Access New Jersey with Eric Scott: Safeguarding Your Retirement Against Unexpected Illness

You have saved your whole life for retirement, but what if you or a family member were to get sick? Nothing destroys wealth like an unexpected illness —but it doesn’t have to.

I recently had the chance to sit down with Chris Lester, President and CEO of Professional Planning Services, to talk about how to safeguard your retirement in the event of a serious illness.

“When I am educating people about extended care,” Chis says, “I ask them two things: If you got sick, where would you want to be cared for: at home or in a facility? How would you pay for it?”

Consider this: The average cost of extended care is approximately $500,000. If you were to deduct that cost from what you have saved for retirement, what would be left?

Chris specializes in planning for just such unfortunate circumstances.

“Traditional long-term care insurance carries a negative stigma,” Chris acknowledges. He says many who looked into it years ago, rejected it as too expensive and not practical.

There are, however, many more options available today that allow you to leverage existing assets into future coverage. If you don’t ever need it, you don’t lose those current assets. Among the alternatives to traditional extended-care policies include what’s known as “asset based LTC.”

Chris says, “This is really a key opportunity for folks that have their savings in 401k's, 403b's or IRA's. The funds went into those accounts tax deferred and can be structured to come out tax free.”

If you are a federal or state employee, you may qualify for a special benefit under the 2006 federal Pension Protection Act.

“The government allows existing annuity contracts in a 1035 exchange for extended care coverage,” Chris says, “They can even be guaranteed issued.”

The bottom line is that you have options to protect yourself, your spouse and your family from the devastating financial impact of an extended illness.

Chris will be hosting a series of educational events in New Jersey from May 31 through June 17. They are free to attend, but you do need to reserve your space.

You owe it to your family to hear what Chris has to say. I've known him for many years — he's a U.S. Navy veteran and a true Jersey guy who knows the struggles of Garden State families. You won’t be sold anything, but you will learn things you didn’t know and some solid ways to safeguard all you have worked so hard for.

Tax Free Benefits for Long Term Care in a Post COVID World

May 31st - 6:30pm at Mercer County Conference Center - REGISTER

June 14th - 6:30pm at Rutgers Business School, New Brunswick, NJ - REGISTER

June 17th - 9:00am at Rutgers Business School, New Brunswick, NJ - REGISTER

Investment advisory services offered through Brookstone Wealth Advisors, LLC (BWA), a registered investment advisor and an affiliate of Brookstone Capital Management, LLC. BWA and Professional Planning Services are independent of each other. Insurance products and services are not offered through BWA but are offered and sold through individually licensed and appointed agents.