Episode 31: Jay Stubbs with Providence Partners

Segment 1:

Good afternoon everyone welcome in! Welcome to Coasting Into Retirement. That’s right. Thanks for joining us today. We are excited to have you, Josh Null here. Michelle is off this week. She will be back next week and in her place. We have a very special guest long-time friend Mr. Jay Stubbs, director of the Gulf Coast for Providence Partners. Jay, how are you doing? Josh, I am doing great today. Good to be with you here working on Coasting Into Retirement and being a part of this program. We are always willing to assist you when needed while we’re here. You’re back again. Coastal College is a recording studio beautiful downtown. Fairhope couldn’t find a parking place and a park fair. Fairhope has been growing much. Everybody wants to shut the gate behind him but unfortunately, they keep on coming. Especially people like me coming down from Missouri. Well, I did get lucky and didn’t have any Bayway issues coming from Mobile so I’m glad to be here. In this show, we discussed financial topics relevant to those of you in or near retirement living your best life along our part of the Gulf Coast. Now regular listeners will know that I made a couple of exciting announcements on our last episode, but also saved even more breaking news for this episode. So here’s how we’re gonna proceed, Coasting Into Retirement is divided into three segments. Each segment is roughly 20 minutes long. In our first segment, Jay and I are going to discuss some of the more exciting news around my company. Gulf Coast Financial Advisors is a company that works with Providence Partners and then this radio shows customer retirement. We’re also gonna touch on the topic of the day. We’re going to discuss long-term care. The second segment is titled Michelle with the news of the week but with Michelle playing hooky today Jay and I will take turns reading and reacting to relevant headlines around our topic of the day and then, of course, regular listeners will know that our last segment is titled Josh’s Crystal Ball and Big Mouth. So I’m gonna take Jay to task for his opinion and possibly some predictions on some of the things we both said publicly over the years and some stuff that hot out of depression and news. So, quick background from me for those new to this show, again my name is Josh Null. I’m a financial advisor. I hold my 65 security license and I’m the owner of Gulf Coast Financial Advisors that independent investment management and financial plan firm. We have offices in Fairhope Orange Beach and coming soon to Mobile. You can find more information on me and Gulf Coast Financial Advisors by visiting our website gulfcoastfa.com or feel free to give us a call at 251-327-2124. If you missed that do not worry, we will repeat our contact info several times throughout the show. So back to you, Jay. You currently work with Property Partners which we announced to be kind of a couple episodes ago it’s gonna be an official sponsor of this radio show Coasting Into Retirement so if you don’t mind, please share a little bit about Province Partners, your role, your background and you know I guess why you thought it might be a good idea to sponsor the show. We thought would be a good mood. Providence Partners is an eight-year-old company with partners that I have worked with for a quarter of a century 25-year business career. So Providence Partners is based in Birmingham. There’s a Nashville operation and I am the Director of the Gulf Coast for Providence Partners we are a risk management firm. Risk management might be what he was talking about in the financial services world. What you do is the wealth component so assets guide people through their retirement decisions. You help people with making money, decisions, and investing, and you’re also a risk component. Not the risks of investing but the risks of protection and planning. So think all things life insurance disability income protection for the hard-working is, of course, long-term care planning which we will discuss for those nearing or in retirement already. Part of that component, as well as, Providence Partners has a benefits arm a group benefits arm, so we can go in and offer insurance products to employers for the benefit of their employees so a benefits firm that offers group products. We are advisors to the advisor but that doesn’t mean that a consumer off the street can’t give me a call and ask a question or anyone on our team. It just means my role every day and has been for the last 25 years is to focus on working with you, Josh, and your clients. So technically you’re my client, you know, Josh you run into an opportunity to help a client with a risk plan you’re giving me a call to wade through the risk waters whether it’s life insurance disability long-term care you name it. I’m here to assist you so that you have the proper information and intel to give your client. Hopefully fulfills a solution that they’re looking to fill. Whether it is family needs, estate planning, or business planning for your business owner client, or for the affluent person who’s making a good income, protect that income with this ability for the people who are nearing the end of their working years. It may be getting close to their retirement years and they’re looking for a long-term care plan always like to say you can echo this and your sentiments with your clients do you have a plan in place and simply insert the risk that we want to discuss with them client at that time. So Josh, do you have a plan in place to protect your family right? Yes, Josh do you have a plan in place to protect your income? Do you have a plan in place to protect your assets and your family dynamic? Should you experience long-term care of it later in life like those are those are the simple questions that we ask so probably partners where we are advisor to the advisor to the agent and work in concert