Colin Richards, President of Lord and Richards, discusses one of the biggest risks retirees face - high costs associated with chronic illness. In this presentation, Colin shares alarming statistics on how chronic illness is the number one cause of bankruptcy in retirement.
Colin emphasizes the importance of developing a comprehensive financial plan that includes a written healthcare component. This can help retirees understand their risks and have strategies in place. Traditional solutions like long term care insurance are discussed, but Colin notes they may not be affordable for those already in retirement.
A key strategy Colin highlights is using life insurance policies that pay out benefits while the policyholder is still alive to help cover chronic illness costs. He provides an example of how a client was able to turn a $275,000 inheritance into over $900,000 of coverage to help pay for long term care.
Overall, the presentation stresses the importance of proactive planning for this expensive risk. Retirees who watch will learn strategies to develop a plan through Lord and Richards to help protect their finances and lifestyle from the high costs of chronic illness in retirement.
If you watch the video and have questions you’d like to ask personally, here’s a link to set up a quick 15-minute call with Colin’s team.
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Investment Advisory Services offered through Lord and Richards Wealth Management, LLC, a Registered Investment Adviser.