We recently came across an interesting article written specifically for financial advisors. It’s an industry article that encourages those professionals to brace themselves for a major change in their trade.
English: American currency (bills and coins in multiple denominations) and dietary supplement pills in three colors, on a black background (Photo credit: Wikipedia)
Investment News magazine reports that most of the advisors they talk to are primarily interested in the IRA rollover market these days. Their clients are baby boomers who are transitioning into retirement and are eager to enjoy the recreation they’ve long looked forward to.
“But fast forward 10 or 20 years,” Investment News says, “and those same clients may be less interested in golf and travel and more concerned about assisted living and estate planning.”
That’s astute. The face of old age and long-term care is absolutely changing. Americans are living much longer than they used to, and the cost of long-term care is soaring. Those two factors add up to a substantial financial burden that seniors of a previous generation didn’t face to the same extent.
How will baby boomers and their successors afford a longer life, especially in an era when everything costs a lot more? That is the challenge that Investment News wants financial advisors to be ready for. So far, the magazine says, most advisors merely tiptoe around those questions and leave them for someone else to answer.
The story is a great testament — coming right out of the industry itself — to just how important sound advice and proactive planning can be.
The best thing you can do for your future is to start taking action now. Don’t wait until you need long-term care to finally ask somebody about it. Like the magazine says, many advisors’ advice is limited to “save up” and “get insurance.”
At O’Connell Law Group, we help clients plan proactively for their future financial needs. Our strategies are affordable, effective, and entirely manageable. They’re also customized to fit your unique needs. However young or old you may be, we can use a variety of tools and strategies to get you the care you need without dispensing of all your assets.
Give us a call today to learn more. Our Middlesex County elder law attorneys are here for you.
