Page 8 - Jupiter Ocean Mile - April '22

Page 8, Jupiter Ocean Mile

Financial Focus Fashion Funds The Cure from page 7

Will Your Money Last As

Long As You Do?

By Sally Sima Stahl
We all hope for
long, healthy lives. But
there’s a serious “side
effect” of longevity – the
possibility of outliving
our money. How can you
help prevent this? Jana Angel, Teri Hornstein Trevon Scott, Jada Flores Lindsay Muntz, Kim Bibby
It’s useful to know the
seriousness of the threat.
Consider this: About 41
percent of all U.S. homes
in which the head of the household is between 35 and
64 are projected to run short of money in retirement,
according to the Employee Benefit Research Institute.
While this statistic indicates a cause for concern, it
certainly doesn’t mean that you are necessarily headed
for trouble – because there’s a lot you can do to help build
and manage enough resources to last a lifetime. Here are
a few suggestions:
• Consider your estimated longevity. On average,
a 65-year-old man can expect to live another 17 years,
while a 65-year-old woman can anticipate about 20 years,
according to the Centers for Disease Control. Of course,
you’ll want to take into account your health and family Michelle Graves, Gabi Graves Jodi Rizzo, Mike Rizzo Malachi, Gray Leadbetter
history of longevity to arrive at a reasonable estimate.
You can then use this figure to help determine how much
money you’ll eventually need. To play it safe, you might ON T H E HOR I Z ON
even want to try to build an income stream that can last
beyond your estimated lifespan, possibly up to age 90. Lighthouse Sunset Tour
Apr. 6, 13, 20, 27
• Don’t overlook health care costs. When budgeting
for retirement, allow enough for your health care expenses, Where History Lighthouse Moonrise Tour
which can be considerable. Even with Medicare, you can Meets Adventure! Apr. 16
expect to spend anywhere from $4,500 to $6,500 per year, Twilight Yoga at the Light
per person, for traditional medical costs. Also, you may Apr. 4, 11, 18, 25
want to prepare for two to three years of long-term care Lighthouse Story Time
expenses, which currently range from about $50,000 per & Crafts for Kids
year for home health care to over $100,000 per year for Apr. 16
a private room in a nursing home.
• Keep building assets for retirement. While you’re Wild & Scenic
working, constantly try to put away as much money as
possible for your retirement years. Each year your salary Film Festival
goes up, increase your contributions to your 401(k) or Saturday, April 9
similar employer-sponsored retirement plan. You may
also want to contribute to an IRA, depending on your Tickets on sale at
goals. And within your retirement savings, make sure jupiterlighthouse.org
you devote a reasonable percentage of your investment This activity is conducted under
dollars to growth-oriented vehicles that align with your jupiterlighthouse.org 561-747-8380 permit from the Bureau of Land
Management (BLM) and occurs
all or in part on public lands
goals and risk tolerance. 500 Captain Armour’s Way, Jupiter administered by the BLM within
the Jupiter Inlet Lighthouse
Outstanding Natural Area.
• Seek out sources of guaranteed income. As a retiree,
you will receive Social Security benefits – and the longer
you wait before claiming them, the bigger your monthly
checks will be. But you might also consider investments
that can provide a source of income you can’t outlive,
such as annuities.
• Revisit your strategy before you retire. As you
near retirement, you may want to review your investment
strategy, possibly adjusting your risk level so that your
portfolio would be somewhat less susceptible to market
volatility. This is also a good time to review your spending
needs in retirement.
• Maintain a reasonable withdrawal rate. Once you
are retired, you’ll likely need to start withdrawing from your
401(k), IRA and other investment accounts. To avoid taking
out too much money too early in your retirement, you’ll need
to set a reasonable, sustainable withdrawal rate based on your
assets, age and retirement lifestyle. A financial advisor can
help you determine an appropriate rate.
It will take dedication and determination to help ensure
your money doesn’t run out during your lifetime. But
you’d probably agree that it’s well worth the effort.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC.
Edward Jones is a licensed insurance producer in
all states and Washington, D.C., through Edward D.
Jones & Co., L.P., and in California, New Mexico and
Massachusetts through Edward Jones Insurance Agency
of California, L.L.C.; Edward Jones Insurance Agency of
New Mexico, L.L.C.; and Edward Jones Insurance Agency
of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your
qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.