The BIGGEST Risk You’ll Face in Retirement
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- เผยแพร่เมื่อ 4 ต.ค. 2022
- Did you know that the number one reason someone can become bankrupt in the U.S. is because of medial problems and not having the ability to pay for ongoing long term care? Well I didn't either until recently and this could become a major problem as literally thousands of baby boomers are now turning 65 and reaching retirement age, per day.
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Hey Michael. As an insurance agent let me give you my advice. First and foremost long term care policy premiums can and do go up. They can become costly and don't pay for all of your care, just a portion of it depending upon the cost of the care and how much is needed. To clarify, keep in mind there are basically three main types of life insurance policies ....
TERM LIFE
Term life insures your life for a specific term. Let's say 10, 20, 30 years. It's appropriate for when you need insurance for life events. For example a 30 year mortgage paired with a 30 year term life policy so if you die within the mortgage period your spouse can pay off the house. When you have a child - A 20 year term for yourself in case you die while your child is still dependent upon you. Etc. So term life has it's application and specific purpose. Premium payments are level, which means they will never increase during the term period. This is least expensive option.
WHOLE LIFE
Whole life, as the name implies, is a type of policy that insures you for your whole life. This is for someone who needs the death benefit to pay out to their beneficiary no matter how old they are when they die. It also comes with some investment components and the ability to borrow against it. But most people do not really need the investment aspect of a whole life. Whole life is the most costly. Premium payments can be level, and can never increase.
GUARANTEED UNIVERSAL LIFE (G.U.L.)
A GUL policy is a great middle ground alternative between term life and whole life. A GUL will insure you to a specific age, like age 100, 110, 120. But, it doesn't have the financial/investment components of a whole life and thus it is less expensive and a more affordable option to insure you for essentially your whole life - granted you don't live past your set age cap of 100 years +, etc, etc. (most people won't).
The nice thing about life insurance policies is that you can add to them what are called "Riders" to the policy that essentially, "Ride along" to provide enhanced benefits to the life policy.
So in conjunction with your video topic, here is what I would do in place of a long term care policy with increasing premiums.
I would recommend getting a GUL life policy guaranteed to age 110 years for at least $500k or better $1M dollars, with a disability rider added to it. If you're in your mid 30's and healthy the premiums should be very affordable. But get it now, and lock in a rate while you're still young and healthy.
Now as far as the disability rider is concerned, typically to claim disability you would need to be unable to perform on your own without help three functions from a list of daily functions - like bathing, dressing, walking, etc. You'r doctor would diagnose that. Being disabled doesn't suggest you'd have to be totally incapacitated to qualify.
When you get older, and need help as a qualified disabled person, the "disability rider" on the GUL policy will allow you to take out a large sum of the death benefit, before death, to pay for care!
Medicare part A will pay for health events that involve terminal illness. A GUL life policy with a disability rider will pay for disability events. So you have both health events covered.
Now granted, if you do receive payments under the disability rider, you still have the balance of the GUL life policy death benefit left to pay for your end of life expenses (funeral, debt payoff, etc) or to leave to your surviving beneficiary(s). So it's a dual purpose solution.
The other aspect regarding life insurance is that it prevents you from spending down your savings and leaving a spouse penniless. If you do need to use savings to pay for assisted care, your surviving spouse will get that money back from the life insurance death benefit proceeds, (tax free) which can then replenish their savings account.
The other thing you can do with your life insurance policy is to grant the death benefit proceeds to your hospice care facility. You make the hospice care facility the beneficiary of your life policy and this is a way to pay for assisted care without having the money up front!
Now, If you don't want the full death benefit to go to the hospice facility, in your Living Trust documents, (that you set up with your living trust attorney) you can have a clause that allows the hospice facility the right to only receive proceeds from your life insurance policy to pay for your care, and the death benefit balance to go to another beneficiary like your surviving spouse.
