Long Term Care, retiring at 61

Terry
I’m a retired teacher 61
Still have a mortgage
Wondering about long term care
The pros and cons
Do you have recommendations
Best Wishes
JUDI

Terry Says:  I think you need a good overall look at your finances.  I can understand retiring from teaching at age 61, but since your life expectancy is nearly 30 years (unless you have a specific health problem now, in which case you couldn’t qualify for long term care insurance) you need to be thinking about how you will cover all your costs in retirement.  Are you planning to take a part time job?  Is your pension secure?  (If you taught in Illinois or Chicago, I would be concerned about that!)    If you are in the Chicago area, I will point you to a fee-only financial planner who can take an overall look.

Yes, long term care is a big issue, and I do still recommend it — but I suspect that you might have other, more important priorities if you plan to stay retired and still have a mortgage.