Spencer Neal, AIF®, C(k)P®’s Post

Housing? Check. Life insurance? Check. Dining out? Check. For most retirees, these types of line items are fairly predictable and factored into their monthly budget. But when it comes to health care, the situation can change dramatically. These expenses are often unpredictable and underestimated — and this wild card can disrupt an otherwise carefully planned retirement, leaving many seniors vulnerable. According to Fidelity Investments’s 2024 Retiree Health Care Cost Estimate, a 65-year-old who retires this year can anticipate spending an average of $165,000 on health care throughout retirement. This estimate has risen nearly 5% from the previous year and has more than doubled since 2002. Despite these escalating costs, the average American still expects to spend only around $75,000. However, there are strategies to help employees better predict — and plan for — medical costs in retirement. The Leading Edge Wealth Advisors LLC team covers this and more in this month's edition of The Retirement Times. #retirement #healthcare #healthcarecosts #expenses

Protect Your Retirement Income with Long Term Care Insurance Each stage of life brings unique health coverage needs. During your working years, it's crucial to focus on protecting your family income. As you move towards retirement, safeguarding the financial resources you’ve built becomes paramount. Long Term Care Insurance: An essential tool to protect your retirement income by covering long-term care expenses later in life. What does it cover? - The cost of your care over a lengthy period When does a benefit become payable? - When you’re unable to perform two or more activities of daily living or require continual supervision due to deterioration in mental abilities How is the benefit paid? - Reimburses your expenses or pays a benefit, which may be a regular recurring payment or reimbursement style plan to cover the cost of care When should you consider coverage? - If you want to protect your assets for retirement and/or estate planning - If you desire flexibility and control so you won’t have to rely on the government or others for your care - If you value the freedom and ability to choose the level of care you need Let's discuss how Long Term Care Insurance can help secure your future. #LongTermCareInsurance #RetirementPlanning #FinancialProtection #HealthCoverage #Insurance #FinancialPlanning #GiffordCarr

Long-term Care planning is an extremely important part of a comprehensive financial plan. If you haven't built out a clear plan to pay for any potential long-term care event in retirement, please reach out. Here are 5 options we often see utilized: 1. Self-funding through utilizing a large HSA account invested in secure assets (like a bond ladder) 2. Robust long-term care policy that would cover the entire cost of long-term care if it were to occur ($10-15k+) 3. Supplemental long-term care policy that covers a portion of expected long-term care expenses in the future ($3-8k) 4. Utilizing a permanent life insurance policy with the added benefit of accelerated use of the death benefit to pay for long-term care events. --> This has the added benefit of not being a "use it or lose it" option. You build equity in the account you can use as supplemental retirement income and the full death benefit comes back to the family in passing 5. Single Premium Long-term care and life insurance hybrid policies. -->Added benefit of not "use it or lose it" and still providing robust long-term care benefit Another aspect of a comprehensive plan we see is often overlooked. This is just the beginning. We'd love to help you! #maximizeyourlife #wealthplanning #finanicalplanning #goodstewardsofwealth

Fact: Retirement isn’t a one-size-fits-all experience. Whether you're Gen X, a Boomer, or just stepping into this new adventure, the journey looks different for everyone. We know this. There isn't much in this article that I haven't talked about, but I wanted to emphasize the fact that Grey Merryman DOES mention keeping your health in mind as a new retiree. What I'll add is that, while he focuses on health insurance and spending on health-related things, what's maybe more important is focusing on staying healthy WAY before retirement to prevent that spending AND to enjoy your second half. On that note...how many squats have you done today?? #FinancialandLongevityPlanning #InvestinyourHealth #NotYoungNotDone

Now in its 20th year, the ASFA Retirement Standard June quarter 2024 finds the cost of funding a comfortable #retirement increased by 3.7 per cent over the last 12 months. The June quarter saw notable increases in home and vehicle #insurance costs, as well as private health insurance prices. View the detailed budget breakdowns now 🧾 https://lnkd.in/gJ_zCQhm #superannuation

When it comes to retirement, there is more than just the financial affordability aspect to consider... - How do you plan on transitioning socially? - How is your spouse going to feel if you retire at different times? - If you retire before age 65, what's your gameplan for health insurance? - How do you plan on replacing any meaning that your profession may have given you for many years? Here is an article that sheds more light on retirement considerations that aren't always financially focused: https://lnkd.in/e5Srbdfk

Nearly 70% of people will need physical or medical long-term care services in their lifetime, according to the U.S. Department of Health and Human Services. Many people underestimate just how much this type of care can cost and neglect to plan for what can be a considerable expense. Jared Kornfeld of Kaufman Rossin Insurance explains the benefits of including long-term care insurance in your retirement planning. Read his insights here: https://okt.to/izLhH2

Long-term care planning is an often overlooked aspect of retirement planning 📍 FACTS ->Every day until 2030, 10,000 “Baby Boomers” will reach the age of 65. --> 7 out of every 10 people will require long-term care. ---> The cost of that care can very well exceed $100,000/year. Exploring alternatives to traditional long-term care insurance, such as hybrid policies or life insurance with long-term care riders, can provide more flexibility in options and potentially better coverage. Incorporating long-term care into a holistic wealth management plan is not just about safeguarding assets—it’s about ensuring quality of life, maintaining independence, and providing peace of mind for ourselves and our loved ones. We encourage you to consider long-term care not as a distant possibility but as a critical component and one of the cornerstones of a robust financial plan. Want to learn more? Let’s connect 🤝 #LongTermCare #HolisticWealthPlanning #FinancialSecurity #RetirementPlanning #WealthManagement

Imagine this scenario: You've diligently saved for retirement, envisioning a future filled with relaxation and enjoyment. However, unexpected health complications arise, leading to medical expenses that deplete your savings faster than anticipated. Without a safety net in place, your retirement dreams are at risk of crumbling. Now, consider a solution: an indexed universal life insurance policy. This innovative insurance plan offers a world of financial flexibility, seamlessly blending protection, growth potential, and accessibility. It's tailored to complement your retirement strategy by facilitating tax-deferred growth while providing the freedom to withdraw or borrow funds from your policy's surrender value for any circumstance, anticipated or unforeseen. Additionally, as a cornerstone of your estate planning, its death benefits safeguard the financial well-being of your loved ones, ensuring their security even in your absence. Have you considered the benefits of tax-deferred growth potential for your retirement savings in light of unforeseen circumstances like the one described? Have you thought about how your life insurance policy can serve as a vital financial safety net for your loved ones during unexpected events? Would you like to explore how an indexed universal life insurance plan can provide lifelong protection while also offering the flexibility to adapt to your changing needs over time? Dive into the array of protection plans available on our website at https://lnkd.in/dA79Tdjh and secure your financial future today. #SecureYourFuture #LifeCoverage #ProtectYourLovedOnes #PlanForTomorrow #PeaceOfMind #InsuranceProtection #FamilyFirst #LegacyPlanning #PrepareForTheUnexpected #InsureYourLife #SecureYourLegacy #LifeAssurance #PlanAhead #InsureYourLegacy #SafetyNet #lifeinsurance

When we think about losing income or retirement savings, we usually imagine things like a pay cut, getting laid off, low investment returns, a bad market, etc.But a negative health event can put intense pressure on all areas of your finances.During Disability Insurance - The Risks of Waiting, we discussed health events that can put you out of work and the impact on long-term retirement savings if it’s not protected.Access the recording now at https://lnkd.in/ehP-p42u