06/26/2026
The 3 Major Threats that Could Destroy Your Retirement and Legacy: Part One
I know what you’re thinking…if it were only three things! In actual reality, there are really three big categories of things, each with their own bag full of slings and arrows. The purpose here is to not overwhelm you but rather, break these down over several articles so you can defend yourself from each the best way possible.
You can’t get ready for what you don’t see coming so, strap in and try to enjoy the ride!
The three major categories of retirement plan threats come down to these:
1. Housing
2. Financial
3. Physical Health
Of course, these overlap in many ways but, it is important to focus on the key elements of each. Today, let’s address the first item…Housing.
Whether you have a private home, condo, apartment or otherwise, most folks have never thought about that changing, except for when they pass away. That’s where many good estate plans begin.
However, what if you have to either voluntarily or involuntarily, move to other accommodations? Maybe you find your home is more than you need. Maybe stairs become a burden. Maybe your kids don’t want or need your house.
Maybe, you have to move due to physical or mental issues associated with aging. I’m talking the need for the kind of care a spouse or other family member can no longer provide.
Now you are in the realm of the need for Long Term Care planning. It’s a big subject so let’s try and break it down a bit.
At first, you may find yourself needing someone to drop by for a couple of hours a week to help around the house. It may progress to more hours or even a live-in situation. You may find the amenities offered by assisted living facilities are attractive or, find yourself in need of full nursing home care.
Wherever you fall on the spectrum of needs, one thing is certain…it is expensive!!!
Believe it or not, over 70% of all adults over the age of 65 will need some form of this type of care in their lifetime. The question is, can you afford it or do you plan on letting government services take over? With the average cost of nursing home care in the State of Florida approaching $12,000 per month, how long will your money last while also trying to pay for all the other parts of your life and maybe that of your spouse?
Some folks have planned for this and purchased Long Term Care insurance long ago. Many have not.
When is the best time to get this type of coverage? As early as you can but, if you are already in a care facility, it is too late.
Who should be exploring the options for coverage? The person closest to needing it AND their next generation of family!
Delaying does not make this less expensive and the problem typically does not simply go away.
So, where to start? The first thing to know is, the Long Term Care insurance market has DRAMATICALLY changed over the last 20 years. The policies of old simply do not exist anymore.
What does exist are a number of even better options that attend to not only the need for lifelong benefits but also, the protection of your financial contribution for generations to follow. Gone are the days of paying premiums to an insurance company for something you may never use.
The best way to learn about this is to ask questions from a professional experienced in this unique market. Get information. Get numbers. Get knowledgeable about how to protect your assets from what could otherwise wipe out your life savings in a flash.
Seriously, make the call and protect you, your spouse and generations of family assets.
Stay tuned for next month when I take a deep dive into other ways to preserve and protect your retirement assets from the “risk” of living a long life!
Greg Durette is the owner of Future Secured Financial, based in Niceville, FL. He has over 4 decades of insurance industry experience and can be reached on his cell phone at 978-509-2941, office 850-842-2400 or email at [email protected]
