Cancel my disability insurance now?
Do I still need disability insurance? I can afford it.
I am a 61 yr. old dentist who hopes to work until age 67. My Ameriprise Goal Tracking Review shows that I can retire at age 64.5 in a better position than the 2014 forecast.
I have an ADA group plan costing $2,600/yr. for $4,000.00 monthly benefit.
I have an individual plan costing $1,690.00/ yr. for $4,000.00 monthly benefit.
Please advise.Thank you,
Terry Says: I feel like Clint Eastwood: How lucky do you feel? A disability could come in any form — a car accident, or slip and fall. Any of those might keep you from earning a living. It’s not just that you’ve paid for it all these years. It’s a forward-looking question. Most disability policies stop paying when you reach full Social Security retirement age. Check yours to see the limitations. I can’t make this decision for you!