Month: July 2021

How Long Should You Save Important Documents?

The Bird’s Eye View:

Clients often ask us how long they need to keep important documents on file. Today, we’re sharing a checklist of what you need to save and why.

 

Your Guide:

On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re sharing how long you need to keep documents on hand and why.

First, you should create different categories – such as tax documents, health care, legal, assets and debt and other documents – and make a process that works best for you.

Tax documents

You never mess with any government agency that has three letters. For the IRS, you need to keep at least three years of state and federal income tax returns and all your supporting documentation.

If you live in California, you need to keep them longer than three years. In other cases, there are some tax documents you may need to keep for six or seven years, which we detail in the podcast.

Health care

If you’re on Medicare, you’ll want to keep your summary notices for at least a year or until the bill is paid in full. If you’re in an employer drug plan, keep your annual notice of credible coverage. You’ll need that if you’re on Part D at a later time.

Legal

You definitely want a copy of your Social Security card, birth certificate and passport. If you have an estate plan, you want a digital copy in a PDF. You also want to save marriage certificates and military discharge papers.

Listen to the full episode or use the timestamps below to find specific segments.

[7:15] – Taxes

[8:54] – Health care

[9:54] – Legal

[11:13] – Assets and debts

[12:55] – Other documents

Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.

Download the free PDF: What Documents Should I Keep on File

 

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact

Long Term Care Solutions

The Bird’s Eye View:

Today, we’re talking nuts and bolts of financial planning and long-term care solutions. Not many people like to discuss this topic, but it’s important to be prepared.

 

Your Guide:

On this episode of Your Retirement Elevated podcast with Scott Dougan, we’re exploring long-term health care. What is it and what are your options?

There are three main categories of long-term care, but first let’s discuss what it is. It could be someone who is sick, goes to a rehab hospital and goes home. You may have people coming into your home part time or full time. Assisted living and nursing homes are also long-term care.

To quantify the costs, you have to look at the levels of care that are offered. It’s less expensive to have someone come into your home for a few hours, but it’s more expensive to live in a private nursing home with a private room. That can be six figures a year in some places.

We have software that can help calculate your costs based on what you might need.

It’s uncommon in society that people have the resources to self-fund long-term care. It’s more common with families that we serve, because they have been great savers. They have financial resources that can help them weather that storm.

People often go through these things with their parents, and they don’t want their children to shoulder the same burden.

Traditional long-term care insurance has decreased in popularity over the years, partly because premiums have increased. Most of our clients don’t have it, or if they do, they got it before they came to us.

Hybrid solutions are where things are headed. You use other types of insurance products, such as annuity or life insurance strategies. Another option is a life insurance retirement plan.

Listen to the full episode or use the timestamps below to find specific segments.

[3:55] – What is long-term care?

[8:20] – Self-insure?

[10:43] – Traditional insurance and hybrids

[16:13] – Life insurance retirement plan

[19:23] – Recap

Thanks for checking out the Your Retirement Elevated Podcast. We’ll talk to you again on the next show.

 

Your Guide:

Home Insight About Scott

Scott Dougan, RFC, Investment Advisor – Contact