Published Articles
Discover our collection of advisor-generated content; featured in local publications.
The Longer Road Ahead? Women Baby Boomers Prepare for Retirement
Lynn A. Ferraina | Life in Naples Magazine | May, June, July 2015
Women are healthier, engage in more active lifestyles and are living much longer. Their retirement period could be as much as 20 years longer which creates both opportunities and challenges. Many women will spend as much time in retirement as they did in the workforce.
Some women were not in the workforce as long as their male counterparts which affects their savings for retirement. Companies that provide a monthly pension are no longer the norm. Many retirees will need to rely on their 401K, IRA, and personal assets accumulated during their working years. Whether you have 5 or 25 years until retirement if your company offers a 401k take advantage of it. Many companies offer a match or contribute a portion to your 401k on your behalf. If you qualify for an IRA strive to deposit the maximum each year.
If you have additional discretionary income to target toward retirement, consider making deposits to a non-retirement account. This creates an emergency fund which could be used before retirement if needed.
Eliminating debt before you reach retirement will help you have more discretionary income to live on. Make it a priority to pay off your credit cards in full each month, make additional payments on your mortgage and avoid home equity loans unless it’s an emergency.
More baby boomers are working part time in retirement either out of need or boredom. Many find they miss the day-to-day feeling of accomplishment that working can bring. Others found the cost of retirement was more than anticipated and need a part time job to make ends meet. Regardless of the reason, a part time job may offer an opportunity to try something different from your prior career – something new, interesting and rewarding.
Research early how to best apply for social security, typically three months before the time comes. Those born before 1937 can collect full benefits at age 65. Full benefits gradually increase to age 66 for those born between 1943 and 1954. After that, an older retirement age is phased in. To receive the maximum benefit, waiting to age 70 might be advisable. If you are a widow or can collect on a spouse’s social security, you need to know the rules. A beneficial tool to use is the Retirement Estimator. Visit www.SSA.gov/estimator for more information.
A few other tips ….In every woman’s life there comes a time to downsize. Get rid of the clutter and simplify your life. Invest in your health by exercising. When you eat out, order healthy choices, learn to cook Mediterranean diet meals. Not only will you feel better, you can potentially cut down on your medical expenses.
Have your affairs in order by documenting. Know where your investments are and how they are managed and diversified. Keep a log of all you own and are responsible for. Have your legal documents up-to-date, for example, your will, trust, healthcare surrogate and power of attorney. Give much thought to who you choose to make these important legal decisions for you. Document your insurance policies and when your premiums are due including life insurance, auto, health, home, long term care, disability, etc. Review your beneficiary designations periodically for changes.
Know how much you save and how much you spend each year and what you pay in taxes. Document your passwords, where your safe deposit box is and other important information to share with the person you trust if you become ill or incapacitated.
The knowledge, experience and support of a financial professional can help you put your affairs in order and to monitor the process annually. If their credentials are similar, choose the professional you feel you can communicate openly with. Ongoing communication is what makes any relationship work.
By taking time to empower yourself now, you will feel more self-assured and optimistic about your future.
Three Steps to Develop Your Best Long-term Health Plan
Jill Ciccarelli Rapps | Life in Naples Magazine | April 2015
Walt and Doris are a charming couple in the early sixties who came in to assess whether they were ready for Walt to retire. They wanted to pay off the house, travel a little and spoil their grandchildren. Not a bad plan overall.
It wasn’t long before they found a serious shortfall in their financial plan: long-term healthcare. Both Walt and Doris are in excellent health, but Walt’s parents died of heart disease in their 70s, and while Doris’ parents are in their late eighties, they have spent many years in assisted living facilities. Now, Walt and Doris might both live long lives with limited health expenses covered totally by Medicare, but they need to be prepared that one or both of them could have significant healthcare costs over the next twenty years.
While nobody likes to think about these scenarios, your retirement plan is not complete without some accommodation for long-term healthcare. The difficult part is guessing what kinds of care you could possibly need several years out that would not be covered by your insurance or Medicare. We have had clients in their sixties who needed long-term care, older clients whose health took a turn suddenly, and others who lived vibrant lives into their nineties. For a couple like Walt and Doris, their costs could range anywhere from $202,415 to $947,188 apiece when they may need long term care.
To be truly prepared for retirement, you need to develop your personal healthcare strategy. Part of it is staying fit and active, but the other part is ensuring that you have adequate assets in place to cover whatever unforeseen costs may arise. It’s never too early to put a strategy in place to ensure that you and your spouse receive the best care you can when you need it.