with you and your clients very well. Jay, this is upfront so Gulf Coast Financial Advisors and Providence Partners are not affiliated. Y’all are just sponsoring the show but I appreciate you and I do listeners are even regular by this kind of journey. They know that we have been doing things both in podcast form and video form. We have done a lot of things for a lot of years so I’ve always appreciated you being in there with me as we’ve thrown the business to this point it’s a pleasure to be with you. You work hard for your clients every day you’ve developed a reputation over here in the Gulf Coast that is very positive. We look at the Baldwin County community in the Mobile communities. It’s an opportunity to help you. The sponsorship is simply to help people become aware you know you through the years, always focused on the wealth and the investments and the retirement. Hence the name of the show and you said I think it’s also right to bring in some of the risk components because it’s just as important to have conversations with those clients of yours, those prospects of yours, and those areas of plan. When they hear us talk about it on the radio maybe it just makes it may be answers a question they have in their mind, gives them the confidence to know they’re dealing with the right folks. Love it! I did all that the hardware Jay so I appreciate your kind words so a couple of things here and we’re gonna jump to the top of the day now on our last episode. I did announce that Gulf Coast Financial Advisors had recently formed as our own registered investment advisory firm or registered with the state of Alabama. That is RIA for short for those who know my industry. I also announced that the addition of several new team members will be in House and will be in the consulting role as Jay will be, and then, of course, I asked for the addition of an office in Mobile or working out the final details on that. But, that will join our existing offices in Fairhope in Orange Beach so hopefully for this area we have ambitions and dreams of growing beyond Baldwin County and Mobile. But for now, that’s a wonderfully convenient place for the majority of the folks listening. The other cool thing I’ll share with you about this radio program. I don’t know if you knew this or not but Coasting Into Retirement is one of the six finalists for the Lagniappe 20024 Nappie Award! We’re in the running for the Best Lifestyle radio show. So if any of y’all listening, especially if you are a regular listener or if you’d like to vote for us voting is open now. I think it’s through voting through May 26 if I remember correctly. You can vote once per day once, per email. Simply go to www.votenappies.com. Find the media link and then find our show under the Best Lifestyle Radio Show. Like they say in the old times vote early, vote often. So, it’s once per email address per email today. That’s been a little sting through the years cause you were like “I’ve got four email addresses”, “my work”, “my personal”, “my wife’s”, “my husbands”, “my kids”, whatever it is. It’s an email address just if you like this show. Just remember it’s one email address per day. I think it’s kind of an easy test honestly but it’s fine. We gather enough to be one to six finalists and there are a lot of shows up for content if that’s only where you land. I would congratulate you very happy for a show as we just discussed before no formal training for any of this stuff so let’s pivot to our topic of the day. We got about eight or nine minutes here left. It’s something that we tie we mentioned earlier we’re gonna be discussing long-term care. Someone will know it is an extended healthcare event, and I want to hit it up this way because in my line of work is led to we are a financial planning firm first that’s what we lead with the investment management pieces very important. We’ve gotta be competent and we’ve gotta have a system around how we do our investment management. But really to me, a lot of the value that someone extracts from dealing with those financial advisors dealing with our team is being a part of that comprehensive financial planning process. Because it looks not just at your investments, but is Jay, too so you got one side where you’re growing your assets where if you got investments and their vest properly. Hopefully, you’re seeing growth over time but on the other side, how do you mitigate the risk of your health failing or an accident and turbo on a car rep or anything along those things? Or as Jay and I will discuss in my opinion an extended healthcare event. Something that knocks you out for several years is probably one of the single sources of greatest destruction to personal wealth that’s out there. It’s up there with business bankruptcy. It’s up there with all kinds of things when you’ve had an extended healthcare event if you don’t have the assets to dedicate towards. It can be financially devastating and I guarantee people are listening to the show. Their headache is to deal with it or they help me with what parents or grandparents have gone through and they’ve seen it in their everyday lives. Many years ago we didn’t mention any client names but we had I had taken her client. She had just a little bit of health problems. She was generally healthy, but she had some minor health problems. She was in her late 60s at the time and she had gone through with her father. She had gone through an extended healthcare event, and she saw the expense that she was not qualified or necessarily interested in. What someone would call a traditional long-term care policy listener will explain the differences later as the show goes on, but she did have a bucket of money that she wanted to dedicate to possibly helping her two kids take care of her. If she ever needed long-term care we use a program called an asset-based long-term care program. She was able to dedicate a chunk of money that money