The Setup:

No one enjoys having to take part in difficult conversations but it’s a necessary part of building a comprehensive retirement plan. Let’s explore two of those awkward conversations every good financial advisor should be bringing up with you. In part one of this series, we’ll look at ho w the death of a spouse and the possibility of nursing home care can affect your plan.

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Click the timestamps below to skip to a specific topic in the episode.

The Combination:

When it comes to financial planning, planning for the big life events can limit how much worrying you’ll have to do in retirement. But many of those events aren’t exactly easy to talk about.

We wanted to address those ‘awkward conversations’ you need to be having with your financial advisor in order to build a comprehensive plan. There are five important topics on this list but today we’ll focus on the first two: death of a spouse and the possibility for nursing home care.

Losing a spouse is something we never want to think about or consider, but the truth is we’ll all have to deal with it at some point. Are your assets in order? Does your spouse know how to access your account? What about life insurance? Ben will walk us through the conversations he has with clients when determining whether a couple is prepared for this day. No one wants to put there loved one in a bad position when they’re no longer around.

Then we’ll turn to nursing home care. Few people expect or want to live in a nursing home, but long-term care is necessary for many. And if you aren’t prepared to handle that expense, it can really damage your finances. We’ll talk about the things you need to consider and how much it costs Ohio residents on average.

We hope this episode of Unlocking your Financial Future can give you some things to think about before your next appointment with an advisor.

We’ve laid out the main topics below. Click the timestamps to jump around in the episode.


Key Points:

0:34 – We’re beginning a new series on awkward conversations.

1:05 – Let’s get an update on how Ben’s wife is doing and how the pregnancy is going.

2:28 – Beginning the discussion on awkward conversations and what we mean with that.

3:03 – First difficult conversation: the death of a spouse.

4:31 – What BA-Schrock discusses in terms of life insurance with clients.

5:39 – Do you know all the account information for your family’s accounts?

8:08 – Second difficult conversation: Nursing home care later in life.

9:03 – Here’s how much nursing home care could cost you.

11:42 – These conversations aren’t easy but having these candid discussions can be very helpful.



Related Content:

Do You Need Life Insurance After Retiring – Busting Financial Myths, Part 1

Will You Need Less Income When You Retire – Busting Financial Myths, Part 2