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Complimentary Seminars Scheduled For January

by Eric Seyboldt, MBA

Seminar #1: Are You Prepared for the Soaring Costs of Aging? Ignite the Dormant Equity From Your Home to Eliminate the Issue

As you envision your retirement, it's crucial to confront a pressing reality: the escalating costs of long-term care. Without a solid plan, these expenses can rapidly deplete your hard-earned savings, leaving you and your loved ones in financially and emotionally challenging situations.

The Stark Reality of Long-Term Care Costs

Today, the national median cost for a private room in a nursing home is approximately $9,733 per month, totaling over $116,000 annually.

Home health aide services average around $6,292 monthly or about $75,500 annually.

However, these figures are not static. Healthcare costs have been rising steadily, with an average annual growth rate of 5.4% projected from 2022 to 2031.

If this trend continues, in 15 to 20 years, the annual cost of a private room in a nursing home could exceed $200,000, and home health aide services could surpass $130,000 per year.

The Consequences of Inadequate Planning

Failing to prepare for these expenses can have dire consequences:

• Depletion of Assets: Without a plan, you may be forced to spend down your assets to qualify for Medicaid, jeopardizing your financial legacy.

• Limited Care Options: Medicaid often covers only basic services, which may mean residing in a shared room in a facility with limited amenities, potentially for years.

• Emotional and Financial Strain on Family: Loved ones may bear the burden of caregiving or face financial hardship trying to support your care needs.

Introducing CHEIFS: A Revolutionary Solution for Ohio Homeowners

To address these challenges, we are excited to introduce CHEIFS (Cornerstone Home Equity Interest Fractional Solution), a groundbreaking program recently approved by the State of Ohio for homeowners.

How CHEIFS Works:

• Unlock Home Equity: CHEIFS allows Cornerstone to purchase a minority fractional interest in your home, converting dormant equity into tax-free cash.

• No Debt or Monthly Payments: Unlike traditional loans or home equity lines of credit, CHEIFS does not involve interest charges or monthly payments.

• Fund Your Care Needs: The funds obtained can be invested to cover future home healthcare or long-term care facility expenses, ensuring your investment portfolio remains shielded and untouched and has the opportunity to grow throughout your retirement.

Exclusive Seminar Invitation: Secure Your Financial Future

If your home is worth at least $500,000 and you have at least 50% in equity then we invite you to learn more about CHEIFS and how it can safeguard your retirement at one of our upcoming seminars:

• Thursday, January 16th, at 7:00 PM

• Tuesday, January 21st, at 7:00 PM

Both events will be held at the historic Everal Barn, located at 60 N. Cleveland Ave, Westerville, Ohio, 43081.

Why Attend?

• Expert Insights: Gain valuable knowledge from financial planning experts, Eric Seyboldt and Mark McCanney, about the rising costs of long-term care and strategies to protect your assets.

• Comprehensive Understanding: Learn how CHEIFS can provide an interest and payment-free, debt-free solution to fund your future care needs.

• Personalized Guidance: Have your questions answered and receive personalized advice tailored to your situation.

Reserve Your Seat Today

Seats are limited, and demand is high. Don't miss this opportunity to secure your financial future and ensure peace of mind for you and your family.

RSVP Today! Call us at 614-943-2265 or email [email protected], to reserve your spot.

Planning for long-term care is not just a financial necessity; it's a crucial step in preserving your independence, dignity, and the well-being of your loved ones. Join us to discover how CHEIFS can be the key to a secure and comfortable retirement.

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The Four Financial Moneytraps That Can Wreck Your Retirement

by Eric Seyboldt, MBA

Client: "Eric, as I approach retirement, I want to ensure my financial decisions protect my future. What are some of the worst purchases retirees should avoid?"

Eric: “It's prudent to address this now—retirement can be fraught with financial pitfalls. Let’s delve into four perilous purchases that could jeopardize your golden years and examine real-world examples to provide clarity."

1. Timeshares: The Mirage of Ownership

Timeshares are often marketed as idyllic escapes, but they can become financial quagmires. While some may make financial sense, the initial allure of shared vacation ownership belies the reality of escalating annual fees and maintenance costs, which persist regardless of usage. Moreover, the secondary market for timeshares is notoriously illiquid, making resale arduous and often resulting in significant financial loss.

Real-Life Example: Linda, a 67-year-old retiree, purchased a timeshare in Florida for $25,000. Within five years, annual maintenance fees had ballooned to $1,500, and her health issues made traveling difficult. She attempted to sell the timeshare but discovered it was worth less than half of what she had paid, leaving her financially and emotionally strained.

2. Luxury Vehicles: Depreciation on Wheels

The temptation to reward oneself with a luxury car in retirement is understandable, yet financially imprudent. Luxury vehicles depreciate rapidly, with immediate value reduction upon purchase. Additionally, they entail higher insurance premiums, maintenance expenses, and fuel costs, all of which can erode retirement savings.

Real-Life Example: After retiring, Tom splurged on a $90,000 luxury SUV. Within three years, the vehicle’s value had dropped to $60,000. Maintenance costs soared due to specialized parts, and the high insurance premiums added to his expenses. Tom admitted later that he wished he had chosen a modest, efficient vehicle, allowing him to allocate the savings toward travel and hobbies.

