May 9, 2025 • 27 mins
#SafeMoney #JonHeischmanSr #LongTermCare
In this replay episode, host Jon Heischman, Senior discusses how to make long term care part of your retirement planning.
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information.
This show originally aired October 16, 2022.
In this replay episode, host Jon Heischman, Senior discusses how to make long term care part of your retirement planning.
Call Jon at (888) 426-0177 with questions, comments or to get a free copy of Top 10 IRA Mistakes and How to Avoid Tax Traps. Visit www.heischmanfs.com/ for additional information.
This show originally aired October 16, 2022.
Mark as Played
Transcript
Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:02):
People really don't know what their expenses will because they
don't know how long that they're going to live. The
Americans are worried they won't have enough safe for retirement.
Speaker 2 (00:09):
Now more than ever, retirement's going to cost for many
folks over a million dollars. He is no short thing
in investing, but a lot of people think that annuities
may come close to that. It's going to more safe, safe, safe,
safe things that they know.
Speaker 3 (00:22):
If they know they're going to need that money to
supplement the retirement, well then you can't play that rest.
Speaker 2 (00:27):
This is the Safe Money and Retirement Show. But John
Heischman Senior, Founder and partner of Heisman Financial Services serving
the Columbus and surrounding areas. John specializes in educating pre
retirees and retirees about safe money strategies and ideas. Now
it's the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 1 (00:49):
Welcome to the Safe Money and Retirement Show. Thank you
for joining me this morning. This is your host, John Heischmann.
As you're host, I'm bringing this show to you on
behalf of Heishman Financial Services. Before I get started, I
(01:11):
want to give you the telephone number to call with
any questions. Any books or brochures.
Speaker 4 (01:20):
That I happen to mention throughout the show that you
would like a copy, I can have that sent to
you upon request. Here's the number eight eight eight four
two six zero one seven seven. I'll repeat that triple
eight four two six zero one seven seven. If you're
(01:46):
like most average Americans, you probably think that you've done
a pretty good job at putting money away, and you
have some cash for emergentcies to use to have fun
with during retirement. You probably have an IRA of some form,
(02:11):
possibly a four to oh one K, and feel pretty
good about your retirement as far as income coming in
to support your lifestyle. If you're a regular listener to
my show, you probably have realized some mistakes that you've
(02:32):
made in your planning, and many have corrected some mistakes.
Many have become clients of mine. We've corrected or are
making plans to correct mistakes by having a plan, knowing
(02:53):
your risk tolerance, and making some adjustments to help correct
some of the past mistakes that you may have made,
and quite frankly, chances are you can still make some
changes and achieve an even better outcome. But before we
(03:15):
do that I think we need to dispel submiss and
one of the biggest among retirees is I've got a
few investments stationed away in case of an emergency, We'll
be just fine if anything suddenly comes up. Anyone feel
(03:39):
that way, I personally see that quite often in talking
to referrals to our firm, radio listeners, and even clients.
So I thought this would be a great opportunity to
give you an example of what could happen and has
(04:03):
happened in many cases. I'm going to change the names
in this situation and I'll pick let's say Judy and Glenn.
Judy's husband was an alcoholic After getting fired from his
(04:23):
executive position that he had held for almost thirty years,
Glenn had to be checked in to a care facility,
and the sad thing is he was only three years
away from retirement. It's a long story, but I'm going
(04:44):
to make it short because it gets my point across
about retirement planning. It's so much more than having enough
money to generate an income. Glenn had an alcohol problem.
He also went heart surgery. He was being treated for diabetes,
(05:08):
given daily enzymes for his liver condition, and also treated
for severe depression. As horrifying as it was to his
wife and their family, they felt helpless, couldn't do anything
(05:29):
as this once strong and vibrant man diminished right in
front of their eyes. The health problems wasn't the only
problem Judy's family faced. She also had bills piling up
so high got to the point where she didn't even
(05:50):
want to look at them or address them. She couldn't
figure out how to pay the massive amount of bills
that build up from the medical conditions. Due to the
fact that Glenn had been fired, the chances of collecting
his full pension and other benefits also diminished. But one
(06:17):
thing they did do over the years was put aside
money in their savings, and they had a few CDs,
They had an IRA and a few other minor investments.