was leveraged up into a program where she could draw. I don’t know the exact number so I might be off here. I wanna say it was 2X or 3X what she put in. That sounds good, right? Then on top of that, she had a death benefit that was tied and some degree to her original premium, which I wanna circle back on cause it was a pleasant surprise what happened there at the end. Now I’m gonna go and tell you how the story ends. She was one of my favorite clients, a wonderful lady. She passed away here recently. She got sick fairly quickly and she ended up not even having to use the policy, but she left behind the death benefit that if she had a traditional long-term care policy, would’ve not been on the table. It would’ve been that traditional long-term care is not unlike caring like car insurance. If you never get a car wreck you don’t use it. You’re not gonna be mad for not getting a car wreck. You just don’t get any benefit out of it if you never use it. Let’s talk a little bit about that. What we’re gonna do with this program is we’re going to talk about the different ways to pay for long-term care. I want to use it as kind of a tee-off block. I have personally in my financial advising role. I’ve had a great experience and my clients had a great experience with an asset-based long-term care policy may not be the solution for everybody but talk about the different options, especially for any of y’all listening that have our looking at what? What are the options out there if I ever need to cover myself That is usually how someone will turn it to us. Well, when we ask the question, Josh, “Do you have a plan in place Mister or Miss Client”, or whoever you’re speaking to, “Do you have a plan in place to protect your assets your wealth”. Your money in your family dynamic whether they live locally or they live a broken out somewhere else in the country. Whether it’s a plane flight or a car ride they are a long distance away. We always like to say, “What’s your plan”? Do you have one if they don’t have one? That’s when we start asking a few more probing questions the number one I’d like to always bring up is does that concern you some people listening that they could care less what their plan is right but if they do feel like that, they don’t have a plan and it is concerning will certainly that’s where they would say what are my options. There are four options in planning for long-term care there’s considered self which is not insurance at all. Is called self-pay. So if somebody says, “I’ve got enough assets, Josh”. Here with your other sources on the sidelines. Those are gonna be the dollars that I would use. Should I wanna have an assisted living facility or maybe I wanna live in my own home and get care at my home from skilled nursing if should arise that self insure or like say self-pay the other one is traditional, long-term care. It is traditional homeowners or car insurance you pay a premium and you get a benefit. You don’t get a benefit until you file a claim and when you file a claim. That’s because you cannot perform two of six activities of daily living or you have a cognitive impairment. I’ll explain activities of daily living in cognitive and second. So if you have a traditional policy, you pay a premium you don’t get anything for it. Other than when you file a claim if you file a claim, there are some limitations with traditional, and this is across the board. They’re still very good companies and very good products, but they have limited duration of how long the benefit will last And they have premiums. The cost of the policy does not necessarily guarantee to mean you might own this. You might buy it at age 55 or 60, which is prime the time that we see folks look into this type of plan. Maybe when you’re 65 or 70 down the road you might get a letter from that company that says thank you for being a policyholder. Our claims experience is such that we need to change your benefit. Your premium is going to go up however you can decide at that time. You can say well in traditional long-term care planning I wanna keep my premium the same. If you keep the premium the same the opposite happens the benefit comes down so we’re looking at traditional that’s usually a 2 to 5 maybe six-year benefit. We’re looking at a premium that’s not guaranteed and a benefit that’s not guaranteed still a reputable company and reputable product. You’ve got a plan of the world traditional Care policies are the least expensive way to solve this problem. They might not necessarily be the best because we have to ask about your longevity and your family. Your other assets position you in a state where this is going to be expensive or in a municipality. That is gonna be a little bit more expensive. Oddly enough, it is more expensive if you’re living in a rural area. That is something that people don’t understand is rural supplies. It takes longer to get somebody out there to take care of you and you don’t have a facility around the corner or down the street. You gotta hop in the car and drive an hour and a half two hours away to maybe get some medical service or get anything taken care of. When your body or your mind or so long story short or self-insure traditional mini years ago they came about hybrid. Long-term care is actually what you gave your client you offered them and they said that’s what we wanna do a hybrid long-term care takes an asset. You already have to allow for you to leverage that asset up anywhere from 2 to 3 sometimes four times the amount of money you deposit. Then that becomes two times three times or four times a bucket of money that you can use for long-term care. That leverage gives you more confidence and also gives you access and control over your assets. So if you need to tap into that reason, it’s there for you to do so equity cash value and there are lifetime there are there’s one more there for sale pay or traditional hybrid long-term care then