Financial Strategies For Age-Gap Relationships With Jay Zigmont

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How can couples with significant age differences navigate the complex financial planning conversations to ensure a secure future together In this insightful episode Suja welcomes back Jay Zygmunt PhD CFP and CEO of Child Free Wealth to discuss the unique financial planning challenges faced by couples with significant age differences As a certified financial planner specializing in helping child-free individuals Jay shares his expertise on the essential conversations these couples need to have from long-term care planning to estate management He emphasizes the importance of seeking professional guidance to facilitate these sensitive discussions and offers practical advice on how to approach the topic of mortality and its impact on financial decision-making Jay Zigmont PhD MBA CFP is the Founder and CEO of Childfree Wealth a life and financial planning firm dedicated to helping Childfree and Permanently Childless people Childfree Wealth is the first life and financial planning firm dedicated to serving Childfree people 00 00 00 Introduction Suja welcomes Jay Zygmunt back to discuss financial planning for couples with significant age differences 25 of adults are child-free and the financial planning world is primarily built around the idea of having children Couples with age gaps face unique challenges in financial planning conversations Jay specializes in helping child-free individuals with their financial planning needs 00 01 00 Starting with the Uncomfortable Conversation Discussing mortality and the likelihood of one partner outliving the other is a difficult but necessary conversation The conversation involves long-term care estate planning and investment decisions Couples often avoid this conversation due to its uncomfortable nature 00 03 00 The Importance of Long-Term Care Planning Women spend an average of 3 7 years in care while men spend 2 2 years costing around 115 000 per year Couples with age differences need to plan for long-term care to protect the surviving partner Estate planning is crucial especially for child-free couples to ensure assets are distributed according to their wishes 00 05 00 Seeking Professional Guidance Involving a third party such as a financial planner can help facilitate sensitive conversations about mortality and financial planning Professionals can guide couples in discussing priorities such as caring for aging parents inheritance and power of attorney Lack of proper planning can lead to severe consequences such as being kicked out of one s own house due to joint ownership with in-laws 00 07 00 Self-Insuring for Long-Term Care and Conclusion Self-insuring for long-term care requires setting aside approximately 500 000 and ensuring a 5 annual growth rate to keep up with rising costs Purchasing long-term care insurance in mid-40s can be more cost-effective These conversations are essential for all couples regardless of whether they have children to ensure they make the most of their lives and pass on their desired legacy Quote When it comes to couples with significant age differences having a plan for the inevitable is crucial It s not just about the numbers it s about facing mortality head-on and ensuring that both partners are protected and secure in their future together – Jay Zygmunt PhD CFP Couples often avoid discussing the uncomfortable reality of one partner outliving the other but it s a conversation that must be had Bringing in a third party like a financial planner can help facilitate these sensitive discussions – Jay Zygmunt PhD CFP Connect with Jay Website https childfreewealth com Free copy of the book Portraits of Childfree Wealth https childfreewealth com book Podcast https childfreewealth buzzsprout com WANT TO LEARN MORE Connect with me through LinkedIn Or send me an email at sujata luxe-cap com Visit my website www luxe-cap com or my YouTube channel Thanks for tuning in If you liked my show LEAVE A 5-STAR REVIEW like and subscribe Click here to visit this podcast episode