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New Year New Opportunities

New Year New Opportunities

With the New Year often comes resolutions and change. My inbox is full of articles that talk about what may happen this year. Each expert has their own unique opinion on everything from oil prices to retail sales. Don’t get me wrong, I am glad there are people that analyze these areas, but in the end, is it really any different from spinning a roulette wheel? They don’t know what will happen in the future and if you look at history their batting average is similar to Major League Baseball hitting percentage. I believe that it is good to listen and make educated guesses but monitor closely in case an unknown variable impacts your portfolio. If you are in for the long run these will more than likely be bumps in the road.

In my practice, I like to focus on tangible areas that can be quantified. I like protection and tax minimization. In fact, avoiding a major financial disaster can be more valuable than the best performing stock in any given year. What do I mean by protection? There are two areas that I spend the majority of my time helping people evaluate; Long Term Care and Life Insurance.

The statistics with Long Term Care are undeniable. As people live longer, the number of people who will need Long Term Care increases. This is someone to assist you in activities of daily living like eating, bathing, dressing, transferring, toileting. Dealing with continence, as well as cognitive impairment. The cost of this care can ruin almost any budget and leave individuals and their families without any estate. This does not have to happen.  With proper planning, a strategy to minimize the impact of Long-Term Care can protect your family and allow you to focus on providing the needed care instead of how to pay for it. I have seen first-hand the stress Long Term Care creates and with a proper plan you can at least minimize it.

The second area of protection is Life Insurance. I am not talking about traditional life insurance that is either term or whole life, but rather a product that serves multiple needs. This product is called Indexed Universal Life or IUL and can serve as your tax-free retirement plan, your protection for critical or chronic care or an efficient way to transfer assets to the next generation.  There are multiple ways to use this product and depending on your needs may allow you to fund several objectives with one product.  This is how I see protection as a necessary part of your financial plan.

Still have questions? Contact my office for a free consultation and I’ll be happy to help you look forward to retirement! My office is located at 68 South Main Street Marion, NC 28752 and you can reach me at 828-559-.299) or via email at or visit his website at
Steve Gaito, CFP®
Steve is a CERTIFIED FINANCIAL PLANNER tm practitioner and owner of Faith-Based Health Care and Retirement Resource Management. He is a National Speaker on the topic of Social Security optimization, quoted in national publications like Money Magazine, US News and World Reports and Fox Business. Steve loves to educate and teach on financial topics like taxation of retirement accounts, long term care, healthcare, and efficient savings plans for small businesses.

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