there’s traditional light with a writer. So if you’re listening, what’s the difference between hybrid insurance and life insurance with a writer? Just thinking in terms of do you still have a significant amount of protection needed where life insurance is needed. Whether it be a family plan business plan a line of credit, a larger mortgage, or a second home. For anything that would require having some insurance forced to take care of a debt or obligation, we can design a plan where somebody can get 500 or 1 million or more of life insurance. We can add a writer there who will accelerate the death benefit in the form of long-term care benefits. So all of this happens we have a conversation with the client and they say how do I claim with the claim comes about if you can’t perform two of six activities of daily living? Or have cognitive impairment in daily living. I always like to think it’s the song by the Beatles because like something like it woke me up got out of bed tried to comb across my head. That kind of stuff is also the activities of dead living. The first one is being able to get up and get yourself out of bed. Can you do that the second one after we get up in the morning as we head off to the restroom, we go to the bathroom. So we gotta think about that and when we’re in there being able to bathe and shower ourselves. That’s the third activity of daily living. The fourth is after we finish getting ready for the day. After bathing and showering we get dressed so getting dressed is an activity being able to put clothes on then we go downstairs. So transferring is being able to walk and move and get yourself out of bed to the bathroom. From the bathroom to the closet, from the closet downstairs. Then to the kitchen that’s called transferring.Then eating you know we feed ourselves. We make a smoothie or we do whatever we can do. That is also considered an activity available to the living. I’m at six so the seventh one excuse me I’m at five so the sixth one is going to the bathroom. Actually in the continents being able to avoid if you will hate to say that, but that’s that’s what it is being able to take care of that and not have any help doing so those are the six activities of daily living. The other issue could be cognitive impairment. You might be able to have all of your facilities and your faculties, but mentally you might have early onset of Alzheimer’s or any other cognitive issue that brings us to if you can still do the other six, but you got something going on at a doctor says you’ve got something going on. You can also make a claim very well you mentioned so we’re gonna start wrapping this up and then we’re gonna circle back and segment two but you mentioned the four ways for pain for long-term care. We had self-insured or self-pay traditional long-term care policies that would be the things I’ve been around for decades. The relatively newer hybrid-based type of policy that I referred to earlier was the life insurance with Accelerate. The death benefit is another option and we didn’t touch on people confused a lot. They confused Medicare with Medicaid And I know that it is an option anybody wants to pursue. But Medicaid would be the program that would step in in a low-income, low-asset type of environment to provide for long-term care payment, correct? We’re not gonna pick on this wonderful program to have it would be harder if we didn’t have it. There’s gonna be some give-and-take when it comes to Medicaid if you have to financially qualify. You can only really have a limited amount of assets small amount of money in your checking account or a car that you probably can’t drive. You’re allowed to have that, but you’ve got to be financially almost at zero pretty much before Medicaid will kick in. That is correct. Now I will say, Medicaid facilities and I’m not throwing shade here, but these are from government benefits. These are now state-run and state-employee Medicaid facilities. It might be that you visited one of these facilities and you didn’t. Yeah, you were comfortable. They do have to follow pretty strict budgets. Their staff is very good at what they do but often those staff workers work hard, but they don’t have the largest benefit package that you can think about when you think about some other facilities so if it’s an option for you or your family. It’s a great option to look at, but remember there’s gonna be assets gotta be have nothing to own or nothing to speak of and you might be in a facility that is not something that you want. Folks if you wanna have a conversation around these types of issues or particularly as a relate to a larger comprehensive financial plan we are. We’re not one trick pony here it’s gonna be more. How does this tie into your other needs and your other assets if you do what you like to have once you make an appointment, you can give us a call again that’s 251-327-2124 or you can reach us through our website’s gulfcoastfa like Mexico Coast. As in the show title FA in financialadvisor.com on our site's upper right-hand corner, you can click a little blue button that will put a 15-minute introductory phone call on my calendar. Or there’s a place where you can contact us and direct message if you want to have if you wanna have a little preliminary conversation or you do all three calls send a message on the calendar to reach out to us like to have the conversation with our folks. So coming up next a lot is going on in the world, particularly the world of finance investments, and money every week. We scour Interwebs for helpful financial articles related to our topic of the day especially articles pertaining to those of you in retirement. Want to join Jay and me after the break to hear us discuss this week's relevant headlines in what we normally call Michelle with the news of the week? She’s not here. She’ll be back next week but we call Josh and Jay to chop up the news for the segment.

