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Upcoming Webinar (July 26th): Retirement Plan Basics

Learn how to prepare for retirement by learning the basics of your retirement plan. Why save in your retirement plan? How to invest in your retirement plan? What to do with your retirement plan after you retire? Get these questions answered and more.

Come join the conversation with Tina Schackman, CFA®, CFP® and Keith Johnson, CFP® of BFSG.

Register today for this important discussion! Click here to register.

BFSG Ranked in Financial Advisor’s (FA) Magazine for a 3rd consecutive year

Benefit Financial Services Group (BFSG), a multi-faceted registered investment advisory (RIA) firm serving both institutional and individual clients, is pleased to announce it has been ranked for the third consecutive year in Financial Advisor’s (FA) magazine.

“We are thrilled to be counted among the nationally ranked Registered Investment Adviser’s by FA
Magazine
for a 3rd year in a row,” said Michael Allbee, a principal of BFSG. “Current market volatility is
unsettling, but I know our team of professionals is working hard every day and fulfilling our mission of
striving to always put our clients’ interest first. Honesty, integrity, transparency, and excellence
comprise our core principles. We are gratified that so many of our clients continue to place their
confidence in us and appreciate that together we are getting through this very difficult period.”

Read here for the press release.

Disclaimer: Awards and recognitions by unaffiliated rating services, companies, and/or publications
should not be construed by a client or prospective client as a guarantee that he/she will experience a
certain level of results if the Firm is engaged, or continues to be engaged, to provide investment advisory
services; nor should they be construed as a current or past endorsement of the Firm or its representatives
by any of its clients. Rankings published by magazines and others are generally based exclusively on
information prepared and/or submitted by the recognized adviser. The Firm did not pay a fee for
inclusion on this list.

Golden Years: A Primer on Long-Term Care Insurance

By:  Henry VanBuskirk, CFP®, Wealth Manager

A goal that many Americans have when approaching retirement is finding that “forever home” to enjoy their golden years in. When a loved one does pass away, they typically want to pass away in their own home. One of the main expenses that occurs during retirement is healthcare and this is typically an expense that increases with age. 

A big culprit of this increasing expense is the need for long-term care coverage that is generally not accounted for in a personal financial plan. Many Americans believe that Medicare can cover this expense, however this is not the case. Statistically, you are likely to need Long-Term Care Insurance at some point in your life. Not accounting for this type of coverage can mean that your “forever home” could turn into a “temporary home”, that could mean you would be spending your “twilight years” in a nursing home. Fortunately, there are ways to help mitigate or eliminate this threat from your financial plan so that you can live out your golden years in your own home.

What can Long-Term Care Insurance cover? Long-Term Care Insurance can help cover qualified medical expenses that would be incurred by a person who is not able to do at least 2 of the 6 activities of daily living (ADLs) which include:

  1. Bathing
  2. Dressing
  3. Grooming
  4. Toileting
  5. Transferring from bed to chair
  6. Feeding oneself

You can imagine that if you aren’t able to do at least 2 of those 6 items, that you would need a healthcare worker or family member to help you with most everything for the remainder of your life. If you have a family member that would be willing to do those tasks for the remainder of your life, then more power to that family member. Even if you have a family member, you could still run the risk of having that family member who is 5’2” and 120 pounds, trying to help someone who is 6’4” and 300 pounds and not being even able do those tasks. If you would rather pay someone to do those tasks, then the cost for staying in your own home is not cheap. In 2030, the expected monthly cost is $7,986 for in-home care for an average American.

Two options that Americans have so that they can stay in their home even when a long-term care need arises are:

  1. Have enough money saved up so that this monthly cost wouldn’t be a concern. However, a good majority of people cannot afford an extra monthly expense of $7,986 for years. This would be considered “Self-Insuring”. If you can afford it, great. If not, you’ll have to sell personal assets to meet this need.
  2. Buy a long-term care insurance policy to cover some or all the cost that would arise during a long-term care need.
    • If you cannot do at least 2 of the 6 activities of daily living (as confirmed by your physician), then you may be able to receive a tax-free benefit from the policy for a stated number of years.
    • The payments would be received in the form of a reimbursement or an indemnity. A reimbursement policy would only pay out the actual cost of the care, while an indemnity policy would pay a stated maximum daily or monthly benefit.

Many readers would believe that Option 2 sounds good, but one shouldn’t be quick to jump to conclusions. Purchasing long-term care insurance can be expensive, usually costing $8,000 – $12,000 per year for adequate coverage. That cost generally also increases during the life of the policy and there is a chance that you’ll never need long-term care anyway. 

Our team is available to discuss this in further depth if you have any questions and to evaluate if long-term care insurance makes sense for your current situation.

Disclosure: BFSG does not make any representations or warranties as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party, whether linked to BFSG’s website or blog or incorporated herein and takes no responsibility for any such content. All such information is provided solely for convenience purposes only and all users thereof should be guided accordingly. Please remember that different types of investments involve varying degrees of risk, and there can be no assurance that the future performance of any specific investment or investment strategy (including those undertaken or recommended by Company), will be profitable or equal any historical performance level(s). Please see important disclosure information here.

Upcoming Webinar (July 19th): Planning For Loved Ones

Caring for your aging loved ones can be challenging—especially if you are unfamiliar with all the unique challenges and obstacles that come with elder care. Fortunately, BFSG is here to help.

On July 19th at 10 AM PDT, we will discuss the ins and outs of elder care and outline your options with special guest John Clark of Pathfinder Senior Care Consulting.

Register today for this important discussion!

Welcome to the Team – Henry VanBuskirk

Please join us in welcoming Henry VanBuskirk, CFP® to Benefit Financial Services Group. Henry joins BFSG as a Wealth Manager. He will be working with our clients to help them realize their short and long-term goals by delivering personalized financial plans and retirement analysis. Previously, he worked as an Investment Analyst for an advisor in Woodland Hills, CA. Henry graduated from the University of California, Santa Cruz with a bachelor’s degree in Mathematics and from California Lutheran University with a Master’s degree in Business Administration. He is a CERTIFIED FINANCIAL PLANNER™ professional. We are looking forward to the positive impact he is going to make at BFSG and for our clients. Welcome Henry!