Page 4 - Jupiter Spotlight - January '23

Page 4, Jupiter Spotlight
Financial Focus

Worried About Inflation? world came out of the COVID-19 pandemic, which led to • Delay taking Social Security. You can begin taking
Social Security when you’re 62, but your monthly checks
supply chain issues. Also, the war in Ukraine drove up oil
Consider These Moves prices, increasing the cost of manufacturing and shipping will be substantially bigger if you wait until your full
and driving up the price of wheat and other commodities. retirement age, which will likely be between 66 and
By Sally Sima Stahl In any case, last year reminded us that inflation needs 67. (You could even wait until 70, at which point your
As you know, inflation to be reckoned with as you work toward your financial monthly benefits will max out.) Of course, the ability to
was big news throughout goals. But how you respond to inflation will depend delay taking Social Security depends on whether you can
2022. But will it continue somewhat on your stage of life. So, here are some afford it, but it may be possible if you work longer than
in 2023? And looking even suggestions to consider: you once planned or if you work part-time in retirement.
further ahead, how should If you’re still working … But even if you do need to take Social Security before
you account for inflation in • Contribute more to your retirement plans. If you your full retirement age, your payments will be adjusted
your long-term plans? can afford to put more money away in your IRA and annually for inflation — in fact, for 2023, benefit checks
In regard to the first 401(k), you may want to do so. The more resources will rise 8.7 percent over 2022.
question, many experts you’ll eventually have available in retirement, the better We’ll always have to deal with some level of inflation
predict that inflation will protected you are against the rising cost of living. – so it’s a good idea to be prepared.
cool off this year, though • Adjust your portfolio objectives with your financial This article was written by Edward Jones for use by
there are no guarantees. The high inflation of last year professional. Using tools such as “hypothetical” your local Edward Jones Financial Advisor, Edward
is thought to have been caused by some unusual factors, illustrations, a financial professional can show you some Jones, Member SIPC.
such as a spike in the demand for consumer goods as the different paths you might take with your investments, Edward Jones is a licensed insurance producer in
given different rates of inflation. So, for example, if all states and Washington, D.C., through Edward D.
Medicare than you once thought, you could request a hypothetical Massachusetts through Edward Jones Insurance Agency
Jones & Co., L.P., and in California, New Mexico and
you feel that inflation may be higher for a longer period
of California, L.L.C.; Edward Jones Insurance Agency
showing how you might need to adjust your investment
mix to achieve your long-term goals, given your risk
of New Mexico, L.L.C.; and Edward Jones Insurance
open enrollMent tolerance and time horizon. Agency of Massachusetts, L.L.C.
If you’re already retired …
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your
• Consider part-time work or consulting. Once you retire
from your career, it doesn’t mean you can never do any
paid work again. If you’ve accumulated years of experience qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
and expertise, you could use your skills as a consultant.
1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
for 2023 Also, many part-time jobs are available for retirees. With
the added income from employment, you may be able to
delay taking withdrawals from your retirement accounts
and other investments, possibly extending their longevity.
cHecK For (Once you turn 72, though, you will need to begin taking
money from your 401(k) and traditional IRA.)

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