You might also be interested in these articles:
HOT FORUM TOPICS
Gun Control: Where do YOU stand?- Popular Ayurvedic centres in Kerala
- Nurse in senior living facility refuses to do CPR...
- Loss of a friend
- Hi all, new to the site here. I have to say grilling outsi ...
- Oh Carol needs YOUR help on a gift idea!
- TEFL Courses
- The Hermit Compulsion
- What's changed for you this time around?
- Charlie Horse Control: Drink tonic water
I am 50 & still work PT & have a Pension fund thru my employer. My best friend has named me Beneficiary of her retirement acct. when she passes away (she has advanced staged liver cancer & no relatives). I'm curious if I take receipt of the money in a lump sum, since it's not more
QUESTION:
What advice do you have about preserving your nest egg in this situation?
My husband is 69 and I am 55. We have two ninth graders who are college bound. I am concerned about the risk of my husband having a major medical problem requiring long-term nursing care which would deplete more
I'm 53 and considering leaving the company I've worked at for 30+ years...
At retirement, I have the option of receiving $2500/mo till death, or $302,000 lump sum.
Since I'm too young to roll the lump sum into more
I am a 55-yr old female. I have about ten thousand in a 401k through my employer. I would like to transfer that into a Roth IRA as I have heard positive feedback concerning this. What are your thoughts?
Thanks.
Roth Or Not more
What are the pros and cons of reverse mortgages?
Needs to know.
ANSWER:
Before I give my opinion on this, I would like to start with a word of caution! This decision is one which should not be made without expert advice! Because much of the decision is a planning decision, you should more
I was married to a veteran who was 100% disabled due to the Viet Nam war. We were married 11 years then separated would I still be entitled to his social security when I retire?
A Former Spouse more
Do you think long term care insurance is worth the money for 2 healthy people in their mid-60's?
Thanks, Healthy Now. more
What is your opinion and experience with reverse mortgages? Do you think that is a good option for seniors? And why? more
HEALTHY NOW
QUESTION:
Do you think long term care insurance is worth the money for 2 healthy people in their mid-60's?
Thanks, Healthy Now.
ASK YOUR MONEY'S ROSEMARIE BOYD ANSWERS:
Dear Healthy Now:
You should always buy life, health or disability insurance when you are healthy! Will you always be healthy? Because we cannot predict what will happen to us, Long Term Care Insurance, along with a good estate plan, is the only way to protect assets. For example, in Massachusetts, if you carry the minimum statutory amount of coverage, the Commonwealth will not put a Medicaid lien on your home. Check your state for any incentives to buy private coverage.
Of course this makes the assumption that protecting assets is important to you. That is not true for everyone. For example, if you have no one to whom you wish to leave assets, then not buying LTC may be the correct decision.
For me, the biggest issue is control of my life and not saddling my husband or my children with excessive care giver responsibilities. Our coverage will allow us to stay in our home as long as possible, and then still have control over where to receive care, should one of us need outside Assisted Living or a Nursing Home. Being a private pay patient, has a lot of advantages allowing you to choose where you will receive your care.
Thanks for your question,
Rosemarie A. Boyd, CFP
You might also be interested in these articles:
Social Security: Divorced and then Widowed
Ever, Ever, So Complex
Leave a Comment
Guidelines: We welcome your thoughts, but for the sake of all visitors to AfterFiftyLiving.com, please refrain from the use of obscenities, personal attacks or slurs. All comments are subject to our terms of use and may be removed. Repeat offenders may lose commenting privileges.