People who don’t take three essential simple steps may be setting themselves up for a very bumpy road through retirement.
Step 1 – Be Aware. Healthcare will likely be your largest expense in retirement, second only to your home, so it’s critical that you have a plan. It is no longer safe to assume a large insurer – or the federal government – will cover most of the cost going forward. We need to be prepared to shoulder a larger financial responsibility for our own care. The average premium for a couple in their fifties – not including proactive care – can exceed $15,000 a year, not counting deductibles and out-of-pocket expenses.
Step 2 – Educate. It’s important to understand what Medicare covers at age 65. Part A – “hospital insurance” – is involuntary and covers inpatient hospitalization, skilled nursing facilities, home health care, and hospice. Part B – “medical insurance” – covers doctors and providers, preventive benefits, durable medical equipment and outpatient services. Part B is voluntary and premiums are based on your modified adjusted income. Typically, you will also have a deductible and a 20% coinsurance on some services. “Medigap” and prescription supplemental insurance cover most gaps that Medicare A and B will not cover. Walt’s brother Bruce is 65 and he and his wife pay $7,581 per year for their premiums and supplements.
Step 3 – Assess. We use current cost of care, projected lifespan, and inflation to estimate an average annual cost over the rest of your and your spouse’s lifetime for out-of-pocket expenses and the projected cost of what long term care may cost on top of this. In Walt and Doris’ case, their average out-of-pocket cost of care may be $21,062 a year. They needed to adjust their investment portfolio to prepare for that extra cost. Now, our assessment did not include things that Medicare doesn’t cover completely, like pro-active physical therapy, chiropractic care, personal trainer services, and alternative care options, but these may be things you would want to consider as well. Most importantly the above figure does not include long term health care which Medicare does not cover.
The Official U.S. government Medicare Handbook, Medicare & You, 2013. Medicare Part D premiums are on average about $400 per year (varies by State) and are subject to the plan a person selects. Medigap Insurance can vary by carrier and state. The average plan in 2011 was $178 per person per month for an annual cost of about $2,136. Fidelity Consulting Services, 2010. Based on a hypothetical couple retiring in 2010, 65 years or older with average (82 male, 85 female) and longer (92 male, 94 female) life expectancies. Estimates are calculated for “average” retirees, but may be more or less depending on actual health status, area, and longevity.
Domicile is a Matter of the Heart
By Jill Ciccarelli Rapps & Kim Ciccarelli Kantor | Naples Daily News: Estate Planning Special Edition 2015
The sunshine, soft ocean breezes and lower taxes makes Florida a popular place to live. Generally speaking Florida domicile brings with it tax advantages over domicile in other states with respect to income taxes, state estate taxes, and homestead.
A person may have several residences at the same time, but in theory may be domiciled in only one place at any given time. The term domicile means the place where the taxpayer has his or her true, fixed permanent home, for legal purposes. Domicile is a matter of intent and requires a serious commitment that may entail a change in lifestyle and the ability to break ties with his /her old state. Many auditors consider five primary factors when considering place of domicile: home, active business involvement, time, items near & dear, and family connections.
A consideration may be to the size of home maintained in the old state vs. the domicile state. As far as business is concerned, a consideration to control and supervision, the taxpayer’s role in the business, pattern of activity, and whether it is a passive or active investment. Of course time is important, the number of days spent in your previous state vs. domiciled state. Your timing and duration of visits also play a role in determining intent. Items that are near and dear to you should be kept in your domiciled state; receipts and documents showing the transport of these items could be important to keep. Also anything that has strong sentimental value including family picture albums should be kept in your domiciled residence. Other factors, like changing address forms, shifting banking and investment relationships, various registrations, church affiliations should all be maintained in your domiciled state. Be careful even the smallest affiliation as a fishing license from your old state could wreak havoc.
The other benefit to establishing domicile in Florida is the Florida homestead exemption. This exemption can protect your home from creditors (with four exceptions), give you a credit against your homes assessment for tax purposes, and cap your property taxes to the lesser of 3% or the rate of inflation (“Save Our Homes”). Because of the “portability” provision, a homesteaded owner may now move up to $500,000 of the “Save Our Homes” benefit from one Florida home to the next. Florida homestead may also protect spouses for inheritance purposes with a life estate or a 50% interest in lieu of a life estate unless the spouse waives these rights in writing.
