Page 18 - Abacoa Community News - January '21

Page 18, Abacoa
Financial Focus

Avoid Financial Mistakes to HealthView Services, which produces health-care you have grown children who need financial help, or
• Don’t be more generous than you can afford. If
cost projection software. Other estimates show different
During Retirement amounts, but they all amount to hundreds of thousands of grandchildren heading to college someday, you’d no
dollars. So, when calculating your expenses during your doubt like to do whatever you can to provide assistance.
By Sally Sima Stahl retirement years, reserve a big space for health care. However, the hard truth is they simply have more time
When you retire, you’ve • Don’t take Social Security too early. You can start than you do to find workable financial solutions, whereas if
learned a lot about all sorts receiving monthly Social Security checks when you reach you deplete your funds through your generosity, you could
of things, helping you avoid age 62, but your payments will generally be significantly put yourself in a precarious position. So, be as giving as
some of the mistakes you larger if you wait until your “full” retirement age, which you can afford – but don’t go beyond that. By preserving
made earlier in life. However, will probably be between 66 and 67. (The size of your your financial independence, you’ll end up benefiting your
you may still be susceptible payments will “max out” at age 70.) Of course, if you family, as well.
to financial missteps need the money at 62, you may have to take it, but if you Retirement can be a wonderful time of your life – and
specifically related to your believe you have longevity working in your favor, and you may enjoy it more by doing what you can to avoid
retirement years. How can you can afford to wait, you may be better off by delaying costly financial mistakes.
you dodge these errors? Social Security as long as possible.) This article was written by Edward Jones for use by
Consider these • Don’t invest too conservatively. Once you’re retired, your local Edward Jones Financial Advisor. Edward Jones.
suggestions: you might think that you should take as few chances as Member SIPC.
• Manage your withdrawal rate carefully. You will possible with your investments – after all, you simply Edward Jones, its employees and financial advisors
likely need to tap into your retirement accounts – your IRA have less time for them to bounce back from a downturn are not estate planners and cannot provide tax or legal
and 401(k) or similar employer-sponsored plan. But you than you did during your working years. Nonetheless, advice. You should consult your estate-planning attorney
should establish an annual withdrawal rate that’s appropriate it’s important to own a reasonable percentage of growth- or qualified tax advisor regarding your situation.
for your situation. By withdrawing too much each year, oriented investments to help keep you ahead of inflation. Call me for a free portfolio review at (561) 748-7600,
especially in the early years of your retirement, you risk Even at a low rate, which we’ve experience recently, Sally Sima Stahl, AAMS, 1851 W. Indiantown Road, Ste.
outliving your resources. You may want to consult with a inflation can erode your purchasing power over time. 106, Jupiter, FL 33458.
financial professional to determine the withdrawal amount
that’s right for you. (Keep in mind, though, that once you Dyslexia, ADD/ADHD,
turn 72, you will be required to take out at least a certain
amount each year – based on your age and account balance
– from your traditional IRA and 401(k) or similar plan.) Gifted Testing
• Don’t underestimate health care costs. Once you
turn 65, you will be eligible for Medicare, but you may
still need a Medicare supplement plan and will probably NOW OFFERING: Dr. Jim Forgan & Associates
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highly motivated by
a picture and an
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screen time or is it the absence of recreational programs
due to COVID? Does your child have a developmental in Love
problem? Maybe it’s just that many kids in our area live
in the land of entitlement.
Start at home if you want your child to be a
motivated self-starter. Give your child age appropriate
responsibilities rather than doing tasks yourself just
because it’s easier as compared to nagging your child.
Kids feel better about themselves when they feel like they
are contributing to the family. Regardless of your child’s
age, start now. Ask yourself, “What am I doing for my
child that he or she needs to do for him or herself?” Make
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