Ep 095: When we sit down with our clients, one of the greatest fears in Retirement is needing Long-Term Care services as we age. But our long-term care needs are often undefined. We don’t know how we’ll age. Some of us do know a bit about how our immediate family has aged and what their experience with long-term care has been, but is that relevant for us?

With our clients, we can roughly game plan whether our current retirement assets and savings might be enough to support one or two people’s long-term care needs. But it’s certainly a guess and it only discusses the financial component of long-term care. What about the burden on my family? What is their role going to be and how should they be involved in my Aging process? Is it possible to strategize an Eldercare strategy for each of us individually? So, that is exactly what this show is about!

Our next guest spent 4 years specializing in molecular genetics and data science at UC Berkeley and did all things technical foundations, including biology, chemistry, physics, data science, computer science, statistics, and linear algebra. She has spent the last few years pushing for the early adoption of AI in biotech and healthcare. She is an Ex-NASA data scientist building the future of financial planning tools for eldercare using Artificial Intelligence. She’s the founder of WaterLily Planning, a software that leverages AI to help you personalize your long-term care plans. Please welcome Lily Vittayarukskul to The Retirement Success in Maine Podcast!

Chapters:

Welcome, Lily Vittayarukskul! [3:15]

How does the WaterLily software work? [10:46]

Examining WaterLily’s output, using Ben! [15:00]

Caregiving and Long-Term Care. [24:39]

What’s the future of Long-Term Care in the United States? [37:04]

What is a Successful Retirement to Lily? [47:34]

Episode conclusion. [50:46]

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Benjamin Smith Host, Retirement Success in Maine Podcast & Financial Advisor

Ben's focus with our clients is to direct the investments of their investable portfolios. In teaming with Curtis Worcester and Austin Minor, Ben combines his investment expertise from attaining the CFA Charter with Curtis & Austin's financial planning expertise to provide clients with the tools, confidence, and education to make informed decisions about their retirement. As Ben, Curtis, and Austin have a number of clients that are Northern Light Health employees, they've developed a specialty in serving clients in the healthcare field. You can read their "Employee Guide to the Northern Light Health Retirement Plans" here.

He has spent his entire career devoted to serving individual clients and institutions by developing and implementing investment strategies, setting portfolio structure, and providing the highest level of client service. He's passionate about helping clients maximize their savings and retirement income using the many financial planning and portfolio management tools available to Guidance Point consultants. Prior to working for Guidance Point Advisors, Ben worked for Acadia Trust, N.A., a subsidiary of Camden National Corporation, as Vice President, Portfolio Manager based in Bangor, Maine. Ben assumed responsibility for and oversight of over $300 million in client portfolios, including individuals, families, retirement plans, endowments, foundations, businesses, and trusts; and he served on the Company’s Investment Committee.