For example in your Living Trust it could read something like this.. "I grant Happy Hospice House the right to my life insurance proceeds up to the cost of my care, and the balance of the death benefit to go to my listed beneficiaries". Something in that regard.
Speak to a living trust attorney and a good life insurance agent who isn't just going to try and push you into a whole life policy.
I know this was long, but hope it helps!
Hadn’t heard of GUL before, only term, whole life and LTC. I’ll be checking on GUL. Thanks for the time you took to explain this.
Very helpful, thanks!
The information you provided is priceless! I am 53 and my husband is 60. I am currently exploring our options with regard to long term care therefore I cannot express how valuable this information is. I have at three close friends that have long term care insurance and all have seen their premiums increase. So not only was your comments to this video educational, it shed revelatory light on some complex issues that could arise with having a long term care policy.
Much appreciated 🙏🏽
Never heard of GUL ..thank you I will check on it
Wow, that really was helpful. Thank you Ben!
Life is a dream for the wise, a game for the fool, a comedy for the rich, a tragedy for the poor.
Love your walks in the neighborhoods michael..beautiful backdrops
I am 73 years old!!! I have no Health Insurance!!
Just eat healthy , exercise and believe in GOD and you will be fine!!!!
That is exactly what I have done all my life!!!
re: Medicaid long term (if you don't have $$). Note: IF you own a home/condo, the state will take that UNLESS you have it [home/condo] set up in a trust 6 mo PRIOR to the "incident". BTW, I am SOOOOO sick and tired of being "insured" on EVERYTHING. Car insurance, Repair for your car insurance, health insurance, pet insurance, business insurance, etc ..... GREAT video!
It’s 5 YEARS prior to needing Medicaid - not 6 months?! They have a look back period of up to 5 years
I agree, feels like soon we're gonna be needing Insurance-insurance in case your insurance doesn't cover you!. It's ridiculous
@@janicenunn8525 Make sure you look up your states rules as they each have their own. This comment made here doesn't apply in Florida for example.
@@janicenunn8525 irrevocable trust, but if it's your primary home they can't take it or make it a countable asset. If you need to move to a nursing home you need to write a statement that states that you intend to return home otherwise the state can place a lien and count it as an asset.
Insurance is a joke. My health insurance is 300 a month with a 10k deductible if I ever actually need it. I’m paying for the privilege of paying more 😂🤦🏽♂️
18:38 well salary also improved
Hey, Michael. Great show. Long term care insurance is the most expensive insurance. Your concerns about insurance companies is valid. You may have seen the film, THE LAUNDROMAT, on Netflix. At this point, no one knows where we'll be in the coming years with global instability in all areas financial and political. Land still appears to be the best investment. Always look forward to your daily walks. Appreciate your research and down to earth explanations. Greetings from Southern CA, USA.
I love Florida for 2-3 months a year
I love florida for 4 months a year
My health took a turn for the worse spring 2022. I was perfectly healthy and didn't even have a doctor!! Once your health fails you can't do much. Enjoy it while you have it.
I’m about to pay my own roof damage from the outskirts of hurricane Ian because we are afraid we will get dropped if we claim.
Make sure add home health care part to yer long term care policy.
Its worth it ....
We looked into it once...it was soooo expensive and made more sense to just invest that into an index fund...thats what we did.
Insurance is a racket
Bracing for impact! I feel like the Bionic Woman.
@Michael Can I tell you how much I appreciate your videos that you DO NOT play Music in your videos. Thank you Sir.
Buying "long term" health care is similar to buying an "extended" warranty contract on your new car purchase. Who is to say that underwriter will still exist when you need to make a claim?
That’s what I’m afraid of
Think of all of the Life Insurance companies that went out of business during Covid.
Kiyosaki follows an animal base carnivore diet. Getting old and sick is common but not normal. Change diet and lifestyle then only need health ins for acute care & trauma
LTC ins. Is a scam. My father in law paid for 25 years and he just died with them paying nothing.
