The Five Retirement Spending MYTHS That Most Retirees Believe
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- Опубликовано: 15 сен 2024
- This video discusses five retirement spending myths that don't apply to many/most retirees.
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Disclaimer: this video is for educational and entertainment purposes only and is not meant to be a substitute for legal, accounting, tax, or professional advice. If you have any specific questions about any legal, accounting, tax or other professional service matter you should consult the appropriate professional services provider.
Am 58 retiring next year but the thought of retirement gives me weakness. My apologies to everyone who have retired and filing social security during this time after putting in all those years of work just to lose everything to a problem you never imagined to happen. It’s so difficult for people who are retired and have no savings or loved ones to fall back on.
True, It has never been easier to understand how to build your money after retirement than it is right now with the inflation, when you may study and experience a completely variegated market passively by employing a successful portfolio-advisor. The impacts of the U.S. dollar's gain or fall on investments, in my opinion, are complex.
Even if you’re not skilled, it is still possible to hire one. I was a project manager and my personal portfolio of approximately $850k of my retirement pension took a big hit in April due to the crash. I quickly got in touch with a financial-planner that devised a defensive strategy to protect my funds and make profit from my portfolio this red season. I’ve made over $250k since then.
Mind if I ask you to recommend this particular coach you using their service?
'Carol Vivian Constable, a highly respected figure in her field. I suggest delving deeper into her credentials, as she possesses extensive experience and serves as a valuable resource for individuals seeking guidance in navigating the financial market.
She appears to be well-educated and well-read. I ran an online search on her name and came across her website; thank you for sharing.
I plan to retire or reduce my work hours in five years, and I'm interested in how others allocate their income between savings, spending, and investments. I currently earn about $175K annually but haven't built up much in savings so far.
There are numerous strategies to achieve high yields during a financial crisis, but it is crucial to undertake such trades with the guidance and supervision of a professional financial advisor to ensure informed decision-making and risk management.
That's true. I've been assisted by a financial advisor for almost a year now. I started with less than $200K, and I'm just $19,000 short of half a million in profit.
That's quite impressive! Can you share more information about your financial advisor?
Nicole Anastasia Plumlee is the coach that guides, you probably might've come across her before I found her through a Newsweek report, she's quite known in her field, look-her up.
Thank you so much! This is exactly what I needed right now. I wrote her an email and am waiting for her reply. Hopefully, she responds soon. I plan to start the year on a strong financial note.
My advice always, Invest into Real estate and Digital Market, Time has changed and we need to move with time. Seek the help of a financial advisor to tailor a plan to your specific needs and goal. Avoid debt at all cost and build an emergency fund.
It is actually not intentional to accumulate debt, I have always tried my best to stay debt-free but then life happens. Real estate is a No for me due to financing challenges like securing a mortgage.
What about the Digital market, what does it currently look like ?
I will advise You to look into the digital market. A lot of folks in the US and abroad are getting so much from it.
Well, it is not totally easy, It's all about making informed decisions and protecting your capital.
To help you navigate, I'll recommend that you identify an investment mentor or someone with prior market experience.
The idea of investing a significant sum of money may be both thrilling and intimidating. There is potential for considerable wealth increase with the correct strategy. How can one take advantage of compound interest and potentially grow your retirement savings to about $1M over time?
Safest approach i feel to tackle it is to diversify investments. By spreading investments across different asset classes, like bonds, real estate, and international stocks, they can reduce the impact of a market meltdown.
A lot of folks downplay the role of advisors until being burnt by their own emotions. I remember couple summers back, after my lengthy divorce, I needed a good boost to help my business stay afloat, hence I researched for licensed advisors and came across someone of utmost qualifications. She's helped grow my reserve notwithstanding inflation, from $275k to $850K
I really acknowledge your comment, i have been trading stocks for a while now but i have not been able to make much. how do you achieve this feat?
