Philip Snyder, Senior Vice President at The Warner Companies, breaks down one of retirement's most overlooked needs: long-term care. With roughly 70% of retirees expected to need care, Philip explains why a pension or Thrift Savings Plan alone won't cover it, why nursing home costs rising above inflation make early planning essential, and how today's hybrid life insurance policies build cash value and pass unused benefits to beneficiaries. Practical guidance for federal employees and everyday Americans on how—and when—to fund the care they may one day need.
Jeffrey Snyder, Broadcast Retirement Network Joining me now is Philip Snyder. He's Senior Vice President at the Warner Companies and for full disclosure, he's also my dad. Dad, always great to see you.
Thanks for joining us this morning. Phillip Snyder, CLU, The Warner Companies Always a pleasure, Jeff. So I wanna pick up the conversation.
I think last time we had you on, we talked about life insurance and some of the nuances there. I wanna talk, I brought you back. I mean, I'm always happy to talk to you, as you know.
But I brought you back to talk about long-term care and in particular, long-term care for America's federal employees that work for the U.S. government. Are there certain considerations that may be a little bit different than the private sector, the typical private sector workforce? I'm not sure that there are.
I mean, generally the considerations of how you fund, first of all, you have to recognize the need for long-term care, not necessarily insurance, but long-term care. And that's a consideration when you're doing your own financial planning because statistically about 70% of retirees, we'll say, are going to need long-term care in some form for some duration in their retirement years. So when you look at the numbers, and before we started the show, I did a quick AI search on the number of U.S. government federal employees.
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