Peaceful Divorce

Some Highlights from the 2015 ADFP and Center for Mediation and Training Conference in New York City

It’s conference and continuing education time again. This year the Association of Divorce Financial Planners (ADFP) had a joint conference with Center for Mediation & Training, which is located in New York City. The Keynote speaker was Jean Chatzky, a personal finance expert, best-selling author, and the financial editor for NBC’s Today Show. There were several other main speakers, including Robert Pokorski, MD. He is the Vice President & Medical Director for Prudential.

His talk was on protecting against non-financial retirement shocks. The five areas he covered were:

  • Pre-retirement shocks (serious health problems, job loss, loneliness as you approach retirement, and frail parents or in-laws);
  • Health care costs;
  • Longevity;
  • Widowhood;
  • Chronic illness care.

According to Dr. Pokorski’s presentation, titled “Protecting Against Non-Financial Retirement Shocks,” approximately 4 in 10 people retire earlier than planned because of:

  • Poor health;
  • Job loss; or
  • The need to care for a spouse or other family member.

Another statistic was the estimated average, out-of-pocket medical costs for a couple retiring in 2014, which are even greater if chronic illness care is needed:

o   Age 62 - Out-of-pocket costs: $271,000

o   Age 65 - Out-of-pocket costs: $220,000

o   Age 67 - Out-of-pocket costs: $200,000

Longevity was another point. The statistics given were in approximates:

  • Healthy men and women, age 65, are expected to live to age 87 (men) and 89 (women).
  • 40% of men and 50% of women will live to age 90.
  • 1 in 7 men and 1 in 4 women will live to age 95.
  • 3 in 100 men and 9 in 100 women will live to age 100.

Regarding widowhood, some of the statistics given were:

  • 3 out of 5 sixty-five-year-old couples will reach age 80 together (59% will reach age 80 together and 41% will not reach age 80 together).
  • 7 out of 10 sixty-five-year-old couples will be widowed for five years or more.
  • More than 4 out of 10 will be widowed for ten years or more.
  • Widowhood is more common for women.        

Concerning chronic illness care:

  • 7 out of 10 people age 65 and older will need chronic illness care.
    •  Conditions that require short-term chronic illness care:
      • Cancer
      • Heart failure
      • Minor stroke
      • Fractures
    • Conditions that require long-term chronic illness care:
      • Alzheimers
      • Serious stroke
      • Crippling arthritis
      • Brain and spinal cord injuries
  • Most chronic illness care is provided at home.
    • 3 in 4 adults age 65 and older who need chronic illness care are:
      • At home: 75%
      • In assisted living and other supportive care settings: 15%
      • In a nursing home: 10%
  • Families will pay for most chronic illness care.
    •  The U.S. spends nearly $725 billion per year on chronic illness care.
    •  Most care is provided by family members.

The information that Dr. Pokorski provided was informative and topical, and I look forward to putting what I learned into practice. If you are confused about the many aspects of divorce, don’t hesitate to contact me at 1.888.U-2-AGREE.  

The Inside Scoop on the New Mortgage Rules from an Expert
Robert D. Bordett CFP, CDFA
Collaborative Practice and Mediation Services

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