Putting Your Retirement Interests First
Putting Your Retirement Interests First

Episode · 10 months ago

Long-term Care Solutions

ABOUT THIS EPISODE

Many people will need some type of long-term care during retirement. This can be a huge expense that could devastate your family. In this episode you'll learn how to plan for this possibility without draining all that you've worked so hard to save.

And welcome to the pudding youretirement interest, first podcast with financial expert and number one AmazonBest Olin author Robert Cannon, each episode features healtful insidepracical tips and reliable strategies to help make your retirement asenjoyable as possible for the next few minutes enjoyed listening as cohostBethanye Dilson tosks, with Robert Cannon about putting your retirementinterest firt. Once again, I am joined by RobertCannon. Robert is the author of putting your retirement interests. First, it'sa prioritized approach to protect your future and turn your dreams into areality. This week we're going to be talking about the long term Care Shield,hat's chatter, six of your book and as I was reading through your book in thischapter, I was really shocked by the statistic that you mentioned this inthe book that seventy percent of people...

...that are sixty five and older are goingto need long term care at some point in their life, but health, insurance andMedicare don't cover that which I have no idea about. So in your experience,talking with different clients. Is that something that a lot of them are kindof blinded by? I think the percentage is even higheryou Kno when I speak to people every now and then I'll get someone who willactually really consider it and they're really concerned with long term care,but most people they never even consider that is as a potential riskand it's a real risk, especially you know for someone in the younger years,if you, if you, if you didn't when you're older, you can have some assetsand you can have your assets pay for someof. The long term care that ideal,but at least it's there, but when you're, younger and you're starting afamily it can can absolutely destroy. You know your finances and your familyis n that worth so, Itas really scary, that people don't need to consider ityeah. So for maybe somebody that is in...

...the younger age bracket and they're,trying to think towards the future and think about about what's potentiallyahead for them. What are some practical first steps that they could take tostart preparing for long term care? So for sure we have to earmark somemoney off for that right now we can make a determination based on how muchmoney you're making if you're, making a lot of money. Maybe we can make adetermination that we can kind of self asure but still in sure, there'sdifferent ways of doing that if you're in a lower middle class bracket, we mayhave to just do some longterm charanturance or a combination ofbote,and it really is e very customizable depending on you know yourcircumstances, so we'll look at everything well figure it out, but weneed to mitigate that risk because you know just imagine you have a houseand you don't have flood insurance or...

...you know fire insurance. I mean Itwould,be insane saying. Well, I don't think anything's going to happen. Can youtake that chance? What, if something happens? You can hear wipe up, so youhave to mitigate that risk, so wat for what about for someone?That's, maybe in the middle of a crisis whereeither they need long term care or a parent needs long term care and theydidn't really prepare for it. Are there any kind of emergency measures that aperson could take to be in a a better physician? Financially I mean yes, but you know, waiting tothe last minute is is disastrous game plan. You know we havesome alternative ways of long term care of facilities, which you know veryexpensive to you. Have a family member right. That's in long firm care, yeah,my grandfather, she he has Damensia, and so my grandmothercared for him in the home for a long time and then it just it got to thepoint where it wasn't. It wasn't just...

...enough for her to just do it byheurself. She needed some help, so my grandfather was puttinto a long alongterm care facility. I think it. The end of last year iswhat I remember, but it was something that my family had necessarily preppedfor because we just didn't think about it. I meanother than dimension my grandfather's in great health, and so we didn't thinkabout that with him, and it was something that kind of took my familyoff guard. We really had to rearrange a few things and kind of take. Theseemergency steps, because we just we didn't prepare for it. Youthink they're going to be fine, foreverthey're going to be healthy forever, and that was something that my familykind of was taken off guard by. Let me ask you a question of you do mind: Howmuch is is he paying? I don't know that. I do know that what my family ended updoing. I is putting a lot of their assets or that Wer a lot of their moneyinto a house thinking a lot of medding...

...where Medicaid we kilk get faster, but I'm not pousle about how much he'spainting every month now. Okay, so maybe what they did, which we offer. Wetell some a outour clients to is to deplete their assets, but we use.Sometimes we use whas called a irrevocable trust and by putting theclient's house in Irrevocable Trust and we deplete their assets. Medicaid canhelp pay for it yeah. We have method, unfortunately, like you said, butthat's a there's. The five o your lookback thats was complicated. There'sall the trust do. But the point is: There's a lot of ways of figuring out await, pay for it. I'll tell you a story yeah in Connecticut we have a client whoactually looked around for a long term care facility and see here in the East bubble that I live in. Theprices are insane, so I think they got...

...a price of twelve thousand five hundredLa so which by the Wayis, pretty good, pretty good price. So whatwe were able to do, I know INSA. We were able to find a facility. A smallerfacility is like in home for only seven sounds ridicuous only seven thousand amonth, but when you face with twelve thousand, you know, plosy you're onlygoing to pay seven right, five thousand and sixty Thousan dollars a year, so that say saved them. A lot of moneyand Theyhao really protected the net worth because it you know,let's Jus, say they're in there for five years, an three hundred thousanddollars and the be exceptional care. So you have to be very, very careful inplanning planning for this, but what I wouldhave someone like you right, because rightnow, you're not concerned you're young,...

...your husband's young, you guys areyoung you're in top of the World Eur Mark, a small piece for this andwe'll figure it out exactly how much we will put apart. We'll set us we'll setapart for this, but at least you're protected, and you don't have to worryabout it anymore right because it really is about making making the best decision and a'mnot so great situation. Nobody wants to have to put their love one in long termcare and nobody wants to think about being in long term care themselves.It's not something fun to think about, but it is the reality for a lot offamilies in this country, and so that is something that I think we all needto be educated on and be aware of, and I think a great first set towardseducating yourself about something like long term care is the patting up a copyof your book, it's by Robert Cannon and it's called putting your retirementinterests. First, a prioritized approach to protect your future and toyour dreams into a reality. Robert once again. Thank you so much for you. Antany appreciate it. Thank you. I...

...appreciatite thanks for listening to the puttingyour retirement interest. First podcast with financial expert and number oneAmazon, Bestelin author Robert Cannon, to request a copy of Robert's bestselling book or to have a conversation with him about your financial futureconnect with Robert through his website cannon wealth, solutionscom.

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