November 20, 2025 • 27 mins
#SafeMoney #JonHeischmanSr #SocialSecurity #RetirementStrategies
In this week's episode host Jon Heischman, Senior talks about several strategies including Social Security benefits as part of your overall retirement income and withdrawal plans.
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
In this week's episode host Jon Heischman, Senior talks about several strategies including Social Security benefits as part of your overall retirement income and withdrawal plans.
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
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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.
Now more than ever, retirement's going to cost for many
folks over a million dollars.
Speaker 2 (00:14):
He is no short thing in investing, but a lot
of people think that annuities may come close to that.
Speaker 1 (00:19):
It's going to more safe, safe, safe, safe things that
they know.
Speaker 2 (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 3 (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 (00:48):
Welcome to the Safe Money and Retirement Show. I'm glad
you tuned in. I'm your host, John Heischmann. I want
to take a couple of men of the show and
talk about social security, a benefit that many are not aware.
(01:10):
It's important to understand the steps and some complexities that
could help you maximize your monthly checks. The majority of
Americans don't know much about the program or how it
fits into their retirement plan. That lack of understanding could
(01:34):
lead to Americans missing out on using the benefit as
part of their overall retirement strategy. For example, there is
a benefit that could help order parents stretch their retirement
income because for these older adults, who are also homeowners,
(01:58):
have to manage mortgage payments and all the additional costs
associated with home ownership. These extra funds can make a
difference in retirement and provide some breathing room. A few
hundred dollars per month for many individuals can make a
(02:20):
huge difference in closing budget gaps. We all know extra
dollars coming in is one less dollar that needs to
be withdrawn from retirement accounts to maintain a lifestyle in retirement.
This boost to continue income is valuable not just because
(02:45):
it's consistent, but because it helps preserve and potentially grow
invested retirement assets by reducing that need for retirement income withdrawal.
It's also going to help continue income as far as
longevity is concerned. All right, older parents can claim the
(03:12):
dependent child Benefit, which means they can become eligible for
Social Security Dependent children benefit under certain circumstances. First, you
must be at least sixty two and receiving Social Security benefits.
(03:34):
If your dependent child is under eighteen or nineteen, if
still in high school, you can receive up to fifty
percent of your full retirement age benefit. It's important to
note that at age sixty two is considered early eligibility,
(04:00):
age sixty seven is the full retirement age, and age
seventy is when you get the maximum benefit according to
Social Security Administration. I think most people are aware of this,
but if you claim at sixty two, you're obviously going
to see a significant reduction in your benefit for the
(04:24):
rest of your life. Waiting until full retirement age is
going to give you one hundred percent of your earned benefit,
and if you wait until seventy, this allows your benefit
to grow about eight percent per year past your full
retirement age. Let's say you claim your benefit at age
(04:48):
sixty three. Your benefit will be permanently reduced because you
didn't take it at full retirement age, but your child's
benefit is still calculated using your full retirement amount. Let
(05:09):
me give you an example. If your full retirement age
benefit is eighteen hundred per month. Your eligible child could
receive about nine hundred dollars, which represents half of your benefit.
And this applies to more than just parents. Grandparents or
(05:36):
legal guardians who are raising a qualified child can also
receive these benefits on behalf of the child now, as
long as they meet Social Security eligibility requirements. So I
see this program especially valuable for families supporting children with
(06:00):
disabilities since these benefits can continue into adulthood if the
disability began before their age twenty two. So think about
this today, probably more so than ever. We're seeing these
(06:22):
situations that I just discussed, And can you imagine how
many people are not aware of this that are in
that situation because they've never been told or totally educated
about social security. So what it boils down to is
(06:46):
social security planning needs to be based on each individual situation.
