Mailbag: Do I Need Long-Term Care Insurance If I Expect an Inheritance?

Today’s Prep:

Looking for a way around paying for long-term care insurance? Will an inheritance cover it? Eric answers this question and two others from the mailbag.

(Click the featured times below to jump forward in the episode)

Equipping Points:

When retirement planning, you may have to make decisions regarding your finances such as which pension package to take or how to plan for long-term care. Eric answers three questions from the mailbag in today’s podcast.

Sharon in Altoona hasn’t bought any long-term care insurance because she’s assuming that by the time that she needs nursing home care, she’ll have received a sizeable inheritance from her parents. Is this a bad plan? In some ways, this is like gambling. What if your parents need all of their money for their own care? There are ways to self-insure to make sure you’ll be able to pay for the long-term care should you need it. Relying on inheritance is not good planning. Getting a review done with a financial advisor might help you better plan for your needs but understanding what you already have.

Tom in Johnston is considering his options with his pension. Should he take the bigger amount that goes away once he passes away? Or should he choose the smaller sum that will still provide for his wife? Chances are that your wife will probably outlive you. Go through an analysis and talk through health concerns and possible longevity to make the best decision for you.

Mary Beth in Des Moines found out that her job will soon be eliminated. She’s only 55 years old and cannot pull money out from her retirement just yet. How concerned should she be? Eric explains a little-known rule that may help. This may be an opportunity to do something else you want to do.

Listen to the entire episode or click on the timestamps below to skip ahead to a particular question from the mailbag.

[0:46] Mailbag: Do I need long-term care insurance if I’ll later receive inheritance?

[4:54] – Mailbag: Which pension package should I choose?

[8:33] Mailbag: What should I do if my job is eliminated and I’m only 55 years old?

Today’s Takeaway:

Relying on inheritance is not good planning.

-Eric Peterson

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The host: Eric Peterson - Contact - Call: (515) 226-1500

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