Lifetime HealthCare
Planning Center

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By: Wade D. Pfau, Ph.D., CFA, and Michael Finke, Ph.D., CFP®

All retirees must plan today for the possibility that they will experience significant long-term care health expenditures. Large unplanned expenses, such as those relating to long-term care, have the potential to wreak havoc on a retirement income plan.

Actuarial science principles can contribute to better retirement outcomes. Actuarial science allows personal retirement planning to be treated more like a defined-benefit pension plan. These plans can pool financial market risks between different cohorts and can pool longevity risk between different individuals within the same cohort.

The steps outlined in this article will help you work with your clients to implement effective legacy planning programs.

In my time as a financial advisor, I was primarily focused on providing my clients with wealth accumulation and distribution strategies. More often than not, the solution involved the use of life insurance, taking advantage of its tax-free accumulation and distribution benefits.

Joy Loverde is the Author of "Who will take of me when I'm Old?" and the best seller "The Complete Eldercare Planner".  In this 10-minute discussion with Steve Cain of LTCI Partners, Joy talks about what to say and what to avoid when broaching the topic of planning.

Planning for extended care is not optional. It must be a critical, integral part of every client’s retirement plan. Failing to effectively address the subject in a meaningful, personalized way risks the failure of every other financial, investment, retirement, and estate plan.

Long-Term Care Awareness month often encourages reflection about wellness, leading people to evaluate how they are prepared for the future the future – both physically and financially. 

When a client needs extended care there are two sets of consequences:

First are personal consequences to a spouse, kids, extended family, or friends. The cost to the caregiver of this personal, “informal” help is real, immediate, and encompasses many forms:

Long-Term Care Awareness Month conversations should always include a mention of the tax advantages of Long-Term Care insurance [LTCi]. For those looking for a last-minute tax deduction, LTCi presents a solution.