014: The Importance of Long Term Care Planning in Retirement with Patrick Randall

When we see a prospective client for the first time, they often have a portfolio. However, they don't have a five-step plan. Even if they have a plan of some kind, they've rarely put much thought into health care planning. The reason is simple: health care planning, and especially planning for long-term care, can be extremely complicated, expensive, and somewhat depressing. However, being proactive can save you huge sums of money later on–and give you the opportunity to enjoy your life to the fullest. To discuss this topic, we're joined by Patrick Randall. Patrick is an advisor on the SHP team. He believes that financial planning is a continual process, and works with our team to provide clients with peace of mind as they transition through every stage of life. He earned his BS in Finance from Bentley University and his MS in Finance from McCallum Graduate School of Business, and is on track to become a Certified Financial Planner as well. In this episode, we explore why you need more than just Medicare to cover your medical expenses in retirement, why you need long-term care planning no matter how healthy you are right now, and how to build a long-term care plan that allows you to mitigate risk, reduce your burden onto your family, and protect your assets and legacy as best as possible. In this podcast interview, you'll learn: The six aspects of long-term care. Why women and people living alone are both more likely than men or couples to need long-term care. Why it can be very expensive to get on Medicaid. Why so many people believe their families will take care of them in the event of a health crisis–and why this scenario rarely plays out as anticipated. Why there's no one-size-fits-all solution to long-term care planning–and how to choose the investment vehicles best suited to your situation. Want the Full Show Notes? To get access to the full show notes, including audio, transcripts, and links to all the resources mentioned, visit SHPfinancial.com/podcast Connect With Us on Social Facebook LinkedIn YouTube