Two of the scams I think can victimize many people are (1) fake emails with false wire instructions from title companies in real estate closings; and (2) title theft (where scammers transfer title of mortgage-free properties ). The first scam can be avoided to some extent by calling a contact you know at the title company (at a number you have independently obtained) to verify the wire instructions. The second is tricky--I have heard some attorneys recommend placing your home's title in an LLC [I'm not sure why that works & how that impacts homestead exemptions]. I'd be interested in knowing if Forum members have suggestions on preventing title theft. TIA
One of the key risks that causes "underspending" in my opinion is the extremely realistic belief that funds will be needed for long-term care. The insurance industry can't quantify these costs accurately (hence the unavailability of unlimited coverage policies any longer), yet researchers act astonished when retirees are cautious about spending their available funds without regard to future LTC needs. It's difficult to estimate the cost of living for an undertermined length of time, in a yet-to-be-identified location, at an uncertain cost. But $100,000 (in 2025 dollars) per year for 3-4 years seems to be the starting point; memory care facilities may be much more costly. Mr. Blanchett blithely suggested in a recent interview that home equity is the solution to LTC costs--which is great for singles or for the first member of a couple to enter long-term care, but tough on the healthy spouse. I believe Morningstar's safe withdrawal rate analysis excludes LTC costs too. In the past, care for the first partner was provided by the spouse. Often family members and Medicaid (which in the past was accepted by many decent facilities) cared for the second spouse. I think the policies of nicer assisted living facilities have changed & it is very difficult to find Medicaid beds now. Also, family members are likely to have jobs making it difficult for them to care for seniors in the family in their homes. All of these changes make it more important now IMO for seniors to plan for their own long-term care costs.
There are forums on FB & other social media where people caring for their parents or other loved ones exchange tips, vent, etc. I urge anyone who is planning to care for an elder to read through the day-to-day issues caregivers face to get a realistic idea of the challenges as well as the rewards. One technical point: in many rural areas, many of the agencies providing home care are not fully licensed. Individual caregivers rarely are licensed, If you're planning to rely on long-term-care insurance to pay for home care, it's useful to determine whether your policy has restrictions on what type of caregiving help it will reimburse.
One suggestion to couples about retirement planning: It really helps to discuss, VERY specifically, each person's vision for retirement. I was always amazed when I would hear guys I worked with describe their retirement plans (using the equity from sale of the family home, for example, to finance retirement ) when I knew their wives had expressed totally different opinions on where & how they expected to live. Financial planning should take into account both spouses' dreams to be effective.
My local library offers free access to Hoopla, which has a 10 day pass to Great Courses. It's a great way to sample what's available on this excellent resource.
Don't move accounts to Vanguard. They have significant customer service challenges they have yet to fix, despite the firm's excellence at investments . You can hold Vanguard funds or ETFs at, for example, Fidelity; I do.
Comments
Two of the scams I think can victimize many people are (1) fake emails with false wire instructions from title companies in real estate closings; and (2) title theft (where scammers transfer title of mortgage-free properties ). The first scam can be avoided to some extent by calling a contact you know at the title company (at a number you have independently obtained) to verify the wire instructions. The second is tricky--I have heard some attorneys recommend placing your home's title in an LLC [I'm not sure why that works & how that impacts homestead exemptions]. I'd be interested in knowing if Forum members have suggestions on preventing title theft. TIA
Post: How do I scam thee? Let me count the ways
Link to comment from July 27, 2025
One of the key risks that causes "underspending" in my opinion is the extremely realistic belief that funds will be needed for long-term care. The insurance industry can't quantify these costs accurately (hence the unavailability of unlimited coverage policies any longer), yet researchers act astonished when retirees are cautious about spending their available funds without regard to future LTC needs. It's difficult to estimate the cost of living for an undertermined length of time, in a yet-to-be-identified location, at an uncertain cost. But $100,000 (in 2025 dollars) per year for 3-4 years seems to be the starting point; memory care facilities may be much more costly. Mr. Blanchett blithely suggested in a recent interview that home equity is the solution to LTC costs--which is great for singles or for the first member of a couple to enter long-term care, but tough on the healthy spouse. I believe Morningstar's safe withdrawal rate analysis excludes LTC costs too. In the past, care for the first partner was provided by the spouse. Often family members and Medicaid (which in the past was accepted by many decent facilities) cared for the second spouse. I think the policies of nicer assisted living facilities have changed & it is very difficult to find Medicaid beds now. Also, family members are likely to have jobs making it difficult for them to care for seniors in the family in their homes. All of these changes make it more important now IMO for seniors to plan for their own long-term care costs.
Post: Self Defense
Link to comment from January 12, 2025
There are forums on FB & other social media where people caring for their parents or other loved ones exchange tips, vent, etc. I urge anyone who is planning to care for an elder to read through the day-to-day issues caregivers face to get a realistic idea of the challenges as well as the rewards. One technical point: in many rural areas, many of the agencies providing home care are not fully licensed. Individual caregivers rarely are licensed, If you're planning to rely on long-term-care insurance to pay for home care, it's useful to determine whether your policy has restrictions on what type of caregiving help it will reimburse.
Post: How would you prepare for the staggering cost of in-home care?
Link to comment from September 14, 2024
Laura. Thank you for your informative article. How are you planning to coordinate RMDs in your & your husband's accounts with the TIPS maturities?
Post: Laying Down a Floor
Link to comment from September 14, 2024
One suggestion to couples about retirement planning: It really helps to discuss, VERY specifically, each person's vision for retirement. I was always amazed when I would hear guys I worked with describe their retirement plans (using the equity from sale of the family home, for example, to finance retirement ) when I knew their wives had expressed totally different opinions on where & how they expected to live. Financial planning should take into account both spouses' dreams to be effective.
Post: Here to Stay
Link to comment from August 24, 2024
My local library offers free access to Hoopla, which has a 10 day pass to Great Courses. It's a great way to sample what's available on this excellent resource.
Post: Still Learning
Link to comment from August 24, 2024
Don't move accounts to Vanguard. They have significant customer service challenges they have yet to fix, despite the firm's excellence at investments . You can hold Vanguard funds or ETFs at, for example, Fidelity; I do.
Post: Final Countdown
Link to comment from August 24, 2024