Page 11 - Talk of Tequesta - January '23

The Talk Of Tequesta, Page 11

fiNaNcial focus

Worried About Inflation? Consider These Moves

By Sally Sima Stahl

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

Peace of Mind

Choose The Standby Power People

Turnkey Installation Certified Technician Customer For Life

Promo Code: SEABREEZE
*
Mention

*Receive a FREE 10 Year Generac Warranty

($995 Value), with signed quote by 9/30/22.
1/31/22.

561.774.7714

2271 Palm Beach Lakes Blvd. West Palm Beach, FL 33409

Licensed Electrical Contractor #EC 13010145 GeneratorSupercenterofThePalmBeaches.com