Wow that is horrible and my biggest concern
Michael,
I have nursing home insurance for both my wife and myself. I only hope I will never need. Nursing home life is one step away from death at best. My mother suffered in a nursing home and died a month before her money was exhausted. My father self terminated at the thought of going there. At the time I was pissed at him for doing that but not anymore. I think maybe he was partially correct now that I have passed his age when he passed.
I have not kept in touch with you because I went back to England to see my family and for business. State side most likely till sometime in 2023.
Bon Sioux,
Arnie GIbbs
We're on a unsustainable path. Why increase prices without increasing income first? We are doing this to each other and we can stop it! SMH
I watched my neighbor get excellent care with Medicare. They were going to pay for a cochlear implant but found he had a tumor during the pre op scans.
It was cancer and Medicare paid for his 22 hour surgery and reconstruction, cancer treatment, and end of life care at home. A nurse came to the house and when he needed a bed, meds or anything it arrived the same day.
In 1980, as a software engineer, I was making 32,000 and that was highly paid. More recent I was making 120k and not living any better.
Long term care policy is enormously expense only the top 10 percent can afford.
I wouldnt touch this market long until the s&p is under 2800
People are gonna be living in vans like Nomadland ... that's retirement in 2050 and 2060. Unless there's some massive restructuring of our economic system.
The high cost of healthcare in America, is a national disgrace! Many booms like myself, have become expats in various countries. I became a resident of Costa Rica, and was enrolled in their Caja (national healthcare program.) I pay $40.00 a month into the system. I do not pay any out of pocket costs or co-pays. Meds, doctor visits, exams, hospitalizations, ambulances, vaccinations and dental are covered for $40.00 a month.
I'm thinking 🤔 of doing the same!! US Healthcare is shameful. I have 2 pensions AND SS, plus investments
@@djack915 You will find your standard of living and health has immensely improved! Do your due diligence when selecting a country that fits you.
@@puravida5683 thanks for the info and reply 👍 I'm researching Canada among other countries but don't really like the cold weather
My grandfather was in one of those state faculties. The place had plastic furniture, smelled of urine, was loud with people moaning and did not take care of his basic needs in a timely manner. His oxygen would run out, he would sit in his urine and did not get much attention. He had no retirement or savings and depended on disability checks. Do not end up like him.
Time is the key.. start at 18 instead of 21 with 1,000 a year investment and you earn an extra $290,000 at 67.
Albert Einstein said the most powerful force in the world is compounding.
Long term care policies are tricky. Read every word and ask lots of questions.
Very true! My parents each had their own long term care policy. They worked so hard and long to enjoy their retirement. They paid thousands of dollars for those policies and neither one had a chance to use their long term care policies because they went into hospice care first. I'm not a fan of these policies...
Get a trustworthy agent with a reputable company. And consider talking to multiple agents (they want your business so it cost you nothing to talk to them). Check the companies BBB reputation as well. Good luck.
18:19 After accounting for inflation, $968 in 1981 is roughly equivalent to $3,155 in 2022 dollars. So that's more than the avg total cost ($2831/mon) of owning a home today. The average US salary in 1981 was about $12,500/yr.
Thanks for pointing this out. I thought half the comments would address this. Kinda scary that I was wrong...
Those long-term care policies are very expensive!!
Thank you
I knew a guy who retired from Brooklyn, NY to Crystal River, FL and the house was dirt cheap in Crystal River. But does anyone want to live there?
How different socioeconomic classes invest:
Poor class: retirement = when you die
Middle class: retirement is annual income roughly 2/3 of your employee paycheck before retirement. The goal is you don’t have to work to survive when you are old.
Upper middle class: same as middle class but your life is more comfortable: travel.
Upper class: you can retire before 65 OR have a lavish life at 65.
I’d be cautious to listen to Robert Kiyasoki. He has been saying “the sky is falling” and “the biggest crash is yet to come” since at least 2010. Of course, at some point, he will be right, but it won’t be because he knows what he’s talking about. He’s been way off on Bitcoin, gold and the market for years and years….