Here's the problem and the point I want to get
(06:38):
across when we talk about retirement risk. This couple never
thought they'd need long term care. I think this would
be a good time to repeat the number I gave
you at the beginning of the show, in the event
(07:00):
I go over something that may beak an interest eight
eight eight four to two six zero one seven seven
triple eight four to two six zero one seventy seven.
This couple, like so many others, thought they were immune
(07:25):
from needing long term care, and since they wrongfully believed
it could only happen to other people, they neglected to
calculate the long term care risk into their retirement planning.
You see, Glenn had to be admitted permanently into a
(07:50):
nursing home after his many lengthy stays at various hospitals
and treatment centers. After being in a nursing home for
four years, Glenn passed away. The funds had been completely
exhausted from paying the long term care cost. Unfortunately, Judy
(08:17):
had to take out a loan from her sister in
order to pay for Glenn's funeral. Unfortunately, only about ten
percent of retirees have long term care coverage. Why is
(08:37):
that when long term care cost can wipe out all savings,
all retirement accounts, your home, as in the case of
Judy and Glenn, there's many reasons. Once again, as I
(08:57):
mentioned earlier, it can never happen to me. The cost
to put together and fund a long term care plan
is unaffordable. What if I don't use any of the
long term care coverage, I don't get my premiums back
(09:18):
or could it be that so many retirees are not
aware of this huge risk, meaning it hasn't been brought
to their attention. I see this so many times meeting
(09:39):
with couples who have an advisor, but they haven't discussed
the effects of long term care cost and what it's
going to do to their retirement savings. And this is
the protection part of retire fairement that is so often neglected.
(10:04):
Too much emphasis is put on growth, greater returns, and income.
And believe me, those are very important parts of retirement planning.
But what about addressing the risk that could wipe out
(10:25):
all of your retirement savings, lose your home, and jeopardize
putting the spouse in a poverty situation as far as
adequate income coming in. My point being, if you're not
getting advice and recommendations on the protection part of your
(10:52):
retirement plan, you don't have a complete plan. If that's
the case, I want you to call me. Let's talk
about it. At least you'll be aware of the potential
risk A day eight four two six zero one seven
(11:12):
seven eight eight eight four two six zero one seven seven.
After the break, I'm going to continue with my story
because it makes a point and illustrates the devastating effect
that improper retirement planning can create. The biggest risk that
(11:36):
retirees face. Stay tuned, I'll be right back.
Speaker 3 (11:42):
Thanks for listening to The Save Money and Retirement Show
with John Heisman. For more information, call one eight eight
eight or two six zero one seventy seven. That's one
eight eight eight or two six zero one seven seven,
or visit their website at heischmanfs dot com one of
the Safe Money and Retirement Show.
Speaker 1 (12:02):
In a moment, This is John Heishman, your host with
the Safe Money and Retirement Show. I have listeners who
call in each week after listening to the show that
want to sit down and just talk about some of
the things that I discussed on the show. There is
(12:24):
no obligation, of course, there's no cost and absolutely no pressure.
Nothing is sold. It's just a discussion of what I
talked about over the phone and how it may apply
to your particular situation. I welcome that opportunity and encourage
(12:45):
you to contact my office in the event you would
like to discuss any topic, whether I talked about it
on the show or not. Answer your questions and concern
eight eight eight four to two six zero.
Speaker 4 (13:03):
One seven seven. It's your retirement and regardless the size
of your accounts, that's your money and it's got to
last a lifetime. A meeting can be scheduled in my
office or at your home. The local number is six
(13:24):
one four eight six one seven oh five five. That's
six one four eight six one seven oh five five
or eight eight eight four to two six zero one
seven seven.
Speaker 3 (13:48):
Welcome back to the Safe Money and Retirement Show with
John Heisman. To contact John, the number to call is
one eight eight eight or two six zero one seven seven.
That's one eight eight eight or two zero one seven seven.
Once again, here's John Heisman.
Speaker 1 (14:05):
Welcome back to the second part of my show this morning,
Save Money and Retirement.
