Pension/longterm care
Why is it that you work your whole life and earn a pension but when you need to be placed in long term care all of the money you have earned has to pay for it. Leaving your spouse with little. Yet if you were just making it and have no money the state will pay for you. Yes, I know we should have purchased long term care. It’s just not right when you plan for your retirement and then there isn’t any.
Terry Says
Forget, LTC insurance. What if you just spent all your retirement money — and left your spouse with nothing but SS?
You could look back and say “well, I should have saved more, or spent less.”
It’s your job to plan for those uncovered costs. I’ve written many columns about long term care insurance.
If you didn’t buy that, and spend all your money, then Medicaid will cover your spouse when it’s her/his turn.