At Richmond Brothers, our mission is simple: to empower our family of clients to live fearlessly into and beyond retirement through personalized planning, education, and top-tier service.

As part of our FearLESS Financial Approach™, we focus on five key pillars — Income, Investment, Tax, Healthcare, and Legacy. This topic falls within the Healthcare Pillar, where we help retirees and pre-retirees anticipate and prepare for healthcare and long-term care expenses so they can focus on enjoying life, not worrying about what’s ahead.

The Reality of Long-Term Care

Most of us hope to stay healthy and independent for as long as possible. But the truth is, many retirees will eventually need some level of support — whether that’s help at home, in assisted living, or in a skilled-care facility.

According to recent studies, nearly 70% of Americans turning 65 today will need some form of long-term care during their lifetime.¹ The latest figures show that assisted living now averages around $64,000 a year nationwide, and in Michigan, a semi-private room in a nursing home can cost over $127,000 annually.

Despite those numbers, many families haven’t factored potential care costs into their retirement plans. In fact, about two-thirds of caregivers use their own personal savings or retirement funds to help cover expenses.¹

Want to explore the numbers a bit more?
We’ve included a short report from Bridge that takes a closer look at current long-term care costs and statistics:
Bridge Long-Term Care Statistics →

It’s shared purely for educational purposes — not as a recommendation or endorsement of any specific product, but as a resource to help you stay informed as you plan ahead.

An Example Scenario

Imagine a couple in their early 60s — healthy, planning to retire soon, and excited about travel and grandkids. Like many, they’ve built a solid nest egg and assume Medicare will cover most of their healthcare needs. When they meet with their advisor, they’re surprised to learn that long-term care — whether at home or in a facility — typically isn’t covered.

Together, they explore how a portion of their assets could be positioned to help fund potential care needs later in life, without disrupting their current income plan. The focus isn’t on buying a specific product — it’s on gaining clarity, flexibility, and confidence about how their plan can support them through every stage of retirement.

Why Planning Ahead Matters

Planning for long-term care isn’t about expecting the worst — it’s about creating peace of mind.

Thoughtful preparation can:

• Help protect your retirement income and savings
• Allow you to choose the type and quality of care you receive
• Ease emotional and financial strain on loved ones
• Keep you in control of how and where you age

Long-term care planning isn’t limited to insurance solutions. It’s about understanding your options — whether that means self-funding, exploring hybrid strategies, or integrating care costs into your written retirement income plan.

How Richmond Brothers Can Help

Our team helps pre-retirees and retirees navigate each of the five pillars so their financial life feels clear, balanced, and intentional. Within the Healthcare Pillar, we review:

• Projected healthcare and long-term care expenses
• Medicare and supplemental coverage considerations
• Potential funding strategies for future care needs

Our goal is to help you feel confident in your choices, knowing your plan reflects what matters most to you and your family.

Curious How Long-Term Care Fits Into Your Plan?

If you’re wondering how potential care costs might impact your retirement income, we’d be glad to explore that with you. A 20-minute Clarity Conversation is a simple, no-obligation way to ask questions and see what might make sense for your situation. Just reach out whenever the time feels right — we’re here to help.

And for our current family of clients — if you’d like to talk more about how long-term care fits into your plan, just let us know and we’ll be happy to cover it during your next RECONNECT visit.

Sources:

Bridge — Long-Term Care Statistics, 2024.

https://www.aplaceformom.com/caregiver-resources/articles/nursing-homes-cost

https://www.ahcancal.org/Advocacy/IssueBriefs/NCAL_Factsheet.pdf
This material is provided for informational purposes only and should not be construed as investment or insurance advice.

Advisory services are offered through Richmond Brothers, Inc., a Registered Investment Adviser. Insurance products are offered through licensed insurance professionals within Richmond Brothers. Investing involves risk, including the possible loss of principal. Registration as an investment adviser does not imply a certain level of skill or training.

Guarantees are based on the claims-paying ability and financial strength of the issuing insurance company.

Insurance products, including annuities and any optional long-term care, chronic illness, or other living benefit riders, are issued by the applicable insurance company. Product features, benefits, riders, limitations, costs, and availability vary by product and by state.

Optional riders are generally available for an additional cost and are subject to eligibility requirements, terms, conditions, limitations, exclusions, and underwriting or benefit qualification requirements, as applicable. Please refer to the applicable policy or rider for complete details.

Long-term care or chronic illness benefits, if elected, may be intended to receive favorable tax treatment under applicable federal tax law. Tax treatment depends on individual circumstances and is subject to change. Clients should consult their tax advisor regarding their specific situation.

Annuities are long-term financial products designed for retirement or other long-term objectives. They may involve fees, expenses, investment risk (where applicable), withdrawal limitations, and surrender charges. Early withdrawals may be subject to surrender charges and, if taken before age 59½, may also be subject to IRS penalties.

Long-term care or chronic illness riders are not a substitute for comprehensive long-term care insurance. Benefits are subject to the terms and conditions of the applicable rider and policy.

Refer to the specific product materials for complete details, including product availability, state approvals, and applicable limitations.