Page 6 - Jupiter Spotlight - May '23

Page 6, Jupiter Spotlight
Financial Focus

Can You Count On Social 6.2 percent Social Security tax jumped from $147,000 in The amount you contribute should depend on your
overall financial strategy and your financial needs, so, for
2022 to $160,200 in 2023. And in looking down the road,
Security? further increases in this earnings cap may also help reduce example, you probably shouldn’t put in so much into your
the gap in the trust funds. Increasing the payroll tax is another retirement accounts that you feel significant stress in your
By Sally Sima Stahl possibility for boosting funding to Social Security. monthly cash flow. But when you do get a chance to invest
If you’re getting closer And here’s a political reality: Social Security is a popular more in these accounts, such as when your salary goes up,
to retirement, you might be program and it’s unlikely that any future Congress wants you may want to take advantage of the opportunity.
thinking more about Social to be blamed for reducing benefits. Of course, there are no Ultimately, you should be able to count on Social Security
Security. Specifically, can guarantees, but it seems fair to say that you can reasonably as part of your retirement income. You may want to consult
you count on it to contribute expect some benefits from Social Security when you retire. with a financial professional to determine when taking Social
part of the income you’ll But perhaps the bigger issue is just how much you should Security makes the most sense for you and how you can also
need as a retiree? depend on Social Security for your retirement income. On get the most from your other retirement accounts. You’ll want
There’s been an increase average, Social Security benefits will provide about 30 a retirement income strategy that’s built for the long run.
in alarming language percent of a beneficiary’s preretirement earnings, according This article was written by Edward Jones for use by
surrounding the solvency to the Social Security Administration. But the higher your your local Edward Jones Financial Advisor, Edward Jones,
of Social Security, but in earnings before you retire, the lower the percentage that will Member SIPC.
reality, its prospects are not nearly as gloomy as you be replaced by Social Security. Edward Jones is a licensed insurance producer in
might have heard. Still, you’ll want to maximize the benefits that are all states and Washington, D.C., through Edward D.
Here’s the story: Under current law, Social Security is available to you — and that means deciding when to start Jones & Co., L.P., and in California, New Mexico and
estimated to exhaust its trust funds by 2035, after which taking Social Security. You can begin as early as 62, but your Massachusetts through Edward Jones Insurance Agency
benefits could be cut by 20 percent, according to the 2022 monthly payments could be as much as 30 percent lower than of California, L.L.C.; Edward Jones Insurance Agency of
Social Security Trustees report. However, the large cost of your normal (or “full”) retirement age, which will likely be New Mexico, L.L.C.; and Edward Jones Insurance Agency
living adjustment (COLA) (8.7 percent) for 2023 could cause between 66 and 67. of Massachusetts, L.L.C.
the trust funds to use up their resources sooner. Even if you were to wait until your full retirement age Edward Jones, its employees and financial advisors
But this outlook may represent a worst-case scenario. before collecting Social Security, you’ll also need to draw cannot provide tax advice. You should consult your qualified
For one thing, the cost of the 2023 COLA will be somewhat on other sources of funding. So, while you are still working, tax advisor regarding your situation.
offset by higher taxes on workers contributing to Social it’s a good idea to keep contributing to your IRA and 401(k) Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
Security. The maximum amount of earnings subject to the or other employer-sponsored retirement plan. 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
GRE, LSAT, And MCAT Accommodations

By Jim Forgan, Ph.D., for the requested accommodations. The documentation of how the disability impacts your ability to take tests
School Psychologist should explain how a disability impacts the student’s under a standard condition, and a recommendation for
The Graduate Record ability to take the test under standard conditions and must the specific accommodation of extended testing time may
Examination (GRE), Law demonstrate the need for accommodations. Most students be required. The documentation will need to be provided
School Admission Test with a disability have a history of accommodations well in advance of your desired testing date and can take
(LSAT), and the Medical provided on the SAT or ACT or from when in school, up to six weeks for review.
College Admission Test either from an IEP or a 504 Plan. Call as we complete GRE, LSAT, and MCAT evaluations
(MCAT) are standardized For example, if you have a learning disability and for dyslexia, learning disabilities, ADHD, depression,
tests that are used to evaluate are requesting extended testing time, documentation anxiety, and other processing disorders. Call (561) 625-
a student’s readiness for that includes a diagnosis of the disability, a description 4125 or JimForgan.com.
graduate school, law school,
and medical school. These
examinations are among the most challenging and important
tests a student will take in their lifetime. However, for a student Peripheral
with a disability, testing can be even more challenging. In these
instances, requesting testing accommodations can help a student Neuropathy?
perform to the best of their ability by leveling the playing field.
Accommodations provide students with disabilities or
special needs with the necessary support to complete the FREE Consultation
exam under conditions that allow them to fairly demonstrate
their knowledge. Some examples of accommodations include
extended testing time, additional breaks, a separate testing for Acupuncture
room, assistive technology, and large-print materials. Each
institution and exam has its own policies for accommodations,
and you must submit documentation of your disability to
request them.
For students with disabilities, taking a standardized test
can be an especially challenging task. Accommodations
help ensure that they are accurately evaluated based on their 561-745-1002
knowledge and abilities and not impeded by their disability,
which would otherwise affect their performance under 654 West Indiantown
standard testing conditions. It does not change what the test THE PATIENT AND ANY OTHER PERSON RESPONSIBLE FOR PAYMENT HAS THE RIGHT TO Road, Jupiter, FL 33458
REFUSE TO PAY, CANCEL PAYMENT OR BE REIMBURSED FOR PAYMENT FOR ANY OTHER
measures or its expectations. SERVICE, EXAMINATION OR TREATMENT WHICH IS PERFORMED AS A RESULT OF AND
WITHIN 72 HOURS OF RESPONDING TO THE ADVERTISEMENT FOR THE FREE, DISCOUNTED
The type of documentation required will depend on OR REDUCED FEE SERVICES, EXAMINATION OR TREATMENT. www.drlaruffa.com
the specific testing organization or the institution’s policy

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