Speaker 4 (14:12):
I'm your host, John Heischmann. I've been talking about making
arrangements for long term care cost protecting retirement assets. You
have the opportunity to make financial decisions to help prevent
(14:35):
Glenn and Judy's situation. You have the opportunity to make
sure you don't lose everything in order to pay for
long term care. You see, the risk of long term
care is a reality for everyone. No one is special
(14:57):
or immune from falling ill and requiring long term care. Now,
I understand that most people don't like to think about this.
I relate this to most people don't like to talk
about making a will. Most of us like to.
Speaker 1 (15:20):
Pretend that we'll live forever and prefer not to think
about the doom and gloom. And to be honest, we
wish we could really live in that dream world. But
let's talk about the harsh reality that could happen. In fact,
(15:42):
government statistics say that once we reach age sixty five,
we have a seventy percent chance of going into a
nursing home sometime during our retirement years. And since the.
Speaker 4 (16:02):
Average American loses most of their assets if they go
into a nursing home, that may mean you have a
seventy percent chance of losing everything you've got. So you
must be prepared in some form to address the potential
(16:28):
cost of long term care. You don't have to be
like Judy and Glenn and watch their hard work, savings
earnings disappear practically overnight if you want to be a
smart planner and skillfully prepare your retirement. The protection part,
(16:54):
which I assume, since you're listening to this show, that
you do have a concern and would prefer to be prepared.
That's my job not only to manage retirement assets for
growth and income, but to address the protection of those
(17:20):
retirement assets by addressing the protection part of retirement planning.
Eight eight eight four two six zero one seven seven
triple eight four two six zero one seven seven. Remember
(17:41):
two things. We want to plan and structure your financial
portfolio for a secure and peaceful retirement, yes, but also
plan and structure your financial portfolio to be protected from
catist traffic and unforeseen expenses. If you don't or if
(18:08):
I don't do this with my clients, a surprise is
going to occur later in retirement. I do not and
will not be responsible for that. What I can do
is show options how to address these risks and work
(18:31):
out a plan that correlates with your retirement plan, and
then it's up to you to make that move forward.
But if you're working with me, you're at.
Speaker 1 (18:45):
Least very least you're going to be aware of the
exposure of the risk and know that there is a solution.
So the two points I just gave you, these are
two points that are the foundation an essence of any
sound retirement plan. Once again, The last thing I want
(19:10):
to happen, and you don't want it to happen either,
is to take the first step in planning your retirement,
making it secure, peaceful, and guaranteed, and then turn around
and lose it all because you failed to take the
second step to protect yourself. If you failed a plan later,
(19:38):
you could possibly end up like Judy. She didn't seek
the help to make the right decisions, failed at the
most critical part of it all, protecting what she had
put away and from being taken away to pay for
(19:58):
the huge long term care expenses. And you know what
said in this situation, Judy wasn't aware of how this
could be prevented. So if your assets are just sitting
there without what I call a coat of armor around
(20:21):
them to shield them, you're vulnerable. Your assets are like
sitting ducks waiting to be blown out of the water
before you even know what happened. So I really hope
that you're getting the picture and how important it is
(20:42):
to address the protection part of your retirement plan. There
are risks that could interrupt your plan, and sadly, it's
not hard to protect against these risks, and the biggest,
most expensive one is long term care, and as I
(21:06):
mentioned at the first part of the show, this is
not a pleasant subject.
Speaker 4 (21:13):
People don't want to discuss this, and I get that.
I understand, but if it's not addressed at the right time,
it could get to a point where it's too late,
it's too expensive, and it eventually becomes a situation where
(21:34):
there's nothing you can do about it. I want to
go over a couple of ideas that have worked for
my clients, and we all know everybody's different and one
solution does not fit all. I have clients that have
purchased long term care insurance. Yes they can afford it,
(22:00):
realize there is a chance they're not going to get
their premiums back, but they're protecting their retirement assets, especially
if they're married, protecting the income and assets for the spouse.
I also have clients where their plan is a combination
(22:24):
of long term care insurance and a designated lump some
amount of money together it represents their plan. There may
be a year or so waiting period for the long
term care to kick in. This reduces the cost the
(22:48):
premium substantially. They're in a position where we structured them
to be able to fund that period of time. Before
the long term care coverage kicks in. I also have
clients that have a hybrid annuity and or life insurance
(23:11):
contract that includes long term care coverage, which eliminates the
premium cost of a long term care policy. This has
become very popular and it's a way to put money
into a tax deferred annuity obtain growth. If you don't
(23:35):
use a long term care benefit, you've got an additional
income source, but you have some form of long term care.