Exemptions are only available on an individual’s primary home. To qualify you must be a permanent resident of Florida as of January 1st of the year in which you apply for the exemption and file with the local county property appraisers office. If you moved into your residence in 2014 you have until March 1st to file for your 2015 homestead exemption, and have your assessed value capped for 2016.
If you are considering a change of domicile to Florida, it is important to discuss the advantages and disadvantages with your financial advisor, your CPA and your attorney. Domicile should be looked at not only with a tax perspective but also with an estate perspective regarding rights of spouse and children at your death. An advisor versed in the steps for new domicile can provide a more complete package of instructions and discuss planning opportunities to help assist you in your decision to domicile.
Sources: Nixon Peabody LLP, (2005) Private Client Alert. Steps to Change Domicile to Florida. Wikipedia (2015) Retrieved http://en.wikipedia.org/wiki/Homestead_exemption_in_Florida Collier County Property Appraiser. Homestead and Exemptions. Retrieved www.collierappraiser.com
Transitioning to Retirement?
Five questions to ask that will make an impact on your financial well-being.
Jill Ciccarelli Rapps | Life in Naples Magazine | February 2015
Your retirement date may come with mixed emotions. Finally you can have a flexible schedule! At first thought this sounds great, but you may also have that nagging voice that says….what will I do with all my time? What will give me purpose? How much money will be enough? Besides getting emotionally prepared, what questions should you ask to prepare yourself financially?
What is your current lifestyle costing you? A good exercise is to go back at least six months and document your expenses categorizing them by fixed (have to) and discretionary (want to). Don’t forget to include your one-time expenses that may occur outside of the six months you may be reviewing. How will your retirement increase or decrease your expenses? You may pay off your mortgage and not have monthly payments, you may decide you will travel more or you will visit your children/grandchildren several times a year. All of these things should be captured and an estimated budget should be attached to them.
Now the fun part, spend some quality quiet time and ask yourself what new things do I want to learn, get involved in, volunteer for, or are on my bucket list in retirement? I suggest to use a sheet of paper and divide it in four quadrants; label the bottom quadrants things that “have to” get accomplished in your life and label one quadrant short term goals (less than 5 years) and one long term goals (5 years and more). The upper quadrants represent your “want to” items, things that you wish for but are not necessary, like having a second home in the mountains. When you are doing this exercise you want to think big, this is your bucket list! If you are married, you and your spouse should complete this exercise on your own, then share your goal sheet with one another. Be generous rather than conservative and put a budget next to the items that have a monetary cost.
Will you be taking care of anyone during your lifetime… aging parents, a good friend, your children, your grandchildren? If so, you will need to assess, based on the circumstance, what this may look like in the future and again how much should be budgeted to this area. This can be difficult to do because this may not be very apparent to you now.
Are you interested in leaving a legacy or being able to help your children/grandchildren during your life time with big life events like their education, first home, health care? You know the drill, put a budget to it.
And last but not least, go through a health care assessment for yourself. How much will your future health care cost? Consider out-of-pocket expenses, before and after Medicare “kicks” in, and if you are willing to spend money staying healthy in areas your insurance may not cover. If so, how much will it take? If you have a long term care situation, what should you be prepared for?
Finally, after you have answered the above questions thoroughly, use a simple calculation; take your projected expenses in retirement and divide it by a reasonable withdrawal rate, like 4% (this will vary and should be reviewed with your financial advisor), to come up with what lump sum you may need in retirement. With this scenario, if your expenses in retirement are projected to be $150,000, than you may need $3,750,000 to sustain your income well into your aging years. Your financial advisor can help you answer the above questions and can use technology to project several different scenarios. Clarify what your “magical retirement number” is and feel comfortable that you have enough to last your lifetime in good and challenging economic times. Now… it is time to put a plan together!
Wisdom through Generations: What’s In Your Family Treasure Chest?
Jill Ciccarelli Rapps | Life in Naples Magazine | February 2015
Wisdom has been regarded as one of four cardinal virtues; and as a virtue, it is a habit or disposition to perform the action with the highest degree of adequacy under any given circumstance. What if we could easily “pay our wisdom forward;” take the responsibility to share our life lessons especially to those in an earlier generation in a way that could make a difference right away? Keeping this in mind, how do we “break” a habit we have developed through our experiences that may not be serving us well and will most likely not serve the future generations? What would your most important life lessons be? What would you like to break away from?
