Long-Term Care Planning and Retirement Planning

Whether your retirement is coming up soon or many years from now, it is important to protect your hard work and your golden years with effective retirement planning and long-term care financial planning.

Retirement 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 annuities and other types of investments 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 is also affiliated with Protection Point Advisors (PPA), a national Registered Investment Advisor, and through PPA can help address most of your financial needs. For more information about PPA, including lots of free financial information and regular financial webinars, please visit https://www.protectionpointadvisors.com/evan-farr.

Long-term Care Planning

Evan can 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 process of financial planning and 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.

How Long Will You Live — Life Expectancy vs. Longevity?

Here’s the very basic Social Security Life Expectancy Table, which does not take your health into account at all.  However, how much in savings you will likely need for retirement, and whether you should consider purchasing some type of long-term care insurance or hybrid long-term care insurance coverage, depends a great deal on how long you actually expect to live, i.e., your expected longevity, which is based not just on your current age and gender, but also on your family health history, smoking and drinking habits, exercise patterns, stress level, and other important lifestyle choices. Below are several longevity calculators that attempt to calculate your actual probability of living beyond your life expectancy.  we have identified as particularly detailed (although we of course cannot yet vouch for their accuracy):

LifeSpan Calculator from Northwestern Mutual

Longevity Calculator — American Academy of Actuaries and the Society of Actuaries

BlueZones True Vitality Test — University of Minnesota

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