I've stuck with ‘’Jessica Lee Horst” for about 9 months now, and her performance has been consistently impressive. She’s quite known in her field, look her up.
Thank you for sharing, I must say, Jessica appears to be quite knowledgeable. After coming across her web page, I went through her resume and it was quite impressive. I reached out and scheduled a call.
If nothing else, I am impressed by your ability to write/draw in reverse.
His wedding ring is on his right hand…..
Or a Video Editing software that flips him/whiteboard...as noted already that his wedding ring on his right hand.
Still impressed. Lol
Back in the day, the ability to write backwards was handly skill of certain Navy sailors who had to write on perspex plotting boards with a chinagraph pencil in the combat information centre.
@@jimv77 every body is a trickster for clicks...
I had not planned on significant health problems in retirement (both my wife’s and mine). We are too ill for the retirement experiences to which we had looked forward. We are unable to travel, for example. Our siblings are now passing away at roughly our age. Retirement at 68 has become making plans for eventual hospice care and deciding what our descendants will do with our possessions. I did not expect this when I was younger!
It’s critical for Medicare-eligible individuals to select optimal plans to reduce the likelihood that lack of coverage would prevent smart health care utilization choices, not only for their health outcomes, but also to help keep health care spending in check.
In my opinion, enrolling in medicare isn’t just a way to get health care coverage when you turn 65, it’s also a major part of ensuring financial security during retirement. Individuals can seek counsel from a certified financial advisor, who can provide specialized advice and methods to decrease expenses and maximize income.
It's unfortunate most people don't have such information. I don't really blame people who panic. Lack of information can be a big hurdle. I've been making more than $800,000 by investing through an advisor, and I don't have to do much work. Doesn't matter if the economy is misbehaving; great wealth managers will always make returns.
This is exactly how i wish to get my finances coordinated ahead of retirement. Can you recommend the financial advisor you used to get ahead?
Certainly, there are a handful of experts in the field. I've experimented with a few over the past years, but I've stuck with ‘’Marisa Michelle Litwinsky’’ for about two years now, and her performance has been consistently impressive.She’s quite known in her field, look-her up.
Thank you for this tip , I must say Marisa, appears to be quite knowledgeable. After coming across her webpage, I thoroughly went through her resume, and I must say, it was quite impressive. I reached out to her, and I have booked a session with her.
Excellent! We retired in 2019 and our retirement funds have grown substantially.
We had no debt (house paid off) when we retired and are enjoying the "go-go years" with a lower annual budget than when we were working. Medicare plan G payments are less than $200 per month and much of our enjoyment is within an hour driving time from our home in Montana.
Canoeing, cross-country skiing, backpacking, biking, gardening are all fun activities that cost very little and help keep us healthy and happy.
I retired at 62 and I have a very small teacher pension and SS. My strategy was to live within my current means and elimanate debt. One observation I have made is that people prepare financially for retirement but they don't really prepare for what they will do in their retirement. I see alot of boredom and frustration and even depression as a result. Its important to develop hobbies and interests and think about what you want to do when you aren't going to work 5 days a week and living for the weekend.
Great point!
Spot On observation.Great strategy as well!
@@industrialathlete6096 my father prepared well financially for his retirement. But, he lives at the level he lived at when he was working full-time, and now he’s struggling. he worked hard all his life way more than 40 hours a week and now he doesn’t know what to do with himself. My family doesn’t understand how I am willing to accept living with less, but as I grow older, I realize how little you actually need. Having all the things can be a burden and don’t necessarily lead to happiness.
That's more applicable to me than I'd care to admit.
I think of the movie THE CANDIDATE.
He's so focused on winning the race, and not what's beyond, that after winning the race says simply,
"now what?" 😮
I hope you didn’t teach spelling
Holy Schmitt, thank you for producing high-quality, relatable, common sense videos. I see your channel is growing, and you deserve it.
