Robert A. Klein

Retirement, Insurance, Lifestage Based Planning
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“Robert A. Klein is a leading expert on reducing healthcare costs in retirement. Health costs are mandatory, even if you are healthy. Rob believes that ignoring the role of health costs in retirement planning may lead to greater costs, higher taxes and less net retirement income.”
Firm:

Jester Financial

Job Title:

Managing Partner

Biography:

Rob Klein is a financial services industry veteran. After the collapse of Lehman Brothers and the ensuing financial panic in 2008, he worked on developing a more meaningful and value added service he could provide his clients and future clients. Instead of the decades old conversations about dollar cost averaging, asset allocation, time in the market, etc., he and his colleagues focused on explaining the one mandatory cost in retirement - health.

What they discovered was the following reality. Never mind clients, most financial advisors do not understand there is mandatory cost of healthcare in retirement - Medicare. The financial planning the advisors help their clients implement may be used against their clients. The wrong type of retirement income may lead to higher insurance premiums,  higher taxes and reduced Social Security benefits. In some situations, the entire Social Security retirement benefit may be consumed by health costs.

Another risk in retirement is long term care planning. The average advisor believes the only solutions is traditional long-term care insurance. Long-term care planning is far more comprehensive than that. A comprehensive plan should include some of the following where one will live, who will take care of them, etc. Advisors who care about this risk for their clients and their clients' families, need to work with a specialist and partner who understands the aging and health needs of their clients, not someone who just wants to sell insurance.

It is his belief that healthcare is a major component of retirement planning. It must also include long-term care planning, which for many will be the modern day estate planning. If a financial advisor cannot explain to a client what happens when the client gets sick, it's time for the client to find one who can.

Additionally, Rob is a Long-Term Care Planning Specialist for INERTIA / Advisor Services Group. He works with advisors and their clients to ensure Long-Term Care planning and Healthcare in Retirement are addressed as part of comprehensive planning.

Education:

BS, Biology, University at Albany

CRD Number:

3111450

Insurance License:

#LA-881978

Disclaimer:

The topics and concepts discussed are general information based on public information from Social Security, Medicare and the IRS regarding health premiums, non-security linked insurance and annuity contracts, and income taxes.  Never the less, you should still seek advice of legal, tax, or financial advisors to help you with specific issues pertaining to your situation. The views, comments and positions taken are not an offer, solicitation or endorsement of any financial product or investment. 

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