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James McGlynn CFA RICP®

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    • David at age 55 I researched the hybrid policies. I never liked the idea of stand-alone LTC policies. The leading hybrid LTC company is OneAmerica. I attended their seminars and researched their financials and history. I even got licensed to sell them. I paid $78000 for a joint policy for myself and my girlfriend. That purchased a second-to-die death benefit of $208000 but it also purchased $100000 per year per person if either of us needed LTC. If I also paid $2500/year additionally the benefits would never run out. Hopefully I never need it but even in a few years $100000/year should help defray the costs. I convinced only a few to buy these policies and have subsequently let my license lapse. I do find it funny that Christine Benz says she is "hyper-focused" on LTC but never looks at the solution of hybrid LTC policies. The annual premiums are fixed. I believe that in our 80's(?) the expense of LTC is the greatest financial worry.

      Post: How Are You Planning to Pay for Potential Long Term Care Expenses?

      Link to comment from February 4, 2025

    • Pickleball for exercise, competition and community. Medigap pays for my membership and I compete against people much younger and a little older. If I weren't exercising 2 hours a day I'm not sure what I'd do instead.

      Post: A Balanced Retirement by Marjorie Kondrack

      Link to comment from January 29, 2025

    • I love the original by John Goodman. Unfortunately JL Collins changed one big piece of advice- he said to rent versus own a home. Doing so leaves you in a non "fu" position as the landlord can raise your rent. When you own your home your rent is fixed.

      Post: Forget You

      Link to comment from December 19, 2024

    • As long as Elaine is age 60 she can remarry and be unaffected. Another question- is Elaine eligible to collect on a former spouse?

      Post: Death Benefits

      Link to comment from October 19, 2024

    • As long as remarried AFTER age 60 it would be unaffected.

      Post: Death Benefits

      Link to comment from October 19, 2024

    • Harry held a CFA designation which the Association should have made an icon. Harry badgered the SEC which should be ashamed for neglecting it's mission. Bravo Harry!

      Post: Something About Harry

      Link to comment from October 18, 2024

    • Oh yes indeed! Thanks!

      Post: Feed Your Brain

      Link to comment from September 19, 2024

    • I have a hybrid LTC policy that I bought in my 50's. To say it is only for Alzheimer's care seems a little off. Yes it would pay for that but it pays for in-home care if I am also immobile. I play pickleball 5x a week but haven't tried the viagra booster. Thanks for the tip.

      Post: Avoiding Alzheimer’s

      Link to comment from September 14, 2024

    • When I go to a website and it asks if I want "cookies" or do I want to waste time choosing which part of my privacy to sacrifice to read an article. CAPTCHA quizzes. (CAPTCHA stands completely automated public Turing test). I think Turing would roll over in his grave to know that we humans have to pass a test by robots to prove we are not robots. Especially when they deem we are robots!! Choosing electricity plans. Utilities are a monopoly and it is just a way to infuriate customers and make us waste time trying not to get screwed by high energy bills.

      Post: Monday is a good day for a rant. Let’s talk everything annoying. People, money, people

      Link to comment from June 24, 2024

    • Apparently customer service demands that you never get to speak to a human no matter how many times you yell REPRESENTATIVE.

      Post: Monday is a good day for a rant. Let’s talk everything annoying. People, money, people

      Link to comment from June 24, 2024

    Articles

    Don’t Delay

    James McGlynn   |  Apr 18, 2024

    I HAD LUNCH RECENTLY with a longtime friend—a 66-year-old retiree. I asked him how he’s generating income since he hasn’t filed for Social Security and doesn’t have a pension.
    He said that, for now, he’s just drawing down his savings. I know his wife is three years older and her lifetime earnings were much lower than his, so I asked him if she’d filed for Social Security. He proudly said that she hadn’t—because she expects to live to age 90,

    Paying Those Premiums

    James McGlynn   |  Sep 14, 2023

    I’M 64 AND PREPARING to sign up for Medicare next year. I’ve done extensive research, including earning the Retirement Income Certified Professional designation. I’ve also written articles for HumbleDollar on Medicare coverage, Medicare premiums, Medigap and health savings accounts.
    In addition, I’ve befriended Medigap salespeople, advised others on which plans to choose, and asked those on Medicare for advice on their experience with the program. I feel as if I’ve been preparing to take the Medicare filing “exam,” and I’m excited to sign up.

