Cortburg Speaks Retirement
Tune in every Wednesday to "Cortburg Speaks Retirement," your go-to podcast for the latest insights on investing, financial planning, and retirement strategies!
Join Certified Retirement Counselor, Miguel Gonzalez, as he delves into timely investment topics, offers expert advice on money management, and addresses common concerns about navigating the stock market.
Cortburg Speaks Retirement
How to Afford Long-Term Care Without Going Broke | Retirement Planning Tips
Long-term care is one of the biggest threats to your retirement savings—but it doesn’t have to be. In this episode, Certified Retirement Counselor Miguel Gonzalez shares practical, cost-effective strategies to help you prepare for future care without derailing your financial plan.
Cortburg Retirement Advisors is a boutique financial planning firm committed to helping you grow, protect, and preserve your assets from your first job to retirement. We specialize in wealth management, estate and tax planning, group retirement, employee benefits, insurance, and retirement planning to navigate any economic climate.
Miguel Gonzalez, a Retirement Specialist with 20+ years of experience, offers expertise in retirement income planning, investment management, and retirement plan design. With an MBA from Columbia Business School, and professional experience with JP Morgan Chase, Merrill Lynch, and more, Miguel is a trusted advisor for his clients.
Welcome to Cortburg Speaks Retirement Podcast
with Miguel Gonzalez, MBA, AIF®, CPFA®, CRC®
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Welcome to Cortburg Speaks Retirement
An audio podcast about investing in the stock market, financial planning, money management and retirement planning. Each Wednesday, we help investors at all stages of life learn how to potentially grow and preserve their money from first job through retirement.
Now here is your host, Miguel Gonzalez.
Good morning and welcome to the CORTBURG SPEAKS RETIREMENT audio podcast.
This week, let’s talk about something few people want to think about—but many of us will face: Long-term care.
According to the U.S. Department of Health and Human Services, about 70% of people turning 65 today will need some form of long-term care during their lives. The cost of that care—whether it’s home assistance, assisted living, or a nursing facility—can add up quickly and derail even a well-funded retirement plan.
So how do you prepare without sacrificing your savings?
- Understand the Types of Care Long-term care isn’t one-size-fits-all. It includes in-home care, adult day programs, assisted living, and skilled nursing facilities. Each comes with different costs and levels of care. Planning starts with understanding what options exist and what you or your loved ones might prefer.
- Know the Costs In many parts of the U.S., a private room in a nursing home can cost over $100,000 per year. Even home care can run $4,000–$6,000 a month. These costs can quickly deplete retirement assets without a plan in place.
- Consider Long-Term Care Insurance These policies help cover the cost of care and protect your savings. Premiums are lower if you purchase coverage in your 50s or early 60s. Some newer policies even combine life insurance with long-term care benefits, offering flexibility if care is never needed.
- Use a Health Savings Account (HSA) If you’re eligible, an HSA can be a great way to save for future care. Contributions are tax-deductible, and withdrawals for qualified health expenses are tax-free. Funds can accumulate and be used in retirement for long-term care needs.
- Explore Alternatives You might consider setting aside a portion of your portfolio as a self-insurance fund or talking to a financial professional about options like hybrid policies or annuities with care riders. Some families even use irrevocable trusts for Medicaid planning.
In Closing Planning for long-term care may feel uncomfortable—but it’s one of the most important steps you can take to care for your future and your family. Having a plan in place can provide peace of mind—and preserve your financial independence.
This is Miguel Gonzalez, Certified Retirement Counselor (CRC) and Managing Partner, with Cortburg Retirement Advisors signing off for this week’s educational podcast.
DISCLOSURES
CRC conferred by The International Foundation for Retirement Education. Securities offered through LPL Financial. Member FINRA/SIPC.
Investment advice offered through Private Advisor Group, LLC, a registered investment advisor. Private Advisor Group, LLC and Cortburg Retirement Advisors, Inc. are separate entities from LPL Financial.
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual. All information is believed to be from reliable sources; however, LPL Financial makes no representation as to its completeness or accuracy.
Riders are additional guarantee options that are available to an annuity or life insurance contract holder. While some riders are part of an existing contract, many others may carry additional fees, charges and restrictions, and the policy holder should review their contract carefully before purchasing. Guarantees are based on the claims paying ability of the issuing insurance company. (100-LPL)
