Welcome to 2025!
After having a very frank conversation with his doctor, I looked my Dad in the face and asked “What do you want to do, Buddy?” After 34 days combined between the hospital and rehab, and knowing the situation wasn’t going to improve, his answer was simple.
“I want to go home.”
That was on a Tuesday morning. Through a Herculean effort by Valley Hospice, we got him home on Thursday afternoon at 3:30. He died in my arms at 6:09 that evening.
Most of our friends and clients know that my Dad and I had a special relationship. He was my Dad and I loved him…but he was also my friend. I really LIKED the guy. Living eight houses apart meant I saw him pretty much every day. Our frequent ‘breaks’ at Hardee’s are now memories that I will cherish. He got to see his family to the fourth generation. He was Blessed because he was a Blessing.
He was also a client. As I sit here at my desk preparing to close his estate, I realize that over the last 40 years, we made a number of strategic planning decisions for him and my Mom, all of which focused on answering two questions:
What if I die too soon?
What if I live too long?
From the first life insurance portfolio purchased in the 80s, to adding long term care protection in the 90s (both my parents eventually filing claims with MetLife). From creating a mutual fund portfolio for him to save for retirement, to transitioning the strategy from accumulation to life-time income when he did retire (income that continued until his death at age 85). From carefully calculating when to begin Social Security for maximum benefits, to making sure that the gaps in Medicare were covered with a Medicare Support Strategy.
I had the honor of doing all this for him. And I am honored to do it for you, as well.
I want our clients to know that Karen and I have endeavored to ‘practice what we preach’ in our lives. The two questions noted on the previous page apply to us as well. Yes, we saved and paid for two college educations. Yes, we own life insurance (permanent protection for lifetime needs; term for temporary needs). Yes, we own long term care and disability insurance. Yes, we have a retirement plan. Yes, we are invested in the same mutual funds as our clients… and yes, we have taken some of the growth and invested in products such as fixed indexed annuities for the guarantees provided.
As I reviewed my Dad’s planning, I am reminded of the wide range of services we provide, and the wide range of clients we have. Our Baby Boomer clients have begun to pivot from accumu-lating retirement assets to using them. Products that guarantee lifetime income such as immediate annuities and fixed indexed annuities with built-in income riders continue to create and offer additional benefits such as fee waivers in the event of long term care needs and/or guaranteed growth in income values. All of this while managing the Social Security and tax implications.
Health care in retirement continues to be an area of planning concern. The amount of disin-formation heaped upon someone as they age into Medicare at 65 is disappointing. Without an understanding of what original Medicare is (and what it isn’t), the information on Medicare Supplements, Part D Prescription Drug Plans, and Medicare Advantage is useless. If you know of anyone turning 65, please give them my name and number.
Our Generation X clients have raised the family, paid for (or are paying for) college education, are counting down the mortgage payments, and are entering the ten year or less ‘glide path’ to retirement. These become the most critical years for saving for retirement as incomes have increased and categories of living expenses have decreased. Risk management is paramount.
Our Millennial clients are in the midst of raising children, managing careers, making mortgage payments, saving for education, and beginning the process of investing. Managing and financing multiple priorities is a daily activity. And this will be the first generation in the last dozen that will need to plan for retirement without the benefit of Social Security being a component and will have to accumulate funds to last the longest as life expectancy continues to increase.
As I always point out, we do very little advertising. Our practice grows through referrals…either folks you’ve asked me to call or folks to whom you’ve given my name. If you feel I am doing a good job as your Financial Strategist, please continue to refer me to others who have the same concerns as we do. Everyone needs to answer those two questions. I would rather work with someone referred to me than anyone else!