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I am retired from self employment, have a "millionaire next door" type of net worth, pay all of my health insurance costs myself, and turned 60 this week. I am also a confirmed "Die Broker" and intend to use my assets to provide for myself and wifey for our lifetimes. If there is anything left.....the kids can fight over it.

I have been giving some preliminary thought to Long Term Care Insurance. Are any of you further along in this discovery process than I am? Would sure appreciate any thoughts or ideas.


My first reaction is, do you really need long term care insurance? I don't really know how much long term care costs (maybe somebody will chime in), but I heard recently that it "can" cost "up to" $50,000/year. I looked at a few web sites and saw numbers ranging from $30,000 to $60,000, although I didn't see anything that looked authoritative enough to post a link. Let's say you have a $2,000,000 nest egg. You should be able to withdraw $100,000/year indefinitely, leaving plenty for the kids to fight over. That's enough for you and your wife to both have long term care as long as you need it, if those cost numbers are right. And if your nest egg is smaller, you may still be OK by using up the principal, depending on how long you need care. Just my 2c.
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