Tag Archives: Lifetime

Sketch Out a Winning Retirement Gameplan

Sketch Out a Winning Retirement Gameplan

After years of toiling away in the office, you’ve finally decided to enter into your glorious retirement years. You’re probably dreaming of relaxing days, visits with the grandkids, plenty of travel and lots of free time to explore new hobbies. Not so fast—before you clock out for the last time and bid farewell to your co-workers, you’ll need to sketch out a winning retirement gameplan.

As with every other major life change, retirement takes plenty of preparation. Not only do you need to figure out how you’re going to pay the bills—you’ll also want to prepare for the emotional and mental challenges many retirees face after leaving the workforce. Once you’re retired and have more free time, you may find yourself bored, isolated and even depressed.

Here are a few steps you should take to ensure your exit from the working world and entry into retirement is a smooth transition:

· Do your boss a favor: You may be tempted to take off running from the office as soon as you announce your retirement. However, it would be beneficial to both you and your employer if you stick around and help your boss find a suitable replacement. You may even offer to help train your successor. Not only will your boss be forever grateful, but this will help ease your transition into retirement.

· Draw up a retirement budget: Before you jump into retirement, you’ll want to make sure you have enough income to last throughout your lifetime. Sit down and figure out just how much money you’ll need each month for the next 40 years in order to maintain your current lifestyle. If you don’t think you have enough money in your retirement funds to cover these monthly expenses, you may want to rethink your plans. You might consider delaying retirement, exploring an “encore” career or picking up a part-time job.

· Consider health care expenses: Even if your employer offers a retirement health plan, you should set aside plenty of funds to cover the cost of health insurance. A company can take away these retirement health benefits at any time, so you’ll want to make sure you’re covered from every angle.

· Sign up for government aid ahead of time: Sometimes, it can take 90 days or longer for Social Security benefits or Medicare to kick in for eligible retirees. If you’re 65 or older, approaching retirement and want to start receiving benefits as soon as you stop working, you should sign up for benefits a few months before your official retirement. Visit ssa.gov or call 800-772-1213 to register.

· Plan now for retirement hobbies: Boredom is one of the biggest challenges many retirees face. But if you plan ahead to stay active, you’ll be much more likely to enjoy a full, rewarding retirement. Think about some new hobbies you’d like to pursue, sign up for volunteer work, register for some interesting classes or even consider a part-time job. You may also want to find out if your company offers an “alumni group” you could join. Many businesses arrange these groups as a way for retirees to stay in touch with other former colleagues. As long as you continue to take part in meaningful activities and feel like you have a purpose to your life, your retirement will be much more fulfilling and enjoyable.

Long-Term Care Planning: Are You in Denial?

Long-Term Care Planning: Are You in Denial?

By now, you’ve probably heard of long-term care insurance (LTCI). Because LTCI helps cover the exorbitant costs of long-term care, this insurance can protect your family’s finances if you were to suffer from a debilitating condition.

So why do countless consumers pass on purchasing this valuable insurance? While some families truly can’t afford LTCI, most have a different excuse: they simply don’t want to deal with the emotions that long-term care planning can stir up.

Obviously, it’s not pleasant to imagine a scenario that involves you being unable to care for yourself. However, this is not an excuse to avoid planning ahead for the possibility of such an event.

Avoiding denial

If you, like thousands of other U.S. consumers, have not given much thought to long-term care planning, you may be in denial. Too many people assume that because they are healthy now, they will remain healthy throughout their lifetime. Unfortunately, there are numerous medical conditions and diseases that even relatively healthy people can contract in their later years.

Just look at the numbers: Statistics show that one in every five people who reach the age of 65 will eventually require some form of long-term care. This is why it is crucial to plan ahead.

Plus, with continual advances in the medical industry, Americans are living increasingly longer lives. Recent estimates give a healthy 65-year-old man a 24% chance of living to at least 90 and a healthy woman a 35% chance of living that long. While this is great news, there’s a catch: the longer we live, the more likely we are to suffer from a long-term care event. This is why it’s critical for each and every family to avoid denial and start thinking about long-term care.

The financial factor

Many families claim that they haven’t bought LTCI because it simply won’t fit into their budget. Considering that LTCI can be quite costly, this is a viable excuse for some families. However, many people simply underestimate the value of LTCI. Not only can this insurance protect your family’s finances—it can also protect their emotional and physical well-being.

That’s because a long-term care event doesn’t just impact families financially. There are many emotional effects, as well. Studies show that 60% of all long-term care is provided in a home or community setting. More often than not, the ill person’s spouse, children or other family members end up providing that care—which can cause emotional turmoil for everyone involved.

Caring for a sick adult also presents many physical challenges. Many caregivers suffer from a lack of sleep and increased stress levels, which often leads to health problems of their own.

However, if you have a LTCI plan in place, you may be able to diminish many of these negative effects for your loved ones. An effective plan not only removes much of the financial burden, but it can also ease some of the physical and emotional hardships of caring for a sick loved one.

Devise a plan today

It’s clear that every family stands to benefit from an effective long-term care plan, which could include LTCI coverage. If you don’t think about long-term care today, you are basically deferring the responsibility to your loved ones. After all, they will be the ones who will have to care for you if you suffer from a long-term care event.

If you want to discuss your LTC coverage options, meet with Brian Gruss. Brian can evaluate your unique situation and help you customize an effective plan.

Short Term Medical Insurance

Short Term Medical insurance covers you for as little as 30 days, and up to 365 days. There is many plans to choose from, from catastrophic to full coverage.

Short Term Medical Insurance is an affordable COBRA alternative and can be up to 1/3 the cost.

For example a 24 year old male can get a plan with a $1000 deductible, $2000 out of pocket maximum, $2,000,000 lifetime maximum, traditional 80/20 plan with a Prescription discount card for $70.88/mo.

Starting a new job and your benefits don’t start right away, don’t go a single day without health insurance, there is way to much exposure to you and your family.

Short Term Medical Insurance