Small Changes, Big Results | Your Wealth Journey Podcast

[music]

0:00:02.1 Intro: Welcome to Your Wealth Journey podcast, powered by Bradford Financial Center, where we'll always share how small changes equal big results, because your wealth journey is our focus.

[music]

0:00:13.8 Shallon Weis: Hello everyone, and welcome to another episode of Your Wealth Journey, the podcast brought to you by Bradford Financial Center. I'm Shallon Weis, one of your hosts, and a financial advisor here at Bradford Financial Center. And I'm joined by Bradford President and fellow financial advisor, Jim Tausz.

0:00:29.3 Jim Tausz: Hi Shallon, and welcome listeners. Today, we've got an incredibly important and timely topic to discuss: Navigating the road to aging with financial wisdom and dignity.

0:00:43.1 SW: That's right, Jim. And as we all know, the journey through the later stages of life, it brings with a host of questions and concerns. So whether you're caring for aging parents or contemplating your own long-term care, the financial aspect of aging is something that we all need to address.

0:01:00.7 JT: Absolutely, Shallon. It's a topic that touches the lives of so many, and that's why we're excited to dive into it in a big way. We'll be discussing how to make your money last, living with dignity your way, and exploring the alternatives to long-term care facilities.

0:01:17.9 SW: And to help us navigate this complex terrain, we have some valuable professional advice to share. So let's get started. So to kick things off, let's talk about making your money last through retirement. Jim, what are some considerations our listeners should keep in mind?

0:01:32.4 JT: Well, Shallon, one of the first things we often discuss with our clients is creating a comprehensive retirement plan. That's almost a must. It's critical to have clear understanding of your expenses, potential healthcare costs, and any other financial commitments that you may have. By doing so, you can develop a realistic budget that ensures that your money is gonna last throughout your retirement years.

0:01:56.1 SW: And speaking of healthcare costs, long-term care is a significant concern for many. So Jim, what options are available for those who want to plan ahead for a potential long-term care needs?

0:02:07.0 JT: Well, that's an excellent question, Shallon. Long-term care insurance is one option that individuals can consider and should. It helps cover the costs associated with in-home healthcare, assisted living, or nursing home care. It's essential to explore this option early, as premiums tend to be more affordable when you're younger and in good health. So remember that: That's a very important part of this overall situation when it comes to deciding whether you're going to have long-term care insurance or not.

0:02:38.1 SW: Now let's talk about the importance of maintaining dignity in our later years. Many people are hesitant about the idea of moving into a long-term care facility. So Jim, are there alternatives that allow individuals to age gracefully in their own way?

0:02:54.1 JT: Absolutely, Shallon. "Aging in place" is a popular choice for many. It involves making modifications to your home to accommodate changing needs, bringing in-home healthcare service, or utilizing community resources as well. The goal is to maintain independence and the quality of life while ensuring safety and wellbeing. Today, assistive and healthcare-related technologies can offer aging adults more connected options that will allow them to age in place longer. It's a nice spot to be in.

0:03:28.7 JT: There's a US News and World Report Survey that was conducted back in 2023, that's not that long ago, on aging in place. And what they found was of 2000 US Americans, 55 and older, they were surveyed, and 93% say aging in place is an important goal for them, so it probably should be an important goal for you as well. 59% feel that their home is at least somewhat ready, and only 19% out there feel that their current home setup is completely prepared for the years ahead. Meanwhile, 41% feel their current setup is kind of minimally ready, because their home is lacking components such as no-step entry, a voice or remote controlled thermostat, virtual assistant devices and/or height adjustable products. We think of how we need in-home healthcare, but we overlook the technology that can help us connect to the services needed and the conveniences that can prepare us for more safely aging in place. These important considerations need to be examined carefully. Other technologies like medical alert systems, also wearable health trackers can also extend time in your home.