One area to save money is dinning out . Sure we go out to eat a few times a year at a high end restaurant for special occasions . We avoid the breakfast at the dinner, a lunch at Olive Garden, ect. It much cheaper to dine at home. A steak on the grill is just as good as one at a chain restaurant. It's more relaxing at home and you can take all the time you want and avoid the $5.00 desert, the $3.00 coffee, the tip, tax, ect. Probably for about 2/3 the price. Another good way to save is avoiding that $4.00 Starbucks coffee every morning that ends up costing you $1,460.00 / year net or $2,000.00 gross income. One can buy wonderful coffee at the market and brew you own for about 90% less .
Etc
Good post but our dinners are 20% 25% max the cost eating a similar meal out
@@coastalhillbilly3419 - stop eating caviar and drinking expensive wines.
You are so right. I eat out once weekly. I make everything at home and save tons of money and empty calories.
Who thinks healthcare costs go down when retired? I mean health care costs never go down for anyone but they especially don't go down the older you get!!
I have talked to many people that expected their MediCare would be free and that they would have medical expenses drop because of it. They often don't realize that you have to pay for a lot of the components beyond what basic Medicare covers and it has maximum limits. Also things like LTC are never thought of because they have always been healthy and able to take care of themselves.
A lot of people really don't have a clue about the difficulties that come with getting older. I know I didn't. My plan was to work in my garage and build motorcycles like I did when I was younger. Well, since I retired 3 years ago I have had both knees replaced, skin cancer surgery, back surgery and now it looks like I will need another round of surgery on my back and I go into the doctor so they can look at another spot that feels like the cancer I had before. No one can anticipate these issues and it is hard to comprehend when you are young and immortal.
@@bryanwhitton1784 as a general rule, I always expect healthcare costs to go up…more so than any other expense in retirement!
@@NipItInTheBud100 A reasonable expectation but many don't think in future tense.
@@bryanwhitton1784 which, in general, is a big reason so many people have such little saved for retirement!!
Mine have because Medicare premiums are less than UHC (my group coverage) and the deductible is less.
As a 2 year retired man.
This is spot on.
Thank you
The biggest lie is when an advisor tells you that you need X million….
Thank you. I'm retired and the medical insurance and cost are much more than I planned. I have wonderful insurance and I can go anywhere and I'm covered.
You’re not alone Mary
I just signed up for Part B and selected my Medigap policy. Still trying to decide on a dental/vision or dental only plan. Cost is considerably higher than my current employer's plan. Such is life.
Like the new board, way better than a white board.
Easier to use on too! It’s in front of me.
I found it to be too cluttered and chaotic.
Retiring early Next Friday! ( 54 and single).
In working with my finacial advisor, I will be spend a bit more in the early years and less as time goes on (though I have planned for higher medical costs as time goes on).
Find something you like doing!
Congrats!
Duh
Absolutely agree! I have several hobbies that I will be able to spend on. Health goals (pickle ball league starting in October) and 3 dogs looking forward to longer daily walks! After a few months of down time, my next goal is to find a volunteer opportunity (possibly Habitat for Humanity or a local not for profit I’ve worked with in the past supporting the deaf). And of course spend more time with family. I’m not a big traveler but do have a list of State and National Parks I want to visit.
Congratulations CD. Well done.
I have been surprised by my level of spending since I retired. I do more activities and eat out more than when I worked, but spend less and it is because I’m not paying into FCIA taxes, no money going into the retirement account, not paying into private employee medical plan, and the big one, no debt for the monthly bill. Now you do have to budget for all insurance, home tax, and federal taxes each year. If you did your planning up front and prepared for retirement you know where you stand and you don’t need millions to live a comfortable life.
Good points
#4 spending principal - totally agree with your advice
Thanks wild!
Excellent video Geoff 🇺🇸❤️🤍💙
Work related expenses are changing. I telecommute so almost all of the work related expenses that everyone faced traditionally don’t apply to me. I already don’t have those expenses so my retirement expenses won’t be significantly less than my current expenses.
