Excellent point. And one I do not have a good answer for.

If we go another ten years of reasonably good health (70 now, be 80 then) current savings and another ten years of savings added to it may or may not be enough. Hopefully we die in our sleep, but of course that doesn't always happen.

But you make a very good point. Some would point out to have long term care insurance. But we don't have that. I am not a big insurance proponent and would rather minimize my insurance and take some risk rather than try to eliminate all risks by paying for it. That may or may not turn out to be a good idea.

Speaking of which, insurance that is, last year I cancelled a lot of my farm insurance. Specifically on buildings. I dropped all coverage on machinery storage buildings and an old farm home that we used as an office (I did keep it on the heated shop building) plus a 1900 era barn that is only used for nostalgic reasons. My logic is this (which is probably wrong, I am wrong a LOT). Ok say a tornado comes along and blows it away. I get no insurance check (and actually have some cost for cleanup). But I have saved the premium. Ok, if it all blows away and is destroyed. would I rebuild it? No. I am retired and have no use for it any more. I do rent it out to my nephews and get some income from it. But nothing near the value it would take to rebuild it and rent it. It would not be economical to do so. The majority of my rent income comes from farm land and the buildings are just an add on. So if I would not rebuild it (here is where my faulty logic comes in) essentially when I am paying the premium on those buildings what I am buying is a lottery ticket. If it gets blown away I win (I get paid by insurance company) and if it doesn't I lose (I pay the premium each year). So from my way of twisted insurance thinking I am just gambling on the weather. If it blows away I might have to reduce my rent to my nephews by a few thousand dollars a year but I am paying that much in premiums every year. So I just self insure on the buildings I would not replace. The big heated shop I do insure because it has become a main part of their operation and I would definitely have to lower the rent should it get blown away. We do of course keep liability on the whole farmstead and have an umbrella policy to protect wealth. The stuff I can afford to lose, I just don't insure. Been thinking about taking all collision off all my motorcycles and only taking liability. At 70 I probably would not replace them anyway and spread among 8 total between wife and I, the mileage on individual bikes is not all that much. 

I am not an insurance salesman's best friend. That said I like my agent and he pretty much understands my logic. That is kind of scary.