Couple that with a funding method and some form of
a long term care policy. Now they're protected. Another situation
(23:58):
is medicaid planning. I have clients that have protected their
assets through the medicaid planning concept. We work with an
elder law attorney that specializes in elder law Medicaid planning.
This can get a little detailed and tricky, so you
(24:21):
really need to know all the advantages and disadvantages. Point being,
there are ways to protect your assets from the cost
of long term care. I'm sure, as I mentioned those,
you haven't been introduced to these unfortunately, or one of
(24:44):
the big plans that I like for those clients that
don't need their required minimum distribution that they have to
take from their qualified plans. Each year, they take that
lump sum required minimum distribute that they have to take
and they apply that towards the premium the cost of
(25:07):
long term care coverage. What a great idea. I have
quite a few clients that are doing that, and when
I showed them this concept, they were shocked, had no
idea it was available, and their advisor had not brought
that to their attention. Give me a call. Let's talk
(25:29):
about how to possibly protect your retirement assets from this
huge risk, devastating risk that we all face in retirement
eight eight eight four to two six zero one seven seven.
Once again, triple eight four to two six zero one
(25:53):
seven seven. Thank you for taking the time this morning
to listen to my show. I feel it is very
important and needs to be addressed to make your retirement
plan complete. This is John Heischman from Heishman Financial Services
(26:15):
bringing you the Safe Money and Retirement Show.
Speaker 2 (26:21):
The Safe Money and Retirement Show, John Heisman Senior. To
get in touch with John, call one AA eight four
two six zero one seven seven. That's one triple eight
four two six zero one seven seven. For more information
about Heisman Financial Services, visit their website. Heischman FS dot com.
(26:42):
That's h E I S C, h M A n
f S dot com. Join us again next time for
the Safe Money and Retirement Show with John Heisman, Senior,
People really don't know what their expenses will because they
don't know how long that they're going to live. The
Americans are worried they won't have enough safe for retirement.
Speaker 2 (00:09):
Now more than ever, retirement's going to cost for many
folks over a million dollars. He is no short thing
in investing, but a lot of people think that annuities
may come close to that. It's going to more safe, safe, safe,
safe things that they know.
Speaker 3 (00:22):
If they know they're going to need that money to
supplement the retirement, well then you can't play that rest.
Speaker 2 (00:27):
This is the Safe Money and Retirement Show. But John
Heischman Senior, Founder and partner of Heisman Financial Services serving
the Columbus and surrounding areas. John specializes in educating pre
retirees and retirees about safe money strategies and ideas. Now
it's the Safe Money and Retirement Show. Here's John Heischman, Senior.
Speaker 1 (00:49):
Welcome to the Safe Money and Retirement Show. Thank you
for joining me this morning. This is your host, John Heischmann.
As you're host, I'm bringing this show to you on
behalf of Heishman Financial Services. Before I get started, I
(01:11):
want to give you the telephone number to call with
any questions. Any books or brochures.
Speaker 4 (01:20):
That I happen to mention throughout the show that you
would like a copy, I can have that sent to
you upon request. Here's the number eight eight eight four
two six zero one seven seven. I'll repeat that triple
eight four two six zero one seven seven. If you're
(01:46):
like most average Americans, you probably think that you've done
a pretty good job at putting money away, and you
have some cash for emergentcies to use to have fun
with during retirement. You probably have an IRA of some form,
(02:11):
possibly a four to oh one K, and feel pretty
good about your retirement as far as income coming in
to support your lifestyle. If you're a regular listener to
my show, you probably have realized some mistakes that you've
(02:32):
made in your planning, and many have corrected some mistakes.
Many have become clients of mine. We've corrected or are
making plans to correct mistakes by having a plan, knowing
(02:53):
your risk tolerance, and making some adjustments to help correct
some of the past mistakes that you may have made,
and quite frankly, chances are you can still make some
changes and achieve an even better outcome. But before we
(03:15):
do that I think we need to dispel submiss and
one of the biggest among retirees is I've got a
few investments stationed away in case of an emergency, We'll
be just fine if anything suddenly comes up. Anyone feel
(03:39):
that way, I personally see that quite often in talking
to referrals to our firm, radio listeners, and even clients.
