#USA #Chicago #Retirement Planning #Mesirow #Gregg Lunceford

Understanding the Link Between Family Health and Retirement Readiness

In a recent segment on WGN 720's "Your Money Matters" hosted by Jon Hansen, wealthy advisor Gregg Lunceford, Ph.D, CFP®, from Mesirow, discussed a crucial yet often overlooked aspect of financial readiness for retirement: family health history. This powerful concept highlights the interplay between health, relationships, and financial planning as pivotal elements that shape a successful retirement.

The Broader Definition of Retirement Success

Lunceford opened the dialogue by acknowledging that financial stability is undeniably important for a secure retirement. However, he insisted that true success extends beyond mere dollars and cents. It encompasses social connections, personal fulfillment, and health management. As families are likely to gather during the warmer months, including at reunions, Lunceford advocated for using these moments as a platform to strengthen familial bonds and discuss significant topics related to health and planning for the future.

The Importance of Family Health History

A significant part of Lunceford's message focused on the necessity of understanding one’s family health history. Many people can recount the circumstances of their relatives’ deaths but remain unaware of the health conditions that contributed to those outcomes. A range of chronic illnesses—like heart disease, diabetes, hypertension, and dementia—often go undiscussed, yet their implications on lifestyle choices, healthcare needs, and financial responsibilities in retirement are profound.

Lunceford emphasized, "Early awareness can be powerful." He shared research indicating that after learning about their health background, many individuals take decisive actions like altering habits, seeking preventive care, and planning for future healthcare costs. This proactive approach not only supports healthier living but also enhances preparation for retirement expenses related to health issues.

Practical Steps and Preventative Mindset

The discussion also bridged the connection between family health awareness and critical financial decisions. Planning for long-term care and anticipating healthcare costs is paramount to overall financial health. By prioritizing health discussions within families, individuals can mitigate potential financial burdens associated with medical care, thereby preserving both financial and personal wellness in retirement.

Mesirow Wealth Advisors collaborate with their clients and their broader advisory teams—encompassing CPAs and estate planning attorneys—to provide thorough, coordinated strategies aimed at achieving long-term financial objectives. The firm's wealth management capabilities underscore the importance of connecting to what truly matters for families today and across generations.

About Mesirow

Founded in 1937, Mesirow is an independent, employee-owned financial services firm headquartered in Chicago, extending its services globally. The firm’s focus lies in a customized approach to achieving client financial goals while also contributing positively to the community. Mesirow’s diverse array of services, including Private Capital, Currency, Capital Markets, and Advisory Services, emphasizes their commitment to aligning with what clients and society value.

As acknowledged by Crain's Chicago Business on multiple occasions, Mesirow has secured its place as one of the best workplaces in the Chicago area and is ranked among Barron's Top 100 RIA firms. By continually investing in its personnel and the community, Mesirow not only pursues financial success but also underscores the importance of well-being through informed planning.

In conclusion, the insights shared by Gregg Lunceford reveal that retirement readiness is a nuanced and multifaceted endeavor. Families must prioritize discussions around health alongside traditional financial planning to ensure a holistic approach to a fulfilling retirement.