1 00:00:00,040 --> 00:00:03,600 Speaker 1: You're listening to Bloomberg Business Week with Carol Messer and 2 00:00:03,680 --> 00:00:08,320 Speaker 1: Bloomberg Quick Takes Tim Stinovic on Bloomberg Radio. Today is 3 00:00:08,360 --> 00:00:11,200 Speaker 1: the beginning of Autism Awareness Month. According to the CDC, 4 00:00:11,440 --> 00:00:15,120 Speaker 1: Autism effects and estimated one in forty four children in 5 00:00:15,160 --> 00:00:17,959 Speaker 1: the US today, and as we know, Tim impacts many 6 00:00:18,000 --> 00:00:20,040 Speaker 1: more if you take into account those families with a 7 00:00:20,079 --> 00:00:24,320 Speaker 1: member who has autism. Charlie Massimo is senior vice president 8 00:00:24,360 --> 00:00:26,840 Speaker 1: and financial advisor with the Wealth Enhancement Group of Voice 9 00:00:26,880 --> 00:00:30,120 Speaker 1: that our listeners know well. He also specializes in planning 10 00:00:30,160 --> 00:00:32,680 Speaker 1: for families that are impacted by autism. Charlie, it's good 11 00:00:32,680 --> 00:00:35,040 Speaker 1: to talk to you again. How are you. I'm great, 12 00:00:35,080 --> 00:00:37,360 Speaker 1: Thanks for having me to get back. Yeah, thanks for 13 00:00:37,479 --> 00:00:39,240 Speaker 1: joining us on this. It's a really important one. And 14 00:00:39,600 --> 00:00:41,400 Speaker 1: I don't want to talk a little bit about um 15 00:00:41,560 --> 00:00:44,160 Speaker 1: the misconceptions here because I think, as you rightly point 16 00:00:44,159 --> 00:00:47,120 Speaker 1: out uh In in your materials that you you sent 17 00:00:47,200 --> 00:00:50,360 Speaker 1: our producer Paul Brennan, uh A lot of focus around 18 00:00:50,400 --> 00:00:53,400 Speaker 1: autism has really been about kids, as Carol mentioned, but 19 00:00:54,040 --> 00:00:57,400 Speaker 1: this isn't something that that stops with childhood. And when 20 00:00:57,440 --> 00:00:59,080 Speaker 1: we think about autism, we also have to think about 21 00:00:59,080 --> 00:01:02,600 Speaker 1: adults who are affected by it. Yeah, you know, as 22 00:01:02,640 --> 00:01:05,640 Speaker 1: a parent of two boys with autism, what I found 23 00:01:05,640 --> 00:01:08,080 Speaker 1: out is, you know, when they're when they're in school, 24 00:01:08,160 --> 00:01:12,000 Speaker 1: services were great. Once they age out eighteen or twenty one, 25 00:01:12,280 --> 00:01:14,720 Speaker 1: services kind of fall off a cliff and the onus 26 00:01:14,720 --> 00:01:17,800 Speaker 1: comes back on the family to care for them on 27 00:01:17,840 --> 00:01:20,880 Speaker 1: a daily basis. Not only not only day to day, 28 00:01:20,920 --> 00:01:24,040 Speaker 1: but the financial impact that that has on a family 29 00:01:24,080 --> 00:01:27,959 Speaker 1: for the rest of their life is pretty devastating for many, 30 00:01:28,640 --> 00:01:31,280 Speaker 1: you know. And it's interesting. I was just checking um 31 00:01:31,360 --> 00:01:34,160 Speaker 1: the CDC. I think was it just last year, Um, 32 00:01:34,280 --> 00:01:37,560 Speaker 1: Charlie that they put out an estimate on the number 33 00:01:37,560 --> 00:01:40,800 Speaker 1: of adults living with autism spectrum disorder in the US. 34 00:01:40,840 --> 00:01:44,000 Speaker 1: And I think it was like five point four UM millions, 35 00:01:44,040 --> 00:01:47,000 Speaker 1: about two and a quarter percent of the adults in 36 00:01:47,040 --> 00:01:51,960 Speaker 1: the US. So it's it's a significant and sizeable population. 