TRANSCRIPT:

When envisioning retirement, we often picture joyful moments, family gatherings, exotic travels, perhaps mastering pickleball. Rarely do we consider the potential $127,750 annual cost of a private room in a nursing home. Yet, with seven out of 10 people over 65 needing long-term care, it’s a reality worth planning for.

Hi, I’m Hunter Brockway, founder of Boca Retirement Strategies, here to guide you to a successful, stress-free retirement while spending more and avoiding being overwhelmed by taxes.

Traditional long-term care insurance is akin to a corded landline: reliable but increasingly outdated. While premiums might start around $1,700 annually for a 55-year-old man, they’re subject to unpredictable increases. Some policyholders have faced rate hikes exceeding 100%, making budgeting a challenge.

Enter hybrid policies, combining life insurance with long-term care benefits. Pay your premiums and you’re guaranteed a death benefit, cash values, and long-term care coverage. If you need care, funds are available. If not, heirs receive the benefit. Premiums are typically fixed, offering predictability in your financial planning.

Some people opt to self-fund, relying on personal assets to cover potential care costs. While feasible for high-net-worth individuals, this strategy carries risks. Market downturns can coincide with care needs, forcing asset liquidation in inopportune times, potentially jeopardizing your financial legacy. Additionally, we often view home equity as a quasi long-term care plan for those that applies through HELOCs or Hecups.

This video got you thinking about your own retirement planning. I’d like to offer you something to help you see the bigger picture. We’ve created a tax-smart, comprehensive retirement workbook for pre-retirees and retirees. If there’s one thing I’ve noticed in my years of working with individuals, it’s that there’s always at least one aspect in the planning process where they say, “Hm, I haven’t thought about that before.” No matter how smart they are, how much they’ve saved, something comes up, whether it be: they realize they can spend more than they thought they could; they realize their tax bill is going to be higher in retirement; or they are going to leave money on the table with their current Social Security claiming strategy.

This workbook is designed to help you walk through the most critical areas of retirement planning with action steps, false beliefs, and areas for you to input your own reflection items. You can download the workbook by going to the link below in the description. If you have any issues with that link, send us an email at contact@bocaretirement.com. If you get through this workbook and you’d like your responses reviewed or have any questions, I’m happy to have that conversation with you, too. As always, this is no cost, no obligation, and no pressure. Best of luck.

Choosing the right path depends on your financial situation and risk tolerance. Traditional policies offer dedicated coverage, but come with variable premiums. Hybrid policies provide dual benefits with fixed premiums. Self-funding grants control, but exposes you to market risks. Timing is crucial. Premiums can escalate with age and health. Changes can limit options. The optimal window for securing coverage is typically between your mid-50s and early 60s. Long-term care planning isn’t about predicting the future. It’s about safeguarding your retirement dreams against unforeseen challenges. Let’s ensure your golden years remain gold. If you have any financial questions, you can send them to contact@bocaretirement.com.

Thanks for watching.