People are living longer than ever before as longevity past the age of 60 is one of the greatest achievements of our modern era. According to the United Nations database, from 1980 to 2017, the number of people in the world that live to be 60 years old or over has more than doubled – from 382 million to 962 million. And, by 2030, it is projected to grow to 1.4 billion.
That is a significant social transformation and many retirees are not adequately prepared for the increased challenges and expenses they will face during those extra years – including making sure that one doesn’t outlive their money, increased cost of living expenses and rising healthcare costs.
That’s why at M.J. Smith and Associates, we feel it is extremely important to help our clients have a long-term financial portfolio that helps individuals and their families into retirement and beyond. As comprehensive wealth managers, one of the ways we do this is through partnering with various organizations and experts – including Broadspire® Care Management– which is now part of Raymond James longevity offerings.
As a national company, Broadspire Care Management aids customers in planning for the largest financial factors in retirement including housing and healthcare. With its network of in-state care managers, Broadspire will assess, recommend and facilitate strategies for clients wishing to stay at home as they age or if they need alternative care – including minor home modifications or finding various housing arrangements. Their services include:
- Protecting the best interests of elderly, disabled and chronically ill. The care managers work with clients to evaluate current and future needs, act as an advocate within the healthcare and social services system, and coordinate care while protecting assets.
- Being there when family cannot. Broadspire has care managers across the country that are able to help when elderly parents live in a different city or state – including helping find facilities, care givers, etc. They can interview and screen in-home caregivers or hire contractors for home modification.
- Home Assessments. Broadspire can help do a home assessment and guide individuals on navigating the best option for them – including aging in place or long-term care.
The Raymond James Trust department can work with you to help ensure that your retirement needs are met (or will be met) through Broadspire. For example, clients that already have named Raymond James as a corporate trustee can look at options to state it is their wish that Raymond James Trust uses Broadspire if services are applicable; or if they are already using Broadspire, clients can request that Broadspire Care Management is continued at the time Raymond James Trust becomes a trustee.
At M.J. Smith, we believe that doing what’s best for our clients means helping them in all aspects of life – and that includes retirement. With so many factors affecting clients’ financial well-being in retirement, we can help provide guidance, resources and referrals to help our clients address new challenges that they, or their family members, may experience after retirement.
If you are interested in M.J. Smith reviewing your portfolio and/or discussing retirements options with you, including how Broadspire Care Management can fit into your plan, please contact us today and we’d be happy to walk you through all your options as well as help connect you with one of our outside experts.
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