I would suggest you focus your energy on how you can reduce the amount of time you are going to have to work before retiring. At 35, I had 'status' and more 'points' than I knew what to do with. But then I decided I did not want to participate in the rat race till I was 65; retire to playing golf 4 days a week; and drop dead on the golf course at 67 as so many do. Instead I decided to retire much sooner and did so at 43. Now I have no 'status' and have paid for every flight I take for the last 28 years. Meanwhile my peers who finally retired a few years ago, are dropping dead on the golf course with their 'lifetime status' acquired and 'points' they will never get to use. I've been laughing for 28 years.

Sometimes I think people in this forum have a strange sense of what is important in life. It ain't the topics this forum generally covers. :eek:

You would think that what you have written would be common sense pt flyer. But as the saying goes, 'if common sense were common, there would be no need for the term common sense to exist, as we would all have it.'

I find much that is written about retiring in terms of finances makes no sense to me whatsoever. People write about, 'you need a million' or 'two million' or 'x million', etc. Then the average person says, 'heck, I'm never gonna be able to retire.' Here is what in my opinion someone needs to retire. A house paid for and an income sufficient for their needs with a bit left over. Keep in mind that when I say that, I say it after having been retired successfully for 28 years now.

It boggles my mind to read that people go into retirement with debt. You might as well say to me you plan to go into retirement with someone pointing a gun at your head. Nor do I think there is any given number you need in terms of capital. What you need is income. One person may be making a lousy income off a lot of capital or vice versa. It should be common sense to figure out which you want to be in that regard as well but i doesn't seem as if many choose to figure out how to derive more income from less capital. Instead, they listen to 'financial consultants' who tell them, 'you need X million capital' to invest. I look at financial consultants and ask myself, 'if they know how to manage money to afford to be retire, how come they're still working?' Don't try telling me it's because they love their job.

Retiring successfully isn't rocket science, it's mostly common sense. But it does require that a person be realistic in their expectations, understand the difference between needs and wants and refuse to listen to those who tell them they can't afford to retire that young.

[QUOTE=j2simpso;29345315]
As retirees you'll likely need to purchase travel insurance ($100s annually) since most credit card insurance programs conk out after 65 years of age

Say what?? Is this true? I have never seen it in print...but then again I haven't ever thought to look for it! We have just made it to that "ripe old age" and had hoped that our credit cards would give us some protections ..so please say it isn't so...someone?...anyone??

It’s pretty common. Time to read the fine print on your card.

Don't listen to the others. Use the points the way YOU want. That's what they are there for.

You have been given several good points upthread about using points vs. saving them. Consider all advantages and downsides of each option, then make the decision on your own

Oh yeah it's true.......read the books you get from your C/C company.

My 85 year old father in law pays about $800 for travel insurance for a 1-2 month trip.

Why not invest in Venezuelan bolívars? By buying airline miles for future use you are essentially investing in airlines miles, which is a constantly inflating currency. I can see the wisdom of having a "travel fund" that wouldn't be dipped into. I suggest you invest in a mutual fund and some other investment rather than buying miles (for which you are paying way too much, anyway). Go ahead and use your accrued miles and each time you do replace their value by investing in your mutual fund (or whatever investment you wish to make). You should be able to grow a nice little travel fund over 14 years.

Ok, I took the challenge and read through the fine print for my credit card (Chase Sapphire Reserve) and there is not a limit of age 65 listed anywhere. The only time age was listed was to define a dependent as being younger than 22 years of age.

It was a good exercise because it did remind me exactly what travel insurance options are offered with the card.

The solution isn't necessarily that one needs to $800 in travel insurance for a two month trip, but that one needs to match their credit card and its terms and conditions to their needs.

Well...I just read through everything I could in my Chase Sapphire Reserve Guide to Benefits and I see nothing that says any of the insurances have any age restrictions on them...not even car rental. I don't doubt that I might find an age restriction here or there on some of the cards insurances but at least I see nothing on the card I will be most likely using for my travel expenses (especially now that I have read their guide to benefits so thanks for prompting me to do so!!).
And I am definitely not suggesting that any senior might want/need to take out additional travel insurance...especially since some of the insurances "only" cover 30-60 days (length of trip).
I will likely follow up with a phone call to confirm though since the length or trip part of the equation is really important for me to know...and I'll verify the age thing at that time as well.

Sorry I was such a slow thinker and typer (must be my age LOL) - looks like we were totally in sync on this one!

In my case my AmEx Gold card states that I get $5M in travel insurance for trip durations <= 15 days and only if I'm less than 65 years of age or younger. That being said, some CC companies will sell you travel insurance if you're over 65 and it may (or may not) be cheaper than what you get from other providers. Some organizations like AAA and AARP (CAA/CARP in Canada) may also provide travel insurance at a discount as well. Deals will vary depending on where you live. When purchasing travel insurance you'll want to read the fine print very carefully as some policies won't insure travellers with pre-existing conditions or have received medical treatment/diagnostic (i.e. colonoscopy) within a certain period of prior to travel

That being said, travel insurance is a must particularly when you get older. You don't want to end up having to get open heart surgery in Switzerland only to receive a bill that wipes out your retirement savings and prevents you from further travel or worse forces you back to work.

Safe Travels,

James

cece4.....pt flyer.......

My AMEX Platinum cuts off insurance coverages at age 65 as does my Visa Avion........thankfully a decade is left on my calendar though, before I have to worry about that.

I still cannot see them insuring anyone over 65, as the risk increases exponentially with age as we all know, but if they do, that's one hell of a benefit for you from that C/C. Let us know how the phone call goes, as it does say this on their website........"Please refer to your Guide to Benefits for a full explanation of coverages, or call the number on the back of your card for assistance."

Reading the fine print is huge though, because a lot of medical insurance companies either don't pay for, or only pay a very, very, small fraction of getting you home to your country by air ambulance if you are critical. This is important for us Canucks as we get treated for free in our home country. There was just a report in our local news media about someone who has a 6 figure bill because of this lack of coverage on their optionally purchased trip coverage. When we were getting my father in laws insurance sorted, I read thru each line carefully, and this was the one area where they really lapsed on the coverage as well.

Universal Healthcare is a Myth in Canada
 

Not exactly. Your provincial health insurance (OHIP) will give you full coverage in your home province but the moment you leave your home province the rules change. For instance with OHIP you will only be reimbursed at the "Ontario" rate so if the province charges you on the more you'll be on the hook for the difference. Other services may also not be covered under the provincial program when out of province (i.e. ambulance).

Keep in mind also that many provinces have residency requirements in order to be eligible to receive their coverage. Ontario's requires you to be physically in province 153 days in any 12 month period. That being said I'm unsure how they can track that (especially when travelling domestically) and suspect that if you're denied coverage there would be a huge media uproar and heads would role at the various ministries from that but you never know.

Folks, the march towards Universal healthcare is still ongoing. It will take the effort of fellow us Canadians and our politicians to make Universal access to healthcare a right for all Canadians and not a privilege only afforded to MPs.

Safe Travels,

James

... since most credit card insurance programs conk out after 65 years of age....

I'd like you to point us to some docs that say this. I've read a lot of card terms and they do not say anything about coverage ending at 65. Send links please.
Thanks