Reduced expense for business attire? That’s pre-Covid. A lot of people are working from home in a t shirt and sweat pants.
And making their own lunches 😊
Definitely. And a lot of my neighbors and friends only go into the office 3 or 2 days a week. Even then many of their teammates are on difference schedules so they go into the office. Find a cozy quiet room. And have an online meeting with their teammate who is working from home. So, why did the company want them in the office those days?
I thought he was talking about retirement - so no business attire required!
Love the ‘Minority Report’ board!
I am 70 next month and live in Australia so medical costs are largely met by the government.
The main risk are the ones you cannot control. Health can change in a day. Last December we acquired two grand children from overseas and i am the only one still working. Eligibility fo Government pension can also change at short notice.
GREAT INFO. Even with my accounting & finance background the last 6+ years retired have shown me that so far al your points are exactly correct. my investment portfolio has increased ~35% since then after withdrawals. We still rv and live the same or a bit higher lifestyle. Things like suits & ties & dress shoes are in the rear view mirror. Next couple of years we’ll be doing more bucket list type travel w/o the fear of outliving our funds.
Hi Mr Schmidt, I've turned all my retiring relatives on to your channel.
my withdrawal strategy is why I have three kids - so I will listen to your advice
HA!
Oh my god you're funny. Can't stop chuckling. Love your humor.
Looking for advice. I've done well, I'm retired, and believe I'm all set. The advice is truly about a friend. I recently reconnected with a HS friend I haven't seen in 30 years. He's a little older and I asked when he was going to retire. He admitted to having no savings and $150K variable interest mortgage. He grosses about $75K and lives in a small town in Northern Wisconsin. Here's my thoughts and I'd love feedback.
He's in his Full Retirement Year so shouldn't have an issue with his salary / social security payment. I get Social Security grows 8%/yr. But if he started taking it now and applied all of it to his mortgage payment plus the additional he is paying now, he could have the mortgage paid off in 4 - 5 years. When he's 70 -71. Then work one more year putting his social security and paid off mortgage payment in the bank. I believe being debt free and having $60K - $80K in the bank would allow him to be able to live on his social security payment. Thoughts?? Thanks!!
Having your health and being debt free is the most important aspect of retirement.
People should also consider how long they will be able to drive. Once you have to give up your car keys you ultimately give up a large part of your independence, that is an inevitable consequence of growing old and it is a difficult question we will have to ask ourselves.
Thank you for this realistic, encouraging, and inspiring information.
Yep, never feels like enough...........been retired for ten years........seem to be hanging in there....but never feels like enough.
here is my math:
large nest egg - no stress after cashing out of the market + low off grid lifestyle + ss - family+ all ins. funded = no worries.
Great tips..
Well, if you really were highly successful at saving, you might want to live better than you did while you were working. After all, you can't take it with you. You have to look at your own financial situation, and decide how to live.
Fair point
There are no homes to downsize to
buy a kit house & a piece of land
Your writing board addition is welcome, in part because your art is appreciated. Would, however, not suggest losing your desk studio.
Social security alone won't do it for anyone. You need at least one other revenue stream: 401K, a pension, investments that produce a regular income at low risks. At least one.
So informative!! 💞
Oh a new presentation method!
I plan to retire in 7 months, I started saving really late age 50 or so because of this I have been saving between 50-75 percent of my income and living on less than what my SS check will be. I should be at 1,250,000 or so. Not saving but spending money will I think be really hard for me to adjust too. Im single have a GF but not married with no children to leave it too I guess we can easily spend more per month than I have over the last two decades, funny thing is I don’t really feel like I deprived myself of much.
Good info. Unfortunately, we do have to leave our principal untouched, as we have disabled children whose care will have to be enhanced by nursing and live in assistant costs with their siblings after we pass. Not worried about LTC, because I'd rather be dead than live in one of those hellholes. Nursing homes are where you go to be neglected and abused before you dire a slow lonely miserable lingering death.
