Quick Preview:
Our Cornerstone Retirement Blueprint Process is focused around 5 key pillars of retirement planning designed to help our clients achieve the retirement they have always dreamed of. On this episode, we’ll explain the fourth pillar in our process: healthcare planning.
On This Episode:
The pillar that might not be high on your priority list but will likely be the most important step for the success of your retirement is healthcare planning.
If you’re like a lot of people, you either don’t want to have the conversation about nursing home care or you feel it’s too far down the road to worry about right now. Your last check-up was great so why worry right?
The truth is the average pre-retiree overlooks this step of the planning process and it can destroy everything you’ve worked for through the years.
No matter how healthy you feel you are, the statistics tell us that each retiree will likely need some type of long-term care needs later in life. That’s an expense that can eat away at your savings in short order. But even beyond that, it’s those unexpected healthcare expenses that you are truly planning for.
So how do you account for these costs, especially considering the fact that they are always on the rise? That’s what we want to layout for you on this episode of the podcast as part of our five-part series on the pillars of our Retirement Blueprint Process. Kyle Kirwan, partner and co-founder, will give you an idea of how this pillar works with our clients.
We’ll talk about strategies to approach long-term care, such as insurance, along with the role Medicare plays into the plan. We have a team of insurance professionals that work in this area frequently and want to help inform you of the options you have.
You’ll hear us say it quite a bit, but the planning that occurs after you’ve retired is as important as the work you do leading up to that next chapter. Make sure you’ve protected yourself and that’s what we’ll do during this pillar.
I think it’s easier to not think about it and put it out of sight and out of mind. But as financial planners, one of the reasons we have this included in our financial pillars is because we see what happens to clients on a daily basis throughout the year.
Timestamps:
1:11 – Let’s start with the elephant in the room.
1:43 – This is why we include this step in our five pillars.
2:36 – How prepared is the average pre-retiree is for handling healthcare costs in retirement?
4:05 – Unexpected healthcare expenses weigh the heaviest.
6:13 – Whether you realize it or not, you already have a long-term care plan.
7:04 – Story about a client in Florida.
8:21 – What’s your general advice to someone about buying some form of care?
8:54 – What strategies do you put in place to account for these costs in retirement?
11:54 – It’s purpose planning to protect you and your family.
13:19 – Will Medicare cover your long-term care needs?
14:09 – Who can help with Medicare planning?
15:47 – If you are unsure about your Medicare benefits or long-term care planning, get in touch with us.