3. Vacation Homes: A Costly Anchor

Owning a vacation home may seem like the epitome of retirement luxury, yet it often becomes a financial and logistical burden. The cumulative expenses—property taxes, insurance, utilities, and maintenance—can siphon substantial funds from your retirement savings. Furthermore, the commitment to a single location may limit your travel flexibility and tie up capital in a non-liquid asset. Consider renting it out to vacationers while you’re not using it and generate meaningful revenue to add to your net worth.

Real-Life Example: Patricia and her husband bought a lakeside vacation home for $400,000. They underestimated the costs of upkeep, including dock repairs and winterizing the property. After just a few years, they found themselves dipping into their retirement savings to cover these expenses. Selling the home during an economic downturn compounded their losses, forcing them to rethink their financial priorities.

4. Overpriced Long-Term Care Insurance Policies

While safeguarding against future healthcare costs is essential, purchasing overpriced or inadequately structured long-term care (LTC) insurance can be detrimental. Some policies feature premiums that escalate over time, potentially becoming unaffordable when coverage is most needed. Others may offer insufficient benefits, leaving gaps in coverage. Be sure to work with a Retirement Planner who is experienced specifically in this type of planning.

Real-Life Example: George, a retired engineer, purchased an LTC policy at age 60 with a manageable $3,000 annual premium. By the time he was 75, the premiums had risen to $7,500 annually—an expense he could no longer afford. Forced to cancel the policy, he faced significant out-of-pocket expenses when he required in-home care a few years later.

Client: “Eric, this is enlightening. How can I steer clear of these pitfalls?”

Eric: “Vigilance, willpower, and informed decision-making are paramount. Ensure that each financial commitment aligns with your overarching retirement objectives, liquidity requirements, and risk tolerance. Consulting with a fiduciary financial advisor can provide personalized guidance tailored to your unique circumstances. Retirement isn’t about extravagance—it’s about sustainability, freedom, and peace of mind.

Retirement represents a pivotal chapter, offering the opportunity to relish life’s pursuits unburdened by financial concerns. By avoiding these common yet perilous purchases, you safeguard your financial well-being, ensuring that your retirement years are characterized by security, flexibility, and fulfillment. The decisions you make today will indelibly shape the quality and enjoyment of your future endeavors. Let these examples be a beacon of caution, guiding you toward a financially secure retirement.”

Contact us for a free, brief 10-minute consultation. Together, we can discuss ways to safeguard your wealth and ensure your retirement years are as enjoyable and stress-free as you've envisioned. To arrange a complimentary 10-minute consultation call us today at 614-943-2265. We're here to help turn your retirement aspirations into reality.

Fixed annuities can be an essential component of a well-rounded retirement strategy, offering security, predictability, and efficiency in financial planning.

These are current fixed annuity rates and their durations from Top A-rated carriers (subject to change at any time, not FDIC insured):

Rates Stayed the Same This Week. Don’t Wait To Lock These Fixed Annuity Rates In Today!

3-year: 5.20% (under $100k Deposited)

3-year: 5.15% (over $100k Deposited)

5-year: 5.15% (under $100k Deposited)

5-year: 5.35% (over $100k Deposited)

Please feel free to call Eric at 614-943-2265 if you’d like to ask any questions or request information on these fixed annuities or other retirement topics that are on your mind.

REAL ASSETS, Invest Like the Ultra-Wealthy

Have You Considered Adding ‘Real Assets’ like Gold or Bourbon to Your Investment Portfolio?

In the face of today’s economic uncertainty, astute investors are increasingly turning to tangible assets as a cornerstone for securing their retirement savings. Physical investments like gold and even bourbon barrels are gaining momentum, acting as steadfast guards against inflation and the pitfalls of overextended currency production. These assets not only provide robust protection but also enhance portfolio diversity, proving valuable even in calmer financial climates.

Historically, tangible assets have outperformed many traditional investments during periods of market volatility and financial instability. They stand as reliable bulwarks against economic disruptions, consistently offering peace of mind when it’s needed most. Incorporating these assets into your strategy isn’t just practical—it’s a forward-thinking approach to financial security.

As the economy continues to pose challenges, exploring the potential of physical assets could be a game-changing step toward fortifying your financial future. Ready to discover how these investments could add strength to your portfolio?

Allocating funds into the asset class known as “Real Assets” may be a strategy that you should consider.

Ask us how to Rollover a portion of Your IRA or 401k To A BOURBON IRA (www.bourbon.fund/how-it-works/) or a GOLD IRA (see link below) and:

• Safeguard your assets from the collapsing dollar

• Incorporate the ‘REAL ASSET’ class into your portfolio like the ultra-wealthy

• Hedge against the current high-inflation conditions

• Protect your retirement assets against economic crises

Just get in touch. We make it easier than ever.

Feedback or Questions?

You’re invited to get in touch with us if you’d like to find out how the Novus Financial Group can help you on your journey to a happy, fulfilling life in Retirement. 

Office: 614-943-2265

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Investment advisory services are offered by duly registered individuals on behalf of CreativeOne Wealth, LLC a Registered Investment Adviser.

The content we provide here isn’t financial advice and cannot be taken as such. Please speak to your financial advisor before making any investment decision. Also, note that every investment comes with its risks and drawbacks. Lastly, we would like to remind you that past results cannot guarantee future returns.

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