Lyn Rowe, CFP®
WHAT ABOUT YOUR PARENTS?
I have seen families get bogged down with trying to convince parents to buy long term care insurance and never move forward. Pride, finances, denial...there are lots of reasons.
I have a recommendation which has worked well in many families. Buy the coverage yourself for your parents! In some cases they don't have to do anything but sign the form. In many cases, there isn't even any need for medical information.
This could be the best thing you do for your kids, because if you don't, they could end up being the caregiver or they could watch you get worn out doing it yourself. There's no need to put your family in this situation if you take the time and invest a small amount of your resources. It can also be VERY affordable.
Call me today for details!
Watch this Show segment to learn more.
Changing Good Intentions into Good Decisions!
LINKED BENEFITS - GET PAID UP COVERAGE
If you're concerned about premiums going up or you're thinking of self insurance, consider this:
Life insurance is probably the least understood of products in the world of personal finance. Few people, advisors and clients alike admit to understanding them completely and common opinions are that they are expensive and should only be acquired when the need is obvious.
But there is a reason that the insurance companies continue to prosper. In spite of criticism from the media and from most investment advisors, their products provide true and predictable value with guarantees unavailable in any other financial instrument. Once clients are properly informed and their objectives are defined, insurance products often rise to the level of most prominent choice.
Long-Term Care Risks
The least palatable to discuss, the most critical to plan for, long-term care is the elephant in every retiree’s room who have yet to formulate a plan for providing care when the time comes.
Government and industry statistics all agree that over 70% of American retirees will require care for some period of time in their life. The average length of time for that care to be provided is 30-40 months. And the cost is greater or less depending on where and how care is provided. But one thing for sure, the risk is great that it will eventually take an emotional as well as a financial toll on the family and the estate
Retirement Income Planning
The most critical time in most of our financial lives comes when we retire and face years of living on Social Security, our pension (if any) from our employer(s) and the assets we have put aside for this purpose. The two most critical issues are; ‘
• Will it be enough?
• Will it last as long as we do?
The creation and maintenance of a financial portfolio is totally different for someone who must live off of those assets versus someone who is still in the process of accumulating them. For the accumulator, time is his friend. For the spender, time can be the enemy; the unknown quantity that must be considered in each investment and withdrawal decision. The greatest asset to address the longevity issue for most Americans is Social Security, the ultimate pension plan, guaranteed by the federal government to pay monthly income for as long as you live.