"Carroll weaves her vast experience in long term care insurance and personal insights into the MUST-READ book! It is jam-packed with helpful information families and professionals need to know in order to make informed decisions about aging planning."—Annalee Kruger, President of Care Right Inc., and author of The Invisible Patient: The Emotional, Financial, and Physical Toll on Family Caregivers
Who’s going to be the physical, emotional, and financial caregiver in your family (no matter how you define family)? Few of us understand or are prepared for the breadth of lifestyle implications that come with that role. On the flip side, what if it’s you that needs care?
Meet the Jones family, a multigenerational example of how it all works in the real world. Follow Jodi and her family as they suddenly must deal with her parent’s extended care needs. Tension, guilt, and a lack of information start to impact Jodi’s health, happiness, job and family, relationships. Follow along as this multigenerational family uses my three-step process to create a Care Guide, a Care Squad, and a Care Planning Team. Learn how to establish a framework to start and continue conversations, minimize tension, and gain an overview of several planning options to fit almost any budget so you’re ready for tomorrow.
Carroll S. Golden, CLU, ChFC, FLMI, CASL, LACP, LTCP, CLTC, is an executive, author, and pubic speaker whose focus is working with agents/advisors and caregivers about opening family discussions and planning for extended care needs. Currently, she serves as the Executive Director of the National Association of Insurance and Financial Advisors (NAIFA) Specialty Centers. She is dedicated to helping professionals and families create and fund a plan for extended care by providing actionable information, guidance, effective strategies, expertise, and resources. Following Carroll’s text-book for professionals, “How Not To Tear Your Family Apart,” her second book, an Amazon #1 Best Seller story-book, “How Not To Pull Your Family Apart” encourages individuals and families to identify with the story’s characters, overcome the silence, and engage in these important discussions. Carroll can be reached at carroll@thecaringconversation.com
In 1984, IBM froze its defined pension plan and introduced a new 401(k) plan. Defined contribution plans shifted the financial and longevity risk to individuals. However, many workers did not fully utilize the saving and matching benefits. To address this, the Pension Protection Act of 2006 (PPA) introduced eligible automatic contribution arrangements to boost participation in self-funded defined-contribution retirement plans. These arrangements allow employers to automatically enroll eligible employees unless they opt out.
Then IBM, once again, overhauled its retirement plan layout. The company discontinued the 5% match and 1% automatic contribution to employees' 401(k) plans. Instead, effective January 1, 2023, IBM employees were introduced to the Retirement Benefit Account (RBA). The RBA is a hybrid plan combining elements of defined benefit and defined contribution plans. Effective Jan. 1, the company will put 5% into the RBA, essentially a pension plan that will pay 6% interest through 2026. This plan aims to help employees achieve their financial and retirement goals by providing a stable and predictable benefit, enhancing their retirement portfolios as part of IBM's Personal Pension Plan.
Book Excerpt
How Not To Pull Your Family Apart
Many people remember their grandparents who seemed able to pay for their own care. Memories are not always a reliable resource. People are living longer and one source of retirement income has seen major changes in the last decade. The world of pension plans has dramatically changed over the years, moving away from defined benefit plans which provided retirees a specified payment to defined contribution plans. Defined contribution plans are saving plans that allows both employers (if they choose) and employees (if they chose) to contribute. Specific payments to retirees are not promised. Familiar examples of contribution plan are 401(k) plans, 403(b) plans, and simplified employee pension (SEP) plans. These plans, properly funded and invested, play an important role in retirement budgeting. Fortunately, both Jackson and Jodi have plans that will help secure their retirement unless they have to prematurely dig into the funds for unplanned extended and long-term care expenses.
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