Would love to see a story on people that want to (or have to sell) in this market. Perhaps owner financing?
If they have enough equity.
I started thinking that way when I first learned what a pension was in the military over 40 years ago. all my friends were saying come on it's the US government how could it fail. it might not fail but it also might not be enough to retire on.. in this world you must rely upon yourself. that's a 💯 percent fact. speaking of lost decades, Japan has almost had a lost half century since their crash in the 80s.
Too many years off to guaranty a company will still be in business.
Insurance is a scam
You are kind of talking about tow different types of insurance. I sell Medicare insurance which is very good and affordable now. Long term care insurance is different as you stated and can be expensive. Everything you said is true. If you can afford long term care insurance I would recommend getting it. The problem is not everyone can afford it. Life is full of risks and you get what you can afford. Otherwise everyone would drive a Mercedes Again great work.
I appreciate the insight Paul! I havent looked into cost yet, as I am overall extremely skeptical as I mentioned, but I appreciate you clarifying the difference.
@@MichaelBordenaro long term care insurance is more like disability insurance depending upon age it could cost over $3000 year
Excellent points plus factor in inflation over time.
It’s not talked about much but allot of homeowners retirement fund is their own homes. The Fed raising interest rates is really bad news for these homeowners who have no other source for funding their retirement. Also, the lack of retirement funds is not the only problem facing people it’s the lack of people who will one day be needed to assist as caregivers. There’s a nationwide caregiver shortage crisis an high turnover rates and job dissatisfaction is very common in this type of occupation. Most caregiver are paid the lowest of wages possible or asked to be doing it for free. That’s the crisis people are going to get in retirement not enough people who will be willing to care coming to several million homes to look after someone who desperately needs it. I read a number of reports about how aging in place will because a social humanitarian crisis an I believe it’s going to be one of the root causes the Boomer are going to sell around a high estimate of 4 million homes per year as major reports state starting 2023 is the truth. The reasons are you can’t live in home not designed and suitable for old age an not have anyone there to support aging in place. The Boomer with the most health care problems face Hell on Earth trying to find a place to live that’s affordable with inflation and a lack of available senior living housing.
We aren’t getting more hurricanes we’ve always had hurricanes hurricanes have been hitting here since the beginning of time I went through hurricane Andrew 92 when I was eight years old I blew the weather meter off in Coral Gables when the winds hit over 220 miles an hour the problem that we’re having nowadays is there’s just so many more people living in Florida so now when a hurricane comes through The disaster is amplified 100x
I understand what you are trying to say, but literally there have only been 9 hurricanes make landfall in Florida since Andrew. And out of those 9, 3 of them were in the last 5 years. But its absolutely true there are a lot more people and homes in harms way now.
You would be better off investing that insurance premium $ in R.E. or a passive income stream.
That’s exactly what I do right now
Thanks for the update
Totally agree with you, I’ve already determine that, when it comes to insurance
I enjoy the shows you present. They’re always very thought provoking. 🙌🏽
Rich people own nothing on paper
But on the side collect rent all day long.
Absolutely correct sir
Ike finally left my area, after 6 days of rain.
Good video
My mantra is just to keep working and working here and then retire in the Philippines. America is driven by insurances in every aspect, i wouldnt want them controlling my life anymore on my retirement.
Spitting truths there Mich!
Thank you so much
Good luck trusting these “long term care Policies.” My recently deceased dad had a policy. They put us through hell trying to access money to help my dad who had dementia. Same with my living mom needing help at age 90. Thank God I didn’t buy a policy.
You know how we do it in Latino families, we have as much kids as possible to ensure one of them will take care of us in our old age, that’s our insurance policy! Lol!
Haha so true, I see that all the time. But you definitely pay for it upfront With the cost ti raise them all 😂
Great Video!
