Page 11 - Talk of Tequesta - December '22

The Talk Of Tequesta, Page 11

Financial Focus

Avoid Becoming “Burden” On Grown Children

By Sally Sima Stahl

Here’s an interesting over $108,000, while the median cost for a full-time home Jones & Co., L.P., and in California, New Mexico and
statistic: Some 72 percent health aide was nearly $62,000, according to a survey Massachusetts through Edward Jones Insurance Agency
of retirees say one of their by Genworth, an insurance company. You may want to of California, L.L.C.; Edward Jones Insurance Agency of
biggest fears is becoming consult with a financial professional on strategies for New Mexico, L.L.C.; and Edward Jones Insurance Agency
a burden on their families, protecting yourself from these costs. of Massachusetts, L.L.C.
according to a 2021 survey • Create necessary legal documents. If something were Edward Jones, its employees and financial advisors
by Age Wave and Edward to happen to you, and you didn’t have the appropriate cannot provide tax advice. You should consult your
Jones. Both before and legal documents in place, your loved ones could be placed qualified tax advisor regarding your situation.
during retirement, what in a bind, both financially and emotionally. That’s why Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
steps can you take to avoid it’s a good idea to create documents such as a durable 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
burdening your loved ones financial power of attorney, which lets you name someone
in the future? to manage your finances if you became incapacitated, and
Here are a few suggestions: a durable power of attorney for health care, which allows
• Build your retirement savings. The greater your someone to make medical decisions on your behalf if you
financial resources, the less likely it becomes that you’d can’t make them yourself. You’ll want to work with a
ever have to count on your grown children for financial legal professional to develop the documents appropriate
support. You may have access to a 401(k) or similar for your needs.
retirement plan at work, so take advantage of it. Even with • Evaluate your housing needs. As you enter retirement,
an employer-sponsored plan, you also may be eligible to you may want to evaluate your living situation. Could you
contribute to an IRA. In addition to offering a variety of downsize to a smaller home, or perhaps a condominium
investment options, a 401(k) and IRA provide potential or apartment? Not only might you save money with such
tax advantages. And once you do retire, be careful about a move, but you could also end up relieving your grown
how much you withdraw each year from your retirement children of the responsibilities and hassles involved in
plans and other investments. clearing out and selling your home should you become
• Plan for health care costs. Once you are retired, health unable to do so yourself during the later years of your
care costs will be a significant expense. You may have retirement.
Medicare, but you’ll also want to consider your need for By taking these measures, along with others, you can
supplemental health insurance to cover traditional medical go a long way toward maintaining your independence and
costs. And you’ll want to consider another potential putting yourself in a place where you won’t burden your
health-related expense: long-term care. You may never grown children. And that’s a good place to be.
need the services of a home health aide or a stay in a This article was written by Edward Jones for use by
nursing home, but no one can predict the future. your local Edward Jones Financial Advisor, Edward
Medicare does not cover most costs for long-term care, Jones, Member SIPC.
which can be quite high. In 2021, the annual national Edward Jones is a licensed insurance producer in
median cost for a private room in a nursing home was all states and Washington, D.C., through Edward D.

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