This is what I wrote for the the tutor:This is the presentation given by speaker and I’m require to write 2 papers as a report about it.Please try to summarize it in 2 papers.The powerpoint attached
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Investment Advisor Representative
TRANSAMERICA FINANCIAL ADEVISORS, INC.
Responsibility & Wealth Risk
Live too long!
No Edu Expense
Not Enough $aving
Die too soon!
Whats The Solution?
EF Emergency Funds
EDU Education Funds
RET Retirement Funds
LTC Long Term Care
RE/BIZ Real Estates &
MF Mutual Funds
(Sector Oriented Investment)
EDU RET INS LTC
*** TAX BENEFITS ***
Financial Need = COA EFC
Cost of Attendance (COA)
Expected Family Contribution (EFC)
Assets & Income
Assets & Income
A Real Case Study
AGI matters: $310,000(GI) => $220,000(AGI)
Asset allocation matters: Exposed 200K => Non-Exposed
Cost of Attendance:
+ Other Fee
+ Work Eligibility
The parents only need to pay: $64,047 – $37,000 = $27,047
Out of pocket education expense
Now the Social Security system is facing serious financial problems,
and action is needed soon
Without changes, in 2033 the Social Security Trust Fund will be able to pay
only about 77cents for each dollar of scheduled benefits.
Social Security was never intended to be your only source of income
when you retire. You also will need other savings, investments,
pensions or retirement accounts to make sure you have enough money
to live comfortably when you retire.
Medical Tech. / Longevity
Social Security as Major Source of Retirement Income!
>50% of Americans Will Retire Broke!
Why Arent Americans Saving for Retirement!
Americans Regret Not Saving for Retirement!
Aim to Have Saved for Retirement at Age Points:
By age 30 – aim to save 1x your salary.
By age 35 – aim to save 2x your salary.
By age 40 – aim to save 3x your salary.
By age 45 – aim to save 4x your salary.
By age 50 – aim to save 5x your salary.
By age 55 – aim to save 7x your salary.
By age 60 – aim to save 8x your salary.
By age 67 – aim to save 10x your salary.
Source: Fidelity Investments
Invest in Mutual
Floor & Cap
Provide Life Protection
Invest in Bonds
Insurances are upgradeable
Insurances are upgradeable like cellphones!
Asset Allocations by Safety & Risk
A Challenge & Health Risk for Everyone!
Long-Term Care Help To Perform Necessary
Activities of Daily Living(ADLs).
? Unable to perform 2 of 6 ADLs.
??????: ??,??,??, ??,
? Cognitively Impaired, Dementia,
Alzheimers Or Even Mental &
Nervous Disorders. ????,??
For internal use only
Major Auto Accident
Receiving LTC Between Ages 18 & 65
Needing LTC for Age 65 & Above
*Unable To Stay Independent
*Early Cognitive Impairment
*First ADL Loss(es),
(Bathing, Continence, Dressing, Eating, Toileting, Transferring)
Long-Term Care Costs of New Jersey
Type of Services
Home Health Aide
Adult Day Health Care
Assisted Living Facility
(One Bedroom Single
(Source of Data – Genworth 2015 Cost of Care Survey)
LTC Cost Increase from 2016 to 2017:
Benefits: $9.2 Billions (Increased 6.4%)!
People on Claims: 295,000 (Increased 5.4% or 15,000)!
Number of Insureds: 7.2 Millions!
Average of Claims: $119,000!
Source: American Association for Long-Term Care Insurance
2/3 are female.
Average age – 57.
1/3 over age 65.
Families have a more difficult time in providing care today.
* Info from www.kfeducation.com
WOMEN ARE … :
2X as likely to file LTC claims!
Majority of nursing home & assisted living
2X as likely to exceed a 3-year
More likely to be on a LTC claim longer.
Women Live Longer!
Super Rich People
People with Caring Children
Super Poor People
Top 10% Income 55.1%
Middle 50% ~ 90% Income 38.5%
Lower 1% ~ 50% Income 6.5%
Its your life, and you want to live it your way.
? You arent able to care for yourself?
? You face with providing care for a loved
What would that do to the plans youve
No cure for , so no need to plan.
? Im too young to need LTC.
People dont plan to fail; they fail to plan!
Planning ahead always has real benefits for you &
your loved ones.
? Accidents & unfortunate events cause more LTC
needs than chronical illnesses.
* Info from www.longtermcare.org
Medicare will pay for the costs.
Pays 100 days of care with co-pay after 20 days.
?At least 3 consecutive days under treatment in hospital.
?Generally, skilled care only, not covers chronic care.
* Info from www.longtermcare.org
Medicaid will pay for the costs.
Under Medicaid, my home is “exempt.”
Proof of improverishment at time of claim.
? Assets must be less than $2,000.
? 5-Year look-back on assets.
? Options for care may be limited.
Eligibility criteria include a home equity limit.
States recoup LTC expenditures from beneficiary
* Info from www.longtermcare.org
I can self-insure & save enough to cover the costs.
<1/3 of age 50+ Americans have enough saving. ? Even if you have enough saving: ? What asset would you liquidate? ? Will the asset worth what is needed at claim time? ? Will the claim jeopardize your financial security? ? Even if its affordable, is it cost efficient? * Info from www.longtermcare.org * Info from Social Security Administration(2010) What do you have? What do you know about it? If You are stuck in the middle! It will affect your entire family! ASSET PROTECTION Car - Auto Insurance Home - Homeowners Insurance Family - Life Insurance Income - Disability Insurance Health - Medical Insurance Retirement - Long-Term Care Insurance May Help You: ? Protect your financial goals ? Protect your life savings ? Protect the plans youve made Let You Live Your Life Your Way! LTC Stand alone LTC Dont use it. Waste it! Hybrid: Life Ins + LTC Cash Value + LTC + Protection Thank You! ... Purchase answer to see full attachment
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