My wife and I do not have long term care policies but we have factored into our planning the potential costs of LTC. Between the two of us, only one of our four parents required LTC; my dad needed this level of support for about 8 months at the end of his life. We are both retired, in our 70s, are relatively healthy, and have retirement and brokerage accounts in excess of 1 million. We also waited until 70 to claim SS. We have no debts and own our condo. Years ago a financial advisor - who also sold us expensive whole life policies (since cashed in) - encouraged us to buy LTC insurance. I suspected he stood to gain hefty commissions. We politely declined. I think the question of whether or not to buy LTC policies depends upon personal circumstances - health, family health history, financial situation, and others.
Thanks for your thoughtful commentary about retirement Dennis. I have been retired for four years but occasionally miss my work. I taught and researched at university - the same one - for 39 years. In retirement we've downsized, travelled more, and have explored new hobbies. I've taken woodworking classes and Diane has taken watercolor courses. I begin teaching a course at a Maine Senior College next month. I'm looking forward to returning to the classroom with a group of seniors who I anticipate will be very different than the undergrads and grad students I taught in my earlier life.
Near gate 10 at the Portland, Maine Jetport (PWM), there is always a jigsaw puzzle. Travelers have the opportunity to work on the puzzle before they depart. It's a nice shared community activity.
In retirement I find myself spending more time doing things that I did infrequently when I was working FT. I hike in the woods at least once a week, I read more books, and I have taken a couple of wood working classes. I volunteer occasionally at a local museum. While I miss work (I consult occasionally), I love the opportunities for unstructured time and spontaneous activities. I enjoy going to lunch with my wife at new restaurants and weekly breakfast with guys in my senior community. Thanks for getting this discussion started Marjorie.
The challenges faced by low performing, high spending districts are rooted in poverty and family disorganization. Adequate funding of public schools is a necessary but not sufficient condition for quality education for all children. Public funding of private schools saps dollars from public schools. I write as a now-retired former public school teacher, university faculty member, and former k-12 parochial school student. My children are grown; I willingly support taxation to support public schools.
In addition to Jonathan (!) Adam Grossman and Dennis Friedman. They all offer thoughtful commentary that is accessible to those whose life pursuits did not involve thinking about money management and retirement.
When my three younger brothers, age 62 to 68, retired I decided it was time for me at 70 to retire. I loved my work but wanted to spend more time with my wife who had retired two years earlier.
Thanks for your thoughtful commentary this morning. I turn 74 later this year and am still navigating my transition to retirement after a long career that I loved and struggled to leave. I stay mimimally engaged in my field and have begun volunteering in a program that serves children. I think about not being treated as senior or old (what ever that might mean to those in our world) and being treated seriously by strangers especially when interacting with health care professionals. If I'm not out riding my bike or going to the gym, I wear polo shirts and other shirts with collars and nice pants. Small thing perhaps, but I do not want the 30 or 40 year-old health care specialist treating me like an old man! My two cents. Love your essays Richard.
Thoughtful essay. Love the reference to Fiddler on the Roof. My take is that once we achieve a level of satisfaction with our standard of living, acquisition of more things (cars, boats, second or third residences, etc.) doesn't make us happier. In fact, worrying about whether our stuff will be scratched, stolen, become obsolete can detract from our quality of life. As many commentators on HD have noted, happiness is associated with shared life experiences and sharing our talents and resources with others. Thanks for your insight.
I agree with that too often money and the amount one has or doesn't have, is equated with self worth. I think conspicuous consumption and credit card debt is a manifestation of this thinking. In addition to my wife, the only ones I share my financial information with are my adult children. I want them to know that in retirement we are financially set. I also want to model good money management and ensure that when we pass on they understand the how and why of our last wishes.
Comments
My wife and I do not have long term care policies but we have factored into our planning the potential costs of LTC. Between the two of us, only one of our four parents required LTC; my dad needed this level of support for about 8 months at the end of his life. We are both retired, in our 70s, are relatively healthy, and have retirement and brokerage accounts in excess of 1 million. We also waited until 70 to claim SS. We have no debts and own our condo. Years ago a financial advisor - who also sold us expensive whole life policies (since cashed in) - encouraged us to buy LTC insurance. I suspected he stood to gain hefty commissions. We politely declined. I think the question of whether or not to buy LTC policies depends upon personal circumstances - health, family health history, financial situation, and others.