I always want to do a more detailed fact finding
to possibly uncover situations like this because I can help
(07:07):
my client better and provide them with more income, which
always helps. Now, those of you that may fit into
this category or you're just not sure, I want you
to call me. I have helped many in their social
(07:29):
security planning and uncover these situations if they're there. So
we have to find out here's the number six one
four eight, six, one seven zero five five six one
four eight six one seventy fifty five. We can do
(07:53):
some social security planning so you can get your maximum
benefit dependant benefit. Now, this can make a significant monthly
difference and help offset cost associated with home ownership. Another example,
(08:14):
if a sixty three year old parent receives eighteen hundred
a month in social security benefits, I'm going to assume
the child benefit available would be about fifty percent, and
of course that would be nine hundred dollars as I
mentioned earlier, and this would total ten thousand, eight hundred
(08:36):
dollars per year over the course of five years. This
amounts to fifty four thousand dollars. Of course, this is
assuming the total doesn't hit the family maximum gap. Now,
if it does, it could potentially reduce the child benefit
(08:59):
or other auxiliary benefits. The total of all payment on
one worker's earnings record, including parent, spouse, and children combined,
cannot exceed one hundred and fifty percent to one hundred
and eighty eight percent of the worker's benefit and I'm
(09:23):
sure you're thinking, you know, John, this gets complicated, and
you're right, it does, and that's why you have to
consult with a planner that knows Social Security benefits. These
extra benefits that I'm referring to could be allocated towards mortgage,
(09:47):
housing cost extra funds. Someone could allocate them towards mortgage payments,
property taxes, home insurance, or even a buffer for inflation.
This benefit extra income can be utilized to reduce much
(10:08):
of the parent's own retirement savings that's going to be
needed to spend on housing. Another idea eliminate debt or
other expenses over time. Grandparents or legal guardians as I mentioned,
and I think this is important that are raising a
(10:32):
qualifying child according to Social Security, receives these benefits on
behalf of the child as long as they meet these
eligible requirements. If you're not sure and you think these
situations may apply to you, it's worth the call. And
(10:55):
the worst case scenario is it doesn't apply or you
don't qualify for it, so at least you've found out,
but it very well could. And obviously, when I've given
you those numbers, it could be worth making a call.
Six one four eight six' one seven zero five to
(11:17):
five is the number to our office In, Reynoldsburg ohio
six one four eight six one seventy fifty. Five after the,
Break i'm going to give you some ideas on how
(11:38):
to obtain long term care coverage because it's so important
to address this risk and eliminating taking your retirement money
to cover long term care. Cost stay, Tuned i'll be right.
Speaker 4 (11:59):
Back thanks for listening To The Safe money And Retirement
show With John. Heischman 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 to,
seven or visit their website at heischmanfs dot com more
of The Safe money And Retirement. Show in a, moment.
Speaker 1 (12:27):
With healthcare costs expected to continue to increase faster than
the inflation, rate the time to take a look at
your future healthcare is now not in, retirement but if
at all possible before, retirement if you've already, retired it
(12:51):
still isn't too. LATE a lot of the cost can be.
Controlled we work out a plan how to come for
the increase costs that we're all going to be faced,
with and believe. ME i think it's probably going to
be the number one increasing cost that we're all going
(13:12):
to see in. Retirement you want to talk, further you
can give me a call a day date four two
six zero one seven to SEVEN a day date four
to two six zero one seven.
Speaker 2 (13:27):
Seven life expectancy is at all time, highs so that
means you've got a fugitive plan for at any. Age
if you have longevity in your family treat then you
(13:47):
need financial education from someone with the experience and knowledge
the guide you into and through your retirement. Years John
heisman and the folks At Heisman Financial services are committed
to helping you achieve your retirement goals with a low
key and trustworthy. Approach Call Heischman Financial services today you
get start on your retirement. Future call one triple eight
(14:07):
four two six zero one seven. Seven that's one eight
eight eight four two six zero one seven. Seven Heischman
Financial services has your future in.
Speaker 4 (14:17):
Mind welcome back to The Safe money And Retirement show
With John. Heischman 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 six zero
one seven. Seven once, again Here's John. Heischman this Is John.
