Retirement Planning - Lessons Learned

[Jstpssng]

The only reason that I have life insurance is because my employer includes it in their benefit program... twice my annual salary at no cost to me. That's more than enough to pay off all of my bills, any inheritance taxes, cremation and burial fees, with some left over.
I have no dependents so between that, my 401K and other assets I guess you could say that I'm that uncle everybody's waiting on.

 

[Doughknob]

... unless you die. That's why they call it insurance.

We have term life insurance. If I croak, it replaces my missing salary for my wife for X years. If she croaks, it replaces her missing salary for me for X years. (if we both croak, the kids get it) It's there to give the surviving spouse X years to make some decisions, tide them over, and get things settled for either adjusting to one income or until they meet someone else, etc. If you have children that are not yet self-supporting, it helps the surviving spouse immensely.

We also have accidental death policies, so accident kills either one of us and we get double the payment, to help a bit more with the shock factor VS health related death.

By the time we retire, we will no longer need term life insurance, and will stop. If we never needed it, we're fine with that. It gave us both peace of mind, just like home owner's insurance.

Yes. Agree with the 'what its for' in all you said. But that is not the intent of my post. The odds say you will not need it for any of what you said. Because the odds say you will live.

I play the odds. If i were to have died early, yes, insurance may have helped. But the odds are in all our favor that we will Not die early. That is how insurance companies make money.

They exist for those like yourself who need that peace of mind. I am able to have that peace without insurance just simply knowing the odds are with me.

Not trying to diss you or others with life insurance. Just saying the odds are on our side that we will live to a ripe old age.....And that invested money will make more than an insurance policy

 

[Torvy]

Yes. Agree with the 'what its for' in all you said. But that is not the intent of my post. The odds say you will not need it for any of what you said. Because the odds say you will live.

I play the odds. If i were to have died early, yes, insurance may have helped. But the odds are in all our favor that we will Not die early. That is how insurance companies make money.

They exist for those like yourself who need that peace of mind. I am able to have that peace without insurance just simply knowing the odds are with me.

Not trying to diss you or others with life insurance. Just saying the odds are on our side that we will live to a ripe old age.....And that invested money will make more than an insurance policy

And if it is just you, playing the odds makes sense. With dependents, it is irresponsible to be uninsured. The odds are not zero, or even close.

 

[Doughknob]

And if it is just you, playing the odds makes sense. With dependents, it is irresponsible to be uninsured. The odds are not zero, or even close.

i need to change my previous post and just simply say, "yes, thank you, i am indeed an irresponsible dog. Please forgive me."

 

[Fuddy1952]

I've never had life insurance.
When I die I want it to be a tragedy.

 

[ljjhouser]

I've never had life insurance.
When I die I want it to be a tragedy.

HaHAHA - Well that is one way of being missed. Very funny. I miss you already! HA ...it made me laugh hard enough to find these things!... ..Thanks for entertaining me.

 

[Doughknob]

 

[kenmac]

So assuming you have enough for an advisor to make a difference, that's a $10,000 starting fee.

I wonder how often you will make more than the advisor makes off your portfolio.

The % is taken out every quarter. so if the account is down that quarter, the advisor gets less.

Some will take you for as low as 50K, some require 500K

 

[goeduck]

If you have life insurance, are you assured life?

 

[MossRoad]

Yes. Agree with the 'what its for' in all you said. But that is not the intent of my post. The odds say you will not need it for any of what you said. Because the odds say you will live.

I play the odds. If i were to have died early, yes, insurance may have helped. But the odds are in all our favor that we will Not die early. That is how insurance companies make money.

They exist for those like yourself who need that peace of mind. I am able to have that peace without insurance just simply knowing the odds are with me.

Not trying to diss you or others with life insurance. Just saying the odds are on our side that we will live to a ripe old age.....And that invested money will make more than an insurance policy

No offense taken.

I pay about $1 a day for 5X my annual salary term life insurance. 10X if I croak in an accident. I've had that for about 30 years. If I'd have invested that $1 per day for 30 years at 10% I'd have less than $70K.