Great information!
Thanks Marty
My advice to everyone is this : if you want to grow big this year especially in your finances. Be willing to take risks. Saving is great but taking risks puts you on a pedestal where you wouldnt have to worry about savings as you do now. Thanks to Mrs Helena Crouse, my portolio is doing really great and im proud of the decisions i made last year
How do people manage, manage in retirement since 401ks are nothing to write home about? My 800k turned to 250k in no time. I'm 54, will I work till God calls me?I
I worked until 62, I was at the top of my income game, liked my work, and we could both go on Medicare. I ALMOST fell into the “only one more year” trap.
How did you apportion saving, investments and expenditure?
Finances: 35% in 5.25% secure, 40% stocks, 5% cash, 10% gold/silver, 5% Series I Savings Bonds, 5% “play” stocks (TSLA, HD, CCL). Key: NO debt. I don’t need my RMDs, thus, take as QCDs. . This customized portfolio was crafted by my Financial advsr (FA) to suit my unique needs and goals
Who is this FA? And roughly how much do you pay for this service?
Glen Howard chester ’ , is a renowned figure in his line of work. Just research the name. You’d find necessary details to work with a correspondence to set up an appointment.
Downsizing my single family home in my area would mean living in an undesirable neighborhood. Condo? Apartment? Never!
Then you get what you get. Why stay in your area? Their world has a lot to offer. Why go to the grave seeing so little of it?
@@ScooterOnHisWay2024true
Hi Geoff. Have you ever addressed long term care insurance?
Hi G and T, I haven’t. Do you think people might be interested?
Yes
@@HolySchmidtYes!
YES YES YES!!! I have honestly back and forth on this a million times and I STILL don’t know what to do. We have LTC insurance but it’s hooked to a universal insurance policy ( we got in our 50’s and perhaps shouldn’t have) and I ( we) don’t know what to do. It would be 2k per month if needed but I’m worried we are wasting our money. Are there a ton of hoops we’d have to go through to get it etc etc. I hate we are spending on universal insurance. Hate it. Anyway, I’d love a LTC video
Definitely interested. The biggest question in my mind is who needs it and is it worth it if you have enough assets to cover the costs.
My retirement account has gone down by 13.7% in the past year due to rebalancing I did out of fear uncertainty and doubt. What are best alternatives to take in other to secure a financially free retirement and achieve ultimate peace? I don’t want to fail after 42 years of working hard.
A decent video. A few myths that should be eliminated that you touched on as ways of reducing your needs in retirement:
You should not downsize unless your health requires it. You rarely save on your expenses and if you believe sharing a common wall is fun think again. Also all the outside maintenance is done by your overinflated HOA fees that you have NO CONTROL. Better to have a beautiful home, stay in it and enjoy it. Most expenses do not decrease when you “ downsize “.
2) Never never never by long term care rip off insurance. Save on the side for a private aid . That’s what you’ll have to pay for anyway when the collection from long term insurance becomes arduous and payees for inadequate care!!
If you need to downsize for financial reasons …. You’re a failure. You shouldn’t have lived in that home or drove that fancy car in the first place ( the exception being a health issue)
why are people who have raised a large family, have plenty of family memories and grandchildren, and put their kids to school, kids who are doctors and lawyers, and have downsized because they are now empty nesters, a failure?
It is possible to downsize and not have a common wall or HOA! We do have an HOA but yard maintenance is our responsibility and the HOA fees are reasonable, you just have to do your due diligence before buying. Although I agree that the cost of running our smaller house isn't much less than it was for our previous larger house, we freed up a large chunk of capital to add to our investments. And the new home is much easier to just leave, being in a safer development with a smaller yard. Whether to downsize is a personal decision and depends on many factors - not least that we didn't like "knocking around" in a too-large house with a lot of wasted space.
