Why Long Term Care is Really a Cash Flow Crises
About this episode
This episode discusses the financial implications of long-term care on retirement security and the importance of early planning.
Are you aware of the real cost of long-term care—what it means for your retirement security? In this episode, I explain how health events can deplete savings and trigger higher tax brackets. That's not a gamble you need to take. I'll show you how long-term care coverage can protect your retirement savings and your survivors. Learn also why your future self will thank you for starting on long-term care planning early while you're still healthy. Listen now! Show highlights include: Why treating long-term care as a retirement plan problem is a problem. And what it actually is. (0:57) Uncover the tax consequences of using retirement assets for long-term care. (2:01) Do you have a tax advisor? (3:44) How trying to cover a bump into a higher tax bracket in tax-deferred accounts can lead to a tax spiral. (4:01) Understand permanent compounding dollar loss and death benefit impact resulting from cashing out retirement savings for long-term care. (5:16) When should you start planning for long-term care? (6:27) Discover how Whole Life contracts for Infinite Banking include riders for chronic or long-term illness. (7:16) Why I see using chronic illness riders as catastrophic protection—and…
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