37 00:01:52,000 --> 00:01:54,960 Speaker 1: Why is it that we haven't as a society you think, 38 00:01:55,000 --> 00:01:59,160 Speaker 1: stepped up more in terms of our awareness and acknowledgement, uh, 39 00:01:59,200 --> 00:02:01,320 Speaker 1: in doing more? Yeah, I think you bring up a 40 00:02:01,320 --> 00:02:04,040 Speaker 1: great point. And while it's changed, it's certainly I call 41 00:02:04,120 --> 00:02:09,760 Speaker 1: autism the the invisible population, because when you look at 42 00:02:09,760 --> 00:02:13,160 Speaker 1: a child or adult with autism. Sometimes it's really difficult 43 00:02:13,200 --> 00:02:15,480 Speaker 1: to tell if they actually have autism. And you look 44 00:02:15,520 --> 00:02:17,400 Speaker 1: at them and say, well, they're fine, and the and 45 00:02:17,440 --> 00:02:20,440 Speaker 1: the issue is they're really not fine. Um and and 46 00:02:20,760 --> 00:02:23,160 Speaker 1: your point. You know, one in fifty one and forty 47 00:02:23,200 --> 00:02:26,760 Speaker 1: five adults of autism, and it costs from from the 48 00:02:26,800 --> 00:02:29,239 Speaker 1: age of eighteen for the rest of their life. The 49 00:02:29,320 --> 00:02:32,000 Speaker 1: c d C also estimates it costs about one point 50 00:02:32,040 --> 00:02:36,000 Speaker 1: eight million dollars per family to care for an adult 51 00:02:36,040 --> 00:02:39,680 Speaker 1: with autism. And again, when you think of family that again, 52 00:02:39,760 --> 00:02:43,760 Speaker 1: how much one point eight million dollars is that from 53 00:02:43,800 --> 00:02:47,120 Speaker 1: child from childhood through adulthood. No, it's mostly most of 54 00:02:47,160 --> 00:02:49,880 Speaker 1: that cost is eighteen and after a cost about anywhere 55 00:02:49,880 --> 00:02:52,640 Speaker 1: from two point three to three point three million dollars 56 00:02:52,680 --> 00:02:55,880 Speaker 1: to raise a child with autism throughout their life, and 57 00:02:56,000 --> 00:02:59,680 Speaker 1: most of that again occurs after eighteen. And again the 58 00:02:59,720 --> 00:03:01,959 Speaker 1: issue is while they're in school. A lot of those 59 00:03:02,000 --> 00:03:06,519 Speaker 1: services that covet after school, a lot of after they graduate, 60 00:03:06,560 --> 00:03:09,440 Speaker 1: A lot of those expenses, you know, fall back on 61 00:03:09,480 --> 00:03:13,000 Speaker 1: the parents and those doctors and psychiatrists and programs that 62 00:03:13,040 --> 00:03:15,560 Speaker 1: are really good in this country or in New York, 63 00:03:15,960 --> 00:03:18,919 Speaker 1: A lot of them don't take insurances, it's mostly private 64 00:03:18,960 --> 00:03:21,760 Speaker 1: pay so so again, when you think of a family, 65 00:03:21,840 --> 00:03:24,160 Speaker 1: it's trying to prepare for their own retirement or plan 66 00:03:24,280 --> 00:03:27,520 Speaker 1: for a typical child. To then put an autistic child 67 00:03:27,560 --> 00:03:30,480 Speaker 1: on top of that, it becomes very difficult for these 68 00:03:30,520 --> 00:03:33,080 Speaker 1: families to plan throughout their life. So Charlie, what is 69 00:03:33,360 --> 00:03:35,480 Speaker 1: what do you do when you try to to specialize 70 00:03:35,560 --> 00:03:38,560 Speaker 1: and help plan for families who are impacted by autism? 