With proper strategies, you may be able to maximize your opportunities and help manage stress and confusion for your loved ones. Learn the critical details to address when creating your own estate strategies. We're here to help.
When you put the words, “retirement,” “investments” and “risk” in the same sentence, most of us will automatically think about market risk, you know, the possibility for an investor to experience losses due to overall performance of financial markets1. According to the 2014 Annual Retirement Confidence survey, 88% of retirees are worried about maintaining the same standard of living. While Market Risk is a very real reason to worry, there are other risks that may throw a wrench into your financial plan. This time we will discuss the possible need for Advance medical care, how much it could cost, and how to be ready for it.
The Risk: There is a 50% chance that any of us will need some form of Advance Medical Care2. In other words you or your spouse WILL need Advance Medical Care. The risks are so high and yet most investors don’t prepare of it.
The Cost: Know the potential damage. The numbers don’t lie. The average cost of long term care in the US for Nursing Home Care for a Semi -Private room is a whopping $225 per day3. The average stay in a Nursing home is 892 days. For easy math you are looking at a $200,000+ cost above and beyond your living expenses.
The Solution: Use small dollars to cover big expenses. Get life insurance with living benefits.
One solution that is becoming more and more popular is getting a life insurance plan that can be used to cover Advanced Medical Care. Some insurance companies offer something called Living Benefits Riders. These riders allow you to “advance” a portion of your death benefit if certain conditions are met, such as Terminal illness, problems with the Activities of Daily Living and life threatening conditions.
Building a Financial Plan that can withstand the risks of life is complicated. Make sure you hire a Financial Coach to help you prepare for the unknown. Thinking outside the box may be a way to protect your golden years.
[1] www.investopedia.com/terms/m/marketrisk.asp
[2] http://www.aaltci.org/long-term-care-insurance/learning-center/probability-long-term-care.php
[3] www.genworth.com/about-us/industry-expertise/cost-of-care.html#
Tax-related scams have become increasingly common, and they happen year-round. Fraudsters will contact you pretending to be from the Internal Revenue Service (IRS), a tax accounting service, or another tax-related agency. You could receive fake emails, phone calls, letters, or other communications.
Be on high alert for phishing emails. Scammers are attempting to steal information such as tax IDs, account information, passwords, and other valuable data. Be immediately suspicious of any unsolicited communication (email, text message, letter, or call) that asks you for your Social Security number, login credentials, or other personal information.
The IRS will never initiate contact with you via email, text messages, or social media with a request for personal or financial data. Be extremely careful with any unsolicited email that claims to be from the IRS.
Do not reply! Do not click on any links or download any attachments. Forward any IRS-related emails to phishing@irs.gov.
Do not click on any links, download any files, or submit any information. Send the URL to phishing@irs.gov
The IRS highlights examples of email scams and bogus websites. Find the information online at www.irs.gov/uac/Report-Phishing and https://www.irs.gov/newsroom/tax-scams-consumeralerts.
Contact the IRS yourself to confirm any requests made via phone or letter, particularly those that are threatening or demand immediate payment. Visit www.irs.gov/uac/Report-Phishing for phone numbers and other tips.
Yes! Report suspicious emails to IT. The IT team can help you determine if a message is legitimate. In addition to confirming requests for your personal data, you should verify any email that asked you to provide copies of W2 forms or your coworkers’ tax-related information.
