The Financial Toll of AddictionProvided by Christina Bush, CES, CAS, CMFC Wealth Manager/Certified Estate and Trust Specialist
Opioid abuse threatens to wreak havoc on family finances and retirement plans. Imagine your retirement dreams put on hold or compromised, your savings and investment accounts reduced, and your loved ones incommunicative or at odds with each other. This terrible state is reality for families ravaged by addiction. OxyContin, heroin, and other opioids can cost an addict hundreds of dollars per day. Where will an addict find the thousands of dollars needed, over time, to pay for their habit? No family wants to consider the possibilities.1 Treating opioid addictions can take money equivalent to a year’s salary. A stay at a first-class treatment center can cost $30,000-$65,000 a month. Even outpatient counseling can cost $5,000-$10,000. The drugs may still exert their grip on the addict afterwards.2,3 Investment News, a trade publication for investment advisors, recently polled more than 400 of these financial industry professionals and found that 36% had clients struggling with an opioid addiction or clients whose families were dealing with such a problem. Raiding retirement savings accounts, arranging a second mortgage, borrowing against the death benefit of a permanent life insurance policy – these are all potential responses to the pull of the addiction or the bill for its treatment.1 Addictions can require major treatment costs. The financial wreckage from a gambling addiction, for example, may exceed even that from an opioid problem. The more personal or business wealth an addict can access, the more the addiction may run amok. The sad thing is, there is little, if any, way to undo the financial impact. What does a financial professional tell a retired couple in their early seventies who may foot some or all of the bill for a son or daughter’s $100,000 of rehab? What kind of uplifting message can be told to a client whose ex-husband has gambled away $250,000 and embezzled from a corporation? It is a matter of “adapt and adjust.” So often, the affected party is over 50: approaching retirement or retired, with little time to try and restore those lost assets through saving and investing. The financial professional does what their can to help clients plan for a new reality. Some people see addiction as a personal and individual issue, while others see it as a societal one. Regardless of which viewpoint one happens to take, there is no easy financial answer for its aftermath. This material was prepared by MarketingPro, Inc., and does not necessarily represent the views of the presenting party, nor their affiliates. This information has been derived from sources believed to be accurate. Please note - investing involves risk, and past performance is no guarantee of future results. The publisher is not engaged in rendering legal, accounting or other professional services. If assistance is needed, the reader is advised to engage the services of a competent professional. This information should not be construed as investment, tax or legal advice and may not be relied on for the purpose of avoiding any Federal tax penalty. This is neither a solicitation nor recommendation to purchase or sell any investment or insurance product or service, and should not be relied upon as such. All indices are unmanaged and are not illustrative of any particular investment.
Citations.
1 - tinyurl.com/y9xq88sw [8/5/17] |
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Securities offered through Cambridge Investment Research, Inc., a Registered Broker/Dealer and Member FINRA.org and SIPC.org; Advisory services offered through Cooper McManus, an SEC Registered Investment Advisory firm; Christina Bush, Investment Advisor Representative. CB Wealth Advisory, Cambridge Investment Research, Inc. and Cooper McManus are separate entities. This site is published for residents of the United States and is for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any security or product that may be referenced herein. Persons mentioned on this website may only offer services and transact business and/or respond to inquiries in states or jurisdictions in which they have been properly registered or are exempt from registration. Not all products and services referenced on this site are available in every state, jurisdiction or from every person listed. Third party posts found on this profile do not reflect the views of Securities America and have not been reviewed by Securities America as to accuracy or completeness. Christina Bush, licensed insurance agent: CA Insurance license #0B48734 - FL Insurance license #W050514 - NC Insurance license #2620839 - WA Insurance license # 787335 FINRA BROKER CHECK FINRA.org A prospectus offer is required by SEC Rule 482(b)(1) that advises an investor to consider the investment objectives, risks and charges and expenses of an investment company carefully before investing; explains that the prospectus, and, if available, the summary prospectus contains this and other information about the investment company; identifies a source from which an investor may obtain a prospectus and, if available, a summary prospectus; and states that the prospectus and, if available, the summary prospectus should be read carefully before investing.
IMPORTANT CONSUMER INFORMATION For information concerning the licensing status or disciplinary history of a BD, IA, BD agent, or IA rep, a consumer should contact his or her state securities law administrator. Securities in accounts are carried by National Financial Services, LLC, member NYSE/SIPC, a Fidelity Investment Company, which is protected by the Securities Investor Protection Corporation (SIPC) up to $500,000 (including cash claims limited to $100,000). NFS has arranged for additional insurance protection for cash and securities to supplement its' SIPC coverage. This additional protection covers total account net equity in excess of the $500,000/coverage provided by SIPC. This protection does not cover losses associated with investing. For detailed information about SIPC, please visit SIPC.org.
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