71 00:03:38,560 --> 00:03:41,480 Speaker 1: How do you how do you help families financially cope 72 00:03:41,480 --> 00:03:43,560 Speaker 1: with this? I think the first thing is we have 73 00:03:43,640 --> 00:03:48,240 Speaker 1: to make them realize, you know what, this is life long. 74 00:03:48,600 --> 00:03:50,840 Speaker 1: And again we have to make them realize what the 75 00:03:50,880 --> 00:03:53,440 Speaker 1: true expense may be. And then I think we have 76 00:03:53,520 --> 00:03:56,520 Speaker 1: to help them plan in buckets. Again, you can't. The 77 00:03:56,560 --> 00:04:00,320 Speaker 1: biggest mistake I find families they commingle all their assets together, 78 00:04:00,640 --> 00:04:04,720 Speaker 1: their their own retirement assets, their typical child's assets for college, 79 00:04:05,000 --> 00:04:07,040 Speaker 1: and they plan in one bucket. And I think that's 80 00:04:07,080 --> 00:04:09,119 Speaker 1: the biggest mistake. I think you have to really plan 81 00:04:09,240 --> 00:04:13,280 Speaker 1: in buckets and carve out certain moneys and understand what 82 00:04:13,360 --> 00:04:16,280 Speaker 1: those costs will be for for these families and for 83 00:04:16,320 --> 00:04:18,720 Speaker 1: these young adults that again are going to need the 84 00:04:18,800 --> 00:04:22,520 Speaker 1: financial supports throughout their entire life. What's a typical family 85 00:04:22,560 --> 00:04:25,000 Speaker 1: that you that you work with in terms of figuring 86 00:04:25,040 --> 00:04:27,719 Speaker 1: out a plan, because I also do wonder, you know, Charlie, 87 00:04:27,720 --> 00:04:32,920 Speaker 1: that they're probably certain um families that have more means, 88 00:04:32,960 --> 00:04:35,880 Speaker 1: you know, and they obviously can probably more easily do it. 89 00:04:35,920 --> 00:04:39,000 Speaker 1: Then you're probably I would assume families that don't and 90 00:04:39,040 --> 00:04:41,839 Speaker 1: maybe they get more assistance from public assisians, but then 91 00:04:41,880 --> 00:04:44,280 Speaker 1: there's probably folks in the middle. Just got about forty seconds. 92 00:04:44,320 --> 00:04:47,279 Speaker 1: What's what's the typical family? Like, Yeah, I think again 93 00:04:47,320 --> 00:04:49,760 Speaker 1: again there is no really typical family when you deal 94 00:04:49,760 --> 00:04:51,440 Speaker 1: with autism. But I think what you have to realize, 95 00:04:51,480 --> 00:04:55,440 Speaker 1: and this is a misnomer, of adults with autism received 96 00:04:55,520 --> 00:04:59,800 Speaker 1: no governmental supports for housing, and housing becomes is the 97 00:04:59,800 --> 00:05:03,680 Speaker 1: big GETT issue because again most most adults live with 98 00:05:03,720 --> 00:05:07,039 Speaker 1: their parents until their parents die, and that becomes a 99 00:05:07,040 --> 00:05:10,240 Speaker 1: critical issue. So again housing is an issue that families 100 00:05:10,240 --> 00:05:12,359 Speaker 1: have to realize they're not going to get much governmental 101 00:05:12,360 --> 00:05:14,960 Speaker 1: supports for housing, so they really need to plan for 102 00:05:15,279 --> 00:05:17,840 Speaker 1: the expenses of housing for for for the rest of 103 00:05:17,880 --> 00:05:20,280 Speaker 1: their life, for their children. Charlie Massa, Most Senior Vice 104 00:05:20,279 --> 00:05:23,039 Speaker 1: president and financial advisor of the Wealth Enhancement Group. Thank 105 00:05:23,080 --> 00:05:24,640 Speaker 1: you so much for joining US. I know you're also 106 00:05:24,680 --> 00:05:27,159 Speaker 1: a founder of autism Communities. I do want to note Carol, 107 00:05:27,400 --> 00:05:30,400 Speaker 1: that US Autism Homes is having its first doggy Dash 108 00:05:30,400 --> 00:05:33,240 Speaker 1: in Southampton on Saturday, April nine at ten am. You 109 00:05:33,240 --> 00:05:35,240 Speaker 1: can go to u S Autism Homes dot org to 110 00:05:35,320 --> 00:05:36,560 Speaker 1: learn more and to register.