So I thought this would be a great opportunity to
give you an example of what could happen and has
(04:03):
happened in many cases. I'm going to change the names
in this situation and I'll pick let's say Judy and Glenn.
Judy's husband was an alcoholic After getting fired from his
(04:23):
executive position that he had held for almost thirty years,
Glenn had to be checked in to a care facility,
and the sad thing is he was only three years
away from retirement. It's a long story, but I'm going
(04:44):
to make it short because it gets my point across
about retirement planning. It's so much more than having enough
money to generate an income. Glenn had an alcohol problem.
He also went heart surgery. He was being treated for diabetes,
(05:08):
given daily enzymes for his liver condition, and also treated
for severe depression. As horrifying as it was to his
wife and their family, they felt helpless, couldn't do anything
(05:29):
as this once strong and vibrant man diminished right in
front of their eyes. The health problems wasn't the only
problem Judy's family faced. She also had bills piling up
so high got to the point where she didn't even
(05:50):
want to look at them or address them. She couldn't
figure out how to pay the massive amount of bills
that build up from the medical conditions. Due to the
fact that Glenn had been fired, the chances of collecting
his full pension and other benefits also diminished. But one
(06:17):
thing they did do over the years was put aside
money in their savings, and they had a few CDs,
They had an IRA and a few other minor investments.
Here's the problem and the point I want to get
(06:38):
across when we talk about retirement risk. This couple never
thought they'd need long term care. I think this would
be a good time to repeat the number I gave
you at the beginning of the show, in the event
(07:00):
I go over something that may beak an interest eight
eight eight four to two six zero one seven seven
triple eight four to two six zero one seventy seven.
This couple, like so many others, thought they were immune
(07:25):
from needing long term care, and since they wrongfully believed
it could only happen to other people, they neglected to
calculate the long term care risk into their retirement planning.
You see, Glenn had to be admitted permanently into a
(07:50):
nursing home after his many lengthy stays at various hospitals
and treatment centers. After being in a nursing home for
four years, Glenn passed away. The funds had been completely
exhausted from paying the long term care cost. Unfortunately, Judy
(08:17):
had to take out a loan from her sister in
order to pay for Glenn's funeral. Unfortunately, only about ten
percent of retirees have long term care coverage. Why is
(08:37):
that when long term care cost can wipe out all savings,
all retirement accounts, your home, as in the case of
Judy and Glenn, there's many reasons. Once again, as I
(08:57):
mentioned earlier, it can never happen to me. The cost
to put together and fund a long term care plan
is unaffordable. What if I don't use any of the
long term care coverage, I don't get my premiums back
(09:18):
or could it be that so many retirees are not
aware of this huge risk, meaning it hasn't been brought
to their attention. I see this so many times meeting
(09:39):
with couples who have an advisor, but they haven't discussed
the effects of long term care cost and what it's
going to do to their retirement savings. And this is
the protection part of retire fairement that is so often neglected.
(10:04):
Too much emphasis is put on growth, greater returns, and income.
And believe me, those are very important parts of retirement planning.
But what about addressing the risk that could wipe out
(10:25):
all of your retirement savings, lose your home, and jeopardize
putting the spouse in a poverty situation as far as
adequate income coming in. My point being, if you're not
getting advice and recommendations on the protection part of your
(10:52):
retirement plan, you don't have a complete plan. If that's
the case, I want you to call me. Let's talk
about it. At least you'll be aware of the potential
risk A day eight four two six zero one seven
(11:12):
seven eight eight eight four two six zero one seven seven.
After the break, I'm going to continue with my story
because it makes a point and illustrates the devastating effect
that improper retirement planning can create. The biggest risk that
(11:36):
retirees face. Stay tuned, I'll be right back.
Speaker 3 (11:42):
Thanks for listening to The Save Money and Retirement Show
with John Heisman. For more information, call one eight eight
eight or two six zero one seventy seven. That's one
eight eight eight or two six zero one seven seven,
or visit their website at heischmanfs dot com one of
the Safe Money and Retirement Show.
