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Best In Wealth Podcast

Best In Wealth Podcast

著者： Scott Wellens
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This is the best in Wealth podcast – A show for successful family stewards who want real answers about Retirement and investing so we can feel secure about our family’s future. Scott's mission is simple: to help other family stewards build and maintain their family fortress. A family steward is someone that feels family is the most important thing. You go to your job every day for your family. You watch over your family, you make sacrifices for your family, you protect your family. I work with family stewards because I am one; I have become an expert in the unique wealth challenges family stewards face. Scott Wellens is the founder of Fortress Planning Group - an independent, fee-only, registered investment advisory firm. Fortress Planning Group is dedicated to coaching clients toward a holistic view of wealth and family stewardship. Scott is a certified financial planner, a fiduciary and has been quoted in the industry’s leading websites including Forbes, Business Insider and Yahoo Finance. Scott is also a Dave Ramsey Smartvestor Pro in the greater Milwaukee and Madison areas.Copyright 2026 Scott Wellens 人間関係 個人ファイナンス 子育て 経済学
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  • The Real Costs of Long-Term Care, Ep #274

    The Real Costs of Long-Term Care, Ep #274
    2026/10/16
    You’ve likely heard the oft-cited statistic: 70% of people turning 65 will need long-term care. While this number is technically accurate, it wildly overstates the financial risk. The broad 70% figure counts any functional limitation—such as a daughter driving you to an appointment for a few months—as “care.”A more meaningful statistic comes from Health and Human Services, which uses a stricter definition: needing help with at least two activities of daily living or supervision due to serious cognitive impairment, expected to last longer than 90 days. By this standard, 56% of Americans turning 65 will require long-term care. Nearly half will never face a significant care need, while about one in five will need care for more than five years—a potential financial catastrophe.Women face higher odds and longer durations of care, with 64% of women versus 49% of men developing a significant care need. Reasons include longer life expectancies and, for married couples, the pattern that the husband often receives care from his wife, while in widowhood, she must pay for professional or facility care.The Real Costs: Assisted Living, Nursing Homes, and Home CareThe latest CareScout Cost of Care Survey puts hard numbers to what families face in 2025:In-home caregiving: $35/hour. At the typical 44 hours per week, that’s $80,000/year—and not even round-the-clock.Assisted living: Median costs are $6,200/month, or $74,400/year.Nursing home: $315/day for a semi-private room (about $115,000/year), with private rooms running closer to $130,000/year.The financial impact becomes clearer when you factor in duration. Assisted living at $74,000/year over 3.6 years (average for women) can easily surpass $270,000 before inflation. For the unlucky one in five who need care for five+ years, a lifetime’s savings can be wiped away.Who Pays? The Great Medicare MythA stunning misconception is that Medicare will handle these costs. It won't—Medicare covers only short-term skilled care or rehab after a hospital stay, with strict caps. Custodial care, including help with bathing, dressing, eating, and other typical long-term care needs, is excluded.So who covers the bills?You (out-of-pocket): This is the default for middle- and upper-middle-income families, planned or not.Insurance: While long-term care insurance exists, it’s gotten pricier and harder to qualify for. Evaluation should happen in your 50s or early 60s, not your 70s.Family members: Often, a spouse or adult child becomes the caregiver. 63 million Americans act as caregivers, supplying care valued at over $1 trillion annually.Medicaid: This is a safety net only after assets have been nearly exhausted. The spouse at home (the “community spouse”) may retain some assets and the house, but this is far from an ideal retirement.The Power of Early ActionFinancial costs are only half the story. The first caregiver is usually a spouse, not a paid professional. Caregiving can rapidly erode the health, finances, and social connections of the caregiver, often leaving the surviving spouse depleted and isolated just as they face their own aging alone.Long-term care risk isn’t a remote possibility; it’s a central, knowable part of retirement planning. Every tool for managing it works better if you start before a crisis hits. Take the first step right now: look up care costs in your area, show them to your spouse, and start the conversation. Early planning isn’t just about saving money—it’s about protecting the person you love most from added hardship when they can least afford it.Outline of This Episode[00:00] Long-term care costs explained[05:15] Women at higher long-term care risk[09:06] Understanding Medicare and long-term care costs[12:33] Discussing caregiver options[15:05] Challenges of caregiving in retirement[17:54] Planning for long-term care costs[18:46] Your five action steps to plan for long-term care[20:34] Discussing future caregiving plansResources MentionedU.S. Department of Health and Human Services, ASPE — Long-Term Services and Supports for Older Americans: Risks and Financing, 2022.https://aspe.hhs.gov HHS/ASPE — What Is the Lifetime Risk of Needing and Receiving Long-Term Services and Supports?https://aspe.hhs.gov CareScout (formerly Genworth) — 2025 Cost of Care Survey.https://www.carescout.com/cost-of-care AARP and National Alliance for Caregiving — Caregiving in the U.S. 2025.https://www.aarp.org/pri/topics/ltss/family-caregiving/caregiving-in-the-us-2025/ AARP Public Policy Institute — Valuing the Invaluable 2026.https://www.aarp.org/pri/topics/ltss/family-caregiving/valuing-the-invaluable-2026-update/ Medicaid.gov — Spousal Impoverishment standards, 2026.https://www.medicaid.gov/medicaid/eligibility-policy/spousal-impoverishment Medicare.gov — skilled nursing facility coverage limits.https://www.medicare.gov Connect With Scott WellensSchedule a discovery call with ScottSend a message to ScottVisit Fortress ...
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    25 分
  • How Survivor Stress Tests Protect Your Family’s Financial Future, Ep #273