Segment 2:

Welcome back to Coasting Into Retirement. I’m your host, Josh Null here. So as we discussed before the break, every week we scour the inner web for helpful financial articles that relate to our topic of the day. Especially articles that pertain to those of you in our near retirement job we think anyway to help you all understand how these headlines impact you. Especially when it comes to your money. We also just for reference we include the article links in our show's transcript. You can find that on our website gulfcoastfa.com by just going to the podcast tab and that is posted the day after this show will air on Sunday. That way you can read these articles more in-depth but with all that said let’s jump to it. We don’t have Michelle here this week, Jay so I’m having to fill in for her spot. I’ll do my best so I’m going to play. I’m gonna leave Michelle here. I can’t talk like her. That is impossible and ridiculous but start with our first article of the week here we go so coming to you from CBS News. I’m going to tell you right now. I don’t think we’ve ever referenced CBS News here. I didn’t even know that they had written articles there, but this is a pretty good one. It’s a relatively recent article. It says long-term care insurance pros and cons to know and I found this one the reason I found one oh I wanted some kind of broad range that had both the pros and cons. If somebody listens to us in the first segment, you can come away thinking that we recommend long-term care, and in every single situation that’s not the case. It’s not necessarily needed for every person to reference self-pay. There absolutely were you if you feel like you've got financial ability, fine but there’s things for anybody, even if you do have considerable assets and you do want to dedicate some of those to your long-term care potential long-term care needs. I think it still helps you to take a look at some of the programs that are out there. I think you’ll be pleasantly surprised. But back to the article, Jay, I picked it because there was on the pro side to protect your savings for you, like to get your feedback long-term care pros to protect your savings you may be able to choose your caretaker. Then this is one that I forgot the benefits from. What are your thoughts on this Josh? I’m glad you located it and put it out there in January. I believe this year was relatively new out there on the CBS news wire. I’m thankful but they said the pros and cons of their pros here obviously financial security spoke in the earlier segment. Do you have a plan in place that speaks directly to financial security? If you don’t have a plan in place and it concerns you that’s when we need to have a conversation with an advisor and an insurance professional for peace of mind for loved ones. I reference this maybe you have sons or daughters or grandsons and daughters or any extended family that here live locally some people say “I’m gonna rely on them to give us some guidance or some assistance or some financial support”. Or, “My daughter will come over here and help me get to the restroom or help me get dressed”. Well, I'm currently experiencing that as well on one side of my family checking on that loved while that could also deteriorate their lifestyle and peace of mind. The plan is not only for yourself but also for your family members down someplace. People listening say, “I don’t have a daughter that lives here and I can rely on”. Or, “I live in Birmingham” or, “They live in Atlanta” or, “They live in California” and it is going to be that extended family. That family that's close and you love and they love you. Are they going to be able to drop with? They’re traveling home and helping you go through whatever you’re going through. A lot of people will do this. It’s just financially impossible. Exactly, and if you do it now, if you’re listening, you say what’s the pros of doing it now. If I’m healthy and if you’re healthy? The pro is you get to customize and choose the plan you want and you get to say this fits us as a couple or this fits me as an individual. Or widow or widower or single divorce it does. It’s a plan that I get to have designed right now when I’m healthy so that customizable coverage of the tax benefits, if you pay for insurance, plans out of your pocket and that premium is not deducted anywhere from a group employer or from your expenses will never be self-employed. Or we don’t want to and there are some long-term care components we don’t wanna get in the weeds on that day right there are some deductible features of long-term care plans without getting in the weeds today. The benefit that we would receive is an income tax-free benefit is a 1099 LTC it comes in. You've put it down, you give it to your CPA preparing your taxes. If you do it yourself, you make sure that you account for that money that came in, but you are not taxed on that money when it comes in, as a benefit. The younger you decide the healthier that you decide. That's also when you look at premiums and expenses we’re looking at traditional alone from the pros of looking at it today when I’m young and healthy, meaning 45,50,55,60,65. We can get a very reasonable premium, that fits the needs of the plan that we want. The bottom line is it is something that we need to look at always say the pros when I like the most access and control have access and control to the plan and the lifestyle that you think you want to have an extended healthcare event come up peace of mind. It is extremely important for you and your family members and a protection offense around this asset as you’ve worked hard to live off of it. Maybe transfer to the next generation some people don’t think about well if they’re going to self-pay or self-insure. Those assets become the primary vehicle we use to pay the bills so if somebody doesn’t have a plan, Josh and you come in and ask him I’m sorry to hear this. Which asset do you want to designate when we start taking this money from first to pay these assisted-living costs at home or the assisted-living facility? Remember when we had this conversation seven years ago you told us you wanted to self-pay. That will quickly deteriorate a family’s wealth, especially if it goes into long-term, taking care of somebody speaking of Alzheimer’s or long-term