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Old 02-03-2016, 04:02 PM
 
71,779 posts, read 71,875,234 times
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what state ?
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Old 02-03-2016, 09:10 PM
 
Location: LTCShop.com
236 posts, read 113,383 times
Reputation: 151
Quote:
Originally Posted by Maple47 View Post
LTCShop,
Where do I go for LTC insurance, please? I suppose there are several companies to compare.

There are about 9 to 15 companies to choose from depending upon your state of residence.
Which company will be best for you depends mostly upon your health history.
The key is to work with an experienced agent who specializes in LTCi.
If an agent sells lots of different types of insurance don't ask them for LTCi quotes.
Work with an LTCi specialist ONLY.

That's all I'll say otherwise I might violate the TOS.

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Old 02-03-2016, 09:15 PM
 
Location: Eastern UP of Michigan
1,202 posts, read 683,474 times
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Quote:
Originally Posted by mathjak107 View Post
the best deal ever is delaying ss . you can't buy any inflation adjusted annuity that can compete with what you get by delaying ss for the amount of money you give up taking.

it would never pay to take ss and then buy an annuity to replace what you give up . it would cost much more to get an inflation adjusted one .

Yeah I realize that but I just can't work full time much longer and Jim will not be able to collect a survivors/spousal benefit off my SS due to his being the old fashioned CSRS pension.


While we hope to not collect SS to early, I doubt I'll wait till 66 or longer. Its really going to depend on a lot of "things" over the next couple of years, such as investment performance, health etc.


It may be better to spend down rather than file early but that takes me back to the first consideration. If I die first he probably will need extra $$ which we had spent down to delay filing longer.


We have a conundrum.
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Old 02-07-2016, 11:03 PM
 
6,353 posts, read 5,168,799 times
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Quote:
Originally Posted by Maple47 View Post
Larry Siegel,

Thank you for explanation. Now I see the idea.
Sorry, I have more questions.
1. All these annuities are not "lifetime", but "term certain", which is 5 years, right?
2. Why is the first annuity payment $1000000, but not 100000 approximately, as the others are? It is ten times larger.
3. I understand your note on 2%, however, due to the laddering I shall get better rate already! Why do I add more rate on the top of this better rate?
I understand the diversifying issue.
1 and 2. In my example *which is just an example for the sake of discussion*, the annuities are all life annuities. The idea is to guarantee the basic nominal income of $50,000 by buying a big annuity at the beginning, then adding to it incrementally to adjust for inflation. So, at any point in time, you are getting the annuity payouts from all the annuities you've ever bought. The later-bought annuities are small because the inflation adjustment is small relative to the basic income requirement.

3. Inflation works like compound interest so if inflation runs at 2% per year compounded, your income needs to increase by more than 2% of the original amount in the "out" or later years.
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Old 02-08-2016, 05:34 AM
 
71,779 posts, read 71,875,234 times
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Of course the trick is balancing how much to dedicate to income for the initial buy vs how much to keep for future big expenditures and heirs down the road vs money available to keep buying more spia's to inflation adjust.

That can be tough to figure out and guess at.

Which is why i like a three prong attack. Low cost spia's for income, your own investing for growth and inflation adjusting and single premium life instead of a joint annuity. That can provide tax free money to the spouse or heirs while guranteeing the amount
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Old 02-08-2016, 10:19 AM
 
427 posts, read 189,413 times
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Quote:
Originally Posted by Larry Siegel View Post
1 and 2. In my example *which is just an example for the sake of discussion*, the annuities are all life annuities. The idea is to guarantee the basic nominal income of $50,000 by buying a big annuity at the beginning, then adding to it incrementally to adjust for inflation. So, at any point in time, you are getting the annuity payouts from all the annuities you've ever bought. The later-bought annuities are small because the inflation adjustment is small relative to the basic income requirement.

3. Inflation works like compound interest so if inflation runs at 2% per year compounded, your income needs to increase by more than 2% of the original amount in the "out" or later years.

Thank you. Now all the pieces come together!
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Old 02-08-2016, 06:54 PM
 
1,734 posts, read 1,951,663 times
Reputation: 3901
Quote:
Originally Posted by mathjak107 View Post
the best deal ever is delaying ss . you can't buy any inflation adjusted annuity that can compete with what you get by delaying ss for the amount of money you give up taking.

it would never pay to take ss and then buy an annuity to replace what you give up . it would cost much more to get an inflation adjusted one .
Mathjak, I doubt I would have had the "EUREKA!!!" moment about this fact without having had the benefit of fully absorbing your postings. I really appreciate the education. Thank you heartily and humbly. Best, Jane
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Old 02-09-2016, 03:47 AM
 
71,779 posts, read 71,875,234 times
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You are very welcome
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Old 02-11-2016, 01:31 AM
 
Location: Northeastern U.S.
1,467 posts, read 898,140 times
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Quote:
Originally Posted by foundapeanut View Post
Find yourself a good Registered Investment Advisor (RIA)> They are by law required to act in your best interest. Ours has been doing this for 30+ years & has access to investment at wholesale. Watch out for the folks that claim they are but also own a brokerage. This is against the law. We currently have a lawyer negogiating a settlement with the lat one.
No one at Merrill Lynch, Morgan Stanley, any brokers office or bank etc is under these guidelines. And these guys sell investments at retail.

We have an annuity. Cash it out after 10 years, more than doubled what we put in it. No penalties nothing. Took our money & invested it in a better fixed annuity. One that the RIA was paid a minimal commission instead of the usual 5-6% the other guys get. And we were given a $50,000 bonus. We will let it grow another 10 to 12 years before turning it on.

I have a whole life/LTC policy. Its guaranteed to pay out $250,000, if I don't utilize the LTC. The LTC is $5,000 per month with 3% inflation rider. Effective now. Will take care of me rest of life in LTC. About $8,000.00 per year, locked in. WE didn't need it but I have no Whole life on me. Husband can't get insurance.

Get insurance while you can. One negative report from a doctor will kill your chance during underwriting investigation.

I have been thinking about LTC insurance, but don't know how much it would cost. I am 60; very overweight and have high cholesterol; and am a cancer survivor (diagnosed and treated in 1999-2000). My blood pressure is normal. I have mild arthritis and am currently doing physical therapy for it, and have improved (much less pain); and can still take long walks (and do, several times a week). My memory is not as sharp as it used to be but has not yet altered my quality of life. What would cause an insurer not to give me long-term health insurance?
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Old 02-11-2016, 03:47 AM
 
71,779 posts, read 71,875,234 times
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The agent we bought our ltc plan from was denied himself just for being over weight.

They are so strict. They did drug testing ,aids testing and full blood and urine work ups on us as well as memory tests.

I had a year or so history of being prediabetic and was surcharged for it.

From what you said i think you will be denied or surcharged to a point it would be to costly.
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