retirement Financial Information Forum and a Senior Issues forum. Those in their 20s, 30s, and 40s, even 50s, would be attracted to the former, and the latter could deal with all kinds of broader issues to do with aging.

As the forums stand, while I missed the boat on LTCI, I do appreciate the discussions of topics like annuities, which apply to a broad swath of seniors.
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Old 03-02-2015, 03:46 PM
 
Location: Forests of Maine
30,727 posts, read 49,538,109 times
Reputation: 19162
Quote:
Originally Posted by modhatter View Post
... Escort Rider. Yes, I have read some of those posts you mention. Just don't seem to be that many. I really got a kick out of the handle "burger flipper". Someone has a good sense of humor.
Fortunately you can retire even if your income is far less than a 'burger flipper' earns.

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Old 03-02-2015, 03:56 PM
 
2,429 posts, read 3,232,298 times
Reputation: 3330
Mathjack, can you please qualify what I've heard you say before....about SINGLE people and LTCI.
And that the need for LTCI may not be there for singles, as it is for married with a spouse to protect.

As for people having enough money to retire. Depending on the lifestyle a person may want to lead, I don't think a person needs as much in retirement as they may think.

With LTCI and retirement -- people need to THINK, research, and PLAN -- for their own personal, and individual situation and circumstances. That may mean they make the conscious decision to NOT get LTCI, or it could mean a retiree could live decently on 20K a year, and not 60K.
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Old 03-02-2015, 03:57 PM
 
71,983 posts, read 72,020,102 times
Reputation: 49559
Quote:
Originally Posted by newenglandgirl View Post
Generally, those who retired/are retiring well do not need the advice of anyone on here, they're doing just fine. And the advice is mostly lost on those who did not retire as securely as they did, because the advice is coming too late. Once retired, yes you can be frugal and do things like reverse mortgage and annuities, but the bigger game plan is not going to change much unless there is a windfall such as inheritance. That is why those who have retired less well off often feel exasperated by the "well off' commentators and why (though I will never be heard on this) I have for a long time advocated a Retirement Financial Information Forum and a Senior Issues forum. Those in their 20s, 30s, and 40s, even 50s, would be attracted to the former, and the latter could deal with all kinds of broader issues to do with aging.

As the forums stand, while I missed the boat on LTCI, I do appreciate the discussions of topics like annuities, which apply to a broad swath of seniors.
i find that most folks who were good at accumulating money do need advice and help..

few really understand the tax planning , the strategys for developing an income and how to make that income stream safe , secure and consistant while meeting objectives for spending and growth..

i still learn more each week.

Last edited by mathjak107; 03-02-2015 at 04:15 PM..
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Old 03-02-2015, 04:16 PM
 
Location: Near a river
16,042 posts, read 19,014,482 times
Reputation: 15649
Quote:
Originally Posted by mathjak107 View Post
actulay i find that most folks who were good at accumulating money do need advice and help..

few really understand the tax planning , the strategys for developing an income and how to protect that income stream.

i still learn more each week.
I still think your advice, and the advice of others, would best serve readers on a Retirement Information Forum, not mixed in with threads on grandkids, climate, what to wear or not, and other such. Then within that retirement forum threads such as Pensions, SS, Investments, LTC could be all in one place, easily found, with an easy trace of the subjects over time.
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Old 03-02-2015, 04:20 PM
 
71,983 posts, read 72,020,102 times
Reputation: 49559
Quote:
Originally Posted by rdflk View Post
Mathjack, can you please qualify what I've heard you say before....about SINGLE people and LTCI.
And that the need for LTCI may not be there for singles, as it is for married with a spouse to protect.

As for people having enough money to retire. Depending on the lifestyle a person may want to lead, I don't think a person needs as much in retirement as they may think.

With LTCI and retirement -- people need to THINK, research, and PLAN -- for their own personal, and individual situation and circumstances. That may mean they make the conscious decision to NOT get LTCI, or it could mean a retiree could live decently on 20K a year, and not 60K.
the biggest issues when it comes to long term care i think are the spouses of those who need care.

they are severly restricted in assets if medicaid is needed as well as income restricted. that can be one hell of a life for them. even manipulating assets into trusts can leave them restricted as they do not have open access to that money anymore. what they have access to is limited by the terms of the trust.

on the other hand unless a single has obligations to others if they use up their money for their own care others are not dependent on that money to live. i don't think most will need it unless it is to avoid being shipped off 100 miles away from family to a medicaid opening in a home and not having a choice.


with insurance you should always use a home that takes medicaid so you get to stay put. the insurance lets you get in to where you like assuming an opening.

Last edited by mathjak107; 03-02-2015 at 04:36 PM..
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Old 03-02-2015, 04:21 PM
 
71,983 posts, read 72,020,102 times
Reputation: 49559
Quote:
Originally Posted by newenglandgirl View Post
I still think your advice, and the advice of others, would best serve readers on a Retirement Information Forum, not mixed in with threads on grandkids, climate, what to wear or not, and other such. Then within that retirement forum threads such as Pensions, SS, Investments, LTC could be all in one place, easily found, with an easy trace of the subjects over time.
well it is all we have to work with. the stuff that pertains to retirement does not really belong in the investing section nor personal finance.
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Old 03-02-2015, 04:24 PM
 
Location: St. George, Utah
756 posts, read 886,336 times
Reputation: 1971
I like the all-inclusive nature of this forum. We are thinking about all these issues at once, and I like hearing perspectives on the many aspects of aging and retirement, and the dozens of decisions that go along with them, from the same general group of people at the same general stage of life/frame of mind.

I like hearing from people of all income levels.

I like hearing perspectives I disagree with and those that make me uncomfortable.

I like it the way it is!
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