(14:42):
Heischman i'm back with the second part of my. Show
thank you for stay tuned To Safe money And. Retirement
one THING i do want to mention while it's on
my mind is re acquired minimum. Distributions don't forget to
(15:05):
take the twenty twenty five distribution if it applies to. You,
currently age seventy three is when you have to start taking,
distributions and that's the year that you turn seventy. Three
you may want to consider having that distribution set up
(15:30):
to where it's. Automatic each, year the custodian of YOUR
ira or four to ONE k if it, applies figures
the amount for you and distributes that to. You that,
way you don't have to worry about getting it right
(15:51):
taking the correct, amount exposing yourself to a tax penalty
from THE. Irs november is the largest payout month for
required minimum, distributions AND i think probably because many want
(16:13):
to get that check for holiday. Spending so don't forget
the required minimum distribution for this year twenty twenty five
from your qualified. Plans, ALSO i can show you how
to COMBINE ira accounts into one or. TWO i know
(16:39):
many of you have multiple, accounts AND i say that
because of experience witnessing from THOSE i meet, with there's
a good chance you have, too and AS i, mentioned
possibly more so we combine those into one OR i say,
(17:00):
two depending on what type of investment suits your needs
and risk. Tolerance let me Know i'd be glad to
work with you and show you some. Options try and
keep things simple and growth and more potential income in
(17:21):
retirement six one four, eight, six one seven zero five
five six one four eight six one seventy fifty. Five
the first part of the SHOW i MENTIONED i would
be discussing long term care and why that is so
(17:45):
important for retirees and why it needs to be part
of their. PLAN i think out of, WELL i have
a list of.
Speaker 1 (17:56):
Thirteen retirement risk and if you'd like a copy of THAT,
lisk just call the number THAT i give you and
leave a message or ask for me to have that
sent to. You but, anyways the two biggest retirement risk
is longevity and long term. Care AND i think most
(18:20):
retirees are concerned about the longevity risk will your money
last throughout? Retirement and those of you that are regular,
listeners you know we can solve that. Risk, problem Because
i've talked about it many times over the past years
(18:43):
as far as generating guaranteed lifetime income that you cannot.
Outlive but what about the long term care risk that
is a health shock that Drive it's the need for
expensive long term care which often arises suddenly and frequently
(19:10):
on a permanent. Basis, now this makes the prospect of
serious disability in retirement one of the biggest sources of
stress for late career workers as they map out their
future income, strategy as well as those that are in.
(19:32):
Retirement so if we look at some statistics from The
National bureau Of Economic, research nursing home cost could exceed
one hundred thousand dollars per year in many. Regions in
government assistance, programs which would be, medicaid they only help
(19:58):
when retirees are basically destitute and have no money or
have spent down their assets for long term. Care so
the long term care risk and longevity risk go hand
in hand because if you haven't planned for the cost
(20:24):
of long term, care so many times individuals have to
go into their retirement accounts to pay for long term.
Care so what happens retirement accounts that are going to
generate income are depleted in order to pay for long term.
(20:46):
Care obviously you're using money that is going to pay
retirement income for the future the rest of your retirement
or taking away from funds that need to be used
for income going to your. Spouse so we have a
(21:08):
double problem, here and your retirement plan has just. Depleted
NOW i know what you're, thinking as pretty much everyone thinks,
about is the cost to provide long term care. Coverage
and believe, ME i. AGREE i understand BECAUSE i know
(21:33):
what a long term care policy, cost and the majority
of retirees cannot afford to pay that. Premium the other
problem is you have to qualify for a long term
care policy from a medical. Standpoint medical questions are asked
(21:57):
on the, application and over, overall you need to be
in pretty good health to qualify for an actual long
term care policy if you can afford. It so as
we all get, older the chances of qualifying for a
long term care policy from a medical underwriting standpoint, decrease
(22:24):
and then we think we should have bought that policy
back when we were in our forties or, fifties when
the premium was low and we were in good, health
and many. Do but the majority don't because long term
care costs are the farthest thing from their, mind as
(22:47):
is retirement in a lot of. Situations so what's the? Alternative,
well one THAT i think is amazing as to what
the company are doing as far as using an annuity
contract with a long term care writer that could pay
(23:11):
out for long term care coverage up to two times
two and a half or even three times the annuity
amount for long term. Care let me give you an.
