At Seniors Helping Seniors, we see clients from all walks of life throughout southwest Broward County. Interestingly, those who are the most financially stable are not always in that position from high-earning careers or family wealth. Most who are “comfortable” simply saved diligently and invested for the long term.
No matter your age or income level, when you need to consider financial planning and long-term care alternatives, Joseph Rivera from New York Life South Florida is a valuable resource.
Our featured provider this month, Joseph is an experienced financial services professional based in Sunrise, Florida. He helps guide, inform, and educate people all over South Florida on their options for Long Term Care and Financial Services.
Here at Seniors Helping Seniors in Southwest Broward, we first connected with Joseph and New York Life several years ago through the Society of Certified Senior Advisors (SCSA). The SCSA works to provide educational resources and training for professionals who work with seniors. Joseph and New York Life are very active senior advocates in the local South Florida SCSA chapter.
The team at New York Life is so dedicated to their mission of education that they went above and beyond when the pandemic hit to ensure South Florida seniors receive the best support possible. Joseph and his New York Life colleague Dan Pico began hosting the SCSA meetings virtually on Zoom so the bi-monthly meetings could keep on going. The extra support that Dan and Joseph provided ensured the group’s continuity and made a lasting impression on Seniors Helping Seniors local franchise owner Diana Cabassi. Joseph, Dan, and New York Life have been trusted partners ever since.
Long-Term Care Planning & Financial Safety in South Florida
According to Joseph, having the right plan in place helps you and your loved ones when any expected or unexpected expenses come. Living too long, dying to soon or becoming disabled are the three major risks that can change everything. Joseph and New York Life can help you and your family prepare for those risks and much more.
Here are a few scenarios where New York Life’s services have been a great help to individuals and their families right here in South Florida. These:
- The Value of Long-Term Care Planning – After caring for his mother with Alzheimer’s for many years, David understands the importance of having a strategy for care in place. At age 45, David purchases an Asset Flex policy with the Pay to 65 option, adds 3 percent compound inflation protection, making annual payments of $5,000. Once in his 80s, David begins to face challenges in daily living activities and is able to tap into his long-term care provisions. He receives $1,183,035 in long-term care benefits between the ages of 85 to 91, and his beneficiaries receive a residual death benefit of $11,214 from his policy, which they use to cover final expenses.
- Flexible Policy Options That Hold Value for Any Scenario – Mark retires at 62 years old and purchases an Asset Flex policy that he can fund over five years by making annual payments of $20,000. He chose options that accommodated future purchase inflation protection and partial return of premium for his policy. 10 years later at age 72, Mark suffers a heart attack and unexpectedly passes away. Since he didn’t use his policy for a long-term care event, his beneficiaries receive $137,140 as a legacy.
- One-Time Investment to Provide Stability for Your Family – At 53 years old, Kathy is at her highest earning point in her career and will be approaching retirement soon. She purchases an Asset Flex policy with a one-time payment of $100,000. She adds the 3 percent compound inflation protection option to her policy and chooses the vested return of premium option. By age 58, Kathy is fully vested and has the option to receive her premium back in full, if she chooses. Kathy now has the opportunity to recover her $100,000 in premium to help her daughter pay for graduate school.
Customized Care Planning Solutions for All of South Florida
New York Life has a suite of solutions to help individuals and families in our community create the best financial plan for their future. An industry leader in the U.S. with over 175 years of experience, New York Life is the nation’s largest mutual life insurer. Joseph Rivera works with you to select a plan that works for your lifestyle and your needs.
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