Speaker 1 (12:02):
In a moment, This is John Heishman, your host with
the Safe Money and Retirement Show. I have listeners who
call in each week after listening to the show that
want to sit down and just talk about some of
the things that I discussed on the show. There is
(12:24):
no obligation, of course, there's no cost and absolutely no pressure.
Nothing is sold. It's just a discussion of what I
talked about over the phone and how it may apply
to your particular situation. I welcome that opportunity and encourage
(12:45):
you to contact my office in the event you would
like to discuss any topic, whether I talked about it
on the show or not. Answer your questions and concern
eight eight eight four to two six zero.
Speaker 4 (13:03):
One seven seven. It's your retirement and regardless the size
of your accounts, that's your money and it's got to
last a lifetime. A meeting can be scheduled in my
office or at your home. The local number is six
(13:24):
one four eight six one seven oh five five. That's
six one four eight six one seven oh five five
or eight eight eight four to two six zero one
seven seven.
Speaker 3 (13:48):
Welcome back to the Safe Money and Retirement Show with
John Heisman. To contact John, the number to call is
one eight eight eight or two six zero one seven seven.
That's one eight eight eight or two zero one seven seven.
Once again, here's John Heisman.
Speaker 1 (14:05):
Welcome back to the second part of my show this morning,
Save Money and Retirement.
Speaker 4 (14:12):
I'm your host, John Heischmann. I've been talking about making
arrangements for long term care cost protecting retirement assets. You
have the opportunity to make financial decisions to help prevent
(14:35):
Glenn and Judy's situation. You have the opportunity to make
sure you don't lose everything in order to pay for
long term care. You see, the risk of long term
care is a reality for everyone. No one is special
(14:57):
or immune from falling ill and requiring long term care. Now,
I understand that most people don't like to think about this.
I relate this to most people don't like to talk
about making a will. Most of us like to.
Speaker 1 (15:20):
Pretend that we'll live forever and prefer not to think
about the doom and gloom. And to be honest, we
wish we could really live in that dream world. But
let's talk about the harsh reality that could happen. In fact,
(15:42):
government statistics say that once we reach age sixty five,
we have a seventy percent chance of going into a
nursing home sometime during our retirement years. And since the.
Speaker 4 (16:02):
Average American loses most of their assets if they go
into a nursing home, that may mean you have a
seventy percent chance of losing everything you've got. So you
must be prepared in some form to address the potential
(16:28):
cost of long term care. You don't have to be
like Judy and Glenn and watch their hard work, savings
earnings disappear practically overnight if you want to be a
smart planner and skillfully prepare your retirement. The protection part,
(16:54):
which I assume, since you're listening to this show, that
you do have a concern and would prefer to be prepared.
That's my job not only to manage retirement assets for
growth and income, but to address the protection of those
(17:20):
retirement assets by addressing the protection part of retirement planning.
Eight eight eight four two six zero one seven seven
triple eight four two six zero one seven seven. Remember
(17:41):
two things. We want to plan and structure your financial
portfolio for a secure and peaceful retirement, yes, but also
plan and structure your financial portfolio to be protected from
catist traffic and unforeseen expenses. If you don't or if
(18:08):
I don't do this with my clients, a surprise is
going to occur later in retirement. I do not and
will not be responsible for that. What I can do
is show options how to address these risks and work
(18:31):
out a plan that correlates with your retirement plan, and
then it's up to you to make that move forward.
But if you're working with me, you're at.
Speaker 1 (18:45):
Least very least you're going to be aware of the
exposure of the risk and know that there is a solution.
So the two points I just gave you, these are
two points that are the foundation an essence of any
sound retirement plan. Once again, The last thing I want
(19:10):
to happen, and you don't want it to happen either,
is to take the first step in planning your retirement,
making it secure, peaceful, and guaranteed, and then turn around
and lose it all because you failed to take the
second step to protect yourself. If you failed a plan later,
(19:38):
you could possibly end up like Judy. She didn't seek
the help to make the right decisions, failed at the
most critical part of it all, protecting what she had
put away and from being taken away to pay for
(19:58):
the huge long term care expenses. And you know what
said in this situation, Judy wasn't aware of how this
could be prevented. So if your assets are just sitting
there without what I call a coat of armor around
(20:21):
them to shield them, you're vulnerable. Your assets are like
sitting ducks waiting to be blown out of the water
before you even know what happened. So I really hope
that you're getting the picture and how important it is
(20:42):
to address the protection part of your retirement plan. There
are risks that could interrupt your plan, and sadly, it's
not hard to protect against these risks, and the biggest,
most expensive one is long term care, and as I
(21:06):
mentioned at the first part of the show, this is
not a pleasant subject.
