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Originally Posted by saddlesore
Originally Posted by byc
What is the average premium cost for someone in their early fifties, (which I have been told is the right time to sign up) and does that simply supplement Medicare??


Mine runs about $1100/year for $150/day. .Medicare only pays fro a short stay in a nursing home.


Thanks! That's about what I figured!


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I would never buy LTC insurance. I'm sure they ain't all the same, but I've seen premiums increase dramatically.

If it comes time, I'll opt out before being spoon fed and having my diapers changed.


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Don't think I would either. All my kin believed as long as they could bathe, feed and wipe themselves then they were good up to the last 10 days or so on their own. Those last 10 days usually ended with sudden death or starvation. So far they were all right.

Think I'll just adopt their legacy.


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Originally Posted by Steelhead
Originally Posted by Cariboujack
Originally Posted by savage24
Originally Posted by bubahome

Having you house paid off is a terrible choice. It's not earning you a thing. While you are still working refinance it (you can get 100% if your a vet) at about 3.5% after tax interest rate. Invest that money that and decent broker can get you 5-6% on.
Now you have an income stream to pay the mortgage as well as a large lump of money you can get at.


While that may be worth considering for many people, I've got to disagree with your assertion that having the roof over one's head paid for is a "terrible choice".
I've been making a mortgage payment most of my adult life. My first house is paid for and now producing income as a rental. My primary residence will be paid for in the spring, shortly after I turn 50. I've got almost 400K in retirement funds now and there will be plenty of money for a broker to work with in the next 10 to 15 years since I won't be making mortgage payments.
There ain't nothin I will need or want in retirement worth mortgaging my home for!


+1000 Having a mortgage payment is about as dumb an idea as I can think of going into retirement.


Ok, but I'm all against loading up lots of money into a house. Lots easier to leave if you only have 10K invested vice 150K.

10K house? WTH are you talking about? I want to do some traveling in retirement, but I also expect to spend a lot more waking hours at home than I do now. Livin' in a 10K house ain't livin' a'tall!


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Trouble with reading comprehension eh?


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I've been thinking, wishing, planning, and talking about it for 45 years.I'll be 65 in 3 yrs., I hope that I finally get it done!!!!!! memtb


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Originally Posted by EdM
Trouble with reading comprehension eh?

Yeah, I guess so. Do you care to explain what he meant?


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Originally Posted by joken2
Originally Posted by djs
Originally Posted by bubahome
Be sure you buy long term health care insurance. Without if, if you end up in a Nursing home, you will run through all your savings, then will have to go on Medicade. After you die, the governement will then come back on your estate and take anything of value to pay for what they paid in Medicade. It's a dirty little secret.
Know a woman whose kids lost a $500,000 house, a $200,000 cottage and her late husbands large gun collection because she had no long term health care insurance.

If you wish to maintain your lifestyle, you will need 2/3s of your pre retirement income and inflation will cut into that every year you live.

Having you house paid off is a terrible choice. It's not earning you a thing. While you are still working refinance it (you can get 100% if your a vet) at about 3.5% after tax interest rate. Invest that money that and decent broker can get you 5-6% on.
Now you have an income stream to pay the mortgage as well as a large lump of money you can get at.

Been retired 20 years and invested every dime we could "back when" in IRAs and 401s and the market. Am self employed (work when I want) maybe 20 hours/week.
Our lifestyle and assets are the same as the year we retired.

Get out as soon as you can ..... so much to see and do.


Long term health insurance s a good idea IF you can afford it. My LTC insurance (pretty good coverage) is about $2,500 and my wife's is about the same or, about $5,000 per year. If you got the money, have it; but many can not afford it and still eat.


Nowadays the cost of 24/7 basic care (3 hots and a cot) even in the cheapest of nursing homes generally starts at at least 5K a month per resident and goes on up from there and is subject to continuing periodic increases.

Even with insurance be sure you understand every little 'fine print' detail and abide fully to every requirement.

My wife's dad had insurance but they denied 100% of the claim. According to their 'fine print' a rest home must have at least one registered nurse on duty in the facility 24/7. The nursing home my wife's dad was at had a full time RN on duty 1st and 2nd shifts but for 3rd shift a RN was on-call.