My Father says, “Money is relatively unimportant, but in order to keep it that way you have to have it.” His lesson is that life’s focus should be about family, friends, health, helping others, finding our purpose, and living life to the fullest. By not worrying about money, we have more latitude to focus on what is important in our lives. Thus began my journey to learn more about money; how to grow it, preserve it, and give it away in a meaningful way.
My parents instilled in me that anything is possible if we start with a clear intention. When it comes to managing our money, it is important to have a clear understanding of what we want to accomplish. We should not restrict ourselves by limited thinking or beliefs that don’t serve us. Once we realize that our limited beliefs are just thoughts, that do not really represent who we are, they can be “released”. This can create a whole new awareness helping us to “step” into our “money greatness”.
Once our intentions are clarified, it is a good idea to put a clear roadmap together, so each day we can accomplish a small step towards our goal. This keeps us on track and helps us move forward even when we may have a sense of being overwhelmed.
Although it is important to have an end goal in mind, we should not be attached to the end result. Most likely it is the journey that fulfills our lives. We need to stay flexible during our journey and open for new opportunities. Reason being, it is possible that our end result isn’t really maximizing our best “money self”; there may be other possibilities that show up when we are ready.
Join me at the Aging Gracefully Women’s Wellness Community Conference on May 9th, 2015. I am looking forward to sharing my seven most important life lessons about creating and preserving financial freedom for you and your family.
We invite you to share with us your most important life lesson on social media using the hashtag #lifelessons2015 and we will share them at the conference.
Bridging the Communication Gap Through Family Meetings
Jill Ciccarelli Rapps | Life in Naples Magazine
Leaving a legacy is more expansive than just leaving your money to your heirs; it also encompasses your intangible assets. Money can’t buy experience, wisdom, attitudes and work ethics, which may indeed be your greatest gifts, but how do you preserve these values for generations to come?
While money can be a tie that binds the family, in many cases it creates stress and separation. A worldwide fact is that about 70 percent of carefully crafted and executed estate plans “fail” within two generations, including family harmony.¹ So what may be missing…communication?
Talking openly about money in our society has typically been taboo. Families are allowed to talk or act around it, like buying a new car, new home or take a vacation, but rarely do parents engage in discussing the value of money, and how it impacts the family entity. Where do you want your family to be in 50 years? What are your greatest hopes for your children/grandchildren? What are your greatest concerns? How much is enough? How much is too much? How do we decide on the best use of our wealth? How do we want to spend, save and share our money? What is your greatest gift you can share with your family? I believe we all have special gifts and it is our responsibility to share them, to pass on our wisdom and experiences, so that the next generation can thrive even more than the generation before them.
In today’s fast paced and constantly evolving world, it is difficult to overcome some of the hurdles of family communication. One of the biggest challenges is the communication gap. You may ask your grandchild, “How was school today?” a typical answer may be “Good,” and that is the end of the conversation. My father is a genius when it comes to communicating to his grandchildren, he found a common ground and that was through laughter. He has “Poppy jokes” that he tells, and the grandchildren compete to search for the best “Poppy jokes” to tell him. This opened the dialogue for more communication with the grandchildren.
So where do you start? Find something meaningful to your family. As an example, if giving to charity is meaningful to you, consider starting a charitable family gift fund. Gather the family including the little ones and get them involved. Let the grandchildren know they have a certain amount of money to give away and ask them to come back with some suggestions of a charity that may need their help. Not only are you teaching them the value of giving back, but they will experience what it is like to help someone less fortunate than them, and that can be very powerful.
By hiring a third part facilitator to guide the process, this can help your family come together. The facilitator’s role is to encourage open dialogue to help lead to win-win solutions for the whole family.
Your key financial advisor can work closely with the family to prepare them for the meeting to encourage clarity and direction. The objective of the family meeting concept is to provide a catalyst to increase success for your family enterprise. Don’t let your values and your assets dwindle due to the lack of prior planning or proper communication.
¹Source: Roy Williams and Vic Preisser, Philanthropy, Heirs & Values (Robert Reed Publishers, 2010)
The views expressed in this article may not reflect the views of FSC Securities Corporation. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice.
