The key to eliminating retirement uncertainty is to plan carefully, save as much as possible, invest wisely, and then, at age 65, get hit by a bus.”

A rather grim solution, to be sure, although one subscriber to my Bank On Yourself Ezine did write me to explain that his retirement “plan” was to make sure he died on the day he retired.

Just when I thought I’d heard every possible bizarre way to ensure retirement security at a time when most people’s nest-eggs have been scrambled, I got an email that flabbergasted me…

This subscriber – I’ll call him “Carl” – said that, while he agreed that Bank On Yourself is a solid method, he had come up with an alternative plan:  He had purchased two Long Term Care policies that would pay him $7,500 per month, after the first 90 days, and would pay out this benefit every month for the rest of his life.

Carl said,

So I plan to continue working in my sedentary job, which I enjoy, and to start collecting long-term-care benefits as soon as I can.”

Sheesh!

Carl also noted that his premiums for these policies were “relatively low” and as an added benefit, he wouldn’t have to pay to cover the cost of the death benefit.

If you’re actually looking forward to relying on Long Term Care as your retirement “plan,” I feel sorry for you…

Aside from the fact that I think Carl way overestimates what his benefit will be, how long it will last and how long his premiums will remain “low,” I wonder if it ever occurred to him that he might remain healthy and able – right up until the day he dies?

Those policies won’t pay him a dime if he’s “unlucky” enough to have that happen.  (Unfortunately, I think Carl’s plan is symptomatic of a shift in our society from self-reliance to dependence, but that’s a topic for another day…)

I can just imagine Carl smoking cigars, eating junk food and being a couch potato, to make sure he needs long term care “as soon as he can.”

What’s your retirement plan?