👍
You are exactly right. Thanks buddy for the 150 thousand dollars in insurance premiums you paid us over the years. And yes we younger people are going to have to make our own retirement. Social security is going broke right now. It's not going to be there for us. I wish they would cancel it and use the money to pay off the national deficit
I also think if you are getting close to 50 like me, think about improving your health as an investment and for your own future
I get depressed thinking about retirement. So much money is needed to do it comfortably and without worry. I wonder if our generation will even be able to ever retire
I know. My husband and I are okay, but we worry about our son. They really need to get a handle on medical costs as that and housing are seniors biggest expenses. At least our son can have our house and either sell it or rent it out. So its something.
Maybe you could have a telecommuting job to supplement the income? And boost your savings? I hope we have enough. I was a big saver and invested when we started working in good jobs and I had to really push to get my husband on the ball so-to-speak. He is sure happy he did. 25 years later we are fine and we both have pensions, annuities, stocks, Roth IRA's and a good amount of savings and our house is paid for and little to no debt.
I am hoping our son is listening to me when I show him how to plan for the future. I picked up a lot of knowledge by using my employers investment options and free advising and the rest I learned on my own... I bought stocks really low during crashes and found ones that paid good dividends... etc. Good luck with your planning... 👍
Try to plan as early as you can (you would be amazed how skipping a coffee a day and putting that towards retirement can really help your long-term plans).
I think you'll find people manage. They move into trailer homes, they move in with kids, but most importantly I think people have and make way more money than the media wants you to believe.
@@Josh.StovallI really doubt it. If you're going to plan that far ahead then put yourself where the money is and spend less than you earn.
@@curtissharris8914 Yea, I do that already.
Insurance companies are for profit companies. It is their job to make money. Insurance companies are the very last companies I consider reliable and dependable. That was a long time ago if ever.
The key to 1981 was the value of our dollar to todays value. I think I made $10 an hour in 1981 but in todays dollars it’s $34.04 an hour.
Incomes have not kept up with inflation with the demise of our manufacturing base that cut our middle class off at the knees. Because of inflation it takes 2 married professionals earning 90-100 thousand dollars each to qualify for a home.
We lost our way when we became consumers instead of producers. In short we sold our jobs.
When we collapse and our dollar is no longer the world reserve currency, how are we going to build our way back. Saying we will lose 10 years is wishful thinking.
I totally agree with you
If you dig into LTC ins you will find it's not going to provide enough funds when you need it. I don't see it as insurance but rather a lump sum that would be paid out as needed, it's like dental insurance where you might qualify for
a fixed amount a year. Don't forget to calculate inflation which this insurance typically does not. So the amount you buy today will likely not cover the expenses when it's your turn.
Comment.....Do your research... There are all sorts of long term care policies "DO LOTS OF RESEARCH"!
I agree with NOT trusting insurance. Especially LTC insurance. Will they even be around in 30 plus yrs? Look how drastically the world has changed in the past 5yrs. I cant say I'm optimistic that it will get better.
Life runs out when the 💰 runs out
Michael I meant to reply to you about your lee County video. Let me give you some perspective. Look at the map and look at FT Myers Beach, pine island location. Those are our barrier islands and yes they did get decimated because construction was shoddy and hardly any stilt structures. However my point is that the rest of lee County did OK on zone b + but even zone A did OK if they had a newer home. Look at the map and come invest here also we don't get as many Hurricanes as Dade County.
Great video man!
Thanks Michael
I've decided I will get married IF I can find a fit, feminine, and friendly woman with a paid for home, a savings account, and her father has a dowry set up for her upcoming wedding! Getting a goat or two and some land from my future father in law will be the icing on the cake. I pray this woman does not have a butter face. 😉
My mom is 87 we had a sales guy do a presentation for my mom 15’years ago. It was 50k for a long term care plan back then. I can’t imagine what one cost now. But yes if they have any kind of 401k or pension long term care will drain that sucker in no time with ins. Far as 401s if you invest 100$ a month beginning at 21 for 10 years into a Roth IRA or a good index fund for just 10 years and let it compound you’ll have like 1.5 million at 65. Nothing beats the power of time for compounding. GOD I wish I would’ve listened to people when I was young.
