62 and starting a new job. Should I buy long-term disability

[mh3216537]

Just turned 62 and am starting a new job.  Since I am technically old enough to collect SS but am hoping to work another 5 years to boost my SS benefit, does it make sense to buy long-term disability insurance since most policies only cover thru age 65?

[RichS265119]

I was in a similar spot not too long ago. I started a new job at 60, and I debated long-term disability insurance too. I ended up getting it because, even though it only covers until 65, it gave me peace of mind knowing I’d have some protection if something happened before I hit that milestone. If the premiums aren't too high, I’d say it’s worth it, especially since you’re trying to work a few more years to boost your SS. Just depends on if you think you’d need that safety net for the next few years.

[Tonster521]

@mh3216537 Are you asking about LTD that is offered by an Employer or a LTD policy that you purchase separately (not an Employer sponsored LTD benefit)? If through an Employer, your cost may be subsidized. Most Employers offer such coverage via a Group Policy as opposed to individual policy. Many large Employers include LTD at no additional cost to the employee. Some Employers will cap the LTD benefit at 60% of the monthly salary and reduce that benefit after 6 months by the amount of SS Disability Benefits. It sounds like the LTD coverage you are asking about may be Employer sponsored. Here are some factors to consider: your salary, the LTD benefit percentage, any offsets (i.e., SS Disability, Workers' Compensation, monthly pension, etc.), and monthly cost,if any. Remember, the probability of disability at age 62 is greater than the probability of death. Moreover, you are already covered for LTD benefits. Your decision is to transfer that risk to a LTD policy (whether Group or Individual) or self insure which is the approach you are thinking about.