On LTC insurance, again it depends on your personal situation. If you save for it, you still need to invest to get growth, with the attendant risks. Insurance gives up some gain for greatly reduced risk. There are many insurance products to choose from - due diligence required!
You're missing the big picture here.
We downsized from a large waterfront home 6 years before retiring.
Best decision ever! Our monthly carrying costs plummeted, and we love our porch and balcony on a preserve, across from our boat in the marina. zipped it up this morning for another one month vacation, the second this year!
No debt, less than $1000 per month for insurance, taxes and HOA fees.
We bought a modest LTC policy in our late 50’s. $2500 combined per year! No premium increase yet. We are in Florida, so highly regulated products.
There are very few absolute rules for retirement, it almost always depends.
Great Video!
If most retirees believe all or most of these things they haven't been paying attention, or doing much to plan or prepare for retirement. I plan to retire in 2 years, at age 65, and I don't believe ANY of them. The only possible one is #1, depending on how you define "huge".
Thank you for the information.
Any time!
Really helpful. ❤
Like your thinking!
Thank you for your wonderful videos about retirement. I recommend you to others nearing retirement. (I liked the white board better.)
Thanks, Geoff!
!ffoeG ,sknahT
That admittedly, was pretty good!
Thank you sir.
Question have a car loan at 2.99%. And a savings at 4.25%. Was thinking just keep money in savings make the 1.25 as long as I can then pay off car. That sound like a good idea??
That is how I would do it
Absolutely
I would get rid of the debt and sleep better at night.
That’s what I would do.
@@youngtimer964 I don't think of it as "debt", as I could pay it off at any time. Set up a payment plan from the higher rate savings account, and when it's paid off there's still the excess interest there for you in your savings.
Good video, good info. I am of the mindset that if assets/money was bequeathed to you by your parents you should do what you can to pass that generational wealth to the next generation of the family If there is no next gen, then go to Vegas and have a blast
Ha!
This is biblical. A bible verse even says evil people know enough to give their kids good gifts. Kids should get their rightful inheritance of course. For our Cars & Bank account, our son is the beneficiary. We plan to sell the house, hopefully, before we both die and start renting
I’m guessing you’re in the camp that wants your parents to sacrifice their fun for yours 😂
@@nangel270 Interesting, is that how you think about your parents?
@@nangel270 No not at all. My point was pass the value that was GIVEN/Passed to you by your parents to your kids. Gluttony is a sin, No reason to be selfish and consume generational wealth that had been passed on to you. Responsible people that care about their kids/families future would grow that wealth while they held it, not consume it.
Haha, Geoff is reversed, so he might be writing in the normal direction… (wedding ring on right hand). I enjoyed the video, btw. Thank you
Ha!
@@HolySchmidt Right - switch your ring to the other hand to complete the illusion!
My health care costs are going up 5 fold especially Plan B. I usually appreciate your recommendations but you are incorrect on health care costs at least for my husband and I.
wow i pulled my money out to go on a world cruise
I’m 63 and working for health insurance. I really want to retire and looking for advice.
You might want to either ask an advisor or find an insurance broker. You might find that the difference in costs you already pay and a policy on your own isn’t worth giving up 160 hours a month of your time. That’s why I’m retiring at 60. Everyone is different.
@@deanrotering879 good way to look at it. I also drive an hour to work. So add 10 hours a week. I’m a manager of a branch of a Fortune 500 company so it’s stressful.
I'm more frustrated because I plan to retire in 3 years, 5 months, and I just lost 40k out of 640k just this week!
Hang in there! It will come back. Especially if Trump wins!
Exactly ! U do realize the market is like a casino??? Your up , your down. But only lose money when u want to cash out. If u don't have the guts to hang in there, u have zero business being in the markets in the first place. And no financial planner has a crystal ball. As a matter of fact, most don't even have real balls !!!! 😮. They just skim there cut off the top no matter what happens to your money! LOL. Best of luck
Maybe to high of risk portfolio at your age
@@joycewright5386the market has soared under Biden compared to under Trump. Why do you think it would different if he is elected again.
