Retire With Style

In this episode, the conversation covers various aspects of long-term care, including qualifying for long-term care insurance, alternative options for funding long-term care, and the role of Medicaid. Alex and Wade also discuss the importance of planning for long-term care and the potential challenges faced by individuals who cannot afford to pay for care. The conversation concludes with a discussion on how to invest funds set aside for long-term care. The conversation covers various topics related to financial planning and investment management. They discuss fee-only planners, annuities, engaging a fee-only planner, strategies to lower risk during retirement, buying whole life insurance for teenage children, and investing to keep up with inflation. They also touch on the reinvestment of dividends and capital gains for a 74-year-old to offset RMDs. The conversation ends with a lighthearted discussion about push-ups. Listen now to learn more!   Takeaways Traditional long-term care insurance is difficult to qualify for if you have chronic conditions. Alternative options for funding long-term care include hybrid life insurance with long-term care, annuity with long-term care, and deferred income annuities. Medicaid can be an option for long-term care if you have depleted your other resources. Investing funds set aside for long-term care depends on your liquidity mindset and the timeline for needing the funds. Transparency and client preferences should guide the choice of compensation models for financial planners. Fee-only planners charge a fee for investment management and financial planning, while commission-based planners earn a commission on annuity sales. Engaging a fee-only planner may be worth it if you have enough assets, typically around $500,000 or more. Whole life insurance for teenage children can be used to protect their insurability in case of future health issues. Lowering risk during retirement can be achieved through strategies like adjusting asset allocation, creating bond ladders, and building an income floor. Investing in TIPS (Treasury Inflation Protected Securities) can help preserve the inflation-adjusted value of your principal. Dividends can be taken out to offset RMDs (Required Minimum Distributions) for IRA accounts. Both Wade and Alex need to get back on track with their push-up routines. Chapters 00:00 Episode 130 starts 00:17 Exploring Alternative Options for Long-Term Care Funding 07:23 Considering Medicaid as a Long-Term Care Option 14:35 Investing Long-Term Care Reserve Assets 19:59 Transparency and Client's Best Interests 23:34 Lowering Risk During Retirement Transition 31:13 Reinvesting Dividends and Capital Gains for RMDs 39:32 The Importance of Regular Exercise   Links Register now to attend the next webinar with Retirement Researcher, "The Election and The Stock Market: Understanding the Effects on Your Investments" on 6/25/24 at 1PM ET hosted by Bob French. Visit risaprofile.com/podcast to reserve your spot! The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/retirement-income-planning-llm/ to download McLean’s free eBook, “Retirement Income Planning”

In this conversation, Wade Pfau and Alex Murguia discuss retirement planning and how to determine how much can be spent from a portfolio without running out of money. They touch on the use of Monte Carlo simulations and the funded ratio approach. They also highlight the limitations of Monte Carlo simulations and the importance of considering the magnitude of failure and the potential for underspending in retirement. The conversation emphasizes the need for individualized planning and the importance of working with a financial advisor. The conversation in this part focuses on the funded ratio and its implications for retirement planning. The funded ratio is a tool that measures the ratio of assets to liabilities in retirement. It is used to determine if a retiree has enough assets to cover their retirement expenses. The conversation also touches on the relationship between withdrawal rates and failure rates, the role of long-term care costs in the funded ratio, and the impact of political and environmental uncertainties on retirement planning. Takeaways Monte Carlo simulations are a common method used in retirement planning to determine the probability of success, but they have limitations and can be sensitive to assumptions. The funded ratio approach, which focuses on a fixed rate of return, can provide a different perspective on retirement planning and allows for more control over assumptions. It is important to consider the magnitude of failure and the potential for underspending in retirement when using Monte Carlo simulations or the funded ratio approach. Individualized planning and working with a financial advisor are crucial for determining how much can be spent from a portfolio without running out of money. The funded ratio is a useful