Griffin Financial Advisors, LLC

Released last week, was the annual report from Social Security and Medicare showing how long these programs will be able to provide benefits as promised. The report stated these entitlement programs, which many retirees rely upon, are in jeopardy. So where do we stand today, and what can we expect moving forward. Currently, there are roughly 61.5 million people who receive retirement or disability benefits from Social Security. According to the report, this is the first-year costs/outlays will exceed income/deposits since the 80’s (chart per the WSJ). Due to higher costs, the program will have to tap into its 3 trillion-dollar trust fund. Although $3 trillion may seem like a lot of money, these reserves are forecasted to only last until 2034.   This is much sooner than previously expected. As a result, Social Security would be forced to cut recipients benefits to 75% of their scheduled amount. For Medicare, it is even worse. Today, 58.4 million people receive Medicare. T...

Long term care is a topic many individuals avoid until it’s too late.   During the past two months, I have had five individuals ask me what they can do to get care for an elderly parent.   You probably know someone in a similar situation.   They are learning elder care is expensive, $40K -$60K per year.   They realize these costs will consume all their parent’s assets. They are hoping there is some “program” to help them.   The answer is no and maybe.   No, Medicare does not pay for long term care.   The most Medicare will cover is 100 days in a rehabilitation facility while you are receiving therapy.    There is a government program which covers long term care.   It is called Medicaid, and you must be virtually broke to qualify for it.   That is the maybe.   Under Medicaid, you would have to exhaust all your assets to qualify for care. Then, find a long term care facility which is willing to accept a Medicaid patient. ...