I do a LOT of videos, as you can probably attest to. I’ll do 3 a day until i run out of things to say or run out of money. I assure you, I will run out of money first.
I can literally just read my news feed and discuss ALL the articles that come by and all that is wrong with them. I don’t plan on doing that though as I would go insane reading all the stuff that comes down the line as valued research. Most of it’s just fluff to get you to “talk to us”…
But today I did come across this article from Morgan Stanley on the 5 Pitfalls you should avoid in your retirement planning. Pretty good headline. Click bait to some degree as the headline is so powerful in determining if you read the article or not. So, I bit. I said to myself, “I wonder what Morgan Stanley sees as the 5 Biggest Pitfalls?”
And while there was a couple interesting tidbits, it’s basically just another rehash of the tried and true and SO OLD fear that health care is going to cause you bankruptcy.
You need over $500k in savings to cover your health care costs!!! Did you know that??? Do you have that???
No? Well you better talk to us to get a plan together so you won’t be destitute in retirement eating catfood and having your granddaughter changing your diapers as you have an accident, shall we say, while she is wheeling you towards the toilet!
I hate, HATE, these kinds of articles. Using averages. Ask any statisician about using averages vs. median. Averages simply do not tell ANY kind of story you would want to use in your own financial plan
Why? Well what’s the average in Bill Gates and my net worth? Man, we’re rich!!! Who knew?
But, as you can quickly attest to, that average is completely meaningless. 100%. As are a lot of the “statistics” when it comes to health care in retirement.
I’m not saying don’t plan. I’m not saying don’t get a long Term Care Insurance policy. My wife and I BOTH have LTCI policies. I am saying though to read deeper into the arguments and see if something is being overlooked.
In this case, with this article, there is a BIG something and it’s important for you to understand it.