tool for assessing retirement readiness and determining if a retiree has enough assets to cover their retirement expenses. Higher withdrawal rates are associated with higher failure rates, so it's important to find a balance between spending and ensuring a successful retirement. Long-term care costs should be factored into the funded ratio as a contingency expense, as they are a high probability, high-cost event. Political and environmental uncertainties can be addressed through scenario analysis and contingency planning, but it's important not to let short-term events dictate long-term investment strategies. The Retirement Income Challenge offered by Retirement Researcher provides an opportunity to learn more about retirement planning and create a comprehensive retirement plan. Chapters 00:00 Introduction 01:59 Retirement Planning and the Use of Monte Carlo Simulations 08:24 The Pros and Cons of Monte Carlo Simulations 25:19 Addressing Questions about the Funded Ratio 33:08 Incorporating Long-Term Care Costs in the Funded Ratio   Links Join the waitlist for the next Retirement Income Challenge by visiting www.retirementresearcher.com/challenge  The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

In this episode, Wade and Alex discuss the different features of long-term care insurance. They cover topics such as waiting periods, benefit periods, benefit amounts, inflation adjustments, and methods of payment. They also touch on the administrative aspects of managing long-term care insurance and qualifying expenses. In this conversation, Alex and Wade discuss various aspects of long-term care insurance. They cover topics such as the definition of activities of daily living, the differences between policies, the option for couples to pool their benefits, the concept of hybrid policies, underwriting requirements, coverage for living abroad, liquidity and death benefit options, ways to lower premiums, and the importance of sharing your long-term care plan with family members. The conversation concludes with a discussion on implementation and monitoring of the plan, including the importance of staying healthy and reviewing the plan regularly.   Takeaways Long-term care insurance policies have different features that need to be considered, such as waiting periods, benefit periods, and benefit amounts. Waiting periods determine how long you have to wait before the benefits kick in. Benefit periods determine how long the benefits will last. Benefit amounts can be paid per day or per month, and the total benefit pool depends on the policy. Inflation adjustments are important to consider to protect the value of the benefits over time. Methods of payment include reimbursement, indemnity, and cash methods. Managing long-term care insurance can be administratively burdensome, and it may be helpful to have a trusted person or professional assist with the process. Qualifying expenses for long-term care insurance coverage depend on the policy and may include in-home care, assisted living, nursing home care, and more. Understand the definition of activities of daily living and how they are defined in different policies. Consider the option for couples to pool their benefits in a joint policy. Explore hybrid policies that combine long-term care insurance with other benefits. Be aware of the underwriting requirements and shop around for the best health classification. Check if the policy covers living abroad if that is a consideration. Consider the liquidity and death benefit options in hybrid policies. Explore ways to lower premiums, such as choosing a lower level of inflation protection or a shorter benefit period. Share your long-term care plan with relevant family members and make sure they are aware of the policy and any care coordinators. Implement and monitor your plan regularly, reviewing it annually and making adjustments as needed. Stay healthy and take care of your health to reduce the need for long-term care.   Chapters 00:00 Understanding the Different Features of Long-Term Care Insurance 06:10 Navigating Waiting Periods and Benefit Periods 08:13 Determining Benefit Amounts and Inflation Adjustments 15:21 Exploring Methods of Payment for Long-Term Care Insurance 24:28 Qualifying Expenses for Long-Term Care Insurance Coverage 24:56 Understanding Activities of Daily Living and Policy Differences 27:17 Pooling Benefits for Couples in Joint Policies 28:37 Exploring Hybrid Policies 29:00 Navigating Underwriting and Health Classification 30:36 Considering Coverage for Living Abroad 31:38 Understanding Liquidity and Death Benefit Options 33:05 Lowering Premiums through Various Strategies 35:23 Sharing Your Long-Term Care Plan with Family Members 37:57 Implementing and Monitoring Your Plan 39:16 Staying Healthy to Reduce the Need for Long-Term Care   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean’s free eBook, “Is a Roth Conversion Right For You?”

