Retired-ish

I'm joined again by Long-Term Care expert, Hospital Discharge Planner, and Geriatric Care Manager Eileen Dunn where we guide you through what to expect during the claims process for long-term care insurance.

More specifically, Eileen and I discuss:

• When is it time to make a long-term care insurance claim?
• What are some reasons why someone may be denied a long-term care insurance claim?
• How long does it typically take between initiating a claim and actually getting approval?
• Who pays the care provider, you or the insurance company?
• How does a waiver of premium work?
• How does an elimination period work?

Resources can be located at https://retiredishpodcast.com/21

LPL Financial and Planable Wealth are not affiliated with or endorsed by Eileen Dunn

The key moments in this episode are:

00:01:01 - Knowing When to Make a Claim

00:03:28 - Reasons Why People Are Denied Claims

00:05:43 - Initiating a Claim

00:08:48 - The Claims Process

00:15:20 - Claim Process and Premiums

00:16:21 - Last Tips for the Claims Process

00:17:31 - Asking Questions and Accessing Resources

I'm joined again by Long-Term Care expert, Hospital Discharge Planner, and Geriatric Care Manager Eileen Dunn where we educate you on how to determine how much long-term care insurance you may need, and what factors you should consider.

More specifically, Eileen and I discuss:

• Factors that influence the amount of long-term care insurance you may need
• How to find the cost of care in your area
• How to calculate your "Insurance Gap"
• Tax considerations when calculating your insurance needs
• How a professional can help you plan for long-term care

For helpful links to resources mentioned, visit the show notes at https://retiredishpodcast.com/20

Key moments in this episode are:

00:01:17 - Assessing Your Risk

00:05:50 - Pondering Your Preferences

00:09:06 - Crunching the Numbers

00:14:32 - Preparing for Long-Term Care

00:15:35 - Types of Care Required

00:17:06 - Cost Analysis

00:25:17 - Employer-Sponsored Plans

00:29:33 - Example of Long-Term Care Insurance Needs

00:32:09 - Insurance Gap

00:35:33 - Importance of Seeking Professional Advice

00:39:07 - Other Insurance Considerations

00:44:09 - Investing Risk

00:45:15 - Diversification and Portfolio Risk

I'm joined again by Long-Term Care expert, Hospital Discharge Planner, and Geriatric Care Manager Eileen Dunn where we discuss the basics of long-term care insurance and the Long-Term Care Partnership Program.

More specifically, Eileen and I discuss:

• Why should you consider long-term care insurance?
• What does long-term care insurance pay for?
• Common types of long-term care insurance policies
• Cost and benefit considerations of long-term care insurance
• Long-Term Care Partnership Programs
• Taxation of long-term care benefits

Resources:

• Retired-ish Newsletter Sign-Up
• Free 4-Step Retirement Analysis for Ages 50+
• Ask Cameron A Question!

LPL Financial and Planable Wealth are not affiliated with or endorsed by Eileen Dunn or Mutual of Omaha.

Key moments in this episode are: 00:01:31 - Need for Long-term Care Services

00:05:43 - What is Long-term Care Insurance?

00:08:07 - Importance of Work-Life Balance

00:10:38 - The Cost of Long-term Care

00:15:15 - Long Term Care Insurance Policies with Life Insurance Riders

00:17:23 - Benefits of Long Term Care Policies

00:19:20 - Reimbursement vs. Indemnity

00:22:32 - Planning for the Unexpected

00:25:41 - Tax Implications of Long Term Care Insurance

00:29:35 - The Importance of Long Term Care Insurance

00:30:06 - Best Age to Buy Long Term Care Insurance

00:35:26 - The Long Term Care Partnership Program

00:39:42 - Resources for Learning More About the Partnership Program

00:41:04 - Conclusion and Future Episode Preview

00:44:28 - The Role of Diversification in Investments

00:43:15 - The Importance of Risk Management

What is long-term care & how does it work? In this episode, I'm joined by Long-Term Care expert, Hospital Discharge Planner, and Geriatric Care Manager Eileen Dunn to educate us on the basics and realities of long-term care from a "boots on the ground" perspective.

More specifically, Eileen and I discuss:

• What is Long-Term Care?
• What Qualifies Somebody for Long-Term Care?
• Does Medicare Pay for Long-Term Care?
• Does Medicaid Pay for Long-Term Care?
• What Kind of Care Are People Actually Getting?
• Adult Children Helping Mom and Dad
• Having The Tough Conversation About Long-Term Care Planning

Resources:

• Retired-ish Newsletter Sign-Up
• Free 4-Step Retirement Analysis for Ages 50+
• Ask Cameron A Question!
• Access Episode Show Notes Here

Key moments in this episode are:

00:00:28 - Introduction to Long Term Care 00:02:53 - Eileen Dunn's Experience 00:05:07 - What is Long Term Care 00:07:00 - Medicare and Long Term Care 00:10:42 - Long-Term Care Insurance 00:14:21 - Relying on Medicare and Medicaid 00:15:08 - Pitfalls of Adult Children Taking Care of Parents 00:18:32 - Tips for Caregivers 00:21:05 - Importance of Long-Term Care Planning 00:24:29 - Standby Assistance for Seniors 00:28:38 - Types of Long Term Care Insurance 00:29:00 - Subscribe to Retired Ish 00:29:29 - Retirement Planning Newsletter 00:30:08 - Disclaimer and Investment Risks

In this episode I'm joined by mortgage lending expert John Stanfield with Viewpoint Financial as we dispel some of the myths about rental property investing so you can decide how you want to approach given your own situation and investing preferences. And while a portfolio of rental properties can absolutely generate wealth and income in retirement, there is no one size fits all solution as everyone will have different opportunities, situations, and skill sets.

