WEBINAR: Getting Long-Term Care Planning Right

April 20th, 2023

Getting Long-Term Care Planning Right

PROBLEM: When it comes to planning a safe and secure retirement, long-term care (LTC) remains a confusing and unaddressed challenge to many people’s financial security.

SOLUTION: In order to feel safe and secure about your retirement plan, you need a custom approach—a “real plan”—for how you’ll pay for long-term care.

Brian Bohnsack and Mike Rogers will cover what long-term care really is, how relying on Medicare and Medicaid is not a plan, historic problems with long-term care insurance, and new approaches to planning for long-term care for people at all stages of financial planning and health.

Getting Long-Term Care Planning Right as they cover new approaches to planning for long-term care.

Or download the LTC Planning Options Summary to help you get started today.

Looking for more information?

Download Your FREE Copy of Our Minnesota Estate Planning Checklist

    Why Financial Literacy is Crucial for Business Owners

    Everyone needs to have some level of financial literacy to help manage their finances. However, financial literacy becomes even more crucial when you’re a business owner. You need to become familiar with common terminology and business finance principles to help you stay abreast of trends in a constantly changing market. Here are some concepts that financial literacy encompasses and why having financial literacy is crucial in business.

    What is Financial Literacy?

    At the broadest level, financial literacy is understanding and implementing various financial skills, including budgeting, investing, and personal financial management. These activities may also include creating contingency plans, forecasting, and understanding balance sheets or cash flow statements in the business context.

    How Business Owners May Benefit from Financial Literacy

    You are operating blindly without financial literacy and a solid grasp of your business’s numbers. You may not know if the company is profitable, what areas you should focus on or improve, and what the prospects are for your company.

    Create a Financial Plan

    Your company should have, at a minimum, a balance sheet, an income statement, and a cash flow statement. These documents give a snapshot of your business’s financial health and help you identify areas for improvement or impending future expenses. They help you create a financial plan for your business.

    Your financial plan should include factors such as:

    • Startup costs
    • Annual and monthly operating expenses
    • Projected revenues and monthly or annual targets
    • Depreciation
    • Overhead costs
    • Personnel costs

    After your financial needs are clear, you have a better idea of how much revenue you need to generate to work toward your goals.

    Track Your Progress

    Just as it is important to set up a financial plan and begin tracking cash flow and operating expenses, it is also important to regularly track your progress and ensure that you are hitting your financial targets. Some business owners review statements every week. Others do this monthly or quarterly. If you are not seeing the progress you hoped for, you can make changes before things go too far down the wrong path.

    Manage Cash Carefully

    Cash is one of the most common vulnerabilities for any small business. Cash on hand accounts for 15% of all embezzled funds, and cash theft is among the toughest types of theft to trace.1 Using software to help log and track cash transactions and employing cash control measures may help secure these funds from theft while you are not paying attention.

    When it comes to business, profit, and cash flow are key. Without some financial literacy to help you evaluate the many economic measures you may track; you may not be able to make the well-informed decisions necessary to keep your business moving forward. Consulting with a financial professional may help guide your business in a positive direction regarding financial decisions.






    Important Disclosures:

    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

    All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

    This article was prepared by WriterAccess.

    LPL Tracking #1-05359966.



    1 56 Relevant Employee Theft Statistics: 2023 Data on Perpetrators & Prevention


    3 Questions to Ask Yourself Before You Claim Social Security

    Planning for retirement is exciting, but it may come with a bit of stress. If you worked hard all your life, now might be the time to relax and enjoy the fruits of your labor. One of the things that you may need to consider is when it is time to begin claiming your Social Security benefits. If you are unsure when to start your claim, here are a few questions that may help you determine if it is time to make a claim or if you should delay a little longer.

    1. When Are You Considered Full Retirement Age?

    The first question to ask is what is considered your full retirement age. Once you are at your full retirement age, you are entitled to your full monthly Social Security benefit. The full retirement age depends on the year you were born. Those born in 1958 are at full retirement age at 66 and eight months. Those born in 1959 are at full retirement age at 66 and 10 months. Those born after 1960 come to full retirement age at 67.2 years old.

    2. How Much Money Do You Have in Your Retirement Savings?

    You will want to consider the monthly income you get from your retirement savings. Determine how much annual income you need for your monthly obligations. Then see how much money you need to withdraw from your savings each year. If there is a shortfall, you may want to claim your Social Security when you are eligible. If you have enough annual income from savings for your needs, you may want to wait on your claim to get a higher monthly benefit.1

    3. Are You Dealing With Any Major Health Issues?

    While delaying your Social Security payments may result in a larger monthly benefit, the payouts end up being the same overall amount in total. Social Security payment calculations use the average life span, and the amount is divided by how many years you are likely to claim the benefits. Certain major health conditions may result in a lessened life span. If this is the case, making an early claim may be the better option if you feel you might not claim your benefits for the full average life span. If you are in good health and do not have any conditions that are likely to result in a shorter life span than average, you may choose to wait if you have enough money to sustain yourself until a later age.1

    Navigating retirement may seem a little daunting as you decide how to sustain yourself comfortably in your later years. While one of your significant decisions is determining when to start claiming Social Security, by answering the few questions above, you may be in a better position to come to the decision that may work for you.




    Important Disclosures:


    The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.

    All information is believed to be from reliable sources; however LPL Financial makes no representation as to its completeness or accuracy.

    This article was prepared by WriterAccess.

    LPL Tracking #1-05359964.



    1 If You Can’t Answer These 3 Questions, You’re Not Ready for Social Security


    2 Your Social Security Statement, SSA.gov, https://www.ssa.gov/myaccount/assets/materials/SSA-7005-SM-SI%20Wanda%20Worker%20Near%20retirement.pdf