In this conversation, Alex and Wade discuss traditional long-term care insurance policies. They address the declining popularity of these policies and the shift towards hybrid policies. They also cover topics such as premium payments, care coordinators, and the importance of starting early with long-term care planning. Wade emphasizes the need to read the specific details of the policy and the potential for premium hikes. They also mention the option of Medicaid for those with limited assets. Overall, the conversation highlights the considerations and factors involved in choosing a long-term care insurance policy. In this conversation, Wade Pfau and Alex Murguia discuss the different types of long-term care insurance policies, focusing on traditional policies and hybrid policies. They cover the key features and considerations of each type, including coverage options, premium hikes, and the use-it-or-lose-it aspect. They also highlight the advantages of hybrid policies, such as level premiums, relaxed underwriting, and the ability to tap into the death benefit for long-term care expenses. The conversation concludes with a discussion on the perceived disadvantages of traditional policies and how hybrid policies aim to address them.   Takeaways Traditional long-term care insurance policies are becoming less popular, with less than 6% of Americans age 50 and older having these policies. The direction is shifting towards hybrid policies, which combine life insurance with long-term care benefits. Premium payments for traditional long-term care insurance can increase over time, and it's important to budget for potential premium hikes. Care coordinators can be valuable in helping individuals find the right care options. For those with limited assets, Medicaid may be a viable option for long-term care coverage. Starting early with long-term care planning is recommended, as waiting too long can lead to health issues that may disqualify individuals from coverage. Traditional long-term care insurance policies have coverage options for nursing home care, assisted living, at-home care, and other services, but they may not cover in-home care or respite care. Hybrid long-term care insurance policies, which combine life insurance or annuities with long-term care benefits, have become more popular due to their level premiums, relaxed underwriting, and the ability to tap into the death benefit for long-term care expenses. Hybrid policies offer more flexibility and liquidity compared to traditional policies, and they eliminate the risk of accidental lapses or premium hikes. While traditional policies may have lifetime benefits, hybrid policies typically have finite benefit periods, but they may offer continuation of care riders that provide additional long-term care benefits beyond the death benefit. Reviewing the language and features of your existing life insurance policy may reveal that you already have a long-term care benefit through an acceleration of death benefit rider. Hybrid policies can be a better use of assets, as they reduce the need for a large cash reserve and provide the potential for higher returns on invested assets. Hybrid policies have different names in the insurance industry, such as asset-based long-term care insurance or life insurance with a long-term care overlay. Chapters 00:00 Introduction and Overview 03:03 The Decline of Traditional Long-Term Care Insurance 04:23 The Rise of Hybrid Policies 06:20 Understanding Premium Payments 08:00 The Role of Care Coordinators 09:30 Considering Medicaid for Limited Assets 10:22 The Importance of Starting Early 26:45 Understanding Level Premiums 28:37 Hybrid Policies: The Darling of Long-Term Care Insurance 37:05 Different Approaches to Hybrid Policies 41:02 Advantages of Hybrid Policies 44:05 Flexibility and Liquidity of Hybrid Policies 45:08 Eliminating Disadvantages of Traditional Policies Links   The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips

In this episode, Wade and Alex discuss Medicaid as a funding source for long-term care. They touch on the importance of Medicaid planning and the different rules and qualifications that vary from state to state. They also highlight the need for specialized elder law attorneys to navigate the complexities of Medicaid. Wade shares his personal experience with his parents' Medicaid coverage and the benefits it provides. The episode concludes with a reminder to consider Medicaid as an option for parents who may not have sufficient savings for long-term care. Listen now to learn more!   Takeaways Medicaid is a state-based funding source for long-term care that is generally considered a last resort option. Medicaid planning involves shifting assets from countable to non-countable categories to qualify for Medicaid benefits. Every state has different rules and qualifications for Medicaid, so it's important to consult with a specialized elder law attorney. Medicaid reimbursements may be less than the actual cost of care, so it's beneficial to enter long-term care facilities before needing Medicaid. Consider Medicaid as an option for parents who may not have sufficient savings for long-term care. Chapters 00:00 Introduction and Personal Updates 10:56 Discussing Films and Personal Interests 13:33 Transition to Discussing Medicaid 19:14 Qualifications and Asset Limits for Medicaid 23:01 Medicaid Planning and Non-Countable Assets 26:55 Personal Experiences with Medicaid Coverage 28:25 Importance of Medicaid Transition and Considerations 29:22 Conclusion and Preview of Future Episodes   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean’s free eBook, “Is a Roth Conversion Right For You?”