0:04:44.0 SW: Well, those are important considerations and valid reasons to embrace technology as we age. And now for those who may need additional assistance, exploring the option of a Continuing Care Retirement Community or CCRCs is another avenue. These communities provide a range of housing and care options on one campus, so that allows individuals to transition seamlessly as their needs evolve. Our aging population is growing, and those needs in our community will continue to be needed and expanded.

[music]

0:05:15.2 Interlude: In our last five minutes, we'll bring listeners a roundup of five smart ideas they can apply to their own wealth journeys. So let's get started with this episode's Five in Five.

[music]

0:05:26.3 SW: Now let's move on to our Five in Five segment where we answer five of the biggest long-term care questions in the last five minutes of our podcast.

0:05:35.2 JT: Aha, I get to ask the questions and you get to answer, Shallon. So hold on to your hat. So let's see what we can do with what these questions have to offer to our people out there listening to this podcast. What factors should individuals consider when deciding on long-term care insurance, Shallon?

0:05:55.1 SW: Well, when selecting long-term care insurance, consider factors such as coverage limits, elimination periods, and whether it covers in-home care. It's also essential to review the financial stability of the insurance company.

0:06:07.9 JT: Well, you did such a good job on that one, Shallon. Here's question two. How can someone estimate a potential long-term care cost?

0:06:15.9 SW: Well, there's online calculators and financial advisors that can help estimate potential long-term care cost based on your location, your health, and the level of care you might require. And don't forget to account for inflation when making these projections.

0:06:30.0 JT: Well, question three, are there government programs out there that can help with long-term care expenses?

0:06:35.9 SW: Programs like Medicaid can provide assistance with long-term care cost. However, eligibility requirements vary by state. So it's crucial to plan ahead and understand the specific rules in your area.

0:06:47.0 JT: My gosh, Shallon, you're so good, I got a question four for you. What are the key considerations for aging in place?

0:06:54.3 SW: Well, for aging in place, consider home modifications, access to support services, and having a reliable support network in place. And professional advice can guide you in making the necessary arrangements to age comfortably at home.

0:07:08.1 JT: Well, I guess that takes us now to question five. So now you're gonna get the rest after you answer this one, Shallon. What are the advantages out there of a Continuing Care Retirement Community?

0:07:20.2 SW: Well, the Continuing Care Retirement Communities or CCRCs, they offer a continuum of care from independent living to skilled nursing all in one location. So this allows residents to age in a familiar environment, and transition smoothly as their needs change. Well, that brings us to the end of another insightful episode of Your Wealth Journey. So thank you, Jim, for joining me today.

0:07:43.2 JT: Well, Shallon, it's been my goal for a long time to help clients understand this critical topic. And I've actually appreciated very much our discussion today, and I hope our listeners have as well. A big thank you to our listeners for tuning in. Our subscribership out there is growing, and I encourage listeners to subscribe, which helps lift content to other folks like yourself who need honest, trusted insight on investing and financial planning. All of it's very important you know. If you have any questions or topics that you'd like us to cover in the future episodes, please reach out to us at bradfordfinancialcenter.com. We'd love to hear from you.

[music]

0:08:27.1 Outro: Thank you for tuning into Your Wealth Journey podcast, powered by Bradford Financial Center. Be sure to tune into our next episode, where we'll continue to explore the smart financial strategies you need to know. Securities are offered through United Planners Financial Services. Member FINRA. Member SIPC. Advisory Services are offered through Bradford Financial Center, a registered investment advisor. Insurance services are offered through Bradford Insurance. Tax and accounting services are offered through Bradford Tax and Accounting Network. Bradford Financial Center, Bradford Insurance, and Bradford Tax and Accounting Network are not affiliated with United Planners. Neither Bradford Financial Center nor United Planners provide tax or legal advice. This podcast is for general information and educational purposes only, and is not intended to be specific advice for any individual. Consult your financial professional regarding your personal situation. All investing involves risk, and there's no guarantee that any strategy will be successful.

[music]