    How Survivor Stress Tests Protect Your Family’s Financial Future, Ep #273
    2026/09/18
    Retirement planning is often seen as a numbers game—ensuring that you have saved enough, invested wisely, and built a strategy that will comfortably carry you through what should be your golden years. But those numbers only tell part of the story, the test of any retirement plan is not just whether it works on paper for two people, but if it can be carried by the one who is left after loss.This episode is inspired by real-world challenges clients face, so I am sharing my survivor stress test to help you refine your financial strategies before life throws the unthinkable your way.The Hidden Vulnerability in Retirement PlanningAlmost all plans in America focus on a couple, but the reality is that over half of married people will face widowhood or widowerhood, many while still managing mortgages, careers, and family responsibilities.Even if a plan “works” on paper—if the accounts are titled correctly, the math checks out, and the legal documents are in place—it could still fail the test of usability. The plan needs to be more than mathematically correct; it has to be understandable and executable by the survivor, who, in their time of greatest stress and vulnerability, may face complexities and choices they have never encountered before.Understanding the Survivor Stress TestThe survivor stress test is a framework for couples and individuals to ask a critical question: If one of us were to die first, would the other understand the plan and feel able to carry it forward? Passing this test requires looking beyond adequacy to usability. In many households, one person manages the finances, knows the passwords, talks to the accountant, and understands the cash flow. The other often does not, and this can leave the survivor in a precarious position, especially when they are grieving.The Income Cliff: What Changes After LossOne of the most immediate and impactful changes after the death of a spouse is the income cliff. Social Security survivor rules are not always intuitive, and when one spouse dies, the surviving spouse receives the larger of the two checks, but the smaller check disappears permanently. This can mean an instant loss of 30-40% of household Social Security income, even as most expenses, like mortgages and property taxes, remain largely intact.Pension decisions loom even larger. Choosing a single-life payout maximizes current benefits but leaves the survivor with nothing, whereas a joint and survivor annuity, though slightly smaller each month, ensures continuing income. These decisions, made far in advance, cannot be revisited and must be carefully weighed in light of the survivor’s probable needs.The Unseen Tax PenaltiesMost people are unprepared for the surprising tax “penalties” that come with widowhood. Filing status shifts from married filing jointly to single, which often means higher effective tax rates on lower household income because of compressed tax brackets and a much smaller standard deduction. This can translate to hundreds of thousands of dollars in additional taxes over years of retirement—a burden that few anticipate.Additionally, surviving spouses may be affected by Medicare’s IRMAA surcharges, which, due to a two-year income lookback, can kick in just as income falls. Fortunately, forms like SSA-44 allow survivors to appeal IRMAA surcharges based on current-year income, but many do not know about this relief.The Human Side of LossGrief can impair memory, concentration, and decision-making, right when the most consequential financial choices arrive. Survivors must re-title accounts, file claims, and sometimes manage pressure from family—all in an emotional fog. Prioritizing urgent actions (maintaining cash flow), deferring important but non-critical choices, and holding off on irreversible decisions (like selling a house) can prevent double grief where hasty choices compound heartache.The best way to pass the survivor stress test is communication, both partners should understand the plan, know where assets are, and feel confident in their ability to carry it forward. Conversations and second-opinion reviews with a qualified advisor can uncover hidden vulnerabilities and help ensure that whoever is left behind is secure. Outline of This Episode[00:52] The survivor stress test and financial planning for surviving spouse[04:23] Discussing family financial roles[08:59] Claiming Social Security benefits[10:18] Pension options: single life vs. joint and survivor payout [13:29] The widow’s penalty tax surprise [17:54] Importance of tax strategy while both spouses are alive[21:03] A decision-making framework for survivorsResources MentionedForm SSA-44Connect With Scott WellensSchedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on FacebookSubscribe to Best In WealthAudio Production and Show notes byPODCAST FAST TRACKhttps://...
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    28 分
  • The Four Keys to a Truly Satisfying Retirement, Ep #272