In this conversation, Alex, Wade, and Jason discuss the importance of incorporating long-term care into financial planning. They share a real-life example of a client who unexpectedly needed long-term care earlier than anticipated and how having a long-term care policy helped preserve their assets. They also discuss the different types of long-term care insurance policies, such as hybrid policies, and the factors to consider when deciding whether to self-insure or purchase insurance. The conversation highlights the need to stress test financial plans for long-term care events and the value of care coordinator benefits in insurance policies. In this conversation, Jason Rizkallah discusses the process of obtaining long-term care insurance. He explains that the decision between insurance and self-insurance varies and is often influenced by factors such as cost, eligibility, and pre-existing conditions. Rizkallah also outlines the steps involved in signing up for a long-term care policy, including determining coverage amounts, obtaining quotes from providers, and going through the underwriting process. He emphasizes the importance of working with a knowledgeable long-term care specialist to navigate the complexities of the insurance market. The conversation concludes with a discussion on the need for early planning and the availability of options for long-term care coverage. Takeaways Incorporating long-term care into financial planning is crucial due to the high probability and cost of long-term care events. Stress testing financial plans for long-term care events helps clients understand the potential impact on their financial situation. Hybrid policies, which combine life insurance and long-term care coverage, can provide both a death benefit and long-term care benefits. The cost of long-term care insurance should be compared to the potential out-of-pocket expenses to determine the value of the coverage. Care coordinator benefits in insurance policies can be valuable for individuals who may have difficulty finding appropriate care on their own. The decision between long-term care insurance and self-insurance depends on factors such as cost, eligibility, and pre-existing conditions. The process of obtaining long-term care insurance involves determining coverage amounts, obtaining quotes from providers, and going through the underwriting process. Working with a knowledgeable long-term care specialist can help navigate the complexities of the insurance market and increase the chances of approval. Early planning is crucial for long-term care, as the probability of needing care increases with age. There are options available for long-term care coverage, including hybrid policies that offer flexibility and known benefits. Chapters 00:00 Introduction and Guest Introduction 07:26 Benefits of Hybrid Policies 23:02 Factors to Consider in Long-Term Care Planning 32:16 Options for Long-Term Care Coverage   Links We're hosting another YouTube LIVE Q&A episode for RWS! Attend live on the Retire With Style YouTube channel on 5/13 at 1:00 PM ET. Can't make it live? Click here to submit your questions: https://www.surveymonkey.com/r/7JMMPRM The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips  

In this episode, Wade Pfau and Alex Murguia are joined by Rob Cordeau to discuss Continuing Care Retirement Communities (CCRCs). They provide an overview of what CCRCs are and how they relate to long-term care planning. They also explore how CCRCs can be an alternative to long-term care insurance and the different financing models for CCRCs. The conversation covers topics such as the large upfront costs of CCRCs, the benefits of living in a CCRC, and the options for refundable entrance fees. Rob Cordeau provides insights into continuing care retirement communities (CCRCs). He clarifies that purchasing a CCRC is not a real estate purchase but rather a contract to live in the community throughout one's life. The entrance fee varies based on the size and features of the apartment, and there are different types of contracts, including non-refundable and refundable options. Rob also discusses the financial aspects of CCRCs, such as the relationship between entrance fees and ongoing cash flow, the potential tax deductibility of entrance fees, and the importance of financial due diligence when choosing a CCRC. Takeaways CCRCs are retirement communities that offer various levels of care on one campus, including independent living, assisted living, and skilled nursing care. CCRCs can be an alternative to long-term care insurance, especially for those who want to downsize and plan for their long-term care needs. There are different financing models for CCRCs, including large upfront costs with lower ongoing monthly costs or lower upfront costs with higher ongoing monthly costs. Some CCRCs offer refundable entrance fees, where a portion of the fee is returned to the resident or their heirs upon moving out or passing away. CCRCs