Retirement & Aging Plan Success

Profile:
Name: Maria
Age: 58
Retirement Status: Planning to retire in 5-7 years
Background:

Maria, a 58-year-old professional, came to our office seeking guidance on planning for retirement and managing the impacts of aging. She was aware of the complexities that come with aging but wanted to ensure she was fully prepared for retirement. Our office worked with Maria to ensure her financial future was secure and that she was well- prepared for any future health or care challenges.

Our Approach:

During our consultation, we identified several areas of concern for Maria. By focusing on these key areas, we were able to help her gain a full understanding of the decisions she needed to make for her retirement and future care.

Areas of Focus:
1. Personal Assets: Maria had accumulated various assets, including her home and investments, but she hadn’t formalized her estate plan. We walked her through the process of updating her will and clarifying how she wanted her assets to be distributed.
Our Advice:

We guided Maria in establishing an estate plan and also helped her understand how different types of Power of Attorney could support her in the event of incapacity, ensuring her wishes for her assets would be carried out.

  • 2. Income & Insurance: With women set to control $30 trillion in wealth within the next decade, financial professionals have a unique opportunity to grow their business.Maria had concerns about her income sources during retirement. We helped her evaluate her company retirement plans and government support accounts, while also reviewing her healthcare and long-term care insurance options.
Our Advice:

We showed Maria how she could rely on her retirement savings to cover living and healthcare costs, while also exploring long term care insurance to provide extra protection for potential future medical needs.

  • 3. Intentions: Maria was uncertain about where she wanted to live as she aged and who would take care of her in case she became incapacitated. We discussed legal options, including establishing a Durable Power of Attorney, which would ensure someone could manage her affairs if she became unable to do so.
Our Advice:

We recommended Maria put in place a Durable Power of Attorney, which would allow a trusted individual to handle her financial and legal affairs if she became incapacitated. We also discussed other options, such as a Special Power of Attorney for specific areas like healthcare decisions and a Springing Power of Attorney to be activated upon a
particular event.

  • 4. Banking Administration: Maria was concerned about managing her finances as she aged. We introduced her to tools for bill payments and banking that would simplify her day-to-day financial management. We also discussed how a General Power of Attorney could provide broad management of her finances if needed.
Our Advice:

We helped Maria explore financial management tools and set up a trusted person to have General Power of Attorney rights, which would grant them authority to manage her financial matters if necessary.

  • 5. Care Management: Maria wasn’t sure how to handle her potential long-term care needs. We explored options for assisted living and other care services, along with evaluating long-term care (LTC) insurance to cover future expenses.
Our Advice:

We reviewed available care services and helped Maria select a long-term care insurance policy. This provided peace of mind that she could afford care if needed in the future.

Results:

With our support, Maria left our office with a comprehensive retirement and aging plan. She now has an updated estate plan, including the necessary Power of Attorney arrangements that ensure her wishes will be carried out if she becomes incapacitated. Maria feels confident that her financial future is secure, and she has the resources she needs to manage both her personal and financial well-being as she approaches
retirement.

Conclusion:

Our team was able to help Maria take the necessary steps to protect her future, ensuring that her personal assets, income, and care management are well-planned. If you, like Maria, are thinking about the impact of aging on your retirement, we’re here to help. Reach out to our office today to schedule a consultation, and let’s develop a strategy that meets your unique needs for retirement and beyond.retirement.

Our team was able to help Maria take the necessary steps to protect her future, ensuring that her personal assets, income, and care management are well-planned. If you, like Maria, are thinking about the impact of aging on your retirement, we’re here to help. Reach out to our office today to schedule a consultation, and let’s develop a strategy that meets your unique needs for retirement and beyond.retirement.

Our team was able to help Maria take the necessary steps to protect her future, ensuring that her personal assets, income, and care management are well-planned. If you, like Maria, are thinking about the impact of aging on your retirement, we’re here to help. Reach out to our office today to schedule a consultation, and let’s develop a strategy that meets your unique needs for retirement and beyond.retirement.

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