Page 7 - The Shores of Jupiter - May '23

The Shores, Page 7

Tax Talk from page 6 can store a lot of important information that you don’t
want available to the car’s next owner. Here is some of Financial Focus
between July 1, 2022 and June 30, 2024. For more the information your car can store that you will want to
information, visit floridarevenue.com/homehardening. be sure to remove before selling or donating:
Now is also a good time to do an assessment of your yard • Phone contacts/address book if you synced your Can You Count On Social
and trim trees that might cause damage to your home or phone with your car.
property during a storm. • Location data such as home and work addresses Security?
Hurricane Guide or routes you frequently take could be stored in your
Even relatively minor hurricanes can leave you navigation system. By Sally Sima Stahl
without power and water for a few days. Make sure • Garage door codes for your home could be stored. If you’re getting
you are prepared by having enough food, water, and Some cars have apps that control your car’s functions closer to retirement, you
medical supplies for your family members and your pets. and/or locate your car, so make sure you also clear any might be thinking more
For a comprehensive list of supplies visit pbctax.com/ of these connections. How do you clear your car of this about Social Security.
hurricane-guide-request/ to view and request a copy of valuable information? Check your vehicle’s owner’s Specifically, can you
our new and improved pocket-size hurricane guide. manual to find out how to do a factory reset to return count on it to contribute
settings and data to their original state, contact your dealer part of the income you’ll
Dump The Data or visit your vehicle manufacturer’s website. Remember, need as a retiree?
if you are not transferring your license plate to your new There’s been an
Planning on buying a new car? Before you get rid of car, be sure to take it with you and surrender it properly. increase in alarming
your old one, there is some cleaning up you need to do. Visit pbctax.com for details. language surrounding
Personal items are not the only thing you need to remove, the solvency of Social Security, but in reality, its
your old car could have your personal information saved May Important Dates prospects are not nearly as gloomy as you might have
in its electronic system. Your car is like a computer and heard.
Here’s the story: Under current law, Social Security is
estimated to exhaust its trust funds by 2035, after which
benefits could be cut by 20 percent, according to the 2022
Social Security Trustees report. However, the large cost
of living adjustment (COLA) (8.7 percent) for 2023 could
cause the trust funds to use up their resources sooner.
But this outlook may represent a worst-case
scenario. For one thing, the cost of the 2023 COLA
will be somewhat offset by higher taxes on workers
contributing to Social Security. The maximum amount
of earnings subject to the 6.2 percent Social Security
tax jumped from $147,000 in 2022 to $160,200 in 2023.
And in looking down the road, further increases in this
earnings cap may also help reduce the gap in the trust
funds. Increasing the payroll tax is another possibility
for boosting funding to Social Security.
And here’s a political reality: Social Security is
a popular program and it’s unlikely that any future

jUst 253 Country Club Dr. Congress wants to be blamed for reducing benefits.
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But perhaps the bigger issue is just how much you
should depend on Social Security for your retirement
13505 Touchstone Pl. income. On average, Social Security benefits will provide
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ContraCt about 30 percent of a beneficiary’s preretirement earnings,
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3 bedroom, 3 bath in Golf according to the Social Security Administration. But the
Community & Newly higher your earnings before you retire, the lower the
Renovated Clubhouse percentage that will be replaced by Social Security.
Your Shores Specialist Call for any Real Estate Still, you’ll want to maximize the benefits that are
available to you — and that means deciding when to start
questions or needs
taking Social Security. You can begin as early as 62, but
your monthly payments could be as much as 30 percent
lower than your normal (or “full”) retirement age, which
will likely be between 66 and 67.
Even if you were to wait until your full retirement
age before collecting Social Security, you’ll also need to
draw on other sources of funding. So, while you are still
working, it’s a good idea to keep contributing to your IRA
and 401(k) or other employer-sponsored retirement plan.
The amount you contribute should depend on your
overall financial strategy and your financial needs, so,
for example, you probably shouldn’t put in so much
into your retirement accounts that you feel significant
stress in your monthly cash flow. But when you do get
a chance to invest more in these accounts, such as when
your salary goes up, you may want to take advantage
of the opportunity.
Ultimately, you should be able to count on Social
Security as part of your retirement income. You may
want to consult with a financial professional to determine
when taking Social Security makes the most sense for
you and how you can also get the most from your other
retirement accounts. You’ll want a retirement income
strategy that’s built for the long run.
This article was written by Edward Jones for use by
your local Edward Jones Financial Advisor, Edward
Jones, Member SIPC.
Edward Jones is a licensed insurance producer
in all states and Washington, D.C., through Edward
D. Jones & Co., L.P., and in California, New Mexico
and Massachusetts through Edward Jones Insurance
Agency of California, L.L.C.; Edward Jones Insurance
Agency of New Mexico, L.L.C.; and Edward Jones
Insurance Agency of Massachusetts, L.L.C.
Edward Jones, its employees and financial advisors
cannot provide tax advice. You should consult your
qualified tax advisor regarding your situation.
Contact us at (561) 748-7600, Sally Sima Stahl,
AAMS, 1851 W. Indiantown Road, Ste. 106, Jupiter,
FL 33458.