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Which Pocket is Your Money In?

Where should we put our money? When we are on vacation, we tend to take higher amounts of cash with us. But to minimize the risk of losing it, we keep some in our wallet, maybe in our spouse’s and even some may be hidden in pockets of the suitcase. We diversify our vacation money.

When you were setting up your portfolio of investments and insurance policies, did you add long-term care insurance? You did? You are a forward thinker! If you didn’t then you have elected to self-insure and maybe without even realizing it.

Long-term care expenses may be the most costly risk to successfully achieving your retirement and legacy goals (i.e. not to run our of money and leave a legacy to your children/grandchildren). Many have decided to put off making a plan for how to pay the expenses of long-term care. Since most people have not purchased long-term care insurance they will have to decide which asset to use 1st, 2nd, 3rd, etc. to pay for care.

Many people think it may be too late for them to purchase insurance because of age, health issues or the premiums may be too high. That may be true, but you don’t know until you ask us if you can qualify. It’s to your benefit to consider the advantages of diversifying your risk by placing some of your “emergency bucket money” into 2 different pockets- one for now and one for later! The “later pocket” can utilize the miracle of leverage with an insurance policy and create a bucket of money 4 times bigger

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