Stephen Ng, CLU, ChFC, CEP Founder of Stephen Ng Financial Group, On the Influential Entrepreneurs Podcast – Understanding Long-Term Care to Leverage Retirement Wealth

Stephen Ng discusses long-term care considerations: maximizing retirement wealth and security.

Listen to the interview on the Business Innovators Radio Network:

Long-term care insurance is often viewed as expensive, but there are ways to structure it to make it more affordable. One strategy is to consider options with riders that provide additional benefits if long-term care is not needed. For example, with a fixed annuity or a life insurance policy with a long-term care rider, any unused funds can be passed on to beneficiaries, unlike a pure long-term care policy where premiums are paid to the insurance company.

Incorporating long-term care into a retirement and financial plan is crucial to protect against the depletion of retirement assets. Long-term care insurance strategies are designed to help individuals protect their wealth and assets in the event of needing long-term care services. Planning early is key, as the costs of long-term care can be significant and are expected to increase each year. For example, the average cost of long-term care nationwide is around $100,000 yearly and is projected to increase by 8% each year.

Different types of long-term care, such as dementia care, can be even more expensive than traditional long-term care services. It is important to consider these factors when planning for long-term care costs and to work with a financial advisor to create a plan that meets individual needs and circumstances.

In conclusion, planning for long-term care costs is a critical aspect of retirement planning. By exploring different strategies, understanding potential costs, and working with a financial advisor, individuals can create a comprehensive plan that ensures they are prepared for any long-term care needs that may arise in the future.

It is essential to plan early and consider all factors to protect retirement assets and ensure financial security in the later years of life.

Stephen shared: “We help clients to grow, protect, and leverage their wealth. “


About Stephen Ng

Stephen Ng, whom you may have seen in NBC, Forbes, Wall Street Journal, U.S. News and World Report, New York Daily News, and others. He has also been interviewed by Fox TV and Christian Television Network. Stephen is the Author of “10 Financial Mistakes You Should Avoid” which has been a wonderful resource for many of his clients. All of the proceeds from the book sales go to benefit World Vision International. Stephen is also the Founder and President of Stephen Ng Financial Group.

Stephen is married, has 3 children, and resides in New Jersey and Florida. Stephen is a warm and passionate communicator who loves to share his financial wisdom and insights. He served as a Deacon at Trust In God Baptist Church in New York City and was the Chairman of the Board from 2008 to 2016. Currently, he serves as a trustee for Doxa Church in New York City. Stephen attends Bell Shoals Church, in Brandon, Florida. He loves to travel and frequently speaks internationally during mission trips with his church.

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The views expressed are not necessarily the opinion of Stephen NG, and should not be construed directly or indirectly, as an offer to buy or sell any securities or services mentioned herein. Investing is subject to risks including loss of principal invested. Past performance is not a guarantee of future results. No strategy can assure a profit nor protect against loss. Please note that individual situations can vary. Therefore, the information should only be relied upon when coordinated with individual professional advice.
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