A comprehensive approach to retirement: a four-dimensional perspective and why it’s important.

May 15, 2019

 

Let me start by asking: are you FULLY prepared for retirement? 


Have you thought about how an unexpected health event can make or break your financial stability during your retirement? How can you plan to cover such unexpected costs and still meet your retirement expectations?  


As career individuals, we spend our professional lives building our nest egg to retire comfortably.  Yet, in doing so, we tend to focus on aspects that we CAN NOT control – such as government policy changes that might affect our tax liability exposure, --rather than including those we can actually plan for when thinking of a retirement strategy.  


A recent study from the Life Insurance and Market Research Association (LIMRA) shows eye-opening facts about the misalignment in the priorities considered significant for a retirement strategy.  When planning for their financial future, Americans recognize the need to include long term care and health expense coverage as one of the major aspects of their retirement (Americans’ Concerns).  However, when asked to specify (Ranking Concerns), we find that the level of importance given to long term care insurance actually moves further down the list of priorities.   

 

 

What this shows is that insurance brokers are not only expected to provide assistance on issues such as tax & retirement strategies.  They are also expected to have an in-depth perspective of the components of a sound, robust retirement protection plan, such as Long Term Care coverage.  “Rather than going into the intricacies of a general retirement plan, I’d rather start by noting that not enough attention is being paid to the long-term-care cost factor. The devastating effects due to the lack of planning for an unexpected health event might compromise your retirement strategy.”

 

It’s all about being prepared and mapping your retirement with both, aspects you can control, and unforeseen events that have the potential of affecting your retirement funds.  Ultimately, should it really come down to liquidating assets in case of an unexpected health event? I would hope not. 

 

There is a new concept gaining traction in the market today that is becoming an integral part of a sound, income-protecting strategy: long term care insurance.  Why not consider it?  For perspective, a brief overview of cost associated with care can be found here.  


  “At some point, I recommend two very important aspects to consider: First, start planning for retirement as early as you can, and second, connect with an experienced professional who will strategize on how to minimize your financial risks, while capitalizing on your income for retirement. I can’t stress it enough: long term care is one of the new concepts that is taking center stage in retirement planning”, comments Leon-Krieger.  


So when discussing the three-prong approach to your retirement plan, I throw in a fourth: planning for an unexpected health event.  Here is where disability, long term care or Medicare insurance become the fourth ‘prong’ to secure in your financial future.  It just makes sense. 


 “The one thing that motivates me is to be able to provide solutions that complement a retirement strategy with a product such as a Long Term Care Policy.  I am here to make sure your financial security stays, well, safe”. 


Susana works with the top Fortune 500 insurance companies, including Mutual of Omaha, Prudential, John Hancock, United Health Care and Humana among others. 

 

 

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