Together we share various tips and considerations rental property owners should consider, and John will also be sharing with us some of the options you have to acquire real properties with financing should you decide to use them as part of your retirement income and wealth accumulation strategy. John Stanfield is a mortgage broker with a decade of experience. John began his career in underwriting and funding on the operations side of the industry before moving to the consumer facing side where he originated loans for individuals where he has been ever since.

John has earned accolades from United Wholesale Mortgage as being among the top 1% of fastest purchase transaction closers in 2020, 2021, and 2022. His passion for helping clients achieve their homeownership dreams has driven his success thus far, and he continues to be a respected and sought-after professional in the mortgage industry.

More specifically, John and I discuss:

• What Are The 4 Components to the Rate of Return on Rental Real Estate?
• What Are Some of The Main Pros and Cons to Investing in Rental Property in Retirement?
• What Are Some Common Ways to Get Financing for a Rental Property?
• What Are Some Potential Ways to Protect Your Rental Property & Your Other Assets?
• Other Insights and Considerations For Those Who Are Considering Owning Rental Properties Throughout Retirement

Resources:

• Retired-ish Newsletter Sign-Up
• Free 4-Step Retirement Analysis for Ages 50+
• Access the Show Notes Here

At some point nearing retirement, retirees often wonder: Are annuities a good idea for retirees?

The internet and world-at-large is full of conflicting information about annuities, and whether or not they make sense for today's retiree.

The topic of annuities is definitely an interesting one since many retirees are in one or two camps:

1. They either don't know much at all about them,
2. Or they completely fear and avoid them due to a horror story they read on the internet about someone else's experience with an annuity.

Heck, even financial professionals have wildly different opinions on annuities and whether or not they are worth the benefits they can provide.

Some professionals love them, some hate them. I'm not here to settle that score, but to let you decide since ultimately people value different things differently.

More specifically, I discuss:

• Why Would a Retiree Consider an Annuity in The First Place?
• What is an Annuity? What is a Deferred Income Annuity?
• Pros and Cons to Annuities for Retirement
• Cost Considerations With Annuities
• Practical Uses of Income Annuities

Resources:

• Access Show Notes Here!

Sources:

• https://www.oecd.org/newsroom/healthier-lifestyles-and-better-health-policies-drive-life-expectancy-gains.htm (October 2017)
• R-P 2000 Mortality Table, Society of Actuaries

Plain and simple, your retirement income plan will make or break you in retirement. In this episode, we discuss the importance of creating an actual plan that focuses solely on how you will get your income in retirement, and the greatest risks your income will face.

An appropriately structured income plan is crucial so that you can avoid entering retirement being uncertain about how much you can spend each month, vulnerable to the big retirement risks, and unstructured with your nest egg – meaning that you really have no idea how to arrange your affairs, what accounts to have, what investments to select, and what accounts they should go in.

Your retirement income will drive your lifestyle, not necessarily the amount of money you have. The more confidence you have in your retirement income plan, the more likely you will live a happy and fulfilling lifestyle that allows you to focus on the more important things in life.

More specifically, I discuss:

• How to Determine of You Are a Constrained Investor
• The #1 Danger of "The 4% Rule"
• Retirement Timing Risk (Sequence of Returns Risk) Explained
• Inflation and Longevity Risk
• Advantages of Segmenting or Bucketing Your Nest Egg

For resources, go to https://retiredishpodcast.com/14

In this episode, we show you how to spot shadow taxes which are hidden taxes you may pay without a trained eye. These are taxes and penalties hidden from plain sight that many people pay, although there are numerous ways to reduce or avoid them entirely.

More specifically, I discuss:

• The Repayment of Advanced Excess Premium Tax Credit
• The Net Investment Income Tax
• Medicare IRMAA Surcharges on Medicare Part B & D Premiums
• Additional Taxes Owed on Social Security
• Ways to Reduce or Avoid Shadow Taxes

Resources:

Free 4-Step Retirement Analysis for Ages 50+ Retired-ish Newsletter Sign-Up Episode Show Notes

In this episode we will go through a process that will help you figure out what to do when an elderly parent or a spouse dies.

This is especially useful if you are the named executor of an estate, or trustee or successor trustee of a trust for the deceased since you will be the one who will aid in determining and/or delivering on their wishes.

More specifically, I discuss:

• What immediate tasks must be done when an elderly parent or spouse dies?
• What important documents to look for when organizing an estate
• What people and organizations to reach out to and why
• What is probate and is it required?
• How does a trust work when settling an estate?
• General guidance on what the process of distributing an estate looks like

For more information and resources, visit the show notes at https://retiredishpodcast.com/13

Bonds are very misunderstood by most retirees and investors alike simply because they don't get much love and attention, but bonds are actually very simple, more-so than stocks. In this episode, I teach you some interesting, exciting, and actionable things about them you may not have known that can help you. My goal is for you to better understand the role bonds can play in your portfolio, and when you might consider them in retirement.

More specifically, I discuss:

• How do bonds work?
• What are the different types of bonds?
• What are the different ways to invest in bonds?
• How do taxes work on bonds?
• What role do bonds play in a retirement investment portfolio?
• Key considerations for bond investors

Resources:

• Free Retirement Analysis for Ages 50+
• Retired-ish Newsletter Sign-Up
• Quick Guide: 2023 Important Numbers
• Free 4-Step Retirement Analysis for Ages 50+