Most retirees and pre-retirees plan carefully for income, investments, and taxes — but few stop to ask what would happen if a health event disrupted it all.
A sudden need for care can quietly change even the most well-crafted plan — and your income, independence, and peace of mind can all be affected.
At Richmond Brothers, we believe retirement freedom isn’t just about having enough money — it’s about having a plan that protects your independence, your loved ones, and your peace of mind.
The Overlooked Risk: When Health Affects Income
If a health change requires ongoing care, income may need to stretch further or shift altogether. Traditional long-term care insurance can help, but it’s not always the right fit for everyone — especially for those concerned about paying for coverage they might never use.
That’s where newer, more flexible strategies come in. Some retirement income approaches are designed to provide both protection and potential growth, while also including features that can help offset care costs if they arise.
These integrated income-and-care strategies often combine income planning tools with long-term care protection — allowing you to:
- Help preserve retirement income even if health needs change
- Maintain flexibility in how and where you receive care, including at home
- Reduce the likelihood of burdening loved ones with financial or caregiving strain
The goal is to make sure your income plan is built to last — no matter what the future brings.
Real-Life Example: Planning Ahead for Flexibility
A couple in their early 60s wanted to make sure that if one of them ever needed care, their retirement plan wouldn’t be derailed — or leave the other financially vulnerable.
They decided to dedicate a portion of their assets toward a strategy that could both grow for future income and provide additional benefits for care if ever needed. Twenty years later, when one spouse required assistance, the plan they’d built together helped cover those costs — without draining their nest egg or relying on their children.
That’s the kind of confidence a coordinated income-and-care plan can bring.
Another Perspective: Independence with Protection
A single retiree in her 70s had seen firsthand the challenges friends faced while caring for aging parents. She didn’t want her own children to experience that same emotional or financial burden.
Working with an advisor, she structured her income plan to include a flexible option — funds she could use if she ever needed in-home help or assisted living. Fifteen years later, when care became necessary, she was able to maintain her independence, choose her own care, and protect the legacy she’d planned for her family.
The stories shared above are for illustration only — they’re not based on actual clients or specific outcomes. Everyone’s situation is unique, and the right approach depends on your personal goals, resources, and timeline.
When you imagine your own retirement, which scenario feels closer to home — preparing early for flexibility, or reacting once care is needed?
Integrating Care Planning Into the Bigger Picture
Our FearLESS Financial Approach looks at five key pillars of retirement success: Income, Investment, Tax, Healthcare, and Legacy.
Long-term care considerations touch all five.
By addressing healthcare planning alongside income, we help ensure:
- Your retirement income continues smoothly, even during care needs
- Your investments remain aligned with your goals
- Your tax strategy accounts for healthcare costs and deductions
- Your legacy remains protected for those you love most
This holistic coordination helps turn uncertainty into confidence — so you can focus on living fully today while staying prepared for tomorrow.
Questions Worth Asking
If you’re nearing or already in retirement, it may help to pause and consider:
- How would my plan change if one of us needed care?
- Would our income continue at the same pace, or would we need to draw down assets faster?
- Have we coordinated income, tax, and healthcare strategies to support one another?
If any of those questions make you wonder, that’s a sign it may be time for a deeper look.
The Next Step
If you’d like to explore how planning for care fits into protecting your retirement income, we’d be happy to chat. Our complimentary 20-minute visit is simply a chance to ask questions, explore options, and see whether a deeper look makes sense for you.
Every step of our FearLESS Financial Approach is designed to help families live fearlessly into and beyond retirement — with confidence, clarity, and care.
This content is for informational purposes only and should not be construed as personalized investment, tax, or insurance advice. Richmond Brothers, Inc. is an independent Registered Investment Adviser. Consult your qualified professional regarding your personal situation before making financial decisions.
