Retirement Planning and Long-Term Care Financial Planning

Whether your retirement is coming up soon or many years away, it is important to protect your hard work and your golden years with effective retirement planning and long-term care financial planning. Evan Farr, besides being a Certified Elder Law Attorney, is also an experienced retirement planning advisor and long-term care financial advisor through his company Lifecare Financial Services, LLC (in business since 2006) and is highly knowledgeable about using fixed indexed annuities to provide safe retirement income, and also helping to pay for long-term care using hybrid insurance policies and asset-based policies that combine life insurance or an annuity product (or both) with a long-term care benefit, and using tax-free money (money in your IRA, 401(k), 403(b), or Thrift Savings Plan) to help pay for long-term care. In fact, one of Evan Farr’s many books is titled: Tax-Free Money for Long-Term Care, available only through our office.

Evan and Lifecare Financial Services, often in connection with other top retirement and long-term care financial advisors around the country, help you secure your future while also helping you secure the assets you may need to leave to your spouse, children and grandchildren. Retirement planning is one of the most important aspects of estate planning, and the choices you make surrounding your retirement planning can affect you and your loved ones for decades to come.

When working with our estate planning clients who are also in the the process of retirement planning, the general goals are as follows:

  • Reduce or eliminate exposure to market volatility.
  • Consolidate assets for easier management — outside of your trust and inside of your trust if you have a trust.
  • Guarantee account values while continuing growth opportunities.
  • Develop financial strategies that will help pay for long-term care, especially home care and assisted living, because Medicaid Planning.

How Long Will You Live?

How much you need for retirement depends a great deal on how long you expect to live. There are now many online calculators that can give you a sense of your likely life expectancy based on your current age, gender, family health history, smoking and drinking habits, exercise patterns, stress level, and other important lifestyle choices.

Here’s the Social Security Life Expectancy Table, and below are four life expectancy calculators that we have identified as particularly detailed (although we of course cannot yet vouch for their accuracy!). Most require you to sign up with an email and a password before sharing the results. Click on each site name below to access the calculators.

Living to 100

LifeSpan Calculator from Northwestern Mutual

MetLife Longevity Calculator

BlueZones True Vitality Test