Turning Complex Strategies into Universal Language the Whole Family Can Understand
Jill Ciccarelli Rapps | Life in Naples Magazine
Just as each of us has unique characteristics, we also have our own language. A way of organizing thoughts and communicating that makes sense to us based on our perception of the world. This makes financial communication somewhat challenging between family members. One hurdle is with spousal communication, or should I say, the lack of communication regarding financial strategies. We hear typical responses: “Oh my spouse does that, I don’t have to worry”, or “I don’t want to even discuss my spouse not having the ability to manage our affairs”. Unfortunately, these responses usually do not lead to a happy ending. Many people wonder how their children will handle their inheritance, and alternatively children are asking, “I wonder if my parents have all their finances in order?”
The first suggestion, deal with this problem head on. Get your financials in order, but in a manner the whole family can understand, not just in your language. Start with a balance sheet listing all your assets with account numbers, how they are owned, and a most recent valuation. Most of the time doing this exercise uncovers issues that need to be addressed. Most people think that their wills or trusts control who will get what when they die. Surprisingly, many assets are transferred based on provisions which can contradict but supersede your will or trust. Be sure your financial advisor and/or your estate planning attorney review all the titling of your assets to be sure they align with your estate plan. All too often, mistakes are uncovered that can cause the family unnecessary taxes and financial losses as well as a significant amount of grief.
Creating a visual flowchart of estate documents, financial assets, and cash flow for the family is most useful. Who has time to read through estate documents, and for that matter, understand legalese? Imagine taking the complex details and creating a visual that your spouse, family, or trustee can use to easily understand the foundation of your strategic financial and estate plan in just minutes!
So where do you keep all this? Somewhere easily accessible by family members, or whomever you named to step up for you. Here in Florida, if you keep everything in a safe deposit box but you do not have an additional signor besides your spouse, it will be difficult and time consuming for someone to access your documents quickly.
Once you have things organized, don’t forget you need to communicate what you think is important for your family to know. One of the most effective ways to do this is to “call to order” a family meeting. Remember you can communicate as little or as much as you see fit, showing asset valuations or not. Have a third party involved who can facilitate the meeting with your family. The facilitator may also help with ideas and best practices so the entire family walks away with a great experience. This will bring your family communication to a whole new level and it may also enhance your planning significantly, in ways you never imagined. In my next article, I will address the power of family meetings, and share ideas you may incorporate to get started. Until then, start by re-examining the way you document your financial and estate planning strategies and ensure they are in a format the whole family can understand.
The views expressed in this article may not reflect the views of FSC Securities Corporation. This information is not intended to be a substitute for specific individualized tax, legal or investment planning advice.
The Enduring Gift
Jill Ciccarelli Rapps | Life in Naples Magazine
Don’t spoil your children and grandchildren, help them on their way to financial security with a gift that will last a lifetime and beyond.
A newborn baby may not be able to read the financial journals, but you can give them a head start by opening a savings account with a small gift or an education account that may be tax deferred and tax free for their education. By adding just $100 per month at a hypothetical return of 6 percent, at age twenty it would be worth $45,665 and at age fifty it would be worth $359,725. Supplement this gift with something tangible like a multi- purpose “piggy bank” where a young child can learn good financial habits early. They will have fun deciding where to save their change – towards their education, savings, charity, or fun! Why shouldn’t every newborn be given this opportunity?
As children start to earn wages, a Roth IRA account is a fabulous idea to start building savings for their future. With a Roth account, up to $5,000 or all earnings, whichever is the least amount, can be deposited each year. A great idea is to match whatever they can save into their accounts. At this age, they should participate in their investments; pay them to do research, read selective books, and write reports on financial subjects you think are important for them to know. The key at this age is encouraging them to “pay themselves first” – to save a portion of every dollar that comes their way.
For children who are 40 and over, it is not too late! Consider paying for a gift of a financial checkup – this will allow them to work with a financial planner who will help them put the necessary planning in place today and for their future. It is a great way to keep their privacy, while feeling comfortable they are getting the right guidance. At this age, make gifts with a purpose, like setting aside savings for a health care account, paying for a long-term care policy or setting up an account that can supplement their retirement.
Speak with your advisor to decide what kind of gifts can have the most significant impact on each of your family members.
The holidays are around the corner; why not make a gift to last a lifetime and beyond to your children and your grandchildren today?
Family Meeting: The Power of Conversation
Kim Ciccarelli Kantor | Life in Naples Magazine | August 2014
All families desire a common thread, and though difficult to identify where the need is greatest, families whose assets range between $5,000,000 and $20,000,000 + have a significant need. This is where the family can benefit from an approach to financial areas that can provide an enhancement to how they each address their own concerns in planning. The difference between a cohesive or non-aligned plan can be significant.