Speaker 4 (21:13):
People don't want to discuss this, and I get that.
I understand, but if it's not addressed at the right time,
it could get to a point where it's too late,
it's too expensive, and it eventually becomes a situation where
(21:34):
there's nothing you can do about it. I want to
go over a couple of ideas that have worked for
my clients, and we all know everybody's different and one
solution does not fit all. I have clients that have
purchased long term care insurance. Yes they can afford it,
(22:00):
realize there is a chance they're not going to get
their premiums back, but they're protecting their retirement assets, especially
if they're married, protecting the income and assets for the spouse.
I also have clients where their plan is a combination
(22:24):
of long term care insurance and a designated lump some
amount of money together it represents their plan. There may
be a year or so waiting period for the long
term care to kick in. This reduces the cost the
(22:48):
premium substantially. They're in a position where we structured them
to be able to fund that period of time. Before
the long term care coverage kicks in. I also have
clients that have a hybrid annuity and or life insurance
(23:11):
contract that includes long term care coverage, which eliminates the
premium cost of a long term care policy. This has
become very popular and it's a way to put money
into a tax deferred annuity obtain growth. If you don't
(23:35):
use a long term care benefit, you've got an additional
income source, but you have some form of long term care.
Couple that with a funding method and some form of
a long term care policy. Now they're protected. Another situation
(23:58):
is medicaid planning. I have clients that have protected their
assets through the medicaid planning concept. We work with an
elder law attorney that specializes in elder law Medicaid planning.
This can get a little detailed and tricky, so you
(24:21):
really need to know all the advantages and disadvantages. Point being,
there are ways to protect your assets from the cost
of long term care. I'm sure, as I mentioned those,
you haven't been introduced to these unfortunately, or one of
(24:44):
the big plans that I like for those clients that
don't need their required minimum distribution that they have to
take from their qualified plans. Each year, they take that
lump sum required minimum distribute that they have to take
and they apply that towards the premium the cost of
(25:07):
long term care coverage. What a great idea. I have
quite a few clients that are doing that, and when
I showed them this concept, they were shocked, had no
idea it was available, and their advisor had not brought
that to their attention. Give me a call. Let's talk
(25:29):
about how to possibly protect your retirement assets from this
huge risk, devastating risk that we all face in retirement
eight eight eight four to two six zero one seven seven.
Once again, triple eight four to two six zero one
(25:53):
seven seven. Thank you for taking the time this morning
to listen to my show. I feel it is very
important and needs to be addressed to make your retirement
plan complete. This is John Heischman from Heishman Financial Services
(26:15):
bringing you the Safe Money and Retirement Show.
Speaker 2 (26:21):
The Safe Money and Retirement Show, John Heisman Senior. To
get in touch with John, call one AA eight four
two six zero one seven seven. That's one triple eight
four two six zero one seven seven. For more information
about Heisman Financial Services, visit their website. Heischman FS dot com.
(26:42):
That's h E I S C, h M A n
f S dot com. Join us again next time for
the Safe Money and Retirement Show with John Heisman, Senior,
Popular Podcasts
Dateline NBC
Current and classic episodes, featuring compelling true-crime mysteries, powerful documentaries and in-depth investigations. Follow now to get the latest episodes of Dateline NBC completely free, or subscribe to Dateline Premium for ad-free listening and exclusive bonus content: DatelinePremium.com
Stuff You Should Know
If you've ever wanted to know about champagne, satanism, the Stonewall Uprising, chaos theory, LSD, El Nino, true crime and Rosa Parks, then look no further. Josh and Chuck have you covered.
NFL Daily with Gregg Rosenthal
Gregg Rosenthal and a rotating crew of elite NFL Media co-hosts, including Patrick Claybon, Colleen Wolfe, Steve Wyche, Nick Shook and Jourdan Rodrigue of The Athletic get you caught up daily on all the NFL news and analysis you need to be smarter and funnier than your friends.