are not real estate purchases but contracts to live in a community throughout one's life. The entrance fee varies based on the size and features of the apartment. CCRCs offer different types of contracts, including non-refundable and refundable options. Financial planning is crucial when considering a CCRC, including modeling the affordability of entrance fees and monthly service fees. Some entrance fees may be tax deductible, depending on the contract. Due diligence is essential to assess the financial stability and reputation of a CCRC. CCRCs may not be suitable for individuals who prefer independent living in their own homes. Buyer's remorse is rare among individuals who have thoroughly considered and chosen a CCRC. Chapters 1. Introduction and Overview of CCRCs 2. Exploring Different Financing Models for CCRCs 3. Understanding Refundable Entrance Fees in CCRCs 4. Understanding the Dynamics of CCRCs 5. Financial Underwriting and Considerations for CCRCs 6. Different Types of Contracts Offered by CCRCs 7. Financial Planning for CCRCs 8. CCRCs vs. Independent Living: Choosing the Right Option   Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean’s free eBook, “Is a Roth Conversion Right For You?”  

In this conversation, Alex, Wade, and Neal discuss the importance of long-term care planning in retirement. They highlight the emotional aspect of planning for long-term care and the challenges of getting people to think about and prepare for it. They also discuss the demographic changes that will impact long-term care, such as the decreasing ratio of family members available to provide care and the potential shortage of caregivers in the future. The conversation touches on the different types of long-term care insurance policies and the need for open and meaningful discussions about healthcare and planning for the future. Neal shares examples of clients who have had personal experiences with long-term care and emphasizes the need for estate planning and power of attorney documents. The conversation then transitions to a discussion about long-term care insurance, with Neal explaining the challenges of traditional policies and the availability of guaranteed policies with reputable insurance companies. These policies address the issues of premium hikes and the 'use it or lose it' nature of traditional policies. The conversation explores different types of hybrid policies, including those built on a whole life or universal life chassis. The benefits of these policies include leverage, tax-free long-term care benefits, protection against sequence of returns, and potential wealth transfer. The decision-making process for choosing a policy involves considering the individual's needs, net worth, and risk tolerance. Listen now to learn more!   Takeaways Long-term care planning is a crucial aspect of retirement planning. Planning for long-term care involves emotional considerations and difficult discussions. Demographic changes, such as a decreasing ratio of family caregivers and potential caregiver shortages, will impact long-term care. There are different types of long-term care insurance policies to consider. Open and meaningful discussions about healthcare and planning for the future are essential. Estate planning and power of attorney documents are essential for ensuring that clients' wishes are carried out and that their loved ones are not burdened with difficult decisions. Traditional long-term care insurance policies have had challenges in the past, but there are now guaranteed policies available from reputable insurance companies. Inflation riders on long-term care insurance policies are recommended to ensure coverage against future costs. Hybrid long-term care insurance policies address the issues of premium hikes and the 'use it or lose it' nature of traditional policies. Different types of hybrid policies include those built on a whole life or universal life chassis. Benefits of hybrid policies include leverage, tax-free long-term care benefits, protection against sequence of returns, and potential wealth transfer. The decision-making process for choosing a policy involves considering the individual's needs, net worth, and risk tolerance. Chapters Introduction and Guest Introduction Setting the Stage for the Discussion Demographic Changes and the Impact on Long-Term Care Exploring Different Types of Long-Term Care Insurance Policies The Need for Open and Meaningful Discussions about Healthcare and Planning Bringing up the Conversation about Long-Term Care The Importance of Estate Planning and Power of Attorney Challenges with Traditional Long-Term Care Insurance Guaranteed Policies: A Better Option for Long-Term Care Insurance Introduction to Hybrid Long-Term Care Insurance Policies Benefits of Hybrid Policies Hybrid Policies with Index Investing Investment Growth and Return of Premium in Hybrid Policies Hybrid Policies vs. Annuity Products Hybrid Policies with Lifetime Benefits Choosing the Right Hybrid Policy Links Register for the webinar with Retirement Researcher and Kenneth French! ‘Five Things I Know About Investing’ Wed 4/24 at 2 EST www.risaprofile.com/podcast The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips  

