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Old 02-28-2016, 04:13 PM
 
Location: Ponte Vedra Beach FL
14,628 posts, read 17,960,476 times
Reputation: 6718

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Quote:
Originally Posted by TuborgP View Post
Robyn's comment about Medicaid beds in CCRC's is verrrrrrrrrrrrrrrrrry important. They don't want Medicaid clients and have figured work arounds to avoid getting them. The financial review when you get in is very important as is LTC or a boat load of cash/income. This is something that probably needs to be factored in to retirement prior to actually doing so. What you can afford at 66 might not be reflect your needs at 80. CCRC's are also not attracting many if any retirees in their 60's or early 70's and when your average entry age is close to 80 you aren't going to. Marketing and reality are very different. Look at the brochures and then go to their Facebook page or actual life at pages especially social events
And what if it's the other way around? Do you want to pay anything up front to a CCRC that is accepting Medicaid patients in its SNF off the street? Which is the case with the for-profit CCRC here. Who wants to pay big bucks in advance to wind up in a Medicaid place?

What about when it comes to accepting even full pay non-Medicaid people who aren't CCRC buyers? I know when we were looking around for my late FIL - Fleet Landing was renting empty SNF beds to people who hadn't bought into the CCRC. With nothing that said my FIL would be kicked out if a CCRC resident needed the bed.

Overall - as we get older - I am pretty much prepared to do things "a la carte" - as needed. Robyn
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Old 02-28-2016, 06:22 PM
 
29,829 posts, read 34,918,975 times
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Quote:
Originally Posted by Robyn55 View Post
And what if it's the other way around? Do you want to pay anything up front to a CCRC that is accepting Medicaid patients in its SNF off the street? Which is the case with the for-profit CCRC here. Who wants to pay big bucks in advance to wind up in a Medicaid place?

What about when it comes to accepting even full pay non-Medicaid people who aren't CCRC buyers? I know when we were looking around for my late FIL - Fleet Landing was renting empty SNF beds to people who hadn't bought into the CCRC. With nothing that said my FIL would be kicked out if a CCRC resident needed the bed.

Overall - as we get older - I am pretty much prepared to do things "a la carte" - as needed. Robyn
The one place which is pay as you go guarantees admission to each level but since it is new it seems highly probable they are accepting folks who can pay into the various levels. Independent living opened in November and assisted living just opened
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Old 03-01-2016, 03:41 PM
 
29,829 posts, read 34,918,975 times
Reputation: 11752
Quote:
Originally Posted by LookingatFL View Post
That seems to be the problem with trying to plan for a future 20 to 30 years in advance. So much changes in that time. I have the inflation-adjusted LTC insurance with no lifetime cap, I have money set aside for retirement purposes, I will have a small pension, Social Security and an annuity. My CFP tells me that all of my holes are plugged and that I am in a good situation, and yet things change and new holes open. It is a constant battle to figure out what to do when I am aged while the ground keeps shifting.
What we are doing is to research and price various housing and living options as we project over the next 17 years to age 85. Pricing those options out and comparing them to what we can afford and not afford based on current and projected resources and the opportunity costs given up by selecting certain options. When we recently looked at buying a new house either in a Del Webb or similar non age restricted community we decided no for several reasons. Near if not at the top of the list was that it might depending on the unknown restrict our options at age 80 or there abouts limited our financial options. It is a shifting ground we walk on but we need to be juggling our financials as we walk to try to stay a head of. Remember financial decisions now don't just involve current trade off costs but also future ones.
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Old 07-23-2016, 08:37 AM
 
Location: Near a river
16,042 posts, read 19,007,999 times
Reputation: 15649
Back to annuities...specific experiences, recommendations...
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Old 07-23-2016, 01:04 PM
 
1,227 posts, read 1,263,463 times
Reputation: 4310
RiverBird,

I use https://annuities.direct/ which (unlike immediateannuities.com) gives real quotes from 99% of the insurance carriers that sell annuities. No insurance agent will bother you when you get the quote. There are also webinars that you can listen to which are very informative, and you can download the Comdex report which will show each insurance carriers ratings. I am very taken with this site.

Meanwhile, I decided to purchase a MYGA (Multi-year guaranteed annuity), which is a lot like a CD, after doing a lot of research. I picked a 5-year MYGA with 3.2% compound interest. At the end of the 5 years I will have the option to close the annuity, to annuitize it, or to renew it at the then current guaranteed rate. The interest is tax deferred. It is doing what it says it does, I read the contract which was very simple, and had 10 days to cancel if I wanted to. There are NO fees with this type of annuity. I figured this was a fairly noncommittal approach. I purchased it through the annuties.direct website.

I do have an indexed annuity. That also does exactly what it said it will do. The fees are very high. I would not purchase an indexed annuity. I will purchase a DIA or a SPIA which I believe is a better option.

Unlike a lot of people, I am very pro annuities. I believe that once my necessary income needs are met through guaranteed monthly lifetime payments, I am more secure in investing less conservatively. I believe that multiple income streams are needed and an annuity is just one more avenue to that goal.
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Old 07-23-2016, 03:49 PM
Status: "Re-edit status" (set 27 days ago)
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
4,220 posts, read 1,925,319 times
Reputation: 3237
We bought deferred GLWB VA 2008-2012. 5% internal Income guaranteed minimum growth, 5% withdrawal rate of final Income Account value at withdrawal initiation. Within IRA's and 1 with taxable funds.
We also have some GLWB FI. 2012. 5% internal Income guarantee. 6.5% withdrawal rate on final Income Acct value at withdrawal initiation And 5 years of holding and 70yo.

Also attractive LTCi, purchased 14 years ago.
Currently 66/69.
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Old 07-26-2016, 11:31 AM
 
6,901 posts, read 7,308,990 times
Reputation: 9792
LeastPrime, how much is the premium for your LTCI?? And what do you get for that? Was it discounted through work or some group discount?
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Old 07-27-2016, 03:33 PM
Status: "Re-edit status" (set 27 days ago)
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
4,220 posts, read 1,925,319 times
Reputation: 3237
Quote:
Originally Posted by selhars View Post
LeastPrime, how much is the premium for your LTCI?? And what do you get for that? Was it discounted through work or some group discount?
14 yrs ago. Retail, sold thru a Primerica advisor. Now carried by MetLife.
2 single plans (H & W) to make discounted family plan. Forgot the discount.
Each individual plan was 1095 days @ upto $100/day, 5% compounding inflation rider. I think 30 day deductible? Now about $300/day (you can figure it out), for about current combined ????? premium??
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Old 07-27-2016, 04:34 PM
Status: "Re-edit status" (set 27 days ago)
 
Location: Was Midvalley Oregon; Now Eastside Seattle area
4,220 posts, read 1,925,319 times
Reputation: 3237
Quote:
Originally Posted by selhars View Post
LeastPrime, how much is the premium for your LTCI?? And what do you get for that? Was it discounted through work or some group discount?
Original thinking was for that Person: at inception, a) $100/day * 365 days= $36,500; b) SS=$12,000/yr; c) IRA, Retirements withdrawals from $12,000/yr. Equals a+b+c= $60,500 in 2002 dollars. This could buy a lot of at home care then. And the remaining spouse has enough income to live a life without the overwhelming burden of sole LT caregiving and life after death.

If you have ever done family 24/7 caregiving at home, it is emotional draining. You will need some time off to keep everyone sane.
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Old 07-27-2016, 08:50 PM
 
6,901 posts, read 7,308,990 times
Reputation: 9792
least prime, did I miss it -- so what's your premium?
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