Answers For Elders Radio Network

How to Prepare Financially for the Unknown


Listen Later

Finance expert David Phillips joins Suzanne to talk about how to anticipate the future by putting a finance plan in place to take advantage of factors that we can control, and account for risks such as longevity, running out of money, potential inflation, taxes, and the needs of long-term care.

David says, "Preparing for the unknown is probably the most delicate thing that we can do. There are some factors that we can actually control, we can actually prepare for it. For example, we know that the longer we live there's gonna be a market correction. The longer we live, things are going to change, and it's called the longevity risk. So the market will change somewhere along the line. So we have to prepare for that. So how do we do that? We pull some of our money off of the risks table and we put it into guaranteed sources of income or guaranteed investments. Another longevity risk is we live too long, we run out of money. So we want to set up plans where we can have guaranteed income.

"Our Social Security is getting taxed. I think everybody knows that they're surprised when it's taxed, because we pay taxes all along the way to get the Social Security, but it gets taxed as well. And then the more money we make, we have to pay Medicare, and the Medicare cost increases the more we make. And health care costs are going through the roof, and healthcare supplemental policies, and all kinds of things like that.

"We have no idea what long-term care is going to do to us. Is it going to be a little thing? Is it going to be a big thing? Is it going to be dementia? Is it going to be Alzheimer's? The longer we live, the risk increases that this is going to happen to us. Probably the number one thing that we get when people call us is,' oh my God, my spouse has just been diagnosed with Alzheimer's. How am I going to pay for my husband's care, and I'm gonna lose my house, I'm gonna lose everything." And there are ways in which you can plan now. You can't do the planning while you're in a nursing home, so we have to do the prior planning now. Prior planning prevents poor performance. And so let's plan now."

To get his books, call David's office at 888-892-1102, or visit his Estate Planning Specialists website at https://epmez.com/. Subscribe to the monthly Generational Wealth Strategies newsletter at https://www.generationalwealthnewsletter.com/. Answers for Elders listeners get a discount.

Learn more:
* Generational Wealth Strategies newsletter: https://www.generationalwealthnewsletter.com/
* David T. Phillips: https://epmez.com/our-team
* Answers for Elders: https://answersforelders.com/welcome-to-answers-for-elders/

Answers for Elders is part of the Senior Resource Network: https://www.seniorresource.com/
Check out our affiliate podcast Alzheimer’s Speaks: https://alzheimersspeaks.com/

See omnystudio.com/listener for privacy information.

...more
View all episodesView all episodes
Download on the App Store

Answers For Elders Radio NetworkBy Suzanne Newman

  • 4.8
  • 4.8
  • 4.8
  • 4.8
  • 4.8

4.8

26 ratings


More shows like Answers For Elders Radio Network

View all
The Clark Howard Podcast by Clark Howard

The Clark Howard Podcast

5,400 Listeners

Planet Money by NPR

Planet Money

30,651 Listeners

Talking Real Money - Investing Talk by Don McDonald

Talking Real Money - Investing Talk

733 Listeners

Alzheimer's Speaks by Lori La Bey

Alzheimer's Speaks

12 Listeners

Fading Memories: Alzheimer's/Dementia Caregiver Support by Jennifer Fink

Fading Memories: Alzheimer's/Dementia Caregiver Support

81 Listeners

Huberman Lab by Scicomm Media

Huberman Lab

28,580 Listeners

Retirement for Real by Retirement for Real

Retirement for Real

7 Listeners

Real Estate & Retirees by Real Estate & Retirees

Real Estate & Retirees

0 Listeners

Retro Radio Theater by Retro Radio Theater

Retro Radio Theater

1 Listeners