Financial Planners

Learn the Questions You Should be Asking Your Financial Planner

The Importance of Financial Planning

Whether you’re planning far ahead or for the immediate future, long-term care expenses must be a major component of your financial planning.


Americans are living longer, and Baby Boomers are expected to spend more years in retirement than any generation ever has. But with this longevity comes significant implications: there is an increasing likelihood that long-term care will be necessary. A senior who lives past 100, for example, could potentially need a decade or more of care.


A recent study by Lincoln Financial found that seniors and their families who experience an unplanned need for senior care will spend down their savings up to 3x faster than expected. 


Despite this, families often avoid discussing long-term care expenses: it’s a difficult topic that many prefer to avoid.


Planning for long-term care needs and expenses should start early: many financial advisors agree that 50 is the right age to begin the discussion. It’s also important to make sure that critical legal documents are in order, such as a durable power of attorney, a will, and a healthcare proxy.

Long-Term Care Expenses Must Be Addressed in Your Financial or Retirement Plan

You should be asking questions like these:

  • How many people have you helped qualify for Medicaid?
  • How many people have you helped apply for VA Aid and Attendance benefits?
  • How many times in the past month have you talked to a care community or in-home care agency for a client?

If your financial advisor is unable to answer these questions with confidence, it may be time to find a planner who can.

Learn the Questions You Should be Asking Your Financial Planner

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