I really question the need for LTC insurance for singles as their living expenses can typically accommodate the care costs or if not then Medicad covers it. Keep in mind people needing LTC are close to end of life so the risk to their nest egg is really more for whats left for inheritance then for taking care of themself. As for Social Security timing it should be a balance of need vs tax vs maximizing benefit amount. For example if someone has a large 401K (tax deferred) they need to consider if their SS benefit amount will impact their income level and thus push them into a higher tax bracket (and potential Medicare IRMAA penalties) especially as they hit Required Minimum Distributions (72 to 75 yrs old) for their 401k withdrawals. SS benefits should not be viewed as "take it as early as you can so you get what you deserve or so the government does get it". This mindset may actually back fire for many and they will pay more taxes then they should have.
I really question the need for LTC insurance for singles as their living expenses can typically accommodate the care costs or if not then Medicad covers it. Keep in mind people needing LTC are close to end of life so the risk to their nest egg is really more for whats left for inheritance then for taking care of themself. As for Social Security timing it should be a balance of need vs tax vs maximizing benefit amount. For example if someone has a large 401K (tax deferred) they need to consider if their SS benefit amount will impact their income level and thus push them into a higher tax bracket (and potential Medicare IRMAA penalties) especially as they hit Required Minimum Distributions (72 to 75 yrs old) for their 401k withdrawals. SS benefits should not be viewed as "take it as early as you can so you get what you deserve or so the government does get it". This mindset may actually back fire for many and they will pay more taxes then they should have.