The good thing is, it’s not too late now. like in the example once you’re older, you have a lot more to invest every single year so you can essentially catch up if you want.
I have the luckiest family. 2 siblings retired early both with 2 paid off homes and aren't having to unretire. 2 others just retired comfortably and are all still able to spoil their kids and grandkids. Those retiring right now are probably the last generation to really be able to enjoy it. It's all about smart planning very early on! Follow these rules: Don't get addicted to drugs/alcohol, stay out of jail, work hard and you'll be fine! Like I said no one in my family is suffering financially because they all follow those three rules!
All we can do @ end of the day is
Eat right
Exercise a lot
Take ur vitamins
Don’t wait till ur 60 to start !!
I’m 56
I'm an insurance agent. The long and the short of long-term care insurance is essentially this: if you are wealthy, long-term care insurance is a good idea to protect your assets. So we're talking people north of a net worth of $1,000,000 who would even consider it. Otherwise, if you have minimal assets or you are broke, then you have to turn to the government for that type of assistance. And of course, that would mean exhausting all of your assets 1st. So if you don't have any assets, whatever. But if you do have assets to protect, that's what the insurance is for.
One tactic some people employ in place of long-term care insurance is to get all the assets out of their name long before the time may come where they would need to care. Then they can turn to the government and still retain their assets elsewhere like in a trust or an LLC or what have you.
What about for people in between. Not super wealthy but not broke either?
Folks are not taught financial health. This topic should begin in early school years and continue throughout, IMHO.
I live in Australia and i have never heard of anyone going into bankruptcy for medical care here. You pay about 2.75% in tax with the option of additional private cover. Medicine is also mostly very affordable. I think whatever your political leaning most people would be wary of changing it.
I used to work in the financial field. I have some experience with LTC insurance policies. It makes sense for a small % of the population. I retired 6 years ago at 41. No debt, low expenses. Lucky? Hardly. It was intentional planning and some sacrifice along the way. Make enough scratch doin a little side hustle to pay monthly expenses and I'm free from the machine.
My experience is LTC policies have incredibly expensive premiums.
The average annual family salary in 1981 was $22000.
I think you are terrific Michael💫🌞
Thank you Beverly!
And then there are those of us who'd rather eat a bullet than live so long as to require assisted care living.
Ciao Bello Your very wise for a young man ! Keep up your great videos !
Thank you!
This was a very Strong video. 100%
A friend whose mother has a long term care policy said when they applied (because she has 24 hour caretakers) they wouldn't approve it. I think as more people age these companies will weasel out of paying on the polices. They make it as difficult as possible to qualify.
The math tells the story. Our lives are unsustainable.
Michael you totally forgot utilities, food and insurance always go up. My dad is 87 and tells his age group that all the time. He just retired but he had 2 pensions. Using savings is a bad idea because banks give no interest. A health crisis can suck up all the savings if insurance falls short. Health insurance you don't know whats not covered until you need it. My dads house was $30k and the mortgage was $234 dollars. Yes you read that right and I live in NY. Guess what year he bought the house late 60's.
Thanks Michael!
My friend lives in Upstate NY and this state suck the taxes out of everybody.
One more year , and moving out of that state.
Hi Dawn, I am in my late 60's and have Medicare insurance. You are correct that "you don't know what's not covered until you need it".
Same with my parents, they paid $29,000 for their house brand new in a nyc outer borough in mid sixties. My mom gave me the original mortgage papers, it was at 6% interest and the payment was around $160 a month and it had a rental apartment in it that could rent for about $1,500 or more now monthly. Back then they probably got around $60 to $80 a month in rent. I don't know, my mom doesn't remember and my dad died years ago. I think he was making about $5,000 a year back then. Not sure. Those NYC houses now go for over $800,000 and up in the outer boroughs. In Brooklyn the semi attached houses that are a hundred years old can go for about $2 Million depending on the neighborhood.
