Planning for the future with Charley Tinsley, owner/broker of Thomas Insurance Group

TBY: First, let's talk about you: Where did you grow up? What's your educational and career background?

Charley Tinsley: I grew up in Charleston, Mo., and lived there until June 2012. I graduated from Charleston High School and worked on our family farm until I went to work for an insurance company as an agent in Charleston. My insurance carrier started in October 2002. I was one of 48 rookies that year and was selected as rookie of the year. I followed that up with multiple President's All American Awards. On Jan. 3, 2012, I purchased Thomas Insurance Group from Laura Faye Thomas.

TBY: Why did you choose a career in insurance, and how did you land in your current position? What do you enjoy about your work?

Tinsley: I had some friends in sales that thought I would be great at sales and knew I liked working with people. I was visiting with a friend and he told me his aunt owned and an insurance company in Cape Girardeau and he wanted me to meet her. We met and hit it off from the start. We both had one major rule: always put the client first. I love helping people and try to always take great care of our clients. When someone tells me I've helped them, it's a great feeling.

TBY: Who are your typical clients and what are they hoping to achieve?

Tinsley: My clients run from one end of the spectrum to the other. I insure kids, adults and seniors. That's the great thing about my agency: we offer all lines of health insurance, from individual plans, employer plans to Medicare supplement plans. We also offer life, long-term care, annuity and disability.

TBY: The cost of living is going up, people are living longer and the future of Social Security is uncertain -- many seniors are working well past their retirement years. What are the most important things we can do for our insurance and finances long-term?

Tinsley: No question the cost of living is increasing, and will likely become even more apparent in the years to come as interest rates start to go up. However, people do need to keep in mind that Social Security is one of, if not the best funded, government program. There will be adjustments made to SS to ensure its solvency and those changes will likely affect younger workers, not those nearing or in retirement. There are steps and strategies that pre-retirees and retirees can take in order to help maximize their SS benefit, and we consult with clients on a regular basis regarding implementation of these strategies. One must be careful, though, to not ignore other assets when implementing a plan. When someone makes a decision to take income from portfolio A, it affects portfolios B and C -- no decision in retirement acts in a vacuum. Meeting with an adviser that is a retirement specialist and is versed in retirement strategy is paramount and can be the first step to ensure that you don't outlive your assets.

TBY: When do we need to start thinking about long-term care and final expenses? Why is it so important to plan ahead, even though these are topics we don't like to think about?

Tinsley: Long-term care is one insurance that could change your family's future forever. The cost to take care of someone in a nursing home is breaking the financial backs of families across America. I would like to talk to people around 50 to start the conversation. Long-term care is evolving from traditional plans to hybrid plans mixed with life insurance and annuities. We work with most if not all the carriers in the long-term care arena. The average cost for a nursing home in Southeast Missouri is roughly $140 a day. Final expense is something you can buy at any age. The younger and healthier you are, the cheaper it will be. We can write someone over the age of 80 in poor health, but it will be costly and may have a limited benefit. We offer several carriers and can find the right policy for anyone.

TBY: What are some common mistakes that people make when it comes to estate planning, and how can we avoid or remedy them?

Tinsley: See question 4. Estate planning can be fairly simple or very complex. That said, there can be major tax implications if not set up correctly. Making sure your adviser works with other tax professionals when setting up your retirement plan is extremely important. No one can be the expert in every area, so an adviser that surrounds themselves with a team of experts is a good sign.

TBY: If you could share just one piece of estate planning wisdom, what would it be? What's your best tip?

Tinsley: Risks in retirement are completely different than the risks you encountered in your working career. Working with an adviser that doesn't know how to mitigate those risks is the No. 1 mistake pre-retirees and retirees make. If an adviser tells you to simply take 4 or 5 percent out of your portfolio and that's your income plan, run the other way. There are a number of vehicles that might not make sense to use in the accumulation phase, but are extremely effective in the distribution phase.

TBY: What do you like to do outside of work -- any community involvement, family, hobbies?

Tinsley: I like to spend time with my family. We love to travel and we try to go as much as we can. I like to hunt and fish, but don't have a lot of time for that now. My daughter is a competitive dancer and my son is involved with Boy Scouts. I'm also a workaholic.