Page 6 - The Shores of Jupiter - September '23

Page 6, The Shores
Financial Focus ®

Retirees: talk Finances With payments, such as refinancing. For example, if you’re By informing your children about your financial picture,
and how you’re trying to improve it, you can ease everyone’s
carrying a balance on multiple credit cards, you might be
your Grown children able to transfer the amounts you owe onto a single card minds – so keep the lines of communication open.
with a more favorable interest rate. This article was written by Edward Jones for use by
By Sally Sima Stahl Here’s another move to consider. Adjust your investment your local Edward Jones Financial Advisor, Edward Jones,
When you’re retired, mix to possibly provide you with more income in retirement. Member SIPC.
you’ll likely have some During your working years, you may have invested primarily Edward Jones is a licensed insurance producer in
financial concerns – just for growth – after all, you could be retired for two or more all states and Washington, D.C., through Edward D.
like all retirees. However, decades, so you’ll need to draw on as many financial assets Jones & Co., L.P., and in California, New Mexico and
if you’ve invested regularly as possible. But once you’re retired, your investment focus Massachusetts through Edward Jones Insurance Agency
and followed a long-term may need to shift somewhat toward income-producing of California, L.L.C.; Edward Jones Insurance Agency of
financial strategy, you opportunities. Keep in mind, though, that you’ll still need New Mexico, L.L.C.; and Edward Jones Insurance Agency
should be able to address some growth potential to help keep ahead of inflation. of Massachusetts, L.L.C.
most issues that come One final suggestion: Let your children know if you Edward Jones, its employees and financial advisors
your way. But there’s one already have a strategy in place to meet the potentially cannot provide tax advice. You should consult your qualified
important action that’s high costs of long-term care, such as a nursing home stay. tax advisor regarding your situation.
sometimes overlooked by retirees: sharing their financial This burden is certainly something you won’t want your Contact us at (561) 748-7600, Sally Sima Stahl, AAMS,
situation with their grown children. And this knowledge children to take on. 1851 W. Indiantown Road, Ste. 106, Jupiter, FL 33458.
can benefit everyone in your family.
You might be surprised by the concern your children have “Service is our number one priority”
for your financial well-being. Consider these findings from
a 2023 study by Age Wave and Edward Jones: 561-743-0070
• 66 percent of millennials (generally defined as ranging
from 27 to 42) worry that their parents or in-laws may not
have enough money to live comfortably in retirement. www.palmspoolservices.com
• 83 percent of millennials would rather know their parents
are financially secure in their retirement, even if it means
their parents pass on less money to them.
If you have children in this age range or older,
or who soon will be, how can you address their
concerns and potentially improve your financial outlook?
Communication is the key. By openly communicating with
your family about your financial status, you can reduce
anxieties and misperceptions. If you’re in good financial
shape, your adult children may be reassured that you won’t
be needing their assistance. And if you are feeling some
financial pressures, you can inform your children of the
steps you are taking to improve your situation.
One such step may be to reduce your cost of living – the Expires 10/15/23.
less you spend day to day, the better your ability to preserve
your investment and retirement accounts. You may be able to State Licensed & Insured
reduce costs in many small ways, such as ending streaming Serving Palm Beach County CPC # 1457468 • LPG#30099
services you no longer use, but you could make an even
bigger impact by downsizing your living arrangements. In
fact, 72 percent of today’s retirees have downsized or are
willing to downsize to reduce their housing costs, according
to the Age Wave/Edward Jones survey. Downsizing isn’t for
everyone, but if it’s a possibility for you, it may be worth
considering because the savings could be significant.
You may also be able to reduce or consolidate your
debts. Start by understanding how much and what kinds
of debt you have. Then, consider ways to lower your

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