All solid advice except that in the 80's wages where much lower than today. For example the average starting pay for a computer programmer was around 20 to 30k a year. And those where considered great salaries. That is what people working at McDonald's , Burger king and Wal-Mart make today. Granted houses where priced much lower but rates where like you said almost 20%....so yeah it was the same struggle as today.
Great discussion I listened to Suze Orman who said to get it when you need vs paying it for 30+ years. This year I had to purchase LTC + Life insurance with my employer due to the state that I live in. WA is requiring all residents to pay for this Government LTC and the value is 35,000.00. That is a joke. I am nearing my retirement and have 5 years left.
Yes, I did hear about that. Apparently Washington state is the first and only state to do this, right now
Good point. Never ever fully rely on all these life insurances. Better to keep building the investment portfolio until we can be confident that this can support us till we're in our 2nd diaper-wearing phase. Keep up the great insights!
Hello Mike, thanks for all your input and videos on the market. The only thing I want to point out and highlight re: the 18% rates of the 80’s and the costs of homes in that era is that wages and salaries were also significantly less that what they are compared to modern day workers. Therefore I must say the strains on the household income was probably more difficult considering many did not have dual income earners, and instead it was typically/traditionally still a period where women stayed home to raise kids, care for the homes and sometimes aging parents while the man worked to pay the bill, support the family and keep a roof over the family’s head. Best regards
I appreciate you sharing that point point Benjamin
But $18,000 in 1981 money is like 60 grand or something today.
Retire in low cost of living countries outside the U.S. with solid medical care (Panama, Spain, Portugal etc.).
I would highly cautioned anyone to enter into an insurance company agreement with a pending financial crash. If you think the insurance companies are not gonna go out of business you’re crazy. Just be cautious because there’s no guarantees right now and the entire system is going to change
I agree!
politicians and their families are defiantly living their best lives
Don't buy long term insurance, you end up in the same Nursing home The only insurance to buy is for your home and car. they all go bankrupt at some point, and open up with new name
You can not imagen how much I enjoy watching your videos!!!
l love the fact that you walk around my favorite city, Miami !!
I find you to being a very handsome man!!!
God bless you and take care!!!
From an admire!!!
🙏🤗👏🏻💋🙋♀️
DESERT GREETINGS MICHAEL 🏜 😎🌴
Be Skeptical! Research how many companies have ceased selling Long Term Care Insurance, or have sold the book of business. Research is very important.
At age 60, in 2000, my Mom purchased a Long Term Care (LTC) policy w/ State Farm for $1000/yr with $250K max payout. At age 68, she had a stroke and went into an Assisted Living Facility until she pased two years later. State Farm paid 80% of the $4500 monthly ALF bill each month like clock work.
At age 40, I purchased an LTC policy, sponsored though not subsidized, through my employer with Unum for $300/yr w/ $250K max payout. I left that employer and Unum let me keep the policy. Now, almost 20 years later, it's $600/yr w/ $350K max payout.
Those are super cheap premiums. The premiums I saw 5 years ago were around $1k per month. Big difference!!
I'm not buying long term care insurance, way too expensive when you really need it.
In 1988 lbought my first home, a dump, for 40,000. My husband made 40,000 a year then and l made 30,000. We gutted the house and redid all of it for $25,000 and sold it in 1996 for $85,000. Our interest rate was 7%. Today my home is worth $700,000 at least. I have 75% equity and am on my own. Let me tell you l do not make in one year what l owe on this house. $700,000 is 10x salary, where the first house we bought was only 1 x my husband's salary. Incomes have not risen in tandem with prices and that is the problem right there.
I have to say though that l am so glad l bought. I am one of those lucky people with 30 years in and a pension..and l have my house equity too invest in dividend stocks or downsize and have no mortgage so l feel really blessed. If only my kids can get in on the market also! They are saving but it's hard when the prices were going up, up, up!