 If you’re like many American workers, you’re probably vulnerable to disability risk. According to the Council for Disability Awareness, nearly 70 percent of American workers in the public sector have no private insurance coverage for long-term disability. That’s in spite of the fact that 25 percent of working adults will suffer a long-term disability at some point in their lives.1
Long-term disability is caused by a broad range of medical issues like accidents, chronic pain and injuries, serious illnesses, and much more. If you suffer a disability and are unable to work, you could face steep medical bills along with the burden of funding your expenses while not receiving a paycheck.
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 If you have children, you likely have some of the same hopes and dreams as other parents. You want your children to be happy and safe. You’d like for them to have strong friendships and be confident in themselves. And you likely want them to get a great education so they can have a successful career and financial stability.
Unfortunately, the rising cost of college has made it difficult for many parents to afford the kind of education they want for their children. According to a recent study, the average annual costs for “moderate budget” public and private schools in the United States are currently $24,061 and $47,831, respectively.  There was a time when your parents dreaded having “the talk” with you. If you’re like many baby boomers, the roles are now reversed and it’s you who is dreading “the talk.” This talk isn’t about the birds and the bees, though. Rather, it’s about your parent’s health, their ability to live independently, and how to pay for any care they may need.
According to the U.S. Department of Health and Human Services, a person turning 65 today has a 70 percent chance of needing some form of long-term care. On average, they will need that care for three years. Long-term care is often required when someone has trouble performing basic life functions, such as eating, bathing and getting dressed.  If you’ve done any amount of planning for your estate, you may have documents like a will, a trust, a financial power of attorney and even a living will. There’s one other document, though, that could be a critical piece of the estate-planning puzzle.
It’s a medical power of attorney, which is a legal document granting medical decision-making authority to your trusted agent. A medical power of attorney differs from a living will in that the medical power of attorney gives your agent the ability to make all of your health care decisions. A living will provides guidance only with regard to lifesaving measures in specific situations.  What’s the biggest expense you’ll face in retirement? Is it housing? Travel? Food and dining out? Insurance? All of those could be major expenses, and it’s important for you to include them in your budget so you can plan accordingly. However, as you’re planning your retirement spending, don’t forget about another major, potential expense - long-term care.
Long-term care is treatment or support for people who can’t perform basic activities of daily living on their own. These activities include things like getting dressed, bathing, eating and even using the restroom. Long-term care is often provided in a nursing or assisted-living facility, but can also be provided in the home.  If you’re currently planning for your upcoming retirement, you’re probably aware of some of the financial challenges you may face. Many retirees are concerned about whether they’ll have enough income to live comfortably in retirement and whether that income will last their entire life.
Investment volatility is another common concern. If the market takes a steep downturn, your savings could see a big drop in value. If you’re reliant on your savings and investments for income, you could find yourself in a difficult situation. |
Kirt CarstensCarstens Financial Group focuses on providing comprehensive asset management, estate planning and life insurance solutions. Allow us to help you secure your financial future. Archives
November 2020
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Kirt Carstens, CLU, ChFC
Investment Advisor Representative |
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Securities and Advisory Services offered through CreativeOne Securities, LLC Member FINRA/SIPC and an Investment Advisor. Carstens Financial Group and CreativeOne Securities, LLC are not affiliated.
This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
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Securities and Advisory Services offered through CreativeOne Securities, LLC Member FINRA/SIPC and an Investment Advisor. Carstens Financial Group and CreativeOne Securities, LLC are not affiliated.
This information has been provided by a Licensed Insurance Professional and does not necessarily represent the views of the presenting insurance professional. The statements and opinions expressed are those of the author and are subject to change at any time. All information is believed to be from reliable sources; however, presenting insurance professional makes no representation as to its completeness or accuracy. This material has been prepared for informational and educational purposes only. It is not intended to provide, and should not be relied upon for, accounting, legal, tax or investment advice.
Check the background of an investment professional. | Privacy Policy | Form CRS