(561) 241 - 6616

Raymond James Financial Services, Inc. Member FINRA/SIPC 

301 Yamato Rd. Ste. 3160 Boca Raton, FL 33431


Securities offered through Raymond James Financial Services, Inc., Member FINRA/SIPC  Raymond James financial advisors may only conduct business with residents of the states and/or jurisdictions for which they are properly registered. Therefore, a response to a request for information may be delayed. Please note that not all of the investments and services mentioned are available in every state. Investors outside of the United States are subject to securities and tax regulations withintheir applicable jurisdictions that are not addressed on this site. Contact your local Raymond James office for information and availability. http://www.raymondjames.com/privacy_security/privacy_notice.htm.

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Click Here to view the After55.com publication this article was quoted on. 

I perform a small activity with my clients in which I tell them to close their eyes and describe what their retirement looks like to them. Many people envision spending time with their grandkids, going out to dinners, going on vacation and possibly even moving to where they always wanted to retire. This allows the client to understand just how much money they may need in order to fund all of their future aspirationss. 


Unfortunately, I don’t let the client stop there. I must play Devil’s advocate when preparing for the worst and hoping for the best.


Let us first discuss one of the major, yet often forgotten, expenses in retirement - long term care. I try to explain to my clients that medical expenses coinciding with long term care will most often be their biggest expenses in retirement. According to the Health Insurance Association of America, approximately 50% of all people 65 and older will spend some time in a nursing home during their lifetime – at an average annual cost of $74,000 per person. Fifty Percent! I encourage you to stop reading here and flip a coin. Heads = nursing home, tails = no nursing home. 


If that isn’t scary enough; 60% of women and 56% of men said they did not have a plan for long term care – according to the 2012 State of Planning Survey.


At this point, any of my clients who still have their eyes closed tend to open wide. In order for that dream retirement to come true one must be willing to take steps in order to preserve their retirement nest egg. If you are in your 50s, start planning now in order to take advantage of your youth. Explore different strategies that will supplement your medical expenses during retirement such as Long Term Care Insurance.


"Preserve your assets, add options for quality care, and preserve your independence and financial freedom." - A featured quote on After55.com


Joseph Carpenito

Financial AdvisorF

Raymond James Financial Services, Inc.



The information has been obtained from sources considered to be reliable, but we do not guarantee that the foregoing material is accurate or complete. Investing involves risk and you may incur a profit or loss regardless of strategy selected. Any opinions are those of Joseph Carpenito and not necessarily those of Raymond James. 

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