How men can help guard
against poverty in their golden years
Insurance industry expert
shares 3 tips during men’s health month
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[June 05, 2014] June
is Men’s Health Month, a reminder for men to do the
things that they generally don’t do as well as women:
getting screened for conditions that, detected early,
are easily treated; seeking education about health
issues, and supporting each other’s well-being.
If being happier with good health isn’t enough, then men should consider the
extraordinarily high medical cost of poor health – especially during the
retirement years, says insurance industry expert Chris Orestis.
“Just one health incident can wipe out an individual’s savings, leaving little
money for living expenses,” says Orestis, a longtime industry insider and author
of “Help on the Way,”
http://ebook.lifecarefunding.com/ , which explains the problem of funding
long-term care and offers solutions.
“That can mean a major loss of independence, from having to move in with a son
or daughter or worse. Baby Boomers, who are retiring in droves, have about 8
percent less wealth than those 10 to 15 years older than them, partly because of
the recent recession.”
In addition to taking care of their health, retired and soon-to-be-retired men
can avoid flirting with poverty by exercising some financial options. Orestis
reviews three of them.
- Hold off on collecting Social Security until age 70. The life expectancy
for men today is 76, an increase from past years, and it’s expected to
continue to climb. If you’re worried about outliving your money, hold off on
collecting Social Security benefits early (age 62), which results in up to
30 percent less benefits. People born from 1943 to 1959 are eligible for
full benefits at 66, and those born in 1960 or later are eligible at 67.
However, if you wait until age 70, you can receive up to 8 percent more in
- Turn your life insurance into a long-term care fund. Instead of
abandoning a life insurance policy because you can no longer afford the
premiums, policy owners can convert a portion of the death benefit value
into a Life Care Benefit – Long Term Care Benefit Plan (
www.lifecarefunding.com ). The
money is deposited into a fund earmarked for paying for private duty
in-homecare, assisted living, skilled nursing, memory care and hospice care.
By converting a life insurance policy, a senior does not have to resort to
Medicaid and the many restrictions that come with it, but will still be
Medicaid-eligible when the benefit is spent down.
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- Consider investing part of your portfolio in fixed-rate
indexed annuities: Having all of your retirement savings in
stocks exposes retirees and pre-retirees to too much risk. As
you get closer to retirement age, it’s important to find
alternatives that provide for growth while protecting savings.
Fixed-rate indexed annuities – money loaned to an insurance
company that guarantees payments over a specified length of time
-- allows you to forecast the income you’ll generate. Fixed-rate
indexed annuities have a ceiling on interest rates, but they
also have a floor. Your principal is safe and you can ride an up
market without the risk.
About Chris Orestis
Chris Orestis, nationally known senior health-care advocate,
expert, and author is CEO of Life Care Funding, (
), which created the model for converting life insurance policies
into protected Long-Term Care Benefit funds. His company has been
providing care benefits to policy holders since 2007. A former life
insurance industry lobbyist with a background in long-term care
issues, he created the model to provide an option for middle-class
people who are not wealthy enough to pay for long-term care, and not
poor enough to qualify for Medicaid.
[Text received; GINNY GRIMSLEY, NEWS AND EXPERTS]