Page 14 - Talk of Tequesta - April '22

Page 14, The Talk Of Tequesta

finanCial foCus

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 for trouble – because there’s • Seek out sources of guaranteed income. As a retiree,
“side effect” of longevity – the possibility of outliving our a lot you can do to help you will receive Social Security benefits – and the longer
money. How can you help prevent this? build and manage enough you wait before claiming them, the bigger your monthly
It’s useful to know the seriousness of the threat. resources to last a lifetime. checks will be. But you might also consider investments
Consider this: About 41 percent of all U.S. homes in Here are a few suggestions: that can provide a source of income you can’t outlive, such
which the head of the household is between 35 and 64 are • Consider your estimated as annuities.
projected to run short of money in retirement, according longevity. On average, a • Revisit your strategy before you retire. As you near
to the Employee Benefit Research Institute. 65-year-old man can expect retirement, you may want to review your investment strategy,
While this statistic indicates a cause for concern, it to live another 17 years, possibly adjusting your risk level so that your portfolio would
certainly doesn’t mean that you are necessarily headed while a 65-year-old woman be somewhat less susceptible to market volatility. This is also
can anticipate about 20 years, a good time to review your spending needs in retirement.
Answer for according to the Centers for • Maintain a reasonable withdrawal rate. Once you
Disease Control. Of course, you’ll want to take into account your
are retired, you’ll likely need to start withdrawing from your
Crossword Puzzle health and family history of longevity to arrive at a reasonable 401(k), IRA and other investment accounts. To avoid taking
out too much money too early in your retirement, you’ll need
estimate. You can then use this figure to help determine how
much money you’ll eventually need. To play it safe, you might to set a reasonable, sustainable withdrawal rate based on your
even want to try to build an income stream that can last beyond assets, age and retirement lifestyle. A financial advisor can
your estimated lifespan, possibly up to age 90. help you determine an appropriate rate.
• Don’t overlook health care costs. When budgeting for It will take dedication and determination to help ensure
retirement, allow enough for your health care expenses, which your money doesn’t run out during your lifetime. But you’d
can be considerable. Even with Medicare, you can expect to probably agree that it’s well worth the effort.
spend anywhere from $4,500 to $6,500 per year, per person, This article was written by Edward Jones for use by
for traditional medical costs. Also, you may want to prepare for your local Edward Jones Financial Advisor, Edward Jones,
two to three years of long-term care expenses, which currently Member SIPC.
range from about $50,000 per year for home health care to over Edward Jones is a licensed insurance producer in all states
$100,000 per year for a private room in a nursing home. and Washington, D.C., through Edward D. Jones & Co., L.P.,
• Keep building assets for retirement. While you’re and in California, New Mexico and Massachusetts through
working, constantly try to put away as much money as possible Edward Jones Insurance Agency of California, L.L.C.;
for your retirement years. Each year your salary goes up, Edward Jones Insurance Agency of New Mexico, L.L.C.; and
increase your contributions to your 401(k) or similar employer- Edward Jones Insurance Agency of Massachusetts, L.L.C.
sponsored retirement plan. You may also want to contribute to Edward Jones, its employees and financial advisors cannot
an IRA, depending on your goals. And within your retirement provide tax advice. You should consult your qualified tax
savings, make sure you devote a reasonable percentage of your advisor regarding your situation.
investment dollars to growth-oriented vehicles that align with Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
your goals and risk tolerance. 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.

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