debilitating disease. Well, financial plan software does dislike points to a bucket of assets for income production once when if we need long-term care, we’re gonna point it towards that bucket of assets. Yeah, whether you like it or not, that’s where it’s gonna take it from that’s right let’s talk about the cons. The cons are if you’re listening to this and you little bit older, no big deal we can have the conversation about the products and strategies we can look at. I believe age 80, so even at 85 with one company. The cons are the older or the longer you wait the more expensive the premium becomes for the protection plan or the least the lesser amount of benefit you would get per month. If anybody’s listening, how do we figure out what we’re gonna need their cost of care calculators everywhere simply the cost of care you’ll determine what the average costs are here in the Gulf Coast area. Or where you live in Baldwin County, Mobile County, or any other rural area outside of Mobile and Baldwin County. Having to be listening to this you can figure out with the cost of care is going to be you can also add some inflation measures to that cost of care and you can project out. What will it cost in 10 years what will cost in 20 years if I’m looking at it today and I’m 50 or 55 what it will cost if I’m 75 and I have an event that’s how we can back into a plan and customize it but just remember the longer we wait or the less healthy we become the less control and access we have on designing our plan. Well, that’s perfect for the next article so this one’s coming from AARP and I don’t mean to tease anybody who is getting AARP magazine. I’m assuming coming next year when we turn 50 before you do I’ll get that magazine to rise that you are sure you could be in a court carrying AARP member go to McDonald’s and get your discounted cuppa coffee.I think I’m 15 years younger than I am. But the article that comes next comes from ARP and it kind of ties in nicely with what you were saying about the Rite Aid. It’s the article titled Rare Insurance at the Right Age to Get the Best Value Now Jay, we kind of led to. We talked about the opening of this article on our past commentary here is that if you are younger and healthier in general, you’re gonna get a little bit more bang for your buck. Right, but what I found interesting here and I know I know you have in your head probably a little bit more specific numbers for Alabama. I’m gonna quote what AARP has this article says in 2020 pardon in 2021, with the most recent year for the data available. The national course so these numbers gonna be out of date know this already listeners the national median cause for a private bed in a nursing home was eight hundred thousand per year. Your long-term stay in your room and assisted living. These numbers and out 3+ years long in the nursing home is 24 hours a day seven days a week full skilled medical care from medical practitioners. So if you know anybody or you’ve ever visited anyone in a nursing home, you know there’s something bad happened. If somebody has bad long-term care of it and they have very a lot of trouble with their activities of daily living and they need to be in and sometimes they could have other ailments that are right that are bothering them. They need 24-hour even days a week care nursing home is gonna be with end up that is going to be the most expensive care that on average would be assisted living. I can do a lot of these things on my own however, if I have a fall or if I have a spill or if I need help doing this or help doing that there are a lot of assisted living facilities that are a better option. Then say somebody’s home that might have one too maybe three levels where they are not they can’t go up and down stairs anymore. It’s difficult to transfer or walk around your own home so assisted living facilities maybe the home is just too big maybe somebody’s passed away maybe otherwise moved out or maybe the home is as we discussed earlier in a rural part of the county or too far away to visit love ones. If you come to an assisted living facility loved ones can see you on a regular and consistent basis cause it’s just down the street or a short drive away so but an assisted living facility. Josh, it is okay to live on my own. I want my room and I get to make it how I wish I get a community of other folks that I can be with I can choose to engage with them or engage with them, but I’m in a facility that is gonna take care of me if something you come up. I still do have trouble with some of my activities of daily living or the cognitive parent and then one less thing circle Jay, so in here AARP says that a 65-year-old couple waits 10 years to get coverage on average their premium with double on almost 100% increase. If they will even if they back up to 70 things they do our part if they wait till 70 that reduces their odds of getting covered by nearly 50%. The reason I say that there’s no magic number I will tell you that everybody with a lot of experience are industry bangs their head against the wall when we hear Dave Ramsey tell her to wait till they’re 65 for some people that’s fine. But, how many times does somebody walk into our office and said I need to get long-term care insurance right now. You say what you got what’s your health is either they have a health issue themselves that the doctors just told him you need to start making some plans. Or this is where we see a lot of planning come they’re dealing with it dealing with their parents in a situation or grandparents.They realize I don’t want to be in that situation. I don’t want to see our wealth deteriorate and spit down. We work too hard to get where it is today or they just want peace of mind because they’ve seen the complexities that come with helping a family member or a loved one deal with it well and I’m gonna say this for a final article Jay anybody that’s listening if you’re interested in this and what times if you if you’re mature, consumer of investments and insurance sometimes you sat through what I would consider possibly a pushy long-term care type of presentation. If you’re interested in having this conversation with deal with Jay or getting both of us together, this is all about education and giving you information because, at the end of the day, it