Discover the tips and strategies that will help you achieve your retirement goals.

I'm your host, James Canole, and this is the podcast dedicated to helping you retire well.

It all starts right here on Ready for Retirement. for retirement.

Hi, everyone, welcome back to another episode of Ready for Retirement.

I'm your host, James Cannell.

On today's episode, we're talking about something that really is confusing to a lot of people, and that thing is long-term care insurance. And long-term care

insurance is one of those just ambiguous, lurking worries a lot of people have as they approach

retirement. I know what my budget is. I know what I want to spend. Or maybe I have at least an

approximate idea, but I have no idea about this thing called long-term

care and do I need insurance to cover against it.

So in today's episode, we are going to talk about that and it was prompted by a listener

question and the listener's name, her name is D.K. And she says this. She says, my husband

and I are both retired and collecting state pensions. I am 62 and he is 63. He has a monthly

gross state pension of $4,200 per month. I have a gross monthly state pension of $3,600 per month.

The pensions do not have built-in cost of living adjustments, although every few years we may get

a 1 to 2% increase. However, they do have a built-in survivor

benefit of 50%, meaning each of us would continue to get 50% of the other's pension if one of

us were to die. We have excellent health insurance provided through the state. In addition,

we have traditional IRAs of $300,000, Roth IRAs of $350,000, mutual funds, CDs, and bonds in a non-retirement account

of about $200,000 and savings of $45,000 in a standard savings account. When we begin

taking Social Security, we will each get about $2,000 per month. If one of us were to die,

the other would have a gross minimum monthly

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