    The Four Keys to a Truly Satisfying Retirement, Ep #272
    2026/08/14
    Most of us equate a satisfying retirement with achieving a specific savings goal. We dream of the day when the work alarm clock is silenced, the 401(k) is plump, and we can finally enjoy life on our terms. But recent research challenges this traditional thinking, revealing that while money matters, it’s far from the only factor—sometimes not even the most important one. Why Half of Retirees Aren’t Truly HappyOnly about half of retirees say their retirement is “very satisfying,” with most others falling into the “moderately satisfied” category and about 10% not satisfied at all. This leaves a pressing question—what separates those beaming with contentment from those just “okay” or unhappy after leaving the workforce?There is a tendency to assume money is the main culprit. Yet new research suggests a much smaller role for finances than is commonly believed, especially compared with other often-overlooked factors.Four Pillars of Retirement SatisfactionSavings:Your total nest egg, everything you’ve saved apart from your home.Lifetime Income:The predictable, recurring payments you’ll receive for life—think Social Security and pensions.Health:How you rate your physical condition.Social Connections:The strength and depth of your relationships, measured by how connected and supported you feel.I talk about how these four pillars interact, and—most importantly—how none alone can compensate for a shortfall in another. For instance, having vast savings won’t make up for a lack of social connections or poor health.The Surprising Power of Lifetime Income and Social ConnectionWhile retirees with over $1 million in savings and high lifetime income are the most satisfied (77%), those with far less in savings but significant guaranteed income (like Social Security) closely trail in happiness (73%). The reliability of a regular paycheck in retirement can be more psychologically satisfying than simply having a large pile of assets.But the single strongest predictor of retirement satisfaction, after controlling for all factors, was not money at all—it was social connection. Having a strong circle of friends was associated with higher satisfaction than having a seven-figure bank account.Positive social connections can even offset the effects of deteriorating health. Retirees with fair health but strong friendships are nearly as satisfied as those with excellent health but few friends.The Weakest Link: Why All Four Factors MatterThese factors stack rather than substitute. You can’t out-save your way out of loneliness, nor can vibrant health buy your way out of financial insecurity. Satisfaction is governed by your weakest link—so maximizing all four areas is key.So, how can you prepare for a truly satisfying retirement? Strengthen Social Ties: Identify work-based friendships at risk of fading after retirement, and make efforts to integrate them into your new routine. Join clubs or volunteer—even before you retire—to lay strong social foundations.Prioritize Health: Invest in your well-being through activities that blend exercise and social engagement (think pickleball or group classes).Maximize Lifetime Income: Consider strategies like delaying Social Security to increase your guaranteed monthly income.Develop a Holistic Plan:Don’t just focus on your “magic number.” Plan for your daily life—how you’ll spend your time and with whom—after the paychecks stop.Your “Retirement Number” Isn’t EnoughIn the end, financial security is essential, but it’s only half the equation. To enjoy the best years of your life, cultivate health and meaningful relationships, and find purpose beyond work. Start addressing your weakest pillar today, and you’ll build not just a wealthy retirement, but a happy one.Outline of This Episode[04:10] Understanding retirement satisfaction[07:41] Different types of retirement money[10:26] Explaining the Income Lab tool[14:45] Importance of health and connections[17:05] Balancing life priorities[20:31] Work as social infrastructure[23:41] Importance of holistic retirement planningResources MentionedHealth and Retirement StudyIncome LabWHO Commission on Social ConnectionOur Epidemic of Loneliness and Isolation: The U.S. Surgeon General’s Advisory on the Healing Effects of Social Connection and CommunityDavid Blanchett Connect With Scott WellensSchedule a discovery call with ScottSend a message to ScottVisit Fortress Planning GroupConnect with Scott on LinkedInFollow Scott on TwitterFortress Planning Group on FacebookSubscribe to Best In WealthAudio Production and Show notes byPODCAST FAST TRACKhttps://www.podcastfasttrack.comPodcast Disclaimer:The Best In Wealth Podcast is hosted by Scott Wellens. Scott Wellens is the principal at Fortress Planning Group. Fortress Planning Group is a registered investment advisory firm regulated by the US Securities and Exchange Commission in accordance and compliance with securities laws and regulations. ...
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    26 分
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