In this conversation, Bob French interviews his father, Ken French, a professor of finance, about key concepts in economics and investing. They discuss the concept of marginal cost and marginal revenue, which helps individuals make decisions based on the balance between costs and benefits. They also explore risk aversion and how it affects investment decisions, as well as the winner's curse, which refers to the tendency to overestimate the value of winning bids or investments. Overall, the conversation provides valuable insights into economic thinking and decision-making. In this conversation, Bob and Ken French discuss the challenges of drawing inferences about the future based on past performance in the financial markets. They highlight the winner's curse and the noise in securities returns as factors that make it difficult to predict which asset class or active manager will outperform in the future. They also discuss the problem of overconfidence and the importance of accurate market prices. The conversation concludes with a discussion on the benefits of stock buybacks and the option value of investments. Listen now to learn more!    Kenneth French's Bio: Kenneth R. French is the Roth Family Distinguished Professor of Finance at the Tuck School of Business, Dartmouth College. French is an expert on the behavior of security prices and investment strategies. He and his frequent co-author Eugene F. Fama have written many notable papers, including “The Cross-Section of Expected Stock Returns”, “Common Risk Factors in the Returns on Stocks and Bonds”, and “A Five-Factor Asset Pricing Model.” French is a research associate at the National Bureau of Economic Research, an Advisory Editor of the Journal of Financial Economics, the Journal of Banking and Finance, and the Financial Review, a member of the Editorial Board of the Critical Finance Review, a former Associate Editor of the Journal of Finance and the Review of Financial Studies, and a former President of the American Finance Association. Professor French is also a Fellow of the American Finance Association and the American Academy of Arts and Sciences, Chair of the Valpo Surf Project’s Global Board of Directors, and a member of the Board of Directors of the Cato Institute, Grassroot Soccer, and the International Rescue Committee. Professor French is a consultant to Dimensional Fund Advisors and a member of the firm’s board of directors. Before joining Dartmouth, Professor French was on the faculty of MIT’s Sloan School of Management, the Yale School of Management, and the University of Chicago Booth School of Business. Professor French received his PhD in finance from the University of Rochester in 1983. He also earned an MS and an MBA from the University of Rochester and a BS from Lehigh University. Takeaways Understanding the concept of marginal cost and marginal revenue can help individuals make informed decisions based on costs and benefits. Risk aversion is driven by the decreasing marginal utility of wealth, where the value of each additional dollar decreases as wealth increases. The winner's curse refers to the tendency to overestimate the value of winning bids or investments, and it can be observed in various contexts, such as oil lease auctions and hiring decisions. Considering these concepts can enhance economic thinking and decision-making in investing and other areas of life. Drawing inferences about the future based on past performance is challenging due to the winner's curse and the noise in securities returns. Overconfidence is a common problem in investing, and people often overestimate their ability to pick winning investments or active managers. Accurate market prices are important for allocating resources efficiently and signaling the value of different activities. Stock buybacks can be beneficial for companies and society, as they can signal undervaluation and allow companies to allocate resources more effectively. The option value of investments should be considered, as companies may choose to buy back stock when they don't have better investment opportunities. Chapters 00:00 Introduction and Setting the Stage 09:19 Navigating Risk Aversion in Investing 31:46 Enhancing Economic Thinking and Decision-Making 45:39 The Importance of Accurate Market Prices 51:42 The Benefits of Stock Buybacks   Links:  Register for the webinar with Retirement Researcher and Kenneth French! 'Five Things I Know About Investing' Wed 4/24 at 2 eastern www.risaprofile.com/podcast   The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/    This episode is sponsored by McLean Asset Management. Visit https://www.mcleanam.com/roth/ to download McLean's free eBook, "Is a Roth Conversion Right For You?"

