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Old 03-02-2015, 12:51 PM
 
Location: State of Being
35,885 posts, read 67,154,265 times
Reputation: 22373

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Quote:
Originally Posted by mathjak107 View Post
I know ours covers assisted living and in home care.

I don't regret having fire insurance either and I never used that.
Big difference in the cost of fire insurance and the cost of LTCI, lol.

And not only that . . . if folks have the discretionary cash to spend on a policy, then it isn't such a hand-wringing proposition.

For those who don't have that discretionary income, or who have to decide between a savings account and paying a monthly premium for LTCI, it could be something ruefully regretted at some point in life.

Insurance is simply an indemnity. Folks should not blindly assume they even need to be indemnified against nursing home care, especially if that premium takes a big bite out of their income.

Most articles state that a person should not spend more than 5% of their income for insurance. For many, that would make LTCI a bad decision.
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Old 03-02-2015, 12:57 PM
 
Location: Idaho
1,452 posts, read 1,153,939 times
Reputation: 5482
The statistics clearly show that there is a sizable number of people who don't have enough to retire

https://www.fidelity.com/bin-public/...-readiness.pdf

"Fidelity’s new Retirement Preparedness Measure (RPM) puts 55% of Americans in the yellow or red, in
danger of not fully covering even estimated essential expenses like housing, health care, and food in retirement. "

For babyboomers (the folks who are most likely to participate in city-data retirement forum like myself), the breakdown is 30% red and 18% yellow wrt retirement readiness.

IMO, the most common answer to the question posed here is that the folks who don't have enough to retire have neither the time (too busy working) nor the resources (internet, computer access) to participate in internet forums.

I am new to city-data forum but have read enough postings to know that braggarts, bullies, whiners and green-eye monsters do pop up every so often. However, there are also many compassionate, kind, knowledgeable, helpful and sharing folks here. Folks who post here just represent the spectrum of humanity. Unfortunately, just like with what we see in the media, sometimes the opiniated or loudmouth minority dominate the stage. Then there is also the phenomenon that people can act meaner or ruder online than what they actually are in real life, face-to-face situation.

Back to the implied question of how do people who don't have enough can afford to retire, I am glad that there are some basic safety nets (both public and private) such as social security, medicare, subsidized housing, SNAP, food banks etc . Even though American families generally are not as tight-knitted and interdependent as in many 'Old World' countries, I have seen many cases where family members take care of each other. I have 3 friends who are taking care of their aunts, and my mother is living with one of my sisters. My mother is living on a tiny social security/pension income and yet she has been sending monthly checks to help out her relatives who are worse off than she is!
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Old 03-02-2015, 12:57 PM
 
Location: SW MO
23,605 posts, read 31,475,774 times
Reputation: 29071
Quote:
Originally Posted by mathjak107 View Post
YOU ASSUME WRONG. everything I said makes it quite clear it can't possibly apply to everyone.
I see. Then lambasting those who might disagree is not belittling. Interesting! As for all the rest, as Shakespeare so sagely wrote, "The [gentleman] doth protest too much, methinks."

G'Day!

Now then, sadly I think many more in the coming years will not have the means to retire securely, however modestly, if at all. Thankfully, for now at least, there are safety nets which, to my mind, are better deployed for the elderly than many much younger who still have financial recovery time.
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Old 03-02-2015, 01:04 PM
 
Location: Long Neck , DE
4,903 posts, read 3,032,487 times
Reputation: 8025
Quote:
Originally Posted by Escort Rider View Post

You have raised an interesting question to which I don't have any answer. Perhaps the financially more secure have the time and inclination to frequent public internet discussion forums in greater numbers? Or perhaps you are right that the ones who cannot retire are embarrassed about it and so don't speak up? It will be interesting to see if the responses to your original post shed light on the matter.
Some of us are not ready to retire. I prefer to continue to work rather than sit around or finding " things to do" even on vacation I get bored after a few days.
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Old 03-02-2015, 01:07 PM
 
71,515 posts, read 71,694,121 times
Reputation: 49088
Quote:
Originally Posted by Curmudgeon View Post
I see. Then lambasting those who might disagree is not belittling. Interesting! As for all the rest, as Shakespeare so sagely wrote, "The [gentleman] doth protest too much, methinks.".

not at all. it is facts ,figures and info . flip it around , are you trying to tell us nooooooooo one has planned badly and committed their own financial suicide ?

of course they have , the same as some folks had unavoidable situations.

if the situation fits then that is who the info is for..
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Old 03-02-2015, 01:09 PM
 
48,516 posts, read 83,912,172 times
Reputation: 18049
Quote:
Originally Posted by Windwalker2 View Post
There is often a lack of empathy shown by certain posters. And some like to brag whenever a thread is even remotely related, however out of place their brag might be.
And then, we all use made up names, so we don't really even know if the wealthy ones are actually wealthy. LOL
I just assume they are telling the truth; because what does it really matter; anyway. They are just conning themselves which is not unusual in humans of any age ;really.
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Old 03-02-2015, 01:10 PM
 
491 posts, read 598,039 times
Reputation: 2095
Quote:
Originally Posted by mathjak107 View Post
as far as what age ? the younger the better . two reasons , I am 62 , last year I was diagnosed as diabetic . that now costs us quite a bit extra. the other is the younger you start the cheaper it is.

here in ny it is costing us 7800 a year at 62 and my wife is 64 . it was so much less years ago when we first considered it.

nys gives us a 1600.00 tax credit for it too plus I get some back on the federal..
Since I live on right at 20k/yr I really don't have the $$ to spend. That would be almost 1/2 of what I live on. Not all of us have that kind of money...that is what this thread is about, right?
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Old 03-02-2015, 01:15 PM
 
71,515 posts, read 71,694,121 times
Reputation: 49088
yes and no. the long term care info was in reply to a poster who stated they had known a couple who had saved quite a bit of money investing and not having long term care plans took their money away.

the other comment about having to work longer and the benefits that go with it clearly stated for those who have a choice.

that info is for those who can. those it does not apply to need not tell me about their own unique situation, as if what I posted is wrong.

it just doesn't apply to them , so skip it and move on.
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Old 03-02-2015, 01:19 PM
 
71,515 posts, read 71,694,121 times
Reputation: 49088
Quote:
Originally Posted by brokensky View Post
Big difference in the cost of fire insurance and the cost of LTCI, lol.

And not only that . . . if folks have the discretionary cash to spend on a policy, then it isn't such a hand-wringing proposition.

For those who don't have that discretionary income, or who have to decide between a savings account and paying a monthly premium for LTCI, it could be something ruefully regretted at some point in life.

Insurance is simply an indemnity. Folks should not blindly assume they even need to be indemnified against nursing home care, especially if that premium takes a big bite out of their income.

Most articles state that a person should not spend more than 5% of their income for insurance. For many, that would make LTCI a bad decision.
if the insurance is such a large percentage of assets then yes it would not pay . however once again , you have lots of folks with sizeable invested assets and for the cost of 1 or 2% of the average returns they can pay a premium to protect those assets.

once again I will say it . everyone's situation is different and the info provided may or may not apply to all , most or some but it is certainly there for everyone to see.
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Old 03-02-2015, 01:20 PM
 
Location: SW MO
23,605 posts, read 31,475,774 times
Reputation: 29071
Quote:
Originally Posted by dbsteel View Post
I'm just guesing that most of them aren't on this Forum.....
Only the brave!
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