FINANCIAL NETWORK OF AMERICA, LTD.
DO YOU HAVE ALL THE PIECES IN YOUR PUZZLE?
LONG-TERM CARE

Anyone who has ever assembled a large jigsaw puzzle knows that all the pieces dumped on the table can be overwhelming.  It is not until you look at each piece individually that the complete picture begins to come together, and so it goes with your retirement planning.  A much more important  picture!

When the subject of long-term care comes up, it usually gets one of two reactions.  “When I get to that point, just shoot me” or “we went through that with my mother and we used up all her money two years before she died.” 

Long-term care insurance is not inexpensive.   However, BY NOT ALLOCATING ANYTHING TO PAY FOR LONG-TERM CARE…….YOU HAVE ALLOCATED EVERYTHING. The failure to not consider the consequences of long-term care risks your family’s emotional and physical wellbeing.   It also jeopardizes your ability to fund a post-retirement lifestyle and keep commitments.  Sooner or later you may have to reallocate funds to pay for care.

Most long-term care is provided at home.  “Long-term” generally refers to assistance a chronically ill person needs to get through the day.   Most people go to nursing homes only when the caregiver becomes so ill that the children have to take the decision away from him or her.  There are, of course, childless couples, singles and people who sadly will outlive their children.  Everyone must consider what they would do if long-term care became necessary.  In most cases, caring for a parent does NOT bring siblings closer together.  When you bring second marriages and stepchildren into the situation, I’ve witnessed catastrophic situations.

Families provide care.  Most caregivers are middle-aged women with full-time jobs and their own families.  This is also a good time to approach our parents about long-term care if nothing has ever been discussed.  My mother did not purchase long-term care insurance until after my father passed away from lung cancer.  Her premium is expensive but every year when she complains about paying the premium, I remind her that it is equivalent to the cost of one month of care at home or in a nursing home. Those of you who have devoted your lives to law enforcement know that bad things don’t just happen to other people.  They happen to you and me.  The person who ends up needing care rarely expects to live a long life, never thinks he will need care if he does have longevity, and has no idea what providing care will do to his family. Mitigate the consequences by having a plan.  Long-term care insurance provides a predictable stream of income in illness just as your careful retirement planning provides one in health. Don’t spend the assets you’ve spent a lifetime acquiring to pay for long-term care.  Make long-term care planning a piece of your retirement puzzle.

Investors should consider the contract and underlying portfolios’ investment objectives, risk, charges, and expenses before investing.  This and other important information is contained in the prospectus, which can be obtained from your financial professional.  You should read the prospectus carefully before investing.
Financial Network of America, Ltd. (800-837-9190) Your Retirement Planning Team;  Joseph C. Randazzo, JD, CFP®, Sal Catalano, Suzanne Lipps. 
Securities are offered through WRP Investments, Inc, Member FINRA & SIPC.  FNA is not affiliated with WRP Investments, Inc.  Securities activities are supervised from 4407 Belmont Ave., Youngstown, OH 44505 (330) 759-2023