EXAMPLE i take one hundred thousand dollars to purchase an,
(23:32):
annuity and this is a tax deferred annuity that will
have potential. Growth where does the one hundred thousand come?
From it could be from, savings A cd that's, matured
or an old, annuity or two annuities that can be
(23:54):
combined into one that transfers over in to this annuity
equaling one hundred. Thousand Now i'm just using this as an.
Example it could be. More this new annuity has a
long term care writer to help cover the cost of
(24:14):
long term. Care there are no future, premiums and if
the long term care benefit is not, used the account
value with potential growth is yours or paid out to your.
Beneficiary this particular plan continues grow in popularity each year
(24:41):
since it was, designed and you can see why it
can complement a long term care policy or a self
funded long term care. Plan, now this may help with
your long term care, plan and of course the only
(25:02):
way would be to find out for. YOURSELF i can
provide you with information or speak to you about how
this can be designed for your. Situation six one four
eight six one seven zero five to. Five that's the
(25:24):
number to reach our, Firm Heischmann Financial services. Again six
one four eight six one seven zero five to. FIVE
i think you owe it to yourself. Too check this
out and how it can help. You it may, not
but then again it might be something that will complete
(25:48):
your plan to also help save your retirement. INCOME i
want to thank you for listening and hope you continue
to tune in to The Safe money And Retirement show.
Again let me know what questions you Have if you'd
like some, information and there is no, cost there's no
(26:09):
obligation for requesting any help THAT i can provide. You
I'm John, heischman and be sure to tune in next
week at the same Time.
Speaker 3 (26:21):
The Safe money And Retirement Joe 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 heisman fs dot.
(26:42):
Com 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 joe 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.
Now more than ever, retirement's going to cost for many
folks over a million dollars.
Speaker 2 (00:14):
He is no short thing in investing, but a lot
of people think that annuities may come close to that.
Speaker 1 (00:19):
It's going to more safe, safe, safe, safe things that
they know.
Speaker 2 (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 3 (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 (00:48):
Welcome to the Safe Money and Retirement Show. I'm glad
you tuned in. I'm your host, John Heischmann. I want
to take a couple of men of the show and
talk about social security, a benefit that many are not aware.
(01:10):
It's important to understand the steps and some complexities that
could help you maximize your monthly checks. The majority of
Americans don't know much about the program or how it
fits into their retirement plan. That lack of understanding could
(01:34):
lead to Americans missing out on using the benefit as
part of their overall retirement strategy. For example, there is
a benefit that could help order parents stretch their retirement
income because for these older adults, who are also homeowners,
(01:58):
have to manage mortgage payments and all the additional costs
associated with home ownership. These extra funds can make a
difference in retirement and provide some breathing room. A few
hundred dollars per month for many individuals can make a
(02:20):
huge difference in closing budget gaps. We all know extra
dollars coming in is one less dollar that needs to
be withdrawn from retirement accounts to maintain a lifestyle in retirement.
This boost to continue income is valuable not just because
(02:45):
it's consistent, but because it helps preserve and potentially grow
invested retirement assets by reducing that need for retirement income withdrawal.
It's also going to help continue income as far as
longevity is concerned. All right, older parents can claim the
(03:12):
dependent child Benefit, which means they can become eligible for
Social Security Dependent children benefit under certain circumstances. First, you
must be at least sixty two and receiving Social Security benefits.
