Payoff mortgage vs LTC ins
Hi Terry,
I’m a single 54yo. Should I payoff a mortgage early or should I put the extra payments towards LTC insurance? I paid off the condo I live in and have a mortgage on another condo I am renting out. I’m not sure if I will keep the rented condo into retirement. I owe 140k @4%. I have been putting extra payments into the principal and if I continue it will be paid off in less than 5yrs. I don’t know if this is the right thing to do.
I’m maxing my Roth401k contributions, on a target my retirement goals according to various calculators, have 12 month emergency fund, and Revocable living trust. I’m trying to be financially secure now and for my older, single life.
I would like your advice and input.
I’ve followed you since I was in my mid 20s when you spoke at Northwestern Memorial Hospital.
Thank you
Terry Says
Oh I remember that — I think it was for Nurses Day, a long time ago! If that’s correct, you’ve likely had a front row seat about the importance of Long Term Care — which is something NOT covered by Medicare orsupplements.
OK, I have two things to say, so take your pick or do both!
First, since you are single, I highly recommend long term care insurance — but the new kind of combo life/LTC policy where you will not be subject to premium increases. Read this: https://www.terrysavage.com/long-term-care-insurance-the-latest/
At the bottom are two names/numbers of people I know you can trust for this purchase. I hope you don’t need it — but if you need it, you will need it more than that second condo!!
Also, it seems you are watching carefully and believe you are on track. Congratulations! But would you benefit from at least one meeting with a financial planner who is a carefully chosen FIDUCIARY who is not trying to sell you anything but only charges a flat fee? If so, read this link about Wealthramp.
