Life Event Financial Guidance
Financial guidance for life’s biggest moments. Whether you’re starting a family, facing a health crisis, or planning retirement, we’re here to help.
Retirement & Aging
Turning 65 — Medicare and Insurance Planning
Turning 65 means Medicare eligibility. Enroll during your 7-month Initial Enrollment Period (3 months before to 3 months after your 65th birthday month). Also consider: Medicare Supplement (Medigap) plans, Part D prescription drug coverage, long-term care insurance (rates increase with age), and reviewing your life insurance needs now that major debts may be paid off.
My Parent Needs Nursing Home Care — What Do I Do?
If your parent needs nursing home care, check if they have long-term care insurance. If not, options include paying out-of-pocket (average $9,000/month for a private room), Medicaid (requires spending down assets), or a combination. Consider a life insurance conversion or viatical settlement if they have a policy. Medicare only covers up to 100 days of skilled nursing.
How Much Does Assisted Living Cost?
The median cost of assisted living in the U.S. is $4,500-$5,500 per month ($54k-$66k/year), with costs varying significantly by state. California averages $5,250/month, while more affordable states like Missouri average $3,500/month. Medicare does not cover assisted living. Long-term care insurance can help cover these costs if purchased before health issues arise.
Can I Retire at 62? A Complete Guide
Yes, you can retire at 62, but it comes with trade-offs. You can start Social Security at 62, but benefits are permanently reduced by up to 30% compared to waiting until full retirement age (67). You will also need to cover healthcare costs before Medicare eligibility at 65. A successful retirement at 62 requires 25-30x your annual expenses saved and a plan for the coverage gap years.
Health & Medical
Just Diagnosed with a Serious Illness — Financial Steps
A serious illness diagnosis is devastating, but there are immediate financial steps to take: review your life insurance for accelerated death benefits (ADB) or living benefits riders, check disability insurance policies, review employer benefits for paid leave options, and consider a financial consultation to plan for reduced income and increased medical costs.
Can Cancer Survivors Get Life Insurance?
Yes, cancer survivors can get life insurance, though options depend on the type of cancer, time since treatment, and current health status. Many insurers offer coverage after a waiting period (typically 2-5 years cancer-free). Guaranteed issue life insurance is available regardless of health history but with lower coverage amounts and higher premiums.
Career & Income
Starting a Business — Insurance Needs Guide
When starting a business, key insurance considerations include: personal life insurance to protect your family if your business income disappears, disability insurance since you lack employer-provided coverage, key person insurance if you have a partner, and business liability insurance.
Lost Your Job? What to Know About Health Insurance and Finances
Losing your job triggers COBRA (continuing employer coverage for up to 18 months, often expensive), ACA marketplace plans (subsidized based on your new lower income), or Medicaid (if income is very low). You have 60 days from job loss to elect COBRA. Also consider disability insurance before leaving to protect against income loss from illness.
What Happens If I Cannot Work? Disability Insurance Guide
If you cannot work due to illness or injury, disability insurance replaces a portion of your income (typically 60-70%). Without it, you would rely on savings, family support, or government benefits like Social Security Disability Insurance (SSDI), which has strict requirements and covers only about 34% of applications.
Bereavement & Loss
How Much Money Does a Family Need After a Death?
Experts recommend life insurance coverage of 10-12x your annual income. A family typically needs enough to replace lost income ($50k-$150k+/year for 10-20 years), cover funeral costs ($7k-$12k), pay off debts (mortgage, car loans, credit cards), and fund future education. Total need often ranges from $500k to $2M+ depending on your situation.
My Parent Passed Away — What Do I Do Now?
Losing a parent is overwhelming. Focus on these steps: obtain the death certificate (get 10+ copies), notify Social Security (they handle it if the funeral home reports), locate the will and insurance policies, and contact beneficiaries about any life insurance payouts. Life insurance proceeds are generally tax-free.