(03:34):
If your dependent child is under eighteen or nineteen, if
still in high school, you can receive up to fifty
percent of your full retirement age benefit. It's important to
note that at age sixty two is considered early eligibility,
(04:00):
age sixty seven is the full retirement age, and age
seventy is when you get the maximum benefit according to
Social Security Administration. I think most people are aware of this,
but if you claim at sixty two, you're obviously going
to see a significant reduction in your benefit for the
(04:24):
rest of your life. Waiting until full retirement age is
going to give you one hundred percent of your earned benefit,
and if you wait until seventy, this allows your benefit
to grow about eight percent per year past your full
retirement age. Let's say you claim your benefit at age
(04:48):
sixty three. Your benefit will be permanently reduced because you
didn't take it at full retirement age, but your child's
benefit is still calculated using your full retirement amount. Let
(05:09):
me give you an example. If your full retirement age
benefit is eighteen hundred per month. Your eligible child could
receive about nine hundred dollars, which represents half of your benefit.
And this applies to more than just parents. Grandparents or
(05:36):
legal guardians who are raising a qualified child can also
receive these benefits on behalf of the child now, as
long as they meet Social Security eligibility requirements. So I
see this program especially valuable for families supporting children with
(06:00):
disabilities since these benefits can continue into adulthood if the
disability began before their age twenty two. So think about
this today, probably more so than ever. We're seeing these
(06:22):
situations that I just discussed, And can you imagine how
many people are not aware of this that are in
that situation because they've never been told or totally educated
about social security. So what it boils down to is
(06:46):
social security planning needs to be based on each individual situation.
I always want to do a more detailed fact finding
to possibly uncover situations like this because I can help
(07:07):
my client better and provide them with more income, which
always helps. Now, those of you that may fit into
this category or you're just not sure, I want you
to call me. I have helped many in their social
(07:29):
security planning and uncover these situations if they're there. So
we have to find out here's the number six one
four eight, six, one seven zero five five six one
four eight six one seventy fifty five. We can do
(07:53):
some social security planning so you can get your maximum
benefit dependant benefit. Now, this can make a significant monthly
difference and help offset cost associated with home ownership. Another example,
(08:14):
if a sixty three year old parent receives eighteen hundred
a month in social security benefits, I'm going to assume
the child benefit available would be about fifty percent, and
of course that would be nine hundred dollars as I
mentioned earlier, and this would total ten thousand, eight hundred
(08:36):
dollars per year over the course of five years. This
amounts to fifty four thousand dollars. Of course, this is
assuming the total doesn't hit the family maximum gap. Now,
if it does, it could potentially reduce the child benefit
(08:59):
or other auxiliary benefits. The total of all payment on
one worker's earnings record, including parent, spouse, and children combined,
cannot exceed one hundred and fifty percent to one hundred
and eighty eight percent of the worker's benefit and I'm
(09:23):
sure you're thinking, you know, John, this gets complicated, and
you're right, it does, and that's why you have to
consult with a planner that knows Social Security benefits. These
extra benefits that I'm referring to could be allocated towards mortgage,
(09:47):
housing cost extra funds. Someone could allocate them towards mortgage payments,
property taxes, home insurance, or even a buffer for inflation.
This benefit extra income can be utilized to reduce much
(10:08):
of the parent's own retirement savings that's going to be
needed to spend on housing. Another idea eliminate debt or
other expenses over time. Grandparents or legal guardians as I mentioned,
and I think this is important that are raising a
(10:32):
qualifying child according to Social Security, receives these benefits on
behalf of the child as long as they meet these
eligible requirements. If you're not sure and you think these
situations may apply to you, it's worth the call. And
(10:55):
the worst case scenario is it doesn't apply or you
don't qualify for it, so at least you've found out,
but it very well could. And obviously, when I've given
you those numbers, it could be worth making a call.