has to be a plan that fits into the rest of your conference and financial plan. It has to make sense. It’s not about just getting the biggest thing you can afford and then the heck with the rest of whatever your plan may need to accommodate for fitting into all the overall plans so if you’re interested in that, give us a call at 251-327-2124. Jay, what time to have one more quickly? For one more quick, this comes from a CNBC business. The title of the article is Not Having Long-term Care. Insurance can be the single biggest devastator “the single biggest devastator of your financial plan. I pick this one because it includes a financial plan very rarely will Jake never I don’t. We don’t implement long-term care plans policies into a financial plan without having a financial plan there’s gonna be it’s not just a one-off thing it’s gonna be tied into everything else but again I want to talk about this. I led to the very beginning in my opinion for my experience. I've been doing this now for almost 15 years. You’ve been doing almost 25 years. There are, unfortunately, a ton of things you’re doing in the risk management business for a reason there’s a ton of risk to people's wealth, but one of the biggest wrists is long-term care or extended healthcare events. That is one of the most financially devastating things you can go through particularly when I was fortunate with my grandma and grandpa. We had a big family and had aunts and other people that were able to help but most people are not in that situation. In this article, it recommends again this is an article, not my recommendation but it says he takes a look no later and 855 right now got a guy here who says that he bought this thing at age 27 sounds a little extreme, but you get the idea. So again, the point is article can be the single biggest devastate your final plan which what you guys say we have about a minute left tail risk. If you have mass wealth and you’ve got money to live on and you’re ready to Coast Into Retirement, Josh. Go what’s the biggest disruptor to that cost and that drive and that in that retirement plan is if you have an extended healthcare of it. That’s going to cost you more money than you thought it was going to cost whether you need care at home or care facility assisted living or one nursing and we just discussed the Cost that will deteriorate and blow up a financial plan and the best way to mitigate tail risk of your portfolio and your investments in your retirement. Your other assets so you don’t have to spend those for your care to look at a product or a solution that our insurance industry has developed. Again, there are three different ways to look at it, traditional, hybrid, and poor life with life insurance will be very good. So again, folks if you’re interested in having this conversation, particularly as a relates to the rest of your financial plan, why don’t you give us a call? It’s 251-327-2124 or you can go on our website that’s gulfcoastfa.com GULF Coast like the coast of the show title. FA is a financialvisor.com up in the corner. Click the blue button put something on our calendar or the contact page or do all the above. Michelle makes fun of it. I make sure I try to answer the phone every time I get a radio show because it’s fine that they’ve listened to the show for a while so we try to make us welcome as we can so come up next folks. This is a fun segment and I’m gonna prop a little bit in the fact that Jay and I are both very busy we have regular jobs. I’m full-blown work and Gulf Coast Financial Advisors. He’s doing his thing with Providence Partners so we had time to get the show ready to this point. But for a second, we’re gonna be flying blind a little bit we’re gonna be flying by wire here. It’s called Josh’s Crystal Ball and Big Mouth and would’ve been some of my predictions. Have I have have I been right or was I ever wrong? Do you know if I was wrong? How wrong? What do I think is going to affect investors shortly maybe even the future so we talk about these things and generally speaking Michelle Paul at me because, on the stuff where I with that, I’m usually pretty fair with it. I don’t I don’t make it all wins, and the things that we put in here she always gets to put in something work where I’ve swung this pretty badly IEC my Bitcoin prediction for 2024. Stay tuned next to Josh’s Crystal Ball and Big Mouth.

Segment 3:

Welcome back to your host Josh Null here alongside my guest cohost Mr. Jay Stubbs. I have strong opinions at times. I would say radio show hosts that aren't, probably wouldn’t be very interesting to listen to. I’m paid by my profession to offer professional guidance in opinions to my clients. Otherwise, what use would I be sometimes I feel so strongly about something that I talk about on the various podcast radio shows that I’ve had. I make predictions and I feel like I’m usually dry because I’m skeptical a lot of times. We’re gonna do our best with Michelle not here to poke at me and laugh at me right in my face like normal. We’re gonna do a little tennis back-and-forth on this you got hit with this we have in the past on the show. We have talked about meme stocks, and stocks that were wildly overvalued compared to their underlying intrinsic value, right one of those at least for a time. This was months ago was an electronic or electric vehicle manufacturer named Rivian if familiar with them have you seen a Rivian run around like a Range Rover? I was behind one the other day. They are meant to be the kind of SUV equivalent to Tesla. I think that they look nice. They look great but there was a time, Jay when the valuation of Rivian was almost 1/3 the market cap of Ford when Rivian had delivered and I mean maybe 10,000/50,000 vehicles. Compared to Ford delivering that by 8 AM on a Friday morning kind of thing, right? So we talked about that and I said this is a great example of something based on future hope here’s about altogether. We also talk about the magnificent seven stocks that have been carrying a lot of the weight of going out of the market increase over last year. That alphabet would wish. Google met Wishes, Facebook, Microsoft, and so forth, right? One of those magnificent seven stocks is Tesla. The kind of biggest or the least American base largest electric vehicle manufacturer Tesla today. But, Tesla has an outside share proportion included, including the S&P 500, and has been going through all kinds of turmoil laying that I know. Just here recently, last day or Tuesday they announced a bunch more layoffs. Here’s what I want to ask you there’s a point of all that rambling. I have been hyper-critical of the overvaluation of the stock value of electric vehicles however, I have pretty steady in my position that the generation after you and I are used to plugging stuff in letting it sit, and unplugging it. So, I think that it’s coming whether we like it or not. This is one of those I’d like your opinion on and I’d like to get your prediction. So, first and foremost if you ask me if I will ever own an electric vehicle. I happen to be married to a Chevy dealer owner family. They’ve had their hybrids you know, they all of the dealer all the manufacturers of vehicles in this in this country or or or being mandated or or challenged. If you will buy the government to say you’ve got to be more emission friendly we’ve got to go make this push. You hear the new stories about the way the batteries in the parking deck, and if every car in the parking deck was an electric vehicle with the batteries, and storage capacity, and that the deck was gonna collapse. Some funny things to listen to. I will never have one unless my brother-in-law and Chevrolet say you’re gonna get one. So, anyway, long story short I’ve ridden in them. I think the software I think the technology is great but you’re right about the next generation. What is that going to look like well certainly there if the manufacturers are bringing them out and they’re making them attractive. They’re making them affordable specifically on that next battery round right but I think that the next generations and the generations after that will be totally in tune with it and be able to accept it and move forward. My son is a graduating senior this year 28 class of 2024 he is going to be in a vehicle and I want him to be safe. I’m not concerned about the mileage and the wear and tear on the vehicle. I just want a safe vehicle. So a lot of people want that safety as well and he could probably care less if it’s a VA under the hood or not right now my Mustang and no way I was gonna have a V6 and he wanted the biggest thing that he wanted his phone to be able to connect, if somebody calls you without having to put it to my ear, I listen to it and talk to hands-free and keep both hands on the wheel. That’s all they want the air conditioner to work so yeah we’ll see what the future prediction that EVs are here to stay with we shall find out. I think they are. I think they are here just because the factors are all right. Well, listeners I hope you enjoyed the behind the curtain and how I form our opinions and predictions so now for those of y’all that have been listening if you want to reach out to us one more time that phone number is 25132772. Go to our website and make an appointment at gulfcoastfa.com. That is it for us this week here in Coasting Into Retirement. I wanna give a huge thank you to my cohost my host Mr. Jay Stubbs, thanks for coming in man. It’s my pleasure that Josh got back with you and good to be a sponsor. That’s right. Thank you awesome radio station that’s FM Talk 1065 Automobile many thanks to the provider of our show music that’s local band Sloth Racer. Also, many thanks to our show editor and producer Mr. Chazz Grave who is always appreciative of all of you out there for listening and joining us on this journey. We'd love to be part of your journey as well. Also, don’t forget to vote for retirement for the 2024 Nappy Award. We will talk again next Sunday and have a wonderful and productive week!

Disclosure:

Gulf Coast Financial Advisors, LLC ("GCFA”) is a registered investment adviser offering advisory services in the State of Alabama and in such other jurisdictions where it is registered, filed the required notices, or is otherwise excluded or exempted from such registration and/or notice filing requirements. Registration does not indicate or imply that GCFA has attained a particular level of skill or ability, nor does it constitute an endorsement of the firm by the Securities and Exchange Commission (SEC) or any state securities regulator. The Coasting in Retirement radio program serves mainly to disseminate general information including those pertaining to GCFA’s advisory services, together with access to additional investment-related information, publications, materials and links. The publication of this radio show should not be construed by any client and/or prospective client as GCFA’s solicitation to effect, or attempt to effect transactions in securities, nor should it be interpreted as GCFA providing personalized investment advice, or any type of professional advice, for compensation, wherever this program is broadcast. Any subsequent, direct communication by GCFA with a prospective client will be conducted by a representative that is either registered or qualifies for an exemption or exclusion from registration in the state where the prospective client resides. Certain information, news stories, headlines, data, charts, graphs, figures or statistics presented on this radio program may have been obtained from third-party sources that are believed to be generally reliable but which GCFA may not have independently verified. GCFA does not and cannot guarantee the timeliness, accuracy, or reliability of any such third-party information and undertakes no obligation to update or correct any information that may become obsolete, unreliable, or inaccurate. The radio program also contains the opinions, views, and perspectives expressed by Josh Null and any other GCFA representatives which are solely their own, and do not necessarily reflect the opinions, views, or perspectives of GCFA as a firm. Such personal views and opinions should not be construed as endorsements or professional advice from GCFA. GCFA makes no representation or warranty regarding the accuracy, completeness, or reliability of any information on this radio program, and disclaims any liability for any direct or indirect loss or damage incurred from using or relying on such information. GCFA and Providence Partners are not affiliated, nor are any of their respective representatives.