    Mastering Retirement

    James McGlynn   |  Jul 4, 2023

    RETIREMENT PLANNING is complex because there are so many topics to master. In my chapter for the HumbleDollar book My Money Journey, I organized those topics into four categories: guaranteed income, medical expenses, tax-free accounts and asset allocation. In the book, I went into more depth, but here’s my 10,000-foot view of each one:

    Guaranteed income is reliable income that isn’t affected by changes in the stock and bond market,

    Living Dangerously

    James McGlynn   |  Jun 8, 2023

    FOR MOST SENIORS, purchasing Medicare Part D prescription drug insurance is the right move—even if they don’t require any expensive medicines right now. The coverage insures against the risk of someday needing prescription medication that costs thousands of dollars and might be otherwise unaffordable.

    The federal government subsidizes Part D, so it’s cheaper than purchasing stand-alone private drug insurance. Another good reason to enroll in Part D at the first opportunity: You avoid the penalty associated with a late sign-up.

    March of History

    James McGlynn   |  Mar 26, 2023

    MANY COMMENTATORS worry about the stock market in October, a month associated with the crashes of 1929 and 1987. But I now pay more attention to March—especially March 10.
    As an observer of the stock market since 1980, I stumbled upon an odd coincidence. Major financial events this century, like stock market peaks and troughs, have centered on the month of March. Here are four examples:
    March 10, 2000: The Nasdaq peaked at 5048.

    Silver Linings

    James McGlynn   |  Jan 27, 2023

    THE FEDERAL RESERVE raised the federal funds rate in 2022 from zero to more than 4% to combat high inflation. While those rate increases severely damaged the stock and bond markets, they made some financial products more attractive. In particular, there are three products that are more appealing now than they were a year ago: income annuities, long-term-care insurance and various interest-paying investments.
    Like many people, to take advantage of low loan rates, I refinanced my home mortgage before 2022’s rising interest rates.

    The Gift of the MAGI

    James McGlynn   |  Dec 17, 2022

    I’LL BE ENROLLING IN Medicare in a couple of years. I wish I knew how much my premiums will be, but that’s a mystery worthy of Sherlock Holmes. I’ve researched it thoroughly, as you shall see, and it all starts with something called IRMAA.
    IRMAA is not the name of my seventh-grade crush. Instead, it stands for income-related monthly adjustment amount. It’s the premium surcharge that people with higher incomes pay for Medicare.
    How much is the surcharge?

    Six Tips on Term Life

    James McGlynn   |  Oct 26, 2022

    I RECENTLY LISTENED to a podcast during which the speakers lamented the death of a colleague who was in his 30s. They mentioned a GoFundMe campaign to assist his family, so I assume the deceased had no life insurance. According to LIMRA, which collects data on the life insurance industry, less than 50% of millennials have individual life insurance.
    There are two major types of life insurance: term and whole life. Term insurance is intended to cover a specific period,

    Prepare for Care

    James McGlynn   |  Sep 2, 2022

    YOUR LIFE’S FINAL costly chapter may be paying for long-term care. Indeed, the odds of needing care if you’re age 65 or older are around 50%.
    Two key questions: Will you need care for an extended period and how will you pay for it? If the duration is short—which it is for many seniors—paying probably won’t be much of a problem. But if long-term care is needed for many years, financial decisions today might protect the legacy you hope to bequeath decades from now.

    Twelve Travel Tips

    James McGlynn   |  Aug 5, 2022

    I RECENTLY VISITED Eastern Europe, where I volunteered to teach English in Poland through an organization called Angloville. I received free room and board at a resort in exchange for conversing from breakfast through dinner with Polish adults who wanted to improve their English.
    In addition to meeting Poles and being immersed in Polish culture, I used my free time to explore nearby countries. Planning a vacation abroad? Based on my recent trips to Poland,

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