5K a month? Try 8K a month for a rat hole, and you still better have some private care people to look after you and family members to show up every day and watch the staff like a hawk. There also are 60 or 90 day exclusion periods before it even kicks in. LTC insurance is a waste of money. It saved some money for my MIL who just died, but none for my FIL who never made it through the exclusion period. Use the money to move to a cool place in Portland and get a prescription for the needle.


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Originally Posted by EdM
Trouble with reading comprehension eh?

Oh, oh! I think I might have figured it out.

Steelhead is suggesting that if you keep your house mortgaged to the max and give the money to a broker to get a better return,,,,,if the economy goes in the a schitter again and the scheme unravels like a cheap suit, it will be easier to walk away and leave the bank holding the bag if you only have 10k of your money tied up in the house. Is that it?

I still say that's no way to live in retirement (or any other time),


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Good advice "bubahome" Larry Root? crazy

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Originally Posted by savage24
Originally Posted by EdM
Trouble with reading comprehension eh?

Oh, oh! I think I might have figured it out.

Steelhead is suggesting that if you keep your house mortgaged to the max and give the money to a broker to get a better return,,,,,if the economy goes in the a schitter again and the scheme unravels like a cheap suit, it will be easier to walk away and leave the bank holding the bag if you only have 10k of your money tied up in the house. Is that it?

I still say that's no way to live in retirement (or any other time),


Are you the only retarded one in your family?


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Originally Posted by EdM
Originally Posted by Cariboujack
Originally Posted by savage24
Originally Posted by bubahome

Having you house paid off is a terrible choice. It's not earning you a thing. While you are still working refinance it (you can get 100% if your a vet) at about 3.5% after tax interest rate. Invest that money that and decent broker can get you 5-6% on.
Now you have an income stream to pay the mortgage as well as a large lump of money you can get at.


While that may be worth considering for many people, I've got to disagree with your assertion that having the roof over one's head paid for is a "terrible choice".
I've been making a mortgage payment most of my adult life. My first house is paid for and now producing income as a rental. My primary residence will be paid for in the spring, shortly after I turn 50. I've got almost 400K in retirement funds now and there will be plenty of money for a broker to work with in the next 10 to 15 years since I won't be making mortgage payments.
There ain't nothin I will need or want in retirement worth mortgaging my home for!


+1000 Having a mortgage payment is about as dumb an idea as I can think of going into retirement.


Not for everybody Jack.


True, may not be a good blanket statement, but I suspect I'm right for 80% of Americans. Obviously some people are more prepared than others. Let me know when you are driving up from Texas or down to Texas. I'll buy lunch. smile


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Originally Posted by Cheyenne
Originally Posted by joken2
Originally Posted by djs
Originally Posted by bubahome
Be sure you buy long term health care insurance. Without if, if you end up in a Nursing home, you will run through all your savings, then will have to go on Medicade. After you die, the governement will then come back on your estate and take anything of value to pay for what they paid in Medicade. It's a dirty little secret.
Know a woman whose kids lost a $500,000 house, a $200,000 cottage and her late husbands large gun collection because she had no long term health care insurance.

If you wish to maintain your lifestyle, you will need 2/3s of your pre retirement income and inflation will cut into that every year you live.

Having you house paid off is a terrible choice. It's not earning you a thing. While you are still working refinance it (you can get 100% if your a vet) at about 3.5% after tax interest rate. Invest that money that and decent broker can get you 5-6% on.
Now you have an income stream to pay the mortgage as well as a large lump of money you can get at.

Been retired 20 years and invested every dime we could "back when" in IRAs and 401s and the market. Am self employed (work when I want) maybe 20 hours/week.
Our lifestyle and assets are the same as the year we retired.

Get out as soon as you can ..... so much to see and do.


Long term health insurance s a good idea IF you can afford it. My LTC insurance (pretty good coverage) is about $2,500 and my wife's is about the same or, about $5,000 per year. If you got the money, have it; but many can not afford it and still eat.


