Long Term Care Insurance Expert | Honey Leveen | Houston, TX

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Archives for August 2018

Affluent Retirees Won’t Spend Their Money!

August 22, 2018 by Honey Leveen Leave a Comment

Money in shape of heartAffluent people often tell me they don’t need long-term care insurance (LTCi). They’ll self-insure, instead. This is contrary to my experience.

Traditional retirement planning typically calls for a gradual drawing down of savings to produce retirement income. Contrary to this long-held belief, a recent study published by Employee Benefit Research Institute (ERBI) proves otherwise. In fact, affluent retirees do not want to spend their money!

As illogical as it sounds, this is a point I have been writing about for years. Retirees find great comfort in the size of their nest egg and there is too much uncertainty in their future.

ERBI’s new study shows affluent retirees (with over $500,000 in non-housing savings) had only spent down 11.8 percent of their savings within the first twenty years of retirement. This is far less than projected. In fact about one-third of sampled retirees increased their assets over that period.

Relaxing About the Future

My strong opinion, based on nearly 30 years of client observation, is this: LTC insurance ownership releases people from an ever-present gray storm cloud of a possible LTC need looming on the horizon. The gray cloud grows ever larger with each passing year. Let’s call it the LTC Storm Cloud. It’s caused by fear of an unexpected, unplanned for, possibly catastrophically expensive “Spending Shock“, caused by a chronic long term care need.

An AHIP study released in 2014 (email me at honey@honeyleveen.com for the actual study) confirms LTC insurance owners get 35% more hours of care, as well as many additional advantages, such as increased independence and dignity, decreased financial stress, higher quality family relationships, and the list goes on.

The reason LTC insurance owners obtain more care is because they’re not paying for it out of their income or savings.

I see people denying their true need for care all the time. Often, it’s because they have the money for it, but just don’t want to spend it. They’re afraid of losing their wealth. Don’t let this happen to you!

When you’re ready to get some peace of mind about your future needs, click here to receive a no-obligation quote for your personal LTCi policy.

 

Filed Under: Helpful Information About LTC, I'll Just Self-Insure, Information About LTC, Misinformation About LTC, Uncategorized

Who Will Take Care of You When You’re Older? Probably Not Your Kids

August 8, 2018 by Honey Leveen Leave a Comment

In 1850, it was common for families to have anywhere from 6-9 children! A driving incentive was that, “… children were considered an economic asset: with enough kids, parents could rest assured that at least some would survive and care for them in old age.” (Quartz, Oct. 11, 2017) You can see in this chart from Quartz (from the US Census) that parents had fewer and fewer children with each passing decade.

This steady decline of US birthrates has continued. There’s been lots of news on this recently. The New York Times recently had professional survey firm, Morning Consult, conduct a new poll of young adults to determine why they are having fewer children. They surveyed over 1,800 men and women, ages 20-45. What they found was that in 2017, the number of births in the US birth was at its lowest number in 30 years. And down a full 2% from 2016.

 

Why Are We Having Fewer Children?

As in decades past, it’s still a financially-based decision. While our ancestors saw children as an economic asset, they are now more of an economic burden. The rising cost of childcare was the top-rated explanation for scaling back on family size, as reported in this Fortune article (July 6, 2018).

Other reasons included the desire to spend more time with their existing children. Many others had fears about the country’s economic instability. It’s hard to plan for the future needs of their children over the next 20 years when their current finances no longer feel secure.

Fewer Children Means Fewer Caregivers

If we were still living in large families, there would be plenty of hands available to take care of everyone. From the babies through the great-grandparents. In 2018, however, our family size has shrunk considerably. There are fewer family members available to provide the daily care.

Who is going to take care of you when you need more help? The numbers tell us that it is unrealistic to depend on our kids.

If you’re ready to get some peace of mind over your future long term care needs, click here for your free, no-obligation quote for long term care insurance.

Filed Under: Uncategorized

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Phone: 713-988-4671
Fax: 281-829-7177

Email: honey@honeyleveen.com

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Open Quotation Mark"Honey - Whenever I need a clarification regarding our “LTC” you are “Johnny on the spot” responding in a very prompt manner, reassuring me, informing me in a concise way, patient with me as I massage the understanding in my own words. Your knowledge is current and expressed with confidence, offered in your conscientious and upbeat personality. Quotation Mark ClosedIt is a pleasure to work with you. Thank you for your expertise." ~ Nancy Damon, Houston, TX
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Honey Leveen, LUTCF, CLTC, LTCP
“The Queen, by Self-Proclamation, of Long-Term Care Insurance (LTCi)”
404 Royal Bonnet
Ft. Myers, FL 33908

Phone: 713-988-4671
Fax: 281-829-7177

Email: honey@honeyleveen.com

Email: honey@honeyleveen.com

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