Financial Wellness with Virginia Clay

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The Missing Piece in Your Retirement Plan: An Expert’s Take on Financial Wellness

For decades, traditional retirement planning focused on a single question: “How much money do I need to live comfortably?” While important, this approach often overlooks the single greatest financial risk for most seniors: the staggering cost of healthcare and long-term care. To address this gap, financial planning experts like Virginia Clay, a Certified Financial Planner with Morgan Stanley, champion a more resilient approach known as “health-centric” financial planning.

What is Health-Centric Financial Planning?

According to Clay, a health-centric plan goes beyond typical investment returns and savings goals. It proactively integrates your health projections directly into your financial strategy by asking the tough “what-if” questions to determine if your retirement savings can withstand a significant health crisis. For example:

  • What if one spouse needs long-term care, which can cost over $100,000 per year in North Carolina?
  • Do we have the resources to pay for that care without depleting the life savings of the healthy spouse?
  • What is the plan if we can no longer safely live at home?

By stress-testing your finances against these potential scenarios, you can identify shortfalls and create a strategy to address them before a crisis hits.

Building Your Professional “Health and Wealth” Team

Virginia also emphasizes that a truly effective plan involves a team of professionals, as there is significant overlap between your healthcare, financial, and legal needs. No single advisor can see the whole picture. She advises that a complete team should include:

  • A Financial Planner: To manage your investments and create a sustainable retirement income strategy.
  • An Accountant/CPA: To advise on the tax implications of your financial decisions.
  • An Elder Law Attorney: This is the legal specialist who ties the entire plan together. An elder law attorney can help you explore options to pay for care that other advisors may not know about, such as qualifying for Medicaid or VA benefits.

Without this integrated team, even smart families can make costly mistakes. A proactive, comprehensive plan for your long-term care and estate protects your assets and provides peace of mind for the entire family.

Call our office at (919) 256-7000 to schedule a consultation.