What Robin’s Reading: Long-Term Care Trends

Robin Weingast Reading RecsWhile our monthly podcast covers how to afford nursing home care, most Americans would prefer not to live in a nursing home if they require long-term care, according to The Associated Press-NORC Center for Public Affairs Research 2016 Long-Term Care trends poll

Although only 14% of the population was age 65 and up in 2013, by 2040, that number is expected to increase to 22%, which means it’s vital to understand trends in long-term care preferences and attitudes.

Key takeaways from the poll found that among adults aged 40 and older:

– People are slightly more confident in their ability to afford nursing home care, but a majority do not think that they are on the right financial track to afford nursing care home if needed.

– Nearly 4 in 10 believe that Medicare will cover their long-term care needs, even though this is not true for most Americans.

– Over 75% would prefer to receive long-term care in their own homes, and over 60% would prefer their family members to receive in-home care.

– One-third have done no planning for their long-term care needs.

– 72% support state paid family leave programs to help provide long-term care to loved ones and family members.

A majority favor policies that would help them save for long-term care, with tax breaks a preferred option.

Want to know more about trends in long-term care attitudes and financial tactics? Visit The AP-NORC Center’s long-term care project website at www.longtermcarepoll.org.

Need help planning for your long-term care needs? Contact the Robin S. Weingast & Associates team today to find out how we can help secure your future!

Resource of the Month: Fall Planning Tips

The days are getting shorter and cooler, which means the winter holidays are just around the corner. The holiday season is fun, festive…and expensive. That’s why this month’s resource is focused on how you can keep your finances on track while enjoying the holidays!


Questions about planning for the holiday season and beyond? Contact the Robin S. Weingast & Associates team today for a personalized, free evaluation of your financial plan!

Need to Know: 2018 Plan Limits Increased

As the world watches to see if the proposed tax plan will affect 401(k) contribution limits, the IRS released its updated list of 2018 plan contribution limits — and there have been increases to several limits.

Check out our chart below for what you need to know.

You can read more about the plan limit changes here.

Questions about how to plan for retirement in light of this news? Contact the Robin S. Weingast & Associates team to find out how we can help you!

 

Podcast of the Month: Social Security Success Tips

Robin Weingast Social Security Podcast

Social Security is an important part of your retirement puzzle, but do you know how to get the most out of it? Since it’s such a complicated and ever-changing program, this month’s podcast features sought-after Social Security Speaker Tim Kiesling who will provide you with some helpful tips to maximize your Social Security benefit!

Resource of the Month: Annual Financial Review

It’s hard to believe it, but we’re approaching the end of 2017. So much can change in a year, which is why our Resource of the Month gives you a rundown on six financial things you should monitor annually to make sure you’re staying on track and that your financial plan has adapted to your life.

Podcast of the Month: Life Insurance as an Asset

Life Insurance IconWhen you think of your most valuable assets you probably consider big ticket items such as your home or vehicles, but have you considered that Life Insurance could be on the list? Life Insurance is so much more than a death benefit, and 40-year Insurance Industry Veteran John Wheeler is here to show you just how valuable it is in our latest monthly podcast!

 

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Resource of the Month: Planning for Kids Going to College

August marks the start of college for many young people across the country —and as we talked about in this month’s blog post, having a child start college is a milestone that may affect your own retirement planning.

Paying for college involves more than just tuition, which is why our resource this month is geared towards helping families and college students understand the many factors that go into paying for an education. From transportation to credit cards, this resource will help you understand what college means for you and your family’s financial future.

Need to Know: When Should You Adjust Your Retirement Plan?

Planning for retirement isn’t a one-time event. Like going to the gym, eating right, or anything else we do to take care of ourselves, retirement planning is a process. At every step of the way, it’s vital to evaluate your goals, track your progress, and make the adjustments you need to secure your financial future. Making a plan once and then assuming everything will work out once it’s time to retire may bring you some unpleasant surprises. In fact, recent research from Legg Mason indicates that “baby boomers between the ages of 53 and 71…are falling short on their retirement savings goals due to an overly conservative investment approach.” Regular reviews of your retirement plan

At the same time, you don’t want to adjust your retirement planning tactics just for the sake of change. It’s important to find a balance between being nimble enough to adapt to change and stable enough to allow time for your strategies to show results.

Want some guidances on when to adjust your retirement plan? Here’s are some tips on good times to make adjustments:

Write down your retirement plan and set a reminder to review it on a regular basis. As per a 2015 study of Harvard MBA students, writing down goals increases your chance of achieving them. Write down your retirement plan and revisit it at least annually. Set a reminder for yourself on your phone, write it down in your planner — whatever you have to do to make it a regular habit.

Use major life events as a signal to shift strategies. While an annual review is likely sufficient, there are events that serve as natural times to evaluate where you are and where you’re going. Have you moved recently? Gotten a new job or lost your current job? Had a baby? Gotten married or divorced? Inherited money or assets from a relative? All of these milestones have definitive financial implications, which means they may affect your retirement planning progress. For life events that you have planned, make sure to incorporate a final step to evaluate your retirement picture. For unexpected events, be sure to take time to review your plan after you’ve gotten through the immediate items you need to address.

Remember that retirement tactics involve more than your employer sponsored plan. A 401(k) is just one piece of the retirement picture. Reviewing your retirement plan also includes reviewing your insurance coverage and regularly updating your will to ensure that everything in your portfolio is supporting your financial goals.

Need a partner in making sure you stay on top of your retirement plan? The Robin S. Weingast & Associate Team is here to make sure you don’t lose track of your goals and that you’re on track for the retirement you want. Contact us today to find out how we can help!

 

Podcast of the Month: The Longest Vacation of Your Life

Robin Weingast Retirement

How much time and effort did you spend on planning your last big vacation – days, weeks, months? What about your 30+ year vacation (retirement), how much time have you spent planning that? Tune in to our Podcast of the Month as Financial Professional Eszylfie Taylor shares some great tips on how to pinpoint your retirement goals, and what and who you might need to get there.

Resource of the Month: Individual Disability Income Insurance

The one thing that can have a big impact on our future is our health. While most of us may be prepared to take care of our families in the event of our death, many are not prepared for a future if they become injured or unexpectedly disabled. A disability can affect your ability to work, which will then affect your income. What plans do you have in place?

This month, we’re focusing on preparing for the unexpected, and our resource of the month gives a detailed overview of insurance options if you become disabled.

Want help exploring your options? Contact the Robin S. Weingast & Associates team. We’re here to help make sure you’re ready for the unexpected.