By textbook definition, ultra high net worth families oftentimes have the money run for them by family offices or an assigned company or party, with each family member benefiting from an aligned plan for their inheritance or legacy. This is not true however for most families, who are not considered “ultra-wealthy” by financial terms, but have been successful in achieving wealth. They generally have respectfully developed assets and a financial security, but do so by seeking their own separate guidance. Historically bridging the many tools available under an aligned interest has not been top of mind. Planning benefits can be collectively designed to enhance each family member’s planning in a confidential, individualistic way as a member of the family group.
The family meeting has helped families bridge an otherwise unmet need for education, trust planning, healthy money discussions and knowledge transfer. Serving multiple family members can help bring harmony in an otherwise difficult situation. There is a need for parents to have conversations about money, family values and the future. A family meeting offers an opportunity to discuss critical issues that can impact today and future generations. When families are empowered to discuss more than money, there is an opportunity to build stronger family cohesiveness, especially prior to a crisis or critical life change such as health issues or death. Family history can be shared and many can be enlightened about how family members evolve their values and plans. This leaves a meaningful mark. Family meetings are to a family, what a strategic planning meeting is to a company. And as our family facilitator stresses, preparation is the key to a successful outcome. Individual interviews can be accomplished by an outside facilitator so that all have input and can identify with the goal of bringing the family together.
Objectives can be to work on keeping the family together, providing a common interest platform for otherwise geographically diverse families such as a philanthropic family fund, sustaining the innate value of the family legacy, sharing the areas you wish to pass on to younger generations regarding your insight or experiences that shaped your thinking, and with all this in mind, setting the expectations and responsibilities for the family members. All inheritances or gifts are important, regardless of size. Don’t let your family be a part of the normal statistics where over 70% of an asset transfer is lost by the second generation and more than 90% by the third¹….forming the old saying “Shirtsleeves to shirtsleeves in three generations.” Most people are simply inexperienced to handle a large sum directed to them in a disciplined way unless they have been prepared properly and have a “vision” of their wealth responsibility. Best of planning to you, most of all, seek advice as your family and your planning is the bridge that allows you to cross the gorge.
¹Source: http://online.wsj.com/
The Healthcare Dilemma
Jill Ciccarelli Rapps | Life in Naples Magazine | August 2014
One of the most important issues for all of us is managing our affairs for longevity. Many elderly today did not plan to live so long; they did not consider if their assets would last well into their 90’s, or what their needs would be. Today the baby boomer generation may live past age 100 and our children and grandchildren as well. Living longer has wonderful benefits, but the challenges of managing our health care can be devastating for you and your family if a plan is not in place. Even though health care in our lifetimes will most likely be our largest expense, second to our home, very few of us spend the time planning for it until something urgent happens. If you have not had a serious conversation about how the cost of your health care may affect your quality of life, maybe today is the time to do so!
For those under 65 (not on Medicare), you will experience the greatest shift in cost to cover you and your family for healthcare. Companies will start to shift more and more costs to their employees, and with current government deficits, you may not be able to rely on our Medicare program like we know it today. In fact for people who are 65, Medicare is only covering about 51% of their health care costs[1]. The other myth about Medicare is that it covers long-term care costs. Medicare may pay a portion of up to 150 days of hospital insurance (inpatient, skilled nursing, home health, hospice); after that you are on your own!
Your financial advisor may help you complete a health care assessment to estimate future health care costs including long term care costs. A plan should be designed and integrated with your financial plan. The key is to have your own personal strategy in place so you are not surprised by what the future may bring, and worse yet, lose the quality of your life.
There are many health care strategies that one may utilize, including; 1) developing your own “bucket” of assets for health care needs, just like you would do for retirement, travel, education etc., 2) purchase or convert your old life insurance contracts to a long term care insurance “hybrid” policy, 3) consider purchasing long term care insurance, or 4) do your homework on a continuing care community, where your lifetime care may be provided to you as your needs arise. Each option takes time to understand and to decide which is best for your situation, and because everyone is so unique, each and every plan should be personalized. Your financial advisor can educate you on the opportunities available, how each plan may affect your financial affairs, and help guide you to create a health care strategy that you are comfortable with. Like almost everything in life, planning ahead can make a huge impact on the quality of your health and your lifestyle! The bottom line, if you have not already, make a point to focus on your health care and develop a plan no matter what age you are!