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Think about what’s going on right now as a hurricane situation. We have time to prepare, but we’ve got to take action. That’s the key to following the message behind National Get Up Day. We must strategize what you’ll do in the future, but you have to choose that strategy now while you still have time. If you have any questions about any of this, reach out to your wealth manager. As a reminder, if you aren’t yet a client, don’t hesitate to let us know. We’d be happy to get on a phone call with you to discuss your situation and portfolio. If you are a client and you have a friend or family member with questions about this, don’t hesitate to let us know. We’d be happy to talk to them. A friend of yours is a friend of ours.
Having a strategy and process in place is the most important thing when dealing with stock market declines.
The stock market has gone up now for over 13 years in a row. It has never gone up this high for this long. That being said, we aren’t saying it’s going to go down tomorrow. As a matter of fact, we never know when it’s going to go down, but it’s all about having a plan in place to be prepared for when it does take a downward turn. From an investment standpoint, that’s where our Progress and Protect Program has helped significantly with our portfolio performance. If you have questions about this, please don’t hesitate to reach out to your wealth manager or to anyone at Campbell Wealth Management if you are not yet a client. The beauty about where we are today is that while all this is starting to come into fruition, we have time to deal with it. For example, when a tornado comes, you typically only have minutes to react. But, in the event of a hurricane, you have several days’ notice so you can prepare.
Kelly Campbell
How Will You Pay for Long-Term Care? The Big Question Mark
As you age, the question of what to do if and when you require long-term care becomes more important. Although you’re far away from that point right now, it’s important to have plans in place now. According to statistics, roughly 70% of Americans who are 65 years old right now will require long- term care at some point in the future, and those costs only seem to keep going up. When it comes to long-term care, there are options. Assisted living facilities, nursing homes, or long-term care at home are possible choices. Some may prefer a specialized facility while others wish to “age in place,” at home where they are comfortable and familiar. Long-term care comes at a hefty cost, though. According to Genworth’s Cost of Care Survey, the average price of a private room in a nursing facility is $8,821 monthly! At prices like this, way higher than any mortgage you can dream of, long-term care can quickly deplete your savings.
If the largest portion of your nest egg is in a retirement plan such as an IRA or 401(k), those funds can be used for long-term care, but you will be taxed on the withdrawals. Instead, you may consider traditional long-term care insurance. With this asset-based long- term care insurance policy, you can use a portion of your life insurance death benefit to cover assisted living facility costs. Or, an immediate annuity is another option. Just like you’ve planned for retirement, having plans in place for the possibility of needing long-term care is important — you can make sure the burden never falls on your loved ones. At Campbell Wealth Management, we can help you take into account all of your options for covering those hefty long- term care costs. Call us today — we’d love to talk to you!
This is intended for informational purposes only and should not be construed as tax advice. Consult your tax advisor regarding your situation.
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