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Tom Meaglia, ChFC®, AEP®,

CLU®, CRPC®, MSFS

Chartered Financial Consultant

Investment Advisor Representative

Chartered Retirement Planning Counselor

CA Insurance Lic. #0567507

 

Meaglia Financial Consulting

2105 Foothill Blvd., #B140, La Verne, CA 91750

 

Toll Free: 800-386-3700

Bus:         909-593-6105

Cell:         818-681-8600

Fax:         909-593-6120

 

Email: tom@meagliafinancialconsulting.com

Website: www.meagliafinancialconsulting.com

March/April 2022

Planning Around an Age Gap

Generation gap. A smling woman hugging her handsome aged spouse

A significant age difference between spouses can present unique challenges for financial and estate planning. The needs of the younger spouse may be quite different from the needs of the spouse who’s closer to retirement. Several areas of concern are worth examining.


Health Care Dilemma
If the family relies on an older spouse’s health insurance at work, that spouse’s retirement might leave the younger spouse and any minor children without coverage. In this case, the older spouse may consider delaying retirement until the younger spouse is covered by Medicare, as opposed to paying for private insurance.


Essential Estate Planning
Estate planning can be complicated when there’s a significant age difference between spouses. Since it’s likely that the younger spouse will outlive his or her partner, an estate plan must provide for the younger spouse while ensuring that any children from a previous marriage aren’t disinherited. An estate planning attorney can help you create a strategy to provide for your spouse during his or her lifetime, while preserving assets that will ultimately go to your children.


Long-term Care Insurance
Paying for long-term care in an assisted living or skilled nursing facility can exhaust a couple’s assets, potentially leaving the healthy spouse without enough money for living expenses. Long-term care insurance can help pay the costs of care and can be a valuable part of a financial plan.


A Place for Life Insurance
Life insurance can be essential for couples with an age difference. Because the younger spouse may need money for many years into the future, life insurance can replace lost income, provide money for a child’s college education, and pay for services once performed by the deceased spouse. Consult your insurance professional to make sure your needs are sufficiently covered.


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Thomas Meaglia is an Investment Adviser Representative of Coppell Advisory Solutions LLC, dba, Fusion Capital Management, a registered investment adviser that only conducts business in jurisdictions where it is properly registered, or is excluded or exempted from registration requirements. Registration as an investment adviser is not an endorsement of the firm by securities regulators and does not mean the adviser has achieved a specific level of skill or ability. The firm is not engaged in the practice of law or accounting.
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