Jackie Smiertka, the owner of Quality of Life Adult Daycare Health Care Center, shares her journey of opening an adult daycare center and the importance of providing purpose and meaning to individuals as they age. She emphasizes the need for a medical model daycare that offers both medical care and engaging activities. Jackie also discusses the challenges faced by caregivers and the importance of providing them with a break and social interaction. She provides insights for individuals looking for a daycare center, highlighting the importance of finding a center that offers meaningful activities and individualized care. The conversation explores the benefits and unique aspects of the Birdhouse Project, a daycare center for individuals with dementia. The social model of the center emphasizes group activities and giving individuals a sense of purpose. The center provides choices and autonomy to its participants, allowing them to make decisions and engage in enjoyable activities. The center also focuses on holistic care, advocating for the physical and mental well-being of its participants. The conversation touches on the importance of early intervention and the positive impact the center has on the longevity and mental sharpness of individuals with dementia. The conversation concludes with a discussion on the challenges of finding quality daycare centers and the importance of having conversations with loved ones about the need for respite care. Listen now to learn more!   To learn more about Jackie, view the information below:  Jacquelyn K. Smiertka, RN, Center Director The Quality of Life Adult Day Health Care Services Center 3252 University Drive, Ste. 140 Auburn Hills, MI 48326 Phone: 248-364-4064 website:  http://www.qualityoflifecenter.net/index.html Facebook page: https://www.facebook.com/p/Quality-of-Life-Adult-Day-Healthcare-Center-100063594492637/   Takeaways Adult daycare centers can provide purpose and meaning to individuals as they age. A medical model daycare that offers medical care and engaging activities is important for the well-being of the participants. Caregivers also need a break and social interaction to prevent burnout. When choosing a daycare center, look for one that offers meaningful activities and individualized care. The Birdhouse Project is a unique daycare center for individuals with dementia that focuses on providing a sense of purpose and autonomy through group activities and choices. The center emphasizes holistic care, advocating for the physical and mental well-being of its participants. Early intervention and engagement in enjoyable activities can have a positive impact on the longevity and mental sharpness of individuals with dementia. Finding quality daycare centers for individuals with dementia can be challenging, but it is important to have conversations with loved ones about the need for respite care. Chapters 00:00 Introduction and Background of Jackie Smiertka 01:38 Inspiration for Opening an Adult Daycare Center 06:12 Projects and Activities in the Daycare Center 08:58 Supporting Caregivers: The Need for Breaks and Social Interaction 11:54 The Impact of Isolation and Keeping Participants Busy 16:04 The Medical Model and In-Home Healthcare 23:35 The Birdhouse Project: Providing Purpose and Autonomy 29:14 Holistic Care and the Importance of Early Intervention 31:14 The Positive Impact of Engaging Activities 33:39 Challenges in Finding Quality Daycare Centers     Links The Retirement Planning Guidebook: 2nd Edition has just been updated for 2024! Visit your preferred book retailer or simply click here to order your copy today: https://www.wadepfau.com/books/  This episode is sponsored by Retirement Researcher https://retirementresearcher.com/. Download their free eBook, 8 Tips to Becoming A Retirement Income Investor at retirementresearcher.com/8tips