Six one four eight six' one seven zero five to
(11:17):
five is the number to our office In, Reynoldsburg ohio
six one four eight six one seventy fifty. Five after the,
Break i'm going to give you some ideas on how
(11:38):
to obtain long term care coverage because it's so important
to address this risk and eliminating taking your retirement money
to cover long term care. Cost stay, Tuned i'll be right.
Speaker 4 (11:59):
Back thanks for listening To The Safe money And Retirement
show With John. Heischman 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 to,
seven or visit their website at heischmanfs dot com more
of The Safe money And Retirement. Show in a, moment.
Speaker 1 (12:27):
With healthcare costs expected to continue to increase faster than
the inflation, rate the time to take a look at
your future healthcare is now not in, retirement but if
at all possible before, retirement if you've already, retired it
(12:51):
still isn't too. LATE a lot of the cost can be.
Controlled we work out a plan how to come for
the increase costs that we're all going to be faced,
with and believe. ME i think it's probably going to
be the number one increasing cost that we're all going
(13:12):
to see in. Retirement you want to talk, further you
can give me a call a day date four two
six zero one seven to SEVEN a day date four
to two six zero one seven.
Speaker 2 (13:27):
Seven life expectancy is at all time, highs so that
means you've got a fugitive plan for at any. Age
if you have longevity in your family treat then you
(13:47):
need financial education from someone with the experience and knowledge
the guide you into and through your retirement. Years John
heisman and the folks At Heisman Financial services are committed
to helping you achieve your retirement goals with a low
key and trustworthy. Approach Call Heischman Financial services today you
get start on your retirement. Future call one triple eight
(14:07):
four two six zero one seven. Seven that's one eight
eight eight four two six zero one seven. Seven Heischman
Financial services has your future in.
Speaker 4 (14:17):
Mind welcome back to The Safe money And Retirement show
With John. Heischman 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 six zero
one seven. Seven once, again Here's John. Heischman this Is John.
(14:42):
Heischman i'm back with the second part of my. Show
thank you for stay tuned To Safe money And. Retirement
one THING i do want to mention while it's on
my mind is re acquired minimum. Distributions don't forget to
(15:05):
take the twenty twenty five distribution if it applies to. You,
currently age seventy three is when you have to start taking,
distributions and that's the year that you turn seventy. Three
you may want to consider having that distribution set up
(15:30):
to where it's. Automatic each, year the custodian of YOUR
ira or four to ONE k if it, applies figures
the amount for you and distributes that to. You that,
way you don't have to worry about getting it right
(15:51):
taking the correct, amount exposing yourself to a tax penalty
from THE. Irs november is the largest payout month for
required minimum, distributions AND i think probably because many want
(16:13):
to get that check for holiday. Spending so don't forget
the required minimum distribution for this year twenty twenty five
from your qualified. Plans, ALSO i can show you how
to COMBINE ira accounts into one or. TWO i know
(16:39):
many of you have multiple, accounts AND i say that
because of experience witnessing from THOSE i meet, with there's
a good chance you have, too and AS i, mentioned
possibly more so we combine those into one OR i say,
(17:00):
two depending on what type of investment suits your needs
and risk. Tolerance let me Know i'd be glad to
work with you and show you some. Options try and
keep things simple and growth and more potential income in
(17:21):
retirement six one four, eight, six one seven zero five
five six one four eight six one seventy fifty. Five
the first part of the SHOW i MENTIONED i would
be discussing long term care and why that is so
(17:45):
important for retirees and why it needs to be part
of their. PLAN i think out of, WELL i have
a list of.
Speaker 1 (17:56):
Thirteen retirement risk and if you'd like a copy of THAT,
lisk just call the number THAT i give you and
leave a message or ask for me to have that
sent to. You but, anyways the two biggest retirement risk
is longevity and long term. Care AND i think most
(18:20):
retirees are concerned about the longevity risk will your money
last throughout? Retirement and those of you that are regular,
listeners you know we can solve that. Risk, problem Because
i've talked about it many times over the past years
(18:43):
as far as generating guaranteed lifetime income that you cannot.
