The good news is...

we are living longer.

The earlier you consider long-term care coverage, the cheaper it will be.

What if

You become disabled and unable to work?

What would you and your family do for income?

Are you ready for retirement?

Preparing for your future is vital.

Most people have not sufficiently saved or planned for their lives in retirement.

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Annuities

With Americans living longer, and fewer employers offering pension plans, annuities have become increasingly popular. An annuity can be a great investment for your future.

Planning

Financial goals may include both saving for retirement and saving for a specific purpose. Some investments can be long-term. Others perhaps need to be more liquid.

Specialty Insurance

Whether your employer gives you a choice of plans or you need to purchase your own coverage, it is crucial that you understand your health insurance choices.

By the time you retire, your accumulated wealth is probably at its height. The challenge now is to manage your assets so that they last as long as you do. Insurance still plays an important role at this stage of your life.

Health

Most people under 65 get group health insurance through their or their spouse’s job. Group health insurance costs less than individual health insurance. Most people who are 65 and older get Medicare from the federal government. Medicare has two parts:

  1. Hospital Insurance (Medicare Part A) helps pay hospital bills; and
  2. Medical Insurance (Medicare Part B) helps pay for doctor bills.

Anyone enrolled in Social Security is automatically signed up for Medicare when turning 65. Anyone not on Social Security can sign up for Medicare at the local Social Security office.

Initially, most people get Medicare Part A coverage when signing up. There is no fee involved. Medicare Part B is optional and has a fee. Generally, individuals who are still working and covered by a employer-provided group health plan not need Medicare. It’s best to keep group coverage for as long as possible. Some employers may continue health care coverage for long-time employees when they retire. But Medicare becomes the primary insurer and the group coverage will pay only when Medicare does not provide coverage. Those on Medicare without such group coverage to fill in health care gaps can buy a Medicare Supplemental or Medigap policy, regardless of health. Anyone who misses this “open enrollment” period may not be able to subsequently buy the Medigap coverage desired.

Long-Term Care

Long-term care insurance is not part of Medicare and is purchased from private insurers. It is designed to pay for the many services needed by people who suffer from chronic long-lasting illnesses and need regular care, usually in a nursing home, but in some cases in-home care. For those who have this coverage, at least two activities of daily living, such as bathing, eating, dressing, continence and mobility, and/or cognition must be lost in order for the coverage to take effect. While this primarily affects the elderly, a substantial number of cases involve people under the age of 60.

Financial Planning

Married retirees need to review their financial situation and determine how much income a surviving spouse would lose. Such income losses frequently result from reductions in Social Security payments. For example, a husband may receive $1,500 a month in benefits while his wife gets $1,000 a month, for a total of $2,500 a month. If the husband dies, his widow would get his $1,500 payment but she would lose her $1,000 payment. That could be a 40% reduction in family income. A substantial loss of income also can result from reduction in pension or annuity payments. The investment strategy for seniors should emphasize income-producing and liquid instruments that can supplement retirement income and Social Security.

retirement planning

Retirement Planning

By the time you retire, your accumulated wealth is probably at its height. The challenge now is to manage your assets so that they last as long as you do. Insurance still plays an important role at this stage of your life.

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financial planning

Financial Planning

Establishing a solid financial foundation should be a priority, including insurance in the mix. It’s important to understand what affects the cost and availability of insurance.

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College Funding

A major issue for families with children is how to best prepare to send the kids to college. The cost of tuition and room and board for four years now approaches $40,000 for public universities and exceeds $73,000 for private schools.

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domestic partners

Domestic Partners

It makes sense to consult with a financial advisor who is experienced in domestic partnerships. Most individual retirement accounts require you to specify a beneficiary. The last thing you want is a family feud over your estate after you are gone.

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employment change

Employment Change

Many people obtain certain kinds of insurance through their employment, particularly health and disability coverage. Larger businesses may also offer retirement benefits, such as a 401(k) account. When changing jobs, rearranging coverage and finding out which accounts are portable becomes very important.

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Life Stages

Single

Single

You are part of the work force and...

Married

Married

The joining together of two lives i...

Domestic Partners

Domestic Partners

Since insurance and domestic partne...

Raising Children

Raising Children

Children are the future. We need to...

Students

Students

When a teenager gets a license, it’...

Employment Change

Employment Change

Many people obtain certain kinds of...

Senior Years

Senior Years

By the time you retire, your accumu...

Divorced

Divorced

Since nearly half of all marriages...