| QUOTES from
the
Masters... |
| On Preparation |
On Worry/Fear |
| "Nothing
is more powerful for your future than being a gatherer of good ideas
and
information. That's called doing your homework." -– Jim
Rohn
"From
product knowledge springs the expertise to work with clients in the
effective
and professional manner that earns high income. Invest ten minutes
daily
reviewing your product information or using your product so you know it
inside and out." -– Tom
Hopkins
"It
is better to be prepared for an opportunity and not have one than to
have
an opportunity and not be prepared." -- Whitney
Young, Jr. |
"Positive,
continuous action toward your goals is the very best antidote to
worry."
-– Brian Tracy
"As
the ostrich when pursued hideth his head, but forgetteth his body; so
the
fears of a coward expose him to danger." -- Akhenaton
"He
who fears being conquered is sure of defeat." -- Napoleon
Bonaparte
|
 |
Health Care in Retirement |
|
The Need...
|
The rising cost of
health
care in the United States has become one of the primary risks to a
financially-secure
retirement. With health care costs expected to continue
increasing
faster than inflation, the time to plan for your future health care
needs
is now…before you retire.
Your ability to enjoy
a financially-secure
retirement can be enhanced by planning for future needs such as:
| Long-Term
Care Services: Are you familiar
with the variety of long-term care services available? If it
becomes
necessary, what type of long-term care services would you prefer?
How will you pay for any needed long-term care services? |
Advance
Directives: Have you
communicated
your medical care wishes in the event you suffer a catastrophic medical
event? Have you named someone else, a spouse or other family
member,
to make medical decisions for you in the event you are incapacitated? |
Paying
for Health Care in Retirement: Do
you know what your out-of-pocket health care costs might be after you
retire?
Are you aware that Medicare, while it covers many health care costs,
has
significant limitations? Are you familiar with the various types
of insurance that can help pay health and long-term care costs not
covered
by Medicare? |
Did
You Know...
- In
2004, men reaching
age 65 had an average additional life expectancy of 17.1 years, while
women
reaching age 65 could expect to live an additional 20.0 years on average.
(Source:
A Statistical Profile of Older Americans Aged 65+, U.S. Department of
Health
and Human Services, July 2008)
- While
estimates vary,
a couple retiring at age 65 without private health insurance from a
former
employer can expect to pay significant out-of-pocket health care costs
during
their retirement years. Fidelity
Investments, for example, estimates that a 65-year-old couple retiring
in 2009
will need about $240,000 to cover medical expenses in retirement, a 6.7%
increase
from the 2008 estimate of $225,000. The
estimate does not include costs of dental care, long-term care or
over-the-counter
medicines.
(Source: The Rising Cost of
Health Care and Your Retirement, Fidelity Investments, 2009)
- At age 65,
people face at least
a 40% lifetime risk of entering a nursing home at some point in their
lifetime
and about 10% will have a stay of five years or longer.
(Source:
AHIP, A Guide to Long-Term Care Insurance, 2004)
- The
average daily rate in 2009 for a private room in a nursing home was
$219, an increase of 3.3% from 2008. (Source: 2009 MetLife Market
Survey of Nursing Home, Assisted Living, Adult Day Services, and Home
Care Costs)
- The average
length of a nursing
home stay is about 2.4 years. (Source: CDC/NCHS Health Care
in America, Trends in Utilization; U.S. Department of Health and Human
Services; January 2004)
- At an average
daily rate of
$219, an average nursing home stay of 2.4 years currently costs about
$192,000.
|
If you
would like assistance in planning
for your health care needs in retirement, please contact my office.
|
|
|
| MESSAGES
from
the Masters... |
THE BEST GIFT TO GIVE YOURSELF AND OTHERS by Jim Rohn
I'm often asked the question, "How can I best help my children, spouse,
family member, staff member, friend etc. improve/change?" In fact that
might be the most frequently asked question I receive, "How can I help
change someone else?"
My answer often comes as a surprise and here it is. The key to helping
others is to help yourself first. In other words, the best contribution
I can make to someone else is my own personal development. If I become
10 times wiser, 10 times stronger, think of what that will do for my
adventure as a father... as a grandfather... as a business colleague.
The best gift I can give to you, really, is my ongoing personal
development. Getting better, getting stronger, becoming wiser. I think
parents should pick this valuable philosophy up. If the parents are
okay, the kids have an excellent chance of being okay. Work on your
personal development as parents; that's the best gift you can give to
your children.
If you have ever ridden in an airplane, then you might have noticed the
oxygen compartment located above every seat. There are explicit
instructions that say "In case of an emergency, first secure your own
oxygen mask and then if you have children with you then secure their
masks." Take care of yourself first... then assist your children. If we
use that same philosophy throughout our whole parental life, it would
be so valuable.
If I learn to create happiness for myself, my children now have an
excellent chance to be happy. If I create a unique lifestyle for myself
and my spouse, that will be a great example to serve my children.
Self-development enables you to serve, to be more valuable to those
around you; for your child... your business... your colleague... your
community... your church.
|
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The purpose
of this newsletter
is to provide information of general interest to our clients, potential
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general
in nature and should not be considered complete information on any
product
or concept described. For more complete information, please
contact
my office at the phone number above.
|
