“Complete Your Pre-Retirement Checklist,” by Wendy Connick, The Motley Fool
“Before you finally and officially retire, it’s important to make sure you’re ready for such a huge shift in your lifestyle and your finances. Much like a pilot will complete the tasks on a pre-flight checklist before the plane ever leaves the ground, you should read through and complete the tasks on your retirement checklist before deciding to leave the workforce forever.
“Look into long-term care insurance (10-15 years before retirement)
If you’re going to buy long-term care insurance, the best time to do so is in your 50s, not your 60s. Your premiums will be much lower if you buy the policy this early. Plus, by getting that decision out of the way so far in advance, you’ll simplify the often chaotic pre-retirement years by resolving one of your critical decisions. Because the majority of retirees will need long-term care at some point, and the costs can easily run into the six-figure range, long-term care insurance is likely a good financial move. At least look at a few policies and consider how they’d fit into your retirement budget. If you decide to pass on long-term care insurance, you’ll definitely need to come up with some other way to pay for long-term care.”
LTC Comment (from Damon V. Moses, Administrative Coordinator, Center for Long-Term Care Reform):
LTCI is at the top of this pre-retirement checklist.