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I'm 60+, married, retired on adequate annuity, have no mortgage or other big financial burdens, and have insurance I bought (and needed) when my Kids were home/in collegee/etc. How to decide how much I still need?

I'd like to cash-in excessive insurance cash-value and invest for fun and profit. What disadvantages (e.g. tax or other stuff I may not know about)?

Should I borrow (my own money) instead? That seems silly since the interest approaches broker's rate, so why not just use margin account, instead?
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I'm at the opposite end of the spectrum, but, I've been told you only need enough to cover outstanding debts and make up for lost income for a reasonalbe amount of time. (i.e. long enough until kids graduate, etc.)

If the money is available, I would never borrow.
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Here is my take Arnie. I'm also 60+. Actually 69 last March. I too have everything paid for and have no debt,only living expenses.

Forty plus years ago I sold insurance and did keep it up until my kids were also grown and gone. Then I cashed all of it in. My estate isn't large enough to be taxed sooo..........

I've got enough $$$ and income to last me well past my demise unless of course we hit an apocalypse in the market and then we are all going to be in the same boat.

I figure that 5 grand or so will get me cremated and someone in my family should have enough $$$ (left by me) to rent a small boat and dump me in the gulf of Mexico. I always wanted to "gulf" anyway and was never good at it!

Mikeyz4
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Here is my take Arnie.

You responded to a 17 year old post. My guess is Arnie who only posted three times has not been around for many years.

PSU
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