Houston, TX - August 02, 2024 - As retirees face increasing concerns about the high costs of long-term care and the potential depletion of their savings, RetireVest Financial Solutions, LLC is addressing these challenges by launching its new asset-based long-term care plans. These plans provide retirees sustainable income, protected growth, and comprehensive long-term care coverage.
The new asset-based long-term care plans are designed to address the rising costs of long-term care and ensure financial security for retirees. In today’s volatile financial landscape, retirees face the challenge of preserving their savings while covering potential long-term care expenses. RetireVest’s approach emphasizes safety-first strategies that focus on sustainable income and protected growth.
Justin D. Merritt, the owner of RetireVest Financial Solutions, brings over 23 years of experience in the financial planning industry. He holds a bachelor’s degree in Financial Planning from Franklin University and the Chartered Financial Consultant (ChFC®) and Certification for Long-Term Care (CLTC) designations. Justin’s dedication to helping clients navigate retirement with safety-first strategies began in 2003 when he witnessed the emotional distress of a retiring couple that lost nearly half of their retirement savings during the dot-com bubble. Since then, he has dedicated his career to assisting individuals in securing their financial futures with integrity and expertise.
What Is Asset-Based Long-Term Care?
Asset-based long-term care insurance combines life insurance and annuities with long-term care benefits. Unlike traditional policies, this innovative approach allows retirees to leverage their death benefits for extended care costs. If long-term care is not needed, the full death benefit is paid out to beneficiaries, ensuring that policyholders' assets are protected.
Justin explains the concept: "Asset-based long-term care insurance allows you to accelerate your death benefit payout to cover extended care costs. If you stay healthy and don't require long-term care, the entire death benefit is paid to your beneficiaries."
How It Works
RetireVest's asset-based long-term care insurance comes in two forms: permanent life insurance and annuities. Both offer living benefits, meaning they provide payouts during the policyholder's lifetime. Permanent life insurance accumulates cash value over time, while annuities pay premiums back to the policyholder when long-term care is needed.
These policies usually require an upfront premium payment, which can be funded using various assets such as savings, retirement accounts, or home equity. Monthly premium options are also available, providing flexibility similar to traditional long-term care insurance.
Benefits and Considerations
Asset-based long-term care insurance offers several advantages:
- Guaranteed Payout: Either long-term care benefits or a death benefit is assured.
- Tax-Free Benefits: Long-term care payouts are tax-free when used for care expenses.
- Flexibility: Policyholders can fund their plans using a variety of assets.
However, there are considerations:
- Cost: These plans can be more expensive than traditional long-term care insurance.
- Benefit Caps: Benefits are typically capped, which may leave a funding gap if care costs exceed the benefit amount.
RetireVest Financial Solutions emphasizes that "finance is about people." Thus, the firm focuses on creating retirement strategies that prioritize individuals' needs and ensure their financial well-being. With years of experience and expertise, RetireVest has built a reputation for delivering unbiased financial guidance, helping clients navigate the complexities of retirement planning.
For more information about RetireVest Financial Solutions and its new asset-based long-term care plans, visit www.retirevestfinancial.com.
About RetireVest Financial Solutions
Founded with a commitment to helping individuals achieve a secure retirement, RetireVest Financial Solutions provides a range of services including retirement income planning, asset protection, and long-term care solutions. The firm's safety-first approach ensures that clients can enjoy their retirement years free from financial worries.
Disclaimer: This press release may contain forward-looking statements. Forward-looking statements describe future expectations, plans, results, or strategies (including product offerings, regulatory plans and business plans) and may change without notice. You are cautioned that such statements are subject to a multitude of risks and uncertainties that could cause future circumstances, events, or results to differ materially from those projected in the forward-looking statements, including the risks that actual results may differ materially from those projected in the forward-looking statements.
Media Contact
Company Name: RetireVest Finanial Solutions, LLC.
Contact Person: Justin D. Merritt
Email: Send Email
Phone: 832-593-2787
Country: United States
Website: https://www.RetireVestFinancial.com/