Post: How Are You Planning to Pay for Potential Long Term Care Expenses?
Link to comment from February 4, 2025
Thanks for your thoughtful commentary about retirement Dennis. I have been retired for four years but occasionally miss my work. I taught and researched at university - the same one - for 39 years. In retirement we've downsized, travelled more, and have explored new hobbies. I've taken woodworking classes and Diane has taken watercolor courses. I begin teaching a course at a Maine Senior College next month. I'm looking forward to returning to the classroom with a group of seniors who I anticipate will be very different than the undergrads and grad students I taught in my earlier life.
Post: Better Than Ever
Link to comment from January 31, 2025
Near gate 10 at the Portland, Maine Jetport (PWM), there is always a jigsaw puzzle. Travelers have the opportunity to work on the puzzle before they depart. It's a nice shared community activity.
Post: A Balanced Retirement by Marjorie Kondrack
Link to comment from January 31, 2025
In retirement I find myself spending more time doing things that I did infrequently when I was working FT. I hike in the woods at least once a week, I read more books, and I have taken a couple of wood working classes. I volunteer occasionally at a local museum. While I miss work (I consult occasionally), I love the opportunities for unstructured time and spontaneous activities. I enjoy going to lunch with my wife at new restaurants and weekly breakfast with guys in my senior community. Thanks for getting this discussion started Marjorie.
Post: A Balanced Retirement by Marjorie Kondrack
Link to comment from January 29, 2025
The challenges faced by low performing, high spending districts are rooted in poverty and family disorganization. Adequate funding of public schools is a necessary but not sufficient condition for quality education for all children. Public funding of private schools saps dollars from public schools. I write as a now-retired former public school teacher, university faculty member, and former k-12 parochial school student. My children are grown; I willingly support taxation to support public schools.
Post: Our perception of fairness – taxes that is says RDQ
Link to comment from December 28, 2024
In addition to Jonathan (!) Adam Grossman and Dennis Friedman. They all offer thoughtful commentary that is accessible to those whose life pursuits did not involve thinking about money management and retirement.
Post: Who’s Comments Do You Look Forward to Most?
Link to comment from November 15, 2024
When my three younger brothers, age 62 to 68, retired I decided it was time for me at 70 to retire. I loved my work but wanted to spend more time with my wife who had retired two years earlier.
Post: Time’s Up
Link to comment from November 15, 2024
Thanks for your thoughtful commentary this morning. I turn 74 later this year and am still navigating my transition to retirement after a long career that I loved and struggled to leave. I stay mimimally engaged in my field and have begun volunteering in a program that serves children. I think about not being treated as senior or old (what ever that might mean to those in our world) and being treated seriously by strangers especially when interacting with health care professionals. If I'm not out riding my bike or going to the gym, I wear polo shirts and other shirts with collars and nice pants. Small thing perhaps, but I do not want the 30 or 40 year-old health care specialist treating me like an old man! My two cents. Love your essays Richard.
Post: On Being 80
Link to comment from July 24, 2024
Thoughtful essay. Love the reference to Fiddler on the Roof. My take is that once we achieve a level of satisfaction with our standard of living, acquisition of more things (cars, boats, second or third residences, etc.) doesn't make us happier. In fact, worrying about whether our stuff will be scratched, stolen, become obsolete can detract from our quality of life. As many commentators on HD have noted, happiness is associated with shared life experiences and sharing our talents and resources with others. Thanks for your insight.
Post: If I Were a Rich Man
Link to comment from February 19, 2024
I agree with that too often money and the amount one has or doesn't have, is equated with self worth. I think conspicuous consumption and credit card debt is a manifestation of this thinking. In addition to my wife, the only ones I share my financial information with are my adult children. I want them to know that in retirement we are financially set. I also want to model good money management and ensure that when we pass on they understand the how and why of our last wishes.
Post: It’s a Secret
Link to comment from February 6, 2024