Seventy percent of seniors will need some type of long-term care services and support in their lifetime 1 The goal is to be prepared so if you turn out to be one of them it doesn’t derail your overall financial plan Many of us expect to stay healthy and self-sufficient well into our senior years but planning for the possibility is not only prudent it can help protect your assets investments and…, Although the annual median cost of long-term care in Illinois in the table below may not be seem daunting for affluent families four and five star facilities in your locale can easily double or triple in price, Average cost of long-term care in Illinois (2025, Type of service, Monthly median cost, Home health aide $6675 Assisted living facility $5676 Nursing care facility private room $10326 Source Genworth cost of care calculator https//wwwgenworthcom/aging-and-you/finances/cost-of-carehtml Fortunately figuring out how to finance a potential long-term care situation is relatively straightforward The key to doing so successfully as it is for most potentially hefty future expenditures is…, Fitting long-term care into your financial plan, Fully incorporating potential long-term care costs into your overall financial plan involves a number a variables that we don’t have room to cover here but your Mesirow Wealth Advisor can talk through these variables with you The most important decision in your planning will be how you want to handle the responsibility of long-term care expenses Assume the risk of financing long-term care costs…, Self-financing options, Depending on your financial situation you may be able to afford to pay for long-term care from the sale of your home or from your accumulated assets Your Wealth Advisor can help assess the feasibility of this approach and discuss how it may impact your estate plan , Insurance options, Long-term care insurance (“LTC” provides financial support for an insured who is unable to perform at least two of six “activities of daily living” (such as bathing dressing eating transferring toileting or continence or has a cognitive impairment that requires supervision Today more than 100 carriers sell some type of LTC insurance product or rider so there is no shortage of choices 2 You’ll…, Sticking the landing is the hardest part, The question after you’ve talked through several major financial options is always “will I follow through on the arrived at decisions” But given the likelihood that you may need long-term care and its potentially devastating effect on your overall finances – and potentially your family’s finances - it’s important to have a plan in place Your Mesirow Wealth Advisor can help you plan for a healthy…, Published February 2025, 1     https//wwwsinglecarecom/blog/news/long-term-care-statistics/ 2     https//contentnaicorg/insurance-topics/long-term-care-insurance#~text=According%20to%20the%20US%20Department20%20insurers%20sell%20most%20policies

Lori Rodriguez Casey is a Senior Managing Director of Asset Management in Mesirow Institutional Real Estate Direct She is involved in all aspects of managing the group’s real estate assets Lori has over 30 years of real estate experience all within the multifamily sector Prior to joining Mesirow in July 2014 she was a Business Developer and Regional Manager for Marquette Companies responsible for…

Luis Arroyo is an Associate FX Trader in Mesirow Currency Management He is a member of the team responsible for the group’s execution and trading system efforts for the suite of institutional currency programs Luis has more than 6 years of foreign exchange experience Prior to joining Mesirow he worked for Vulcan LLC and Russell Investments Luis earned a Bachelor of Business Administration of…

Luis Trujillo is a Client Relationship Specialist in Mesirow Wealth Management He is responsible for day-to-day client service and communications as well as general administrative functions across multiple Wealth Management advisor teams  Luis joined Mesirow in 2025 and has five years of experience in the financial services industry Prior to joining Mesirow he worked as a Client Service Associate…

Luis Villarejo is a Managing Director in Mesirow Strategic Fixed Income He is responsible for client servicing marketing and consultant relationships in Puerto Rico Latin America and the Caribbean Basin as well as the Hispanic market throughout the United States Luis has more than 40 years of experience in the banking and financial services industry Prior to joining Mesirow in 2005 he was as a…

Aging populations are a global phenomenon It is estimated that the global population of individuals over age 60 will grow from 12% to 22% by 2050 primarily as a result of increasing lifespans, 1, Every day 10000 American baby boomers reach their full retirement age of 65 and it is estimated that by 2030 all boomers will be age 65 or older, 2, The aging of the population is creating serious conversation around the topic of retirement as individuals try to figure out if and how they would like to transition from their primary careers into a retirement period that may be much longer and different than those experienced by prior generations The decision to retire has become more complex as a result of the elimination of guaranteed pension…, Step 1 Develop your financial self-efficacy, Financial self-efficacy is the belief that you can achieve and succeed financially Although you may have the financial resources to retire a lack of confidence regarding your ability to financially succeed in retirement can lead to anxiety that may limit your fun and enjoyment during this exciting stage of life Research studies show that financial planning plays a key role in developing financial…, Step 2 Develop your retirement identity, We spend our early and middle age years developing skillsets and building our work identities Working Americans spend more time engaged in their careers than any other activity Over time our personal and professional identities become tightly woven together Your community frequently knows you as a physician accountant teacher or employee at a certain company The immediate disconnection of work…, Step 3 Further expand your social network, Work has several non-financial benefits such as socialization At the end of a 25+ year career it is common to have a meaningful part of your social interactions come through work affiliations When you retire your friends and colleagues may not be as accessible due to their own career demands Prior to retirement it may be helpful to develop social relationships that will provide you with…, Conclusion, In conclusion the decision to retire involves a myriad of life style changes challenges and opportunities Comprehensive financial planning the ability to define your “new self” outside of a work environment and the ability to develop new social relationships will all impact your successful transition from your career to your new adventure in retirement Your Mesirow Wealth Advisor can help you…, Published January 2025, 1 https//wwwwhoint/news-room/fact-sheets/detail/ageing-and-health#~text=In%202020%2C%20the%20number%20offrom%2012%25%20to%2022%25 2 https//wwwcensusgov/library/stories/2019/12/by-2030-all-baby-boomers-will-be-age-65-or-olderhtml