Retirement Ready with David Kopyc - Preparing for Long Term Care As We Age

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Episode Transcript

(00:00):
I love Friday morning because it meansI have the opportunity to talk with my
friend David Kopek, president of theRetirement Planning Group. Now, don't forget
that David has his own show onour sister station eight ten and one on
three one WGY. It happens everySaturday morning from seven to nine. Good
morning, David, how are you? My brother Jamie? Good morning.

(00:21):
It's Friday, and you know anotherweek has passed and we're getting closer to
I know, which makes me sohappy because I'm loving every second of it.
I really am. I put upmy Christmas light, I got the
Christmas music playing. Life is good, brother, life is good. I
think it's forty some we're below fifty. It's forty some days before Christmas.

(00:42):
I know, I know. Ican't believe it, which always starts to
give me a little anxiety because Iknow I have to start shopping. But
it'll get done. It'll get done. It either gets done or I tell
my family listen, I love you. What more could you want from me?
I love you. You're now letme alone. I want to actually
talk with you today about something serious, something I know both of us have

(01:04):
dealt with in our lives continue todeal with in our lives. November is
long term care Awareness Months, andas someone who takes care of their ninety
three year old mom, I knowthis is something that really affects caregivers.
Talk a little bit about that.Here's some statistics, Jamie that I just

(01:26):
received over the last week. It'sa fifty to fifty split between caregiving between
male and female, which was astonishingto me this. I thought it was
going to be much more dominant tothe female. Yeah. I would have
thought that too if I had toguess, Wow, okay, have depression.
Seventy percent of caregivers did not dothis necessarily necessarily because they wanted to.

(01:52):
It was a necessity, right righter. It's reduced the quality of their
life. Six percent are working fewerhours at their primary job, twenty three
percent are going to work repeatedly late, and the big one right here,
seventy five percent. It's having adramatic impact as far as their financial wellbeing.

(02:17):
Yeah. Wow, I mean,and I understand every single piece of
that as someone who takes care oftheir mom. I love my mom.
I'd do anything for her, ButI would be lying if I said it
doesn't affect my life, you know, being a caregiver for so I'm gonna
guess the key takeaway from this isthat we when we are at a point

(02:38):
in our life when we can dosomething about it, have to make sure
that we are ready and have enoughmoney saved so that we can be care
we can go to an assisted livingsituation, something like that, Jamie.
It's the greatest Achilles heel for allfamilies in retailronment. It's the one thing

(03:00):
that's a big question mark will ithappen and how dramatic will it be?
And the thing is is that asyou get older and you start looking at
you know, your friends, yourrelatives, your peers, you start seeing
you know, people are starting toreceive these types of services. And you

(03:22):
know, our long term care bedhere in the Capital District region is anywhere
from fifteen to twenty thousand dollars permonth. Oh my god, oh my
god per month. And you knowassisted living in home care. Can you
get the people to come in andhelp? So, you know, when

(03:42):
I bring this up, you know, everybody wants to talk about investing money
and allocating money and how good arewe doing with our investments? Well,
what good is an ROI return onyour investment when most of it is going
to be going to the local countyin order to pay for the care of
the bed that you're in at thelong term care facility. So it's it's
something no one wants to face becauseyou're really you're starting to look at the

(04:05):
grim reaper. Yeah, yeah,listen, I understand it for myself.
I think about retirement. How muchdo I want to spend early on in
my retirement when I still am ableto do things that are you know,
fun that I want to do,you know. But you got to then
say, but I need to makesure I have enough save for later in
life when I'm not going to beable to do those things and I need

(04:27):
to be able to be taken careof. So I understand why it's a
tough conversation to have, but animportant one to have with your financial consultant,
like David. You have to havethese conversations. I'm guessing you'll talk
more about this. It'll be talkedmore about tomorrow on the Retirement Planning Show.
Yeah, I've got it's actually goingto be a pre recorded show,
Jamie, because I had to getthis guy in when he could do it.

(04:49):
And it's with Bob Bandy from NewYork launm Care Brokers, who's known
nationally for his expertise in this arena, so I'm very happy to have him.
There's a lot of specifics. There'sa lot of details, and for
people that think it's never going tohappen to them, please tune in because
I think you're going to be shockedon some of these statistics. Yeah.
I'll definitely be listening absolutely. Thatairs tomorrow morning, Saturday morning from seven

(05:13):
to nine on our sister station eightten and one o three one WGY.
And remember to contact David have theseconversations five one eight five eight zero one
nine one nine or go online rpgretiredot com rpgretire dot com. David,
thank you so much for the information. I'll be listening tomorrow. Have a

(05:33):
fantastic weekend. Brother, God blessJamie. Bye bye,