Page 7 - The Shores of Jupiter - January '23

The Shores, Page 7
Financial Focus Palm Beach County Property Appraiser’s Office

from page 6
Worried About Inflation? If you’re already retired … businesses are required to file a Tangible Personal Property
• Consider part-time work or consulting. Once you
Consider These Moves retire from your career, it doesn’t mean you can never Tax Return (Form DR 405) annually by April 1, unless the
do any paid work again. If you’ve accumulated years value of your tangible personal property last year was under
By Sally Sima Stahl of experience and expertise, you could use your skills $25,000 and you received notice from this office that your
As you know, inflation as a consultant. Also, many part-time jobs are available requirement to file has been waived.
was big news throughout for retirees. With the added income from employment, Florida allows an exemption up to $25,000 in value
2022. But will it continue you may be able to delay taking withdrawals from your for tangible personal property assets used by a business.
in 2023? And looking even retirement accounts and other investments, possibly However, you must file an initial Tangible Personal Property
further ahead, how should extending their longevity. (Once you turn 72, though, Tax Return to receive the exemption. Thereafter, you need
you account for inflation in you will need to begin taking money from your 401(k) not file an annual return unless the value of your tangible
your long-term plans? and traditional IRA.) personal property exceeds $25,000 on Jan. 1.
In regard to the first • Delay taking Social Security. You can begin taking Save time, paper, and postage by filing online. If you do
question, many experts Social Security when you’re 62, but your monthly checks need a paper form, you can download it using our Forms link.
predict that inflation will will be substantially bigger if you wait until your full If you have any questions about reporting personal property,
cool off this year, though retirement age, which will likely be between 66 and tangible E-filing, or the $25,000 tangible exemption, please
there are no guarantees. The high inflation of last year 67. (You could even wait until 70, at which point your call our office at (561) 355-2896 or email us at patangible@
is thought to have been caused by some unusual factors, monthly benefits will max out.) Of course, the ability to pbcgov.org.
such as a spike in the demand for consumer goods as the delay taking Social Security depends on whether you can
world came out of the COVID-19 pandemic, which led to afford it, but it may be possible if you work longer than Office Closed
supply chain issues. Also, the war in Ukraine drove up oil you once planned or if you work part-time in retirement.
prices, increasing the cost of manufacturing and shipping But even if you do need to take Social Security before In honor of Dr. Martin
and driving up the price of wheat and other commodities. your full retirement age, your payments will be adjusted Luther King Jr. Day, all
In any case, last year reminded us that inflation needs annually for inflation — in fact, for 2023, benefit checks Palm Beach County
to be reckoned with as you work toward your financial will rise 8.7 percent over 2022. Property Appraiser’s
goals. But how you respond to inflation will depend We’ll always have to deal with some level of inflation Offices will be closed on
somewhat on your stage of life. So, here are some – so it’s a good idea to be prepared. Monday, Jan. 16, 2023.
suggestions to consider: This article was written by Edward Jones for use by
If you’re still working … your local Edward Jones Financial Advisor, Edward
• Contribute more to your retirement plans. If you can Jones, Member SIPC.
afford to put more money away in your IRA and 401(k), you Edward Jones is a licensed insurance producer in
may want to do so. The more resources you’ll eventually have all states and Washington, D.C., through Edward D.
available in retirement, the better protected you are against Jones & Co., L.P., and in California, New Mexico and
the rising cost of living. Massachusetts through Edward Jones Insurance Agency
• Adjust your portfolio objectives with your financial of California, L.L.C.; Edward Jones Insurance Agency
professional. Using tools such as “hypothetical” illustrations, of New Mexico, L.L.C.; and Edward Jones Insurance
a financial professional can show you some different paths Agency of Massachusetts, L.L.C.
you might take with your investments, given different rates Edward Jones, its employees and financial advisors
of inflation. So, for example, if you feel that inflation may be cannot provide tax advice. You should consult your
higher for a longer period than you once thought, you could qualified tax advisor regarding your situation.
request a hypothetical showing how you might need to adjust Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
your investment mix to achieve your long-term goals, given 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
your risk tolerance and time horizon.

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