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02Aug
While There’s Still Time: Questions for Your Elders
Intergenerational Planning

One moment my mother could speak and the next she suffered a devastating stroke that stole her voice for the remainder of her life.

Here are some of the questions I wish I had asked “while there was still time”…

  1. What is your most important life lesson?
  2. What advice do you have for me to help me avoid regrets in life?
  3. What are your top three values?
  4. Tell me about a difficult or painful time in your life and how you got through it.
  5. What did you learn from this experience?
  6. What beliefs do you hold that are timeless?
  7. What is an important question I did not ask?

These conversations are labeled with one word – “Priceless.”

May you make the time to give your loved ones – and yourself – this priceless gift.

If you are interested in more questions of this type, contact us and we’ll provide them for you.

Barbara A. Culver
CFP®, ChFC®, CLU, AEP®
Resonate, Inc.
(513) 605-2500

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19Jul
How Can LTC Insurance Help You Protect Your Assets?
Issues of Aging

Plan to create a pool of healthcare dollars that you can use when the time comes.

How will you pay for long-term care?  At the moment, you may not be able to answer that question – but long-term care insurance can provide an answer for you.

Why are baby boomers opting to make long-term care (LTC) coverage an important part of their retirement strategies?  The reasons to get an LTC policy at or after age 50 are very compelling.

Click link below for complete article.

How Can LTC Insurance Help You Protect Your Assets?

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13Jul
Common Retirement Misconceptions Can Derail Retirement Dreams
Issues of Aging

As I hold conversations with client about their retirement dreams, certain misconceptions seem more prevalent than others.  Today, I have chosen to list the misconception along with the facts.

  1. “My spending patterns won’t change much when I retire.”

The reality is that, assuming you live long enough, everything will cost more in retirement. Retirees spend disproportionately more on items such as health care.  Housing can also cost more if the current house is paid for and the new retirees decide to add a second home, to relocate or need the services of a retirement community.

(Source: Consumer Price Index; January 1981 through December 2015 through JP Morgan.)
  1. This misconception is a combination of “I’ll continue to work during retirement,” and “I don’t have to retire until I am ready.”

While 67% of employed Americans plan to work beyond age 65, only 27% actually achieve that goal.

Here are the top three reasons that cause people to retire earlier than planned.

  • 60% of the people who intended to work beyond 65 cannot due to health reasons.
  • 27% cannot keep working because the current employer either downsized or closes.
  • 22% of the time, the person intending to work has to quit to provide care of a spouse or family member.
(Source for this section #2 is Employer Benefit Research Institute, Matthew Greenwald and Associates. March 2015 through JP Morgan.)

One of the key benefits of working with a professional is, in addition to knowing the truth, “plan for the worst and hope for the best.”

On behalf of Resonate, I invite you to review existing plans to see if they are still on track or to create your plan for the first time.

Barbara A. Culver
CFP®, ChFC®, CLU, AEP®
Resonate, Inc.
(513) 605-2500
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01Jun
Longevity and Planning
Blogs / Articles

A common goal inherent in planning is to be able to sustain a desired lifestyle for as long as needed.

One key question and concern is: “On what age(s) is your planning based?”

I contend that many plans have not considered the following:

The Methuselah Foundation says, “By advancing tissue engineering and regenerative medicine, we want to create a world where 90-year olds can be as healthy as 50-year olds.”

Are you tempted to answer “Maybe ….but not in my lifetime?

Well the goal for 90 to be new 50 is actually 2030!

(Source: Financial Advisor Magazine The 7 Disruptions by Bill Bachrach April 2016.)

If this goal is reached, here are some of the questions planners should be considering with  clients now:

  1. What assumptions shall we use for life expectancy?
  2. How do we invest wisely to match those assumptions?
  3. If baby boomers and Gen Xers are going to live much longer than originally thought, what impact does this have on wealth transfer?
  4. How should millennials and younger Gen Xers be preparing for their future?

Here are some action steps to consider:

  1. Look at your own planning assumptions and see if they need to be revised. If they do, discuss with your planner soon, in order to allow as much time as possible to implement more suitable ideas.
  2. Boomer parents and grandparents may want to give their children and grandchildren the gift of completing their own planning by offering to pay for the planning fee.

 

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15Jan
Articles / Links
College Planning
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