Step 4 of Retirement Success Plan: Health Care Planning

Many don’t realize how much health care will cost in retirement, let alone that the way in which you disperse your retirement funds could impact what kind of care you have access to later in life. Are you comfortable with risking not having enough money to cover these crucial costs? This is where the Retirement Success Plan comes in. In this video, Troy Sharpe discusses the fourth step we take in Oak Harvest’s signature Retirement Success Plan - Health Care and Long-Term Care Planning, where we use the information we’ve gathered in the first three steps and come up with a strategic plan to qualify for the greatest amount of subsidy possible for your unique situation, and to run scenarios to help you determine just how much money you should to set aside to cover as much of the future financial burden as possible.
00:30 The First Four Steps of the Retirement Success Plan
02:34 Time to Strategize How And When To Withdraw
06:08 How to Calculate your Modified Adjusted Gross Income 1
1:33 An Example With No Roth Conversion
13:54 Long-Term Care Planning 16:55 Conclusion
Want to hear more about all the steps in our Retirement Success Plan? Check out this overview where we lay out our entire process here: • Five Important Steps t...
Watch Step 1: The Allocation Meeting: • Step 1 of Retirement S...
Watch Step 2: Income Planning: • Step 2 of Retirement S...
Watch Step 3: Tax Planning: • Step 3 of Retirement S...
Do you need a Retirement Success Plan that goes beyond allocating funds to truly fit your needs? We can help you create a retirement life plan customized for your retirement vision and legacy. Call us at [phone] or fill out this form for a free consultation: click2retire.c...
Disclaimer:
This video discusses fixed-income investing and utilizes the 10-year U.S. treasury as a general representative fixed-income investment. Conclusions reached, opinions stated, and downside risks and potential returns presented should not be construed as applying to other types of bonds or fixed-income assets. Other types of fixed-income products carry different levels of risk and return potential and should be evaluated as an element of a diversified portfolio with your specific risk tolerance, investment objectives, and timeline in mind. Nothing in this video is investment advice, an investment recommendation, or an offer to buy or sell any security. Investing involves risk.
#retirementplanning #retirementhealthcareplanning #magi #reducingrisk #longtermcare #retirement #healthcaresubsity

[@DougASAP]

Good stuff! I feel so lucky to have retired at 50 with (partial) retiree medical insurance benefits!

[@charleshughes2487]

Step four 1) allocation 2) income and tax planning / health care 1) identify choices ( take money pay taxes on it );401k / IRA in taxable accounts - high level view substantial long term challenge - average cost for couple retiring before 69 / $24,000,%health care / ways to keep premiums down / l…..

[@OakHarvestFinancialGroup]

Thanks for watching!

[@jmb-cm7mr]

My husband just retired 3 wks ago he gets medical insurance from his employer for the same cost as when he was working it also covers me and when we go on Medicare the cost of medicare part B will be reimbursed back to us.

[@jw4849]

Where do you like to see clients number for their probability of success? anything to low or if too high should they look at making spending adjustments?

[@OakHarvestFinancialGroup]

Monte Carlo analysis is just a snapshot in time and things can change quickly. Nothing is guaranteed. But generally speaking, the lower the number the more closely the plan should be monitored. Personally, as long as we have the Retirement Success Plan in place and we are monitoring the plan progress, we would be pretty comfortable with someone retiring with a score of 75 and above. We would just have to have more frequent reviews with that client.

[@charleshughes2487]

Strategically / cut subscriptions / don’t go out to eat 😮

[@OakHarvestFinancialGroup]

Hey Charles! Thanks for watching and sharing your thoughts!

[@charleshughes2487]

Health care : long term care costs ( both needing at same time is not in the plans ) customized financial plan ….think through …