So casually dressed...😲
Pretending to be poor. 😂😂
Just watched Richard Wolff and Michael Hudson. Both said the GOP and Dems are planning to privatize Social Security. Can you please do a show on this? Thank you
The Democrats have never stated they want to privatize social security! Thats always been a republican idea and its stupid!!
I don't think he can predict the future. Are both plans the same? And the questions begin.
And what democrats are talking about this? Democrats are running on expanding Social Security, just the opposite. Donnie wants to cut your Social Security and give himself a tax break.
There is absolutely no chance that Congress will pass anything of the sort - they are not suicidal.
Democrats are running on expanding Social Security.
Content is good. Lose the 10 year old announcing=÷=÷=÷ so tacky!!
❤
No matter what an individualneeds 1 million in total retirement income
6. Cocaine
If you downsize your home. Where do you move too? There is a capital gain tax on the sale of your home when you downsize. The rate of the tax depends on which party is in the White House. You will also have to switch primary doctors and specialists at your new location. Depending on your condition (Cardiologist)...better not be out in the boonies.
Actually, there is a large ($250k per person) exemption for capital gains tax on your home. We recently downsized significantly with no tax consequences and a nice addition to our retirement nest egg.
Based on my 14 years of retirement, I can say without doubt that most of what is discussed here is just plain WRONG. You will indeed need a substantial nest egg to enjoy a lifestyle in retirement that is close to what you had while working. Costs will go up and up. This includes inflation but also unavoidable increases. Healthcare costs continue to escalate at a rate much higher than overall inflation and you will find big, big increases in hc costs. You are also going to need more help. A good example would be cleaning gutters. You will not and should not be climbing on a ladder as you get older. Downsizing is rarely a good example unless it is drastically needed. The costs of selling and buying and all the work involved are not likely to result in savings. "Living a simpler life" is not what most of us want in retirement, especially if that is being done at a necessity due to lack of income.
Why is everybody concerned about long term care? It’s like a vey expensive house or vehicle, if you can’t afford it don’t buy it! Nobody should be forced to obtain something that he or she can’t pay for. LTC for the most part should take place at home and provided for by family.
Our LTC plan is our older RV, Solar Panels, w/ Water & Wifi rented out for $600 a month value for some in-home help. Then sell the house to build up a nest egg and start renting. If I can't even clean my house or shop, I am pretty close to the end.
Having seen family members have to do this, the strain it causes can reduce the lifespan and mental health of the caregiver. Also, often if the caregiver is smaller, they may be physically incapable of handling some of the issues. Like having to get a much bigger spouse falling up, etc.
Not everyone has family available to assume the burden of long term care. The value of LTC insurance depends on how much cumulative premium is paid for the amount of benefits provided, relative to the cost of care in the area where one lives. Depending on those factors, it can be a good investment, or not. It requires investigative homework to make that decision. LTC insurance is no different than any other situational hazard insurance, like home, car or personal liability. You don't need it until you need it. It's a personal decision as to whether the cost/benefit ratio is favorable.
@@JBoy340a Absolutely. We are dealing with this for my mother-in-law. It was driving the family into the ground emotionally. We recently set up rotating professional help, which has been a life saver (for everyone!). But it's really eating into her (m-i-l's) savings - I wish she had LTC. This kicked us into setting up LTC for ourselves. It's not fair on family to expect them to do it, especially these days with family diasporas!
@@JBoy340a All true. AND family members may likely still be in the workplace themselves. Some illnesses lead to combative, angry, violent behavior, too, which household members may need to be protected against.
How do people manage, manage in retirement since 401ks are nothing to write home about? My 800k turned to 250k in no time. I'm 54, will I work till God calls me?I