Nowadays the cost of 24/7 basic care (3 hots and a cot) even in the cheapest of nursing homes generally starts at at least 5K a month per resident and goes on up from there and is subject to continuing periodic increases.

Even with insurance be sure you understand every little 'fine print' detail and abide fully to every requirement.

My wife's dad had insurance but they denied 100% of the claim. According to their 'fine print' a rest home must have at least one registered nurse on duty in the facility 24/7. The nursing home my wife's dad was at had a full time RN on duty 1st and 2nd shifts but for 3rd shift a RN was on-call.


5K a month? Try 8K a month for a rat hole, and you still better have some private care people to look after you and family members to show up every day and watch the staff like a hawk. There also are 60 or 90 day exclusion periods before it even kicks in. LTC insurance is a waste of money. It saved some money for my MIL who just died, but none for my FIL who never made it through the exclusion period. [/b] Use the money to move to a cool place in Portland and get a prescription for the needle. [b]

I like that advice. I hope if/when I get to that point that society has agreed to treat people at least as well as we treat our pets.


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At the risk of dragging out my "creds", I have an MBA in finance and spent 30 years in the field managing millions of dollars for a large NY utility.

Rule # 1 is always work with other peoples' money. I am 72 and both of my houses have mortages that are at least 2% less than I can earn with that same money in the market (If you have an excellent broker).

Rule # 2 is to have long term health care insurance and get it at least 5 years before you may need it. (See Medicade lookback rules).

Rule # 3 live modestly. For example, my wife and I have 4 vehicles dating from 1991 to 2005.
None have 100,000 miles on them and being well maintained should outlast us.

Rule # 4 Do not call any of the TV or junk mail ads promising to make you rich or protect you from ever losing money.

Rule # 5 Move to a low/no tax state and check the inheritance laws carefully.
We live in WY & FL.

Rule # 6 If you can afford it, give your kids the maximum tax free gift every year.

Rule # 7 If you are a Vet, get hooked up with people who know all the benefits you may be entitled to. Were you ever in South East Asia on land, sea or air ? Did you get cancer or other pesticide related illness ? If, so you can get a nice tax free check every month and almost all your meds free. The VA will fight you tooth and nail, it took me three years of appeals, reexaminations, digging out government records etc,. but in the end I won and was reimbursed from the date I filed my claim plus a monthly check and all meds free.

Rule # 8 Take appropriate supplements to replace those you lose as you age. Leutein, Vita D3and a daily asprin are just 3 you shold be on. Also a small glass of red wine daily.

Rule # 9 Get an annual physical with a complete blood work up. Also a get a colonoscopy the day you turn 40 (recently moved back from 50) and repeat based on findings and Dr.'s orders.

Rule # 10 Don't: smoke, do snuff, drink hard booze. Walk a mile/day, get 8 hours sleep and avoid sun tans/burn.

My goal is to outlive the trolls who waste their lives and raise their blood pressure by constantly reappearing on the site each time they think they win by banning me. Ironic that a site with 50 thousand odd members is totally controlled by 8-10 cowards.

Last edited by bubahome; 12/18/14.
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Originally Posted by bubahome
I am 72


Originally Posted by bubahome
Been retired 20 years


Originally Posted by bubahome
spent 30 years in the field managing millions of dollars for a large NY utility.


Originally Posted by bubahome
I have an MBA in finance


You had your MBA at 22 and immediately went to work for the large NY utility you retired from?


Originally Posted by SBTCO
your flippant remarks which you so adeptly sling
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Bluedreaux,

You mean you don't believe Larry Root?

Well, I guess oldman Larry isn't going to regal you with his heroic exploits during his 3 tours in 'Nam as a THUDS / F-105 "Fighter Pilot"... Nor about loosing his friends over the Red River....bunking with "Marine Snipers"... his expert Marksman Badges with four different weapons... 600 and 1000 yard matches that he won while in the Air Force... his much claimed and touted combat service...

Now that you've asked pointed questions, and called into question Larry's honesty, you're going to miss out on those absolutely riveting and fascinating tales! wink

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