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481 | Mailbag: Long-Term Care, Aging Parents and their Finances | Danielle Miura

ChooseFI

Brad Barrett | Choose FI Media

Financialindependence, Investing, Firemovement, Passiveincome, Frugalliving, Personalfinancepodcast, Daveramsey, Careers, Business, Earlyretirement, Habits

4.8 • 5K Ratings

🗓️ 11 March 2024

⏱️ 48 minutes

🔗️ Recording | iTunes | RSS

🧾️ Download transcript

Summary

In this episode: caregiving and FI, retirement planning, reverse mortgages, long-term care, and long-term care insurance.

This week we are joined by Danielle Miura to discuss how her experience as a caregiver has impacted her FI mindset, as well as answer listener questions pertaining to planning for your own long-term care while on the path to FI. As you and your loved ones get older, it’s important to start considering what additional finances they may require. From long-term healthcare to assisted living, there are many factors that not only impact their life financially, but could impact you and your FI plans. While it may be uncomfortable to have conversations with loved ones about their finances and expenses, it is imperative to have these discussions early and create a plan that works for you and your family.

Danielle Miura:

Timestamps:

  • 1:19 – Introduction
  • 2:22 – Caregiving and FI
  • 7:28 – Dealing With Poor Retirement Planning
  • 15:38 – Reverse Mortgages and Viability of Selling The Home
  • 21:41 – Having The Uncomfortable Conversation
  • 24:40 – Planning For Your Final Years
  • 32:41 – Long-Term Care and FI
  • 36:10 – Long Term Care Insurance
  • 45:30 – Conclusion

Resources Mentioned In Today’s Episode:

Transcript

Click on a timestamp to play from that location

0:00.0

Hello and welcome to Choose a Phi.

0:01.8

Today on the show we have a really interesting episode.

0:04.3

This is another one of our mailbag episodes.

0:06.9

And it's focused on an issue that I think we haven't spent a lot of time

0:10.3

talking about, largely because it's very complex and honestly it's a little

0:14.6

bit scary it's dealing with elderly parents and their finances and all the

0:19.5

complications that can arise from that whether it's long-term care, assisted living,

0:24.2

then potentially running out of money, and how that could impact your own FIE journey,

0:28.8

plus another question of how do I plan for long-term care in my own Fai journey.

0:34.7

I think this is going to be really, really interesting.

0:36.8

And to help me on this, I have a true expert.

0:39.8

I have Daniel Mejota here to join me,

0:42.0

and she is a CFP and the founder of the financial

0:45.3

planning firm Spark Financials and when I set up this mailbag I actually had

0:50.5

asked our good friend Cody Garrett to look over the questions and he said

0:54.0

Danielle is the perfect person to help with this because she has her own experience

0:59.5

as a family caregiver and she focuses on this in her financial planning firm. So absolutely

1:05.8

perfect I think this can be really useful. With that welcome to choose a fine. Bye. this is really an important conversation and it sounds like you are the absolute perfect person to have this one.

1:25.2

I'm so excited to be here and I'm so thankful that you're highlighting such an important key topic that doesn't get discussed as much as it should be.

1:34.8

Yeah, it doesn't and I mean obviously I can take a lot of that blame.

1:39.2

I don't know if it's that it's just scary.

1:41.8

It's one of those things like almost like health care in the sense that like the

...

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