Financial Planning for Later Years
It’s easy to get lost in day to day life and never get to retirement financial planning and related long term health care and management. Anyone who has helped parents manage long hospital stays, prescriptions or ongoing treatments knows that this is a stressful and exhausting process. Plus, the topic of long term health care late in life can be touchy, and scary!
You may have read here that I have a habit of reading investing and financial news over the weekend. I used to have to make myself read it, but now I actually love it because I like to be informed about the thing that’s the driver of our future lifestyle: investing. My weekend poolside read revealed a Barron’s article that’s full of tips from top financial experts and advisors about retirement strategies that promote good health care for life. It has “from the heart” advice for families with adult children and aging parents that these advisors have experienced with their very high net worth clients, but many of these ideas can be applied to any level of wealth.
Here’s the thing; these financial advisors, as you can see from the article, have very affluent clients. The numbers mentioned are $10,000,000 and $30,000,000. Yikes! Let’s quickly do the typical fee for wealth management on $10,000,000. It’s $100,000 a year, for this one client. So, the way I see this is that you get some really fantastic, first hand wealth planning strategies that others pay upwards of $100,000 a year for, for free.
The Main Takeaways
Have a separate line in your financial planning for health care for yourself or aging parents.
Here’s a quote from Accredited Investors Wealth Management’s Ross Levin: “Every money conversation is about something else: power, security, fear.” This paradigm is so true, even in the super high net worth folks as we see here. (This same paradigm drove me to begin my financial education programs with mindset in my Wealth Creation Launcher!)
There are companies that manage the ever changing health care issues for families and individuals on either a consulting or a doing basis. They help with finding hospitals, checking prescription plans, and much more for an annual or hourly fee.
The average age for entering a nursing home is eighty, with a stay of three years.
One generational wealth strategy is to use insurance to pay estate taxes.
Their most difficult clients were those who either spent too much, or they spend too little.
Communities benefit when they honor and engage the elderly.
Capitalize On Resources
The bottom line is that you have free access to some excellent wealth management and in depth financial planning advice for free, so why not capitalize on it? Everyone is faced with the challenging thought of health care after retirement to some extent, and many people help have parents facing this dilemma. Plus, I love stories of the absolute audacity of some of the adult children here that demand inheritance that was not designated for them.
Click here to get a healthy money mindset with my Wealth Creation Launcher. It’s my free gift to you.