Our team of experts are ready to answer your questions on a wide range of topics, including passive investing, fixed income, retirement planning, transferring and inheriting wealth, saving for college and more.
|
|
Written by Aaron Vickar
|
|
At what point does long-term care insurance become unnecessary?
There are two ways to think about this answer: numerical and emotional. From a numerical standpoint, there is formula that you could use that determines the cost of care, assumes an amount of years that care is needed, assumes a standard of living and then calculates the likelihood of not running out of money based on your current asset level. However, there is no simple answer that says $2 million or $3 million as each person has a different thought (and therefore cost) of what care is. Assets may decrease and costs may increase for example which could greatly affect any prior projection. The emotional answer is much more critical in my opinion, and it’s not whether you can afford to pay for long-term care needs — but whether you want to pay for long-term care needs. You may have legacy plans, charitable intentions or other planned expenditures of your money, and long-term care could negatively affect those. The emotional impact on family and loved ones may outweigh any cost associated with long-term care insurance. It may provide that “peace of mind” that can’t be statistically analyzed.
This portion of Buckingham's Web site offers an interactive dialogue with Buckingham investment professionals and other personnel. It is important to recognize that many factors, including but not limited to time and changing market conditions, may cause such discussion to no longer be reflective of current thinking, positions or recommendations. Additionally, it is important to recognize that the information provided is for general educational purposes only and in no way is intended to viewed as, or a substitute for, personalized investment advice. Buckingham does not provide legal or tax advice you should consult with an investment professional, as well as legal and tax counsel regarding your specific financial circumstances. |
|
|
|
|
<< Start < Prev 1 2 3 4 5 6 7 8 Next > End >>
|
|
Page 7 of 8 |
Ask the Expert
