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be aware anyone even a single can file and suspend at fra and delay with a claim in place to take a lump sum if they turn ill or have an expense .
once a file and suspend is done at fra you can ask for a lump sum check going back to fra if you decide you want your money at any point in time.
I am only waiting until fra to file for ss but I am retiring now at 62.
but the option is there for anyone who wants to hedge their bets of not making it until 70.
70 is really an option for those who just can't afford to retire and can still work or if you have enough money to lay out and want to go for the bigger payment for your spouse ..
a 65 year old man has a 50/50 chance of seeing 83. a 65 year old woman 85 and 65 year old couple has a 50/50 chance of seeing 87.
that is really pretty high odds one of you will be around.
I bet I know the question lol.. no it isn't mooching off Medicaid.
new York has a special form of Medicaid called extended Medicaid. it carry's its own rules and was designed to go hand in hand with their partnership plan for long term care.
you take 3 years insurance and they guarantee you no look back period , no transferring of assets , no income limits for Medicaid purposes on the spouse who stays home and Medicaid will cover the bills once the insurance runs out.
quite a few states now offer partnership programs.
How can one who is wealthy take on a Medicaid program?? Do you mean Medicare?
noooo , that is what I explained above. it is called extended Medicaid and that is new yorks states deal they give you if you buy their partnership plan.
they agree to put you on Medicaid after the insurance runs out . but you must have the partnership plan. if you just buy a regular LTC POLICY the state gives you none of the perks. we bought the total asset plan which protects everything you own.
ours is though gensworth.
" The NYS Partnership for Long-Term Care (NYSPLTC) is a unique Department of Health program combining private long-term care insurance and Medicaid Extended Coverage (MEC). Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday. The program works by allowing an individual or couple who purchases a Partnership insurance policy and keeps in effect to hold onto all or part of their assets (depending on the type of policy purchased) under the Medicaid program if their long-term care needs extend beyond the period covered by their policy."
I guess they realized most of those with assets manipulate them anyway and they end up on medicaid . So they figured they may as well get in the insurance business , partner up and at least make money on the deal.
First I'd like to clarify a small point. Just because a person arrives at retirement age without enough funds for a "comfortable" retirement does not mean they do not own a computer and can't afford internet.
Such analogies have no real bases.
Secondly, retirees with ample savings, pensions or whatever, certainly do not have to conceal their status. As for being braggarts, I don't agree with this as a stereotype either. I can think of but one or two braggarts on this board. The point was that from reading so many posts about "Do I have enough?" that it is apparent most (but not all) of the posters appear to be financially secure. This doesn't fly with the real world statistics out there, so then the question still remains, do we not get a good representation of these people on this board - or are they just not speaking. (or like a few have said, too busy working)
I think there is validity in the statement made on here that sometimes when people admit to their lower funded circumstances they are sometimes met with less than constructive advice. I think it would be more advantages (after the fact) for that poster to hear from people who are in the same boat but found their way to still make a life for themselves.
Why beat up the chicken that got out of the coop. What purpose does that serve? If I were in that camp, I'd want to hear more from those in similar situations, and how they are doing it. I wouldn't want to be told, I should have planned better. That might be true, and it might not be, but either way, some encouraging words can go a long way sometimes.
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.
noooo , that is what I explained above. it is called extended Medicaid and that is new yorks states deal they give you if you buy their partnership plan.
they agree to put you on Medicaid after the insurance runs out . but you must have the partnership plan. if you just buy a regular LTC POLICY the state gives you none of the perks. we bought the total asset plan which protects everything you own.
ours is though gensworth.
" The NYS Partnership for Long-Term Care (NYSPLTC) is a unique Department of Health program combining private long-term care insurance and Medicaid Extended Coverage (MEC). Its purpose is to help New Yorkers financially prepare for the possibility of needing nursing home care, home care, or assisted living services someday. The program works by allowing an individual or couple who purchases a Partnership insurance policy and keeps in effect to hold onto all or part of their assets (depending on the type of policy purchased) under the Medicaid program if their long-term care needs extend beyond the period covered by their policy."
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.
What does the red ("state documents available") mean?
My guess is that the documents are available but the states may have not implemented the program. One may need to find access to the documents to know the schedules.
The thread is moving fast but it may have meandered away from the original topic. One thing that I wanted to add is that the folks who could not afford to retire are likely to focus more on working and their day-to-day problems than retirement possibilities. One of my relatives is 70 years old and is still working. She has told us more than once that she does not think that she could ever afford to retire!
When anyone typically posts anything about having enough to retire on, it appears everyone on this board has enough, whether through pensions, double social security checks or larger portfolios. Yet statistically, many more people do not have enough to retire.
So how is it we never hear from them? Does the subject matter of this forum "Retirement" only attract people who are in a position to retire? Are there not people on here who would like to retire, but feel they can't? Are they afraid to speak up, or are they just not interested in the subject matter so they never come on this forum?
A couple of years ago I tried to create a Retirement forum for people who were disabled and needed help and advice. It was taken over and basically destroyed by those who seemingly felt that people on disability were leeches at the public trough. It got bitter and was not a supportive forum for disabled people with little money who really needed help. Discussions like that probably belong on other sites with closed groups. It's not so much fear as simply recognizing that it's a waste of limited energy and time to try to do it on City-Data.
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