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Archive : October 2019

How are You Paying for Healthcare Expenses in Retirement?

A recent study from Fidelity found that a newly retired couple at the age of 65 will need about $285,000 to cover healthcare expenses in retirement.

While many of our clients do an excellent job of planning for retirement, the idea of planning for healthcare expenses that high aren’t even on their radar. Most people think their healthcare expenses will be a lot less, but the above statistic is a reality for most.

Metroplex Wealth is passionate about helping you gain traction with a well-rounded estate planning approach that includes planning for healthcare expenses in retirement. Here are a few things to consider as you tackle the issue:

 

Medicare Has Its Limitations

If you’re assuming Medicare will pick up the bill for healthcare expenses in retirement, chances are, it won’t be a holistic approach. For example, Medicare is not equipped to cover the costs of prescription drugs that can be very expensive if it’s lacking the Medicare Part D policy. You’ll also have limitations on vision and dental benefits, depending on the plan. Medicare participants can go into retirement expecting the pay deductibles and out-of-pocket expenses for things not covered.

Options for Pre-Retirees

If you haven’t yet retired and are looking to the future, there are some ways to plan for healthcare expenses and protect your hard-earned assets. For many clients, we recommend taking full advantage of an HSA, or Health Savings Account, because of its tax-deductible contributions, tax-deferred growth, and tax-free withdrawals. Long term care insurance is another great option, but pricey. It will help cover living expenses for extended care without draining your nest egg. Younger couples may get better rates for buying into this program earlier or coupling it with a life insurance policy.

If you’re interested in exploring retirement healthcare planning options that are right for you, call us at Metroplex Wealth in Southlake, Texas today for a consultation.

4 Things You Must Do Before Selecting a Wealth Manager

  • admin
  • October 13, 2019

Selecting a wealth manager shouldn’t be a knee jerk reaction. Don’t select someone just because they come highly recommended by a friend or because they talk a big game. Make sure you find a wealth manager that fits your specific needs and creates an environment where you are able to preserve, protect, and build wealth year-after-year. At Metroplex Wealth in Southlake, Texas, here are 4 things we recommend you must do before selecting a wealth manager:

  1. Evaluate What You Need

Not all wealth managers are created equally and each specializes in something different. Some are heavy on stocks and bonds, while others offer tax preparation and estate planning. Others still, might focus on real estate. Know where the gaps in your long-term financial plan so that you can better assess which wealth manager is the best fit. At the very least, avoid wealth managers who produce cookie-cutter portfolios.

 

  1. Be Mindful of How the Fee Structure

Using a wealth management firm is a wise decision for gaining wealth, but also know that wealth managers do not work for free. Before choosing a wealth management firm, be sure you know how they are paid. Are they commission based? Do they offer a flat fee for their knowledge and expertise?

 

  1. Know Their Communication Style

If someone else is handling your investments, then it’s nice to know they are only a phone call or text away. Choose a wealth manager that is easy to contact, that returns calls promptly, and regularly meets with their clients to re-evaluate their portfolio for optimal production.

 

  1. Look into their Reputation

Checking references, the Better Business Bureau, and online reviews are very important when it comes to understanding how a wealth manager will deal with you and your money. Do not hesitate to do a thorough check before trusting someone with your long-term financial security.

 

Metroplex Wealth is a full-service wealth management firm in Southlake, Texas, specializing in estate planning, wealth management, asset protection, retirement savings, tax planning, and so much more. Give us a call today for a consultation to see if we are the right fit for you.