<p>Yes I wonder that also?. I need to decide when to drop some life insurance policies. I have some whole life policies (I know I should not have purchase them but it was cheaper than a divorce) I want to close them over the next few years.</p>
<p>Iām thinking of keeping unless it could get too expensive. But my husband and I did have some accidents that we were not seriously hurt except for my right arm, mostly soft tissue. The car was total so it was very close situation. I was glad I still have it.</p>
<p>Glad you still have the car, or the arm?</p>
<p>We have two policies on H, who is significantly older than me. One is a whole life policy he bought when he was single. After he reached a certain age (60 or 65), there were no more premiums due and it was fully paid up. We have been receiving dividends from it as long as heās had the policy. The higher the cash value of the policy, the higher the dividends. The annual dividends have been over $2K for over a decade now and the face value of the policy will help with cash flow when he dies. </p>
<p>We have another policy H got from his workplace that he had the option to allow to reduce every month after he retired until it was only worth 1/4 of the face value it held when he died for NO premium payments (would pay for the funeral services and estate attorney). For continuing to pay the premiums (which are guaranteed for life at the amount they were when he retired and close to the dividend we receive from the other insurance policy, we have more liquidity at the time of death). We opted to keep both policies active because if H predeceases me (which is pretty likely given our respective genetics and ages), it would be nice to have a bit of extra liquidity, especially to adjust to the pension reduced to 55% of what we currently receive.</p>
<p>I have never had any life insurance on my life and at this point, I think any policies I could buy would be too overpriced to be worth considering (due to my health issues). We have enough assets to cover our expenses for the rest of our lives and leave an inheritanceāmaybe even help fund future grandkid educational expenses. If I predecease H, his pension will increase about 10% and he can spend or gift whatever he wants to.</p>
<p>My younger brother just cancelled life insurance policies on himself and his wifeāthey have more than enough assets and his guaranteed pension to cover all their current and future expenses AND leave a nice inheritance. I donāt know what my other sibs are doing but suspect one relative using a financial planner has a lot of over-priced investments including life insurance. Oh well, different strokes. :)</p>
<p>Bus, the car is gone, we bought new replacement, my arm was ok until last week, but my brain is gone due to sleeplessness because of this accident. Hopefully it will recover when I retire.</p>
<p>Oh no, sleep is everything. I fly all sorts of miserable hours, and if it wasnāt for melatonin, I could never stay asleep. Now itās 8-9 hours solid sleep, if I wake up, I go right back to sleep. You really need to try it if you havenāt! And a glass or two of good wine to wash it down.</p>
<p>I had about 2 years if insomnia due to this accident. I woke up and had to toss and turn but the problem seems to be going away for 6 months until this week. I slept well yesterday but Iām not able to access my brain the way I used to do it.
Iāll try the wine sometime.</p>
<p>āHow much do you think you need to retireā. </p>
<p>About what we had last month plus another 6 months like the previous 12 months. Now, itās time to love our jobs againā¦like them or not.</p>
<p>For those who are thinking of retiring soon, make sure to fix all minor medical problems and dental problems before you retire because while we are working we can use flex plan to offset the cost. I talked to a dentist last week regarding my husbandās teeth. He had 2 teeth that needs fixing. Some teeth donāt last long as people age. Iāve heard some people spend almost $20k for implants. That would be a big expense. Luckily my husband doesnāt need any implants yet. Today he ordered extra glasses because he needs some for computer reading and some for a bit farther to look for birds in the garden. Even though he claims to have perfect vision for far distance and driving.</p>
<p>Health insurance; long term care insurance; make sure enough $$ in retirement; decide where to live.</p>
<p>I think Obamacare and out of pocket health care insurance/deductibles may really spike. I hope our company plan stays stable (we should find out in Nov what our costs will be starting in Jan). Our long term ins has a rate increase Jan and next Jan then will stabilize. Just have to make it another 9 yearsā¦</p>
<p>Hās parents teeth lasted until late 70ās. Dentures is quite a process - Hās father made the transition; Hās mother has dentures but only wears for social engagements as she has not worked through getting them properly fitted and getting her gums use to the dentures. Hearing aids is another expense and also have to work through getting the right ones and getting them properly adjusted.</p>
<p>I have known people that have kept their own teeth into 80ās. Making sure to keep my teeth and gums healthy.</p>
<p>My folks still have their teethā85 and 90 and so far, no sign of having to switch to dentures. They both do have hearing aids, but Costco and other places have them for not TOO steep prices as I recall. </p>
<p>My company has a big push to consider coverage plan that includes HSA account. It does sound appealing to have ability to build up the health saving, tax advantaged. Should I really trust that the money will stay there forever, even after retirement (voluntary or not) ?</p>
<p>I have a small HSA account I put in one year but it has not grown much because itās in cash, not stock market.</p>
<p>@colorado_mom I think the roll over funds in the HSA are fairly safe, as the company has to fund it each year (at 100%). </p>
<p>However, based on how the money is invested, could influence how much risk is involved. If the HSA funds are deposited in a bank, then it it likely to be FDIC-insured. If you have HSA money in mutual funds, however, those investments are not insured (but you would get better returns).</p>
<p>Stock market has been unkind to our investments lately :(</p>
<p>^ Itās been pretty miserable in equities lately. But, on the bright side, my bonds have done sufficiently well that I might rebalance from bonds into equities (at least in my tax deferred accounts). Stocks are on sale! 
</p>
<p>Iām going to say $1,000,000 is enough to retire on. But who knows how much that is worth fifty years from now.</p>
<p>$1,000,000 is the extra amount I need to contribute to my current retirement plan so that I can retire at 67 with an annual income of $100,000 (including tax) according to Schwab retirement calculator. Unless I win the lottery, I will not have that extra amount.</p>
<p>^ Are you counting SS in this? If your income has been in the $100+K range for a while, at 67 you would get $30K or more per year from SS.</p>
<p>Yes. I have a lowball number for my current retirement value in the calculation. If I use a high value for my current retirement, I will need $700,000.</p>
<p>But I do have a decent real estate value. I hope that helps.</p>