L. A. discussed on Paul Winkler


Investment news we was just recently but it talking about a possible plan being floated to L. A. to just the the idea to get into retirement savings plans to pay for different things now the the idea here is to be able to get into a four one K. plans to pay for long term care health insurance premiums or pay off student loans those those are the two ideas now this person writing this article what's his name and and you know we do this was writing this article and I don't even see how you might be just the editors of the magazine there at saying who it is probably as but anyway they're saying that that the issue is that they're just fixing one problem and exacerbating another one which is just the retirement plan and savings issue a lot of people just are saving enough for retirement and they're talking about the median cost for a month stay in a private room in a nursing home but eighty five hundred dollars Korean Genworth about at the hundred thousand dollars here now in some areas I I've kind of mind that say he's a doctor that deals with running a lot of nursing homes and he says it's a it's a bit less than that but it's still high I mean it's pretty still pretty expensive long term care insurance can help pay for such care but the premiums for long term care policies have skyrocketed and a lot of it has to do with just the fact that the end of the expenses and then mount the number of people actually going into long term care facilities was higher than what they thought it would be and they actually thought that people would be dropping the policies at a greater rate than they do once once people why long term care policies they don't get rid of them LA hang onto him for dear life and dumb yeah that's an issue you know the you have a lapse rate issue going on there so since people are dropping them the insurance companies are on the hook for the claims and therefore what they've got to do to be able to get the money for his raise the premiums and I think that stabilized to some extent but anyway there a lot of people are just not willing to pay for the long term care insurance unfortunately in some these people again they're buying hybrid policies I'm not a big fan of the hybrid stuff like near yeah nearly days because what they do is they lower the interest rate that they pay you to pay for long term care premiums the annuities with long term care benefit riders and yeah there there are tax advantages to and people say one thing and there are some tax advantages but all we've done research on it not been have not been a big fan of any of these things special of life insurance because now yeah life insurance that well if you don't go nursing home you're definitely going to die so we got to have a long term care insurance and life insurance put together again you know their hundred pennies on the dollar one of my mentors used to say and you're paying for this stuff some place and it's a lot more expensive than you think it is really gets down to it so I'm not that I've never ever recommended them but I'm very very slow to recommend him and I typically tell people don't take advice on this kind of stuff from somebody selling the product to you they're not gonna be objective I as much as they you want them to be you think that they might be there might be nice people but it's really hard to be objective when you don't get paid unless somebody by something they always say alternatives these needing long term care include paying for out of pocket in spending down assets until they qualify for Medicaid I you don't necessarily want of qualify for welfare and it's just not really palatable because then the government's deciding where you stay and you know it's just not not one of the better ways of handling nursing care expenses in my humble opinion either Mr tuning in enter Mr to me in this plan to allow retirement savers to take up to two thousand dollars a year are there for one K. accounts or individual retirement accounts IRA's tax free and penalty free to pay for long term care premiums I mean you could just make the premiums completely tax deductible I guess it would have the same effect but now they're some limits on that now but that they're you know there could be some tax advantages for people to buy maybe you can get people to buy that way now the other one is to allow savers to withdraw money from for one case up to fifty two hundred dollars and fifty dollars fifty to fifty per year tax free and penalty free to pay off student loans finance college education also some people are looking at that can we have people do that can we get people to be able to pull money out for that reason and you know it all these things in there the good I kinda like the idea in a way yes they would be okay if you get really just become conscious of the fact that retirement faster after every time you go over to get into the retirement account for the first ten percent penalty is this money out because speaking to an older gentleman one time I started this this is my fourth call one it is a state or now can't figure out how to retire hello things you have to consider only four dot com is the website home is about how you get to have their yes if you want to check it out this is the best coaching show through the talks and then seventeen the.

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