Outlive but what about the long term care risk that
is a health shock that Drive it's the need for
expensive long term care which often arises suddenly and frequently
(19:10):
on a permanent. Basis, now this makes the prospect of
serious disability in retirement one of the biggest sources of
stress for late career workers as they map out their
future income, strategy as well as those that are in.
(19:32):
Retirement so if we look at some statistics from The
National bureau Of Economic, research nursing home cost could exceed
one hundred thousand dollars per year in many. Regions in
government assistance, programs which would be, medicaid they only help
(19:58):
when retirees are basically destitute and have no money or
have spent down their assets for long term. Care so
the long term care risk and longevity risk go hand
in hand because if you haven't planned for the cost
(20:24):
of long term, care so many times individuals have to
go into their retirement accounts to pay for long term.
Care so what happens retirement accounts that are going to
generate income are depleted in order to pay for long term.
(20:46):
Care obviously you're using money that is going to pay
retirement income for the future the rest of your retirement
or taking away from funds that need to be used
for income going to your. Spouse so we have a
(21:08):
double problem, here and your retirement plan has just. Depleted
NOW i know what you're, thinking as pretty much everyone thinks,
about is the cost to provide long term care. Coverage
and believe, ME i. AGREE i understand BECAUSE i know
(21:33):
what a long term care policy, cost and the majority
of retirees cannot afford to pay that. Premium the other
problem is you have to qualify for a long term
care policy from a medical. Standpoint medical questions are asked
(21:57):
on the, application and over, overall you need to be
in pretty good health to qualify for an actual long
term care policy if you can afford. It so as
we all get, older the chances of qualifying for a
long term care policy from a medical underwriting standpoint, decrease
(22:24):
and then we think we should have bought that policy
back when we were in our forties or, fifties when
the premium was low and we were in good, health
and many. Do but the majority don't because long term
care costs are the farthest thing from their, mind as
(22:47):
is retirement in a lot of. Situations so what's the? Alternative,
well one THAT i think is amazing as to what
the company are doing as far as using an annuity
contract with a long term care writer that could pay
(23:11):
out for long term care coverage up to two times
two and a half or even three times the annuity
amount for long term. Care let me give you an.
EXAMPLE i take one hundred thousand dollars to purchase an,
(23:32):
annuity and this is a tax deferred annuity that will
have potential. Growth where does the one hundred thousand come?
From it could be from, savings A cd that's, matured
or an old, annuity or two annuities that can be
(23:54):
combined into one that transfers over in to this annuity
equaling one hundred. Thousand Now i'm just using this as an.
Example it could be. More this new annuity has a
long term care writer to help cover the cost of
(24:14):
long term. Care there are no future, premiums and if
the long term care benefit is not, used the account
value with potential growth is yours or paid out to your.
Beneficiary this particular plan continues grow in popularity each year
(24:41):
since it was, designed and you can see why it
can complement a long term care policy or a self
funded long term care. Plan, now this may help with
your long term care, plan and of course the only
(25:02):
way would be to find out for. YOURSELF i can
provide you with information or speak to you about how
this can be designed for your. Situation six one four
eight six one seven zero five to. Five that's the
(25:24):
number to reach our, Firm Heischmann Financial services. Again six
one four eight six one seven zero five to. FIVE
i think you owe it to yourself. Too check this
out and how it can help. You it may, not
but then again it might be something that will complete
(25:48):
your plan to also help save your retirement. INCOME i
want to thank you for listening and hope you continue
to tune in to The Safe money And Retirement show.
Again let me know what questions you Have if you'd
like some, information and there is no, cost there's no
(26:09):
obligation for requesting any help THAT i can provide. You
I'm John, heischman and be sure to tune in next
week at the same Time.
Speaker 3 (26:21):
The Safe money And Retirement Joe 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 heisman fs dot.
(26:42):
Com 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 joe With John, Heisman
senior
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