Should I self-insure long term care expenses?

Recognize that this is our largest financial risk, the largest unknown, when we reach retirement age. It covers the potential cost of assisted living, home health care or living in a community facility that can be astronomical.

My suggestions to help reach a conclusion on this question:

  1. You only need to worry about this if you have money in excess of projected  lifetime living expense (about 1/2 of my upper middle income clients do not)
  2. It’s really your kids’ problem, not yours. What’s at risk is the kids inheritance. If you ask the kids, they will usually say “insure”.

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