LTC Alert- The Cost of Caring for a Parent

Adult Children And The Cost of Caring For A Parent
There are about 10 million adults over the age of 50 in the United States who provide care for their aging parents. This group must also be planning for their own retirement and the task of being a primary caregiver can negatively affect saving efforts. A recent study from MetLife looked at the impact of caregiving on adult children and their future financial status.

During the past 15 years, the number of adult children providing primary financial or personal care for their parents has increased more than three times. About 25 percent of all adult children in the country today are the main care providers for their parents. The same number is almost equal to the number of non-working adult children who help their parents.

According to MetLife’s survey, the level of care provided by adult children to parents is about the same between male and female. However, men are more likely to provide financial assistance, and women tend to provide more personal care. The cumulative amount of lost Social Security benefits, pensions and wages among these adult caregivers is around $3 trillion.

The total amount of lost money from reduced hours at work or leaving the workforce early to care for an aging parent is about $143,000 for the average woman. The estimated loss of becoming a caregiver is about $131,000 in Social Security benefits and $50,000 in pension funds. For men, lost wages from leaving the workforce early or reducing hours totaled to about $89,000 on average. The average Social Security income loss is about $144,000, and loss of pension funds is around $50,000.

Because of stress, adult children who provide the majority of an aging parent’s care are more prone to serious chronic illnesses. They should strive to lessen the physical, emotional and financial burdens of caring for a parent. Here are some helpful tips:

  • If other family members are willing to help, set up a plan to divide expenses.
  • Use coupons, prescription discount cards and other saving aids when making purchases.
  • Research local community services and outreach programs for seniors.
  • Look for faith-based services and aid programs.
  • Buy any supplies that are used in large quantities in bulk.

Adult caregivers can save hundreds of dollars every year by employing these simple steps. AARP also recommends making individual care a top priority. Adults who care for their parents should eat well, get enough sleep and exercise. Mental health services and yoga or meditation classes are helpful in reducing stress. Joining a support group for other adult caregivers can also help. To learn more about this topic, discuss your concerns with an agent.

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DOL Ruling Delayed

As was suspected, the DOL has delayed the implementation of the new rule until,  June 9 2017. See attached link article.
Good news!  Regardless of the final outcome, ISN Network has solutions, more to come as this continues to develop!
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DOL – NAFA Alert!



NAFA ALERT — Submit Your Comment Letter by March 17
On March 3, NAFA shared an update outlining the Department of Labor’s proposed 60-day delay to the applicability of its fiduciary rule originally scheduled to take effect April 10. As of today, approximately 350 comments have been submitted to the DOL arguing both for and against the proposed delay.
It is critical that NAFA members from all arms of distribution as well those who service and support the fixed annuity industry make their voices heard. To simplify the process, NAFA has put together a draft letter you can use as is or customize to reflect your specific concerns. Members are encouraged to share this with other annuity professionals in their networks.
Please use the following link to access this pre-written message (please choose between Insurance Producer or IMO & Carriers) and add your business information to personalize.

Submit Your Letter 
It is important the Administration hear from as many of us as possible as we work to protect the future of our industry and the clients who want and need the advice and products we provide!
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Be a Closer


As leaders in most any line of work will tell you, becoming a leader is mainly about what is in your head, not in your physical prowess or material advantages. In the book by Wayne Coffey – “The Closer: My Story” we learn from the greatest closer of all time, Mariano Rivera, that the key to his success was not just his physical skills, but his mental approach.

Rivera was from Panama and at first the Yankees saw him as a starting pitcher but arm troubles lead them to place him in the bullpen. It was there that Mariano transformed himself and his mentality and developed into the great player that he was. But was it just his physical skills?

In his own words Mariano said “Yes…I can do one thing better than just about anyone else. Put the ball exactly where I want. (But) I am convinced that being fully committed to the moment, without any worries about the past or projections into the future, is the best attribute that I had.”.

Translated into our world it can be a revelation. With each appointment, with each client, we need to be “in the moment” “without worries” of the outcome. If we do what is right for our clients, if we listen to their needs and concerns “without any worries of our past or future” – that is the best attribute we can bring to our clients.

So go out there and be a closer…like Mariano Rivera.

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2017 Tax Kit

Thanks to Nationwide for giving us the tools to be effective during the tax season.

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2017 tax kit
Our 2017 tax kit includes materials to help clients file their 2016 taxes and refine a tax strategy for 2017 and beyond. Go to the Tax Center on for more information and ideas.
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The Test of Time

With today being the start of a new era in America, the Trump era, I thought it would be good to look back at an old article I wrote. We need a leader who is consistent, patient and has the heart to follow through. Lets hope President Trump can find a way to do all those things.

When I was growing up I was a big baseball fan. Every morning I would study the box scores to see how my favorite players and teams were doing. I had two players who I liked the most. Carl Yastrzemski and Hank Aaron. I got caught up in the YAZ excitement in 1967 when the Red Sox had the “Impossible Dream” season and YAZ won the triple crown. I was barely 7 but I could read a box score. I knew what YAZ did every day and from that excitement a baseball fan was born.

When I could read for real, I started reading biographies of Sports Stars. The book I read on Hank Aaron was written well before he was even thought to have a chance at the home run record. Most felt Willie Mays was the guy who had the best chance. But when I read the story of Hank, of how he had first learned to hit with his hands on the bat backwards (ie: he held his left hand on top like a left-hander would do) and how from that beginning in the Negro leagues he forged an amazing career…a Hank Aaron fan was born.

And Hank stood the test of time. He was never flashy, just a consistent force in the middle of the lineup. A 5 tool star who was often overlooked. It wasn’t until Willie faded in his pursuit of the Babe that people began to think…maybe Hank could do it. And as that possibility became a reality I was Hank’s #1 fan. I was only 13 when he broke the record but I remember it like it was yesterday. It felt like I had discovered Hank. As if my belief in him and my faith that he could beat the Babe had been a key to his success. His success was my triumph. As he circled the bases on April 8, 1974, there was no happier kid in the US of A.

I write this today because I just finished reading the biography “The Last Hero – A Life of Hank Aaron” by Howard Bryant. Reading about Hank as an adult was a different experience but for me his greatness still stands the test of time. And his life can give inspiration to us in our business. His work ethic, his faith, his consistency, his principles, his ability to stay strong in the face of incredible adversity. All of these attributes helped define Hank but can also be lessons for a Financial Advisor who also wants to stand the test of time.

In our business there is no “easy way.” There are no “get rich quick” schemes. It is consistent hard work and doing right by our clients that will stand the test of time. I have worked with many different types of financial advisors. The flashy ones come and go. The “one-trick ponies” never last. The best understand the need for consistent activity, for reliable advise and balanced thinking. I appreciate the hard work necessary to be successful in our industry. When times and the economy are tough, our consistent message is what shines the brightest. And a consistent balanced method will bring success and a long career. Just check the record book.

Games Played All Time Leaders’Top 1,000′
Name Games Rank
Pete Rose 3,562 1
Carl Yastrzemski 3,308 2
Hank Aaron 3,298 3

I suppose I should write a future article about Pete Rose and why we should not be like Pete…LOL. But until then, enjoy this Super Bowl Ad from a few years back:

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OMB To Set IMO Guidelines?

The Office of Management and Budget hopes to publish a crucial exemption that would permit independent marketing organizations to sell under the new fiduciary rule by the end of next week.

OMB wants the exemption enabling IMOs to serve as financial institutions published by the inauguration of President-elect Donald J. Trump, said an attorney close to the proceedings.

“My reading of the tea leaves is that the DOL will move heaven and earth to get it out of OMB and get it published by Jan. 20, but then what happens to it who knows,” said Bruce Ashton, a lawyer with the firm Drinker Biddle & Reath, which represents many IMOs before the DOL.

Regulators appear to be setting guidelines around IMO sales volumes, business history and precedent, reserving minimums and to a lesser extent, adequate errors and omissions protection coverage. But the regulators could settle on a mix of all three, or favor some criteria over others.

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