The 60 Second Retirement Plan

While no one plan fits every situation – and you should certainly spend more than a minute formulating an actual plan – the hardest part about anything is getting started.

If this motivates you to take your first step, its worth it.

1) Lower your expenses. Don’t let your upkeep be your downfall. Get rid of debt. If you plan to downsize, do it sooner than later. Don’t bum out about downsizing. Even if you’re rich, “simpler” is better and you’ll likely be happier anyway.

2) Use “guaranteed” income to cover BASIC living expenses. This will keep you from blowing your nest-egg on groceries. There are basically three types of guaranteed income: social security, pensions, and annuities. Figure out your basic bills, and pay as many of them as possible using guaranteed income.

3) Protect against healthcare costs. Attend a Medicare “educational event” and learn how Medicare actually works. Medicare educational events are free and presenters aren’t permitted to try and sell you anything.

4) Plan for “extended” or “long-term” care expenses. Who really loves you and would drop everything they were doing to take care of you? Without a plan this is the person who ends up getting hurt the most! Learn about “asset based” long-term care policies. Underwriting is easier and heirs can get your money back if you don’t use the coverage.

5) Protect against inflation. If you follow STEP 2 and cover your BASIC expenses with guaranteed income, you can leave more of your nest-egg in growth mode. This affords you a critical hedge to protect against inflation over time.

6) Study and focus on fulfillment. It’s not only how long you live, but how well you live. Stay productive. Keep learning. Keep experiencing. Be grateful. Make the most of each day and don’t become a curmudgeon. Set an example and age with grace.

Questions, thoughts, comments? You can reach me directly here or by posting a comment below.

Here’s wishing you a secure and happy retirement!

If you were sick or disabled, who would drop everything they were doing to take care of you?

I recently wrote a sales letter for the agency about the need to plan for “extended” or long term care insurance.  When it comes to the issue of planning for extended care, many people experience a disconnect.  In sum, they believe they have nothing to fear because they think subconsciously, “It will never happen to me.”

The biggest risk from the dismissal of such planning is not so much about what happens to the sick or impaired individual. Rather, it is the fallout that occurs to those who are forced to step up to help the sick or impaired individual. And, who usually steps up? Those closest to us such as a spouse, a partner, a child, a lifelong friend. 

Below is the text from the marketing letter I wrote. I would love to hear your feedback. You can reach me through the comment section below or contact me directly, through this site’s contact page.

Here is the copy of the letter,

If you were sick or disabled, who would drop everything they were doing to take care of you?

If you could no longer care for yourself, who would be the first to make sure you received the care you need? Would it be your spouse? A partner? A sibling? A child? A lifelong friend?

Whoever it would be, it is someone who cares deeply about you. But, without a plan for the possibility of extended or “long term” care,  it is this person who may have the most to lose.

By starting a family, we invite people into our lives. Along with this invitation, comes a promise to provide for and keep our loved ones safe. Such promises last a lifetime, even into our elderly years.

The commitment to protect loved ones is human nature. It stems from a core belief that we can rise to meet life’s challenges with confidence. However, if we dismiss the need to plan by thinking “It will never happen to me”, we leave our promises to chance. Those we once said would take care of, may face the burden of taking care of us.

If we ever really needed help, certain of our loved ones would likely do whatever it takes to get us the care we need. Some would overcome any obstacle, make any sacrifice, and even put their lives on hold.

But, at what cost?

As a long-term illness or impairment progresses, higher and higher levels of care are required. If you have a surviving spouse, the burden for care will generally first fall on his or her shoulders.

-Spouses faced with the increasing demands of providing care for a partner often suffer irreversible physical, emotional, and financial consequences.

-In families with multiple children – especially as the healthy spouse begins to waver under the weight of providing unending care – frequently one child ends up taking on most of the burden to assist the healthy parent.Over time, this imbalance can cause friction among siblings. This often leads to future resentment and division in families.

-Due to the 24/7 demand for care, the child of a parent in need may be left with no choice but to set aside his or her life. Thereby, impacting his or her career, relationship with spouse, relationships with children, involvement in the community, personal pursuits, and more.

-The enormous cost of providing extended care frequently demands a reallocation of retirement income and may force an intrusion into underlying retirement assets. Such intrusions can undermine the future financial stability of a surviving spouse, special needs child, legacy planning, or charitable giving.

-Advances in medicine now allow people with chronic conditions to live longer than ever. While generally good news, for those who have no option but to put aside their lives to provide care, this can prove a source of increasing stress.

It doesn’t have to be this way.

You can help protect the people you love by putting together a plan before care is needed. The goal of the plan should be threefold.

1) For as long as possible, allow you to gain access to the care you need at home with minimal physical, emotional, and financial impact on the people who care about you.

2) Instead of having family members provide care directly, empower family members to hire and coordinate professionals to provide your care.

3) Where suitable, seek to mitigate the cost of providing care through the leverage of long term care insurance. Plans may be available which provide essentially a ‘return of premium’ to heirs should you end up not needing care.

Every person’s situation is different and there is no one-sized plan that fits all. At McCarthy Stevenot Agency, Inc. we have been guiding businesses and individuals with insurance needs for over 25 years.

To learn more about how to create and fund a plan to protect the people you love from the risks associated with extended care, contact our agency at this link.

Here is wishing you the strength to stay the course and deliver fully on the promise to protect those who are the most important in your life!



Ted Stevenot
McCarthy Stevenot Agency, Inc.

209 Main St